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Archive: 25 June 2020

Posts in 25 June 2020

Further Relaxations for Various Complainces under Income Tax Act

June 25, 2020 975 Views 1 comment Print

In view of the challenges faced by taxpayers across all sectors to meet statutory and regulatory obligations, the CBDT vide its Notification No. 35/2020 S.O.2033(E) dated 24.06.2020 has decided to provide further relief for making various compliances under Income Tax Act, 1961. Further Relaxations for Various Complainces under Income Tax Act as announced by CBDT […]

Analysis of Inverted Duty Refund Under GST & its Constitutional Validity

June 25, 2020 2760 Views 1 comment Print

In case of inverted duty structure, by restricting the refund on capital goods and services, the government has enhanced the effective cost particularly in the hands of manufacturers.

Extension of various time limits under Direct Tax Laws

June 25, 2020 9060 Views 0 comment Print

(Issued vide CBDT Notification No. 35/2020 dated 24.06.2020 read with Ordinance dated 31.03.2020) The Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 on 31st March, 2020 which provided for extension of various time limits under the Direct Tax Laws. In order to provide further relief for making various compliances, the […]

Interest & Late fees for GSTR-3B & GSTR-1- Feb to June 2020

June 25, 2020 119874 Views 6 comments Print

Interest and Late fees Schedule for GSTR-3B & GSTR-1 from month February 2020 to June 2020 Know Interest and Late Fees applicable in case you Missed filing GSTR 3B & GSTR 1 by due dates Return Month Turnover Original Due date Extended due date Interest Late Fee GSTR 3B Feb- 2020 Less Than Rs 1.5 […]

Taxation of Offshore Poker Sites

June 25, 2020 2013 Views 0 comment Print

This research paper will be focusing on online poker sites with regards to non-residents whose income is accruing in India. There has been a certain boom when it comes online sites wherein more and more people are going online and getting involved in games such as rummy, poker and fantasy leagues. The industry has through […]

Compulsory GST Registration & Procedure | Section 24-25 | CGST Act 2017

June 25, 2020 4185 Views 0 comment Print

Article explains Section 24 and Section 25 of CGST ACT 2017 related to Compulsory GST registration in certain cases and Procedure for GST registration.

Evidentiary value & burden to prove under Tax Law

June 25, 2020 16653 Views 1 comment Print

Legal fictions create an artificial state of affairs by a mandate of the legislature. They compel everybody concerned including the courts to believe the existence of an artificial state of facts contrary to the real state of facts. When a fiction is created by law, it is not open to anybody to plead or argue that the artificial state of facts created by law is not true

Does NCLT has Power to Direct A Pre-Admission Enquiry?

June 25, 2020 1479 Views 1 comment Print

An insolvency application filed by an Operational Creditor U/s 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) can be resisted on the ground that there is an ‘existing dispute‘, the I&B Code does not provide for such a defence for resisting an insolvency application filed in respect of a financial debt U/s 7 […]

Appropriate Jurisdiction of Court for Enforcement of Arbitral Award

June 25, 2020 21417 Views 0 comment Print

In case titled ‘Sundaram Finance v Abdul Samad & Anr. (Civil Appeal No 1650 of 2018)‘ decided on 15.02.2018, the Hon’ble Supreme Court of India has clarified the anomaly with regard to the appropriate jurisdiction for enforcement of an arbitral award. The Hon’ble Supreme Court has held that enforcement of an Arbitral Award under the Arbitration […]

High Seas Sales under GST- Treatment, Controversy, Amendments, ITC Reversal

June 25, 2020 21729 Views 0 comment Print

The term ‘high sea sales’ is used for those sales or supplies that are performed when the affected goods are still on the high seas and have not yet reached the destination port. It is a common trade practice whereby the original importer sells the goods to a third person before the goods are entered […]

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