"26 June 2020" Archive

Ind AS Accounting for foregoing MAT Credit pursuant to Section 115BAA

Consider a situation where RST Limited was a loss making company. Ind ASs were adopted by this company from the year 2016-17. Since FY 2014-15 it has started to profits it was having accumulated MAT credit of Rs. xyz crores lying in the books of accounts as on 31.03.2019....

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Posted Under: Income Tax |

Important Dates for filing GSTR-3B & GSTR-1 for availing benefit of Interest & Late Fees

Important Dates for filing GSTR-3B and GSTR-1 for availing benefit of Interest & Late Fees considering recent GST Notifications, Circulars, Orders, Instruction issued by CBIC on 24th June 2020. 1. Full Waiver of Late Fees for filing FORM GSTR-1 vide Notification No. 53/2020 – CT dt 24.06.2020 Sr. No Class of Registered Person Fo...

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Posted Under: Income Tax |

Empanelment -Indian Overseas Bank for Concurrent Audit 2020-21

INDIAN OVERSEAS BANK invites application from eligible Chartered Accountant firms for assignment of Concurrent Audit in the prescribed format available on our website https://www.iob.in/tenderlist.aspx. ...

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Posted Under: Income Tax |

Use of acronym ICAI by Institute of Cost Accountants of India

This section in no way refers to the Acronym ICAI. The Institute of Cost Accountants of India in no way has used a Name or Common Seal which is identical with the name or the common seal of the Institute of Chartered Accountants of India. Thus, the alleged violation is completely wrong....

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Posted Under: Income Tax |

Analysis of extension of due dates under Income Tax, GST & FTP

Extension of due dates under Income Tax, GST & FTP Recently Central Government has issued Income Tax Notification No. 35/2020 and Notification No. 48/2020-Central Tax to Notification No. 54/2020-Central Tax on 24th June 2020 which relates to extension of Due dates under GST, Law, Income Tax Law and other Laws. In Addition to that Gove...

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Posted Under: Income Tax |

Provisions of Refunds under Customs Act, 1962

Section 26 of the Customs Act, 1962 prescribes provision for refund of export duty, Section 26A of the Customs Act, 1962 deals with refund of import duty in certain cases and Section 27 of the Customs Act, 1962 prescribes claim for refund of duty in case of excess payment duty on importation. The relevant provisions […]...

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Posted Under: Income Tax |

6 Recent Important Amendments in June 2020 under SEBI Law

Article explains about 6 Recent Important Amendments in June 2020 under SEBI Law which includes Further extension of time for submission of Annual Secretarial Compliance Report by listed entities, Guidelines for Order to trade ratio (OTR) for Algorithmic trading, Further extension of time for submission of financial results for quarter/ha...

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Posted Under: Income Tax |

Company Act Compliance Due Dates for Financial Year 2020-2021

Companies Act Compliance Due Dates For Financial Year 2020-2021 in respect of MBP-1- Notice Of Interest By Directors, DIR-8- Conforming Non-Disqualification, DIR-3 KYC- KYC Of Directors, DPT-3- Return Of Deposits, MSME-1- Form Of Outstanding Payment To MSME, BEN-2- Return To The Registrar In Respect Of Declaration Under Section 90, AOC-4-...

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Posted Under: Income Tax |

Calculation of Interest & Late Fees for delay in filing GSTR-3B

Manner of Calculation of Interest & Late Fees for delay in filing of GSTR-3B returns in view of spread of Novel Corona Virus (COVID-19) As we are all aware that the Government has come up with few Notifications on 24th June 2020, for extending the various due dates for filing GSTR -3B return and GSTR 1 […]...

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Posted Under: Income Tax |

SEBI Relaxes Time Gap between Two Board/Audit Committee Meetings

Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/110 (26/06/2020)

SEBI Relaxation of Time Gap Between Two Board / Audit Committee Meetings Till 31st July 2020 SEBI has vide Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/110 dated 26th June, 2020 has relaxed time gap between two board / Audit Committee meetings of listed entities owing to the CoVID-19 pandemic. Text of the circular is as follows:- Securities a...

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Relaxation for conducting of board meeting through VC or OAVM

Relaxation for conducting of board meeting through video conferencing (VC)  or other audio-visual means (OAVM) till 30th September, 2020 [MCA Notification No. G.S.R. 395(E) dated 23th June, 2020] No doubt, there are lots of matters in any company which required board decisions immediately or frequently. However, Due to COVID-19 outbreak ...

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Posted Under: Income Tax |

Some Important Provisions related to Maintenance of  Accounts under GST

We all know the importance of the maintenance of the accounts under GST. The provisions related to the maintenance of the accounts are given in Section 35 of the CGST Act, 2017  and Chapter VII of the CGST Rules  2017. Here I want to throw some light on  some important provisions under GST  which in […]...

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Posted Under: Income Tax |

Recent notification amending CGST Act vide Finance Act, 2020

Notification effect provisions in amendment of CGST Act vide Finance Act, 2020 (12 of 2020) – dated 27.03.2020-An simple overview Vide notification 49/2020 – Central Tax, dated 24.06.2020, some amendments which proposed vide Finance Act, 2020 (12 of 2020) have been effective from 30.06.2020. The simple overview is as under:  S.No. Re...

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Posted Under: Income Tax |

GST Due Dates Extension 3.0 due to COVID-19

Introduction: 1. Since the lockdown has begun in India due to the Covid – 2019, there have been many relaxations given by the Government in all fronts for compliance. This is the third time that the Government has announced relaxation for making compliance under GST. The present note explains in detail various notifications issued on [&...

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Posted Under: Income Tax |

Actuarial Valuation for Accounting of Gratuity Benefits – Ind AS19 & AS-15

Why of Actuarial Valuation is required for Accounting of Gratuity Benefits in compliance of IndAS19 & AS 15 (Revised 2005) by Indian Public, Private and Multinational Companies ? Background Indian Public Sector, Private Sector and Multinational Companies needs to prepare the Financial Statement such as Balance Sheet & Profit/L...

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Posted Under: Income Tax |

Some aspects regarding Forms 15CA & 15CB

Some aspects related to forms 15cb & 15ca 1. What is the need of Form 15CB & 15CA? ♦ Person making the remittances to Non-Resident require submitting of Form 15CB & 15CA. ♦ Government has made these provisions to ensure the collection of tax from Non Resident at an earlier stage (when remittance is to […]...

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Posted Under: Income Tax |

File application for Revocation of Cancellation latest by 30th September 2020

The Central Government, vide Order No. 01/2020-CT dated 25.06.2020, has provided an opportunity to the taxpayers whose registration was cancelled on or before 12th June 2020, to file an application for revocation of cancellation of registration till 30th September 2020. The relevant paragraph of the order is reproduced below: “2. Fo...

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Posted Under: Income Tax |

CBIC kicked off Electronic Shipping Bill and Gate Pass

The Central Board of Indirect Taxes & Customs (‘CBIC’) has taken several measures to facilitate and expedite the custom clearance processes contact-less, face-less and hurdle-less. Now, the CBIC, in order to do the paper-less clearances, has launched digitally signed shipping bills and e-gatepass vide Circular No.30/2020-Customs a...

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Posted Under: Income Tax |

Stay of demand proceedings before Income-tax Appellate Tribunal

The ITAT may, on an application made by the assessee and after considering the merits of the application, pass an order of stay in any proceedings relating to an appeal filed under section 253(1). If the ITAT is not able to dispose off the appeal under first proviso, the stay can be extended upto 365 […]...

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Posted Under: Income Tax |

GST on Director’s Remuneration: An agglomeration among allied laws

As per Section 9(1) of the CGST Act - GST shall be levied on the Intra state supplies of goods or services or both. It means GST could only be levied on those activities which constitute a “supply” under Section 7 of the said Act....

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Posted Under: Income Tax |

Due date extended for Tax filing for FY 19-20, BUT not for interest-free Tax payments

Notification No. 35/2020-Income Tax (24//0/6/20)

Due date for income tax return for the FY 2019-20 (AY 2020-21) has been extended to 30th November, 2020 by the CBDT vide Notification No 35/2020. Hence, the returns of income which are required to be filed by 31st July, 2020 and 31st October, 2020 can be filed upto 30th November, 2020. However, Tax filing […]...

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Posted Under: Income Tax |

New GST Return due dates

The CBIC vide its Notification No.49/2020 has given a clear guide with liberalised due dates for filing of GSTR 3B and GSTR 1  for the period from February 2020 to August 2020.  The extension is mainly with regard to the Dealers whose turnover for the previous year is Rs.5 Crores and Below. EXTENDED DUE DATES […]...

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Posted Under: Income Tax |

GST 3B Extended Due Date Auto Calculator – Identifier

In View of the current Covid 19 situation Govt. of India has further extended the GST due dates. On 24.06.2020 Govt. of India came up with Notification ranging from Notification No 49/2020 to 54/2020 and extended due dates for various assesses based on their Turnover and Principal place of business. As dates provided are bifurcated [&hell...

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Posted Under: Income Tax |

GST Interest & Late Fee Auto Calculator for Extended Due Dates due to Covid 19

GST Interest and Late Fee Auto Calculator for Extended Due Dates due to Covid 19 in Excel Format Due to Covid 19 pandemic in India, The Indian Government has extended the Due Dates of filing GSTR returns of various assesses for the months of February 20 to April 20. These dates are declared through Notifications 30/2020 to […]...

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Posted Under: Income Tax |

Payment of expense for marketing ‘Marriott / Rennaisance’ brands is Royalty

Marriot International Inc. Vs DDIT- International Taxation (ITAT Mumbai)

Marriot International Inc. Vs DDIT-International Taxation (ITAT Mumbai) In the instant case, the assessee has undertaken the job of marketing the “Marriott / Rennaisance” brands. There is no doubt that the assessee company belongs to Marriott group. Further the claim of the assessee that it was undertaking the marketing work on cost t...

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No TDS on Reimbursement of Leased Line Expense to Parent Company

DCIT Vs International Flavours & Fragrances (I) P. Ltd., (ITAT Chennai)

DCIT Vs International Flavours & Fragrances (I) P. Ltd., (ITAT Chennai) Where assessee-company reimbursed community expenses to foreign company for utilising leased lines services situated outside India, said payment not being in nature of ‘royalty’ within meaning of section 9(1)(vi), assessee was not liable to deduct tax ...

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Section 195 TDS applicable only when amount is chargeable to tax in the hands of recipient

C.U.Inspections (I) Pvt. Ltd Vs DCIT (ITAT Mumbai)

C.U.Inspections (I) Pvt. Ltd Vs DCIT (ITAT Mumbai) Mere fact that the payment in question is not reimbursement of expenses to the holding company would not per se expose the expenditure to disallowance u/s 40(a)(ia) of the Act. It has been noticed supra that the disallowance u/s 40(a)(ia) is activated when there is failure on […]...

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No TDS deductible on Reimbursement of USA office Expenses

Himalya International Ltd Vs DCIT (ITAT Delhi)

As per Explanation 2 attached to section 9(1)(vii) of the Act in the case of remittance or reimbursement of expenses where no element of taxable income in India is found, then the question of tax deduction at source does not arise....

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Depreciation should be considered for evaluating operating results of comparables

AMD Research & Development Centre India Pvt. Ltd. Vs DCIT (ITAT Hyderabad)

AMD Research & Development Centre India Pvt. Ltd. Vs DCIT (ITAT Hyderabad) The method of depreciation adopted by the various comparable companies has an impact on the operating result of the respective comparable companies, which is highlighted in the above charts. The assessee company’s percentage of depreciation to total expenditu...

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No disallowance of interest U/s 14A if assessee’s own capital is more than investments fetching exempt income

DCIT Vs Hero Moto Corp. Ltd (ITAT Delhi)

No disallowance of interest can be made u/s 14A if the assessee’s own capital is more than the investments fetching exempt income. Similar view has been taken by the Hon’ble Gujarat High Court in the case of CIT vs. Suzlon Energy Ltd. (2013) 354 ITR 630 (Guj)....

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‘Decriminalization of Section 138’ is Indian Economy heading for a DOOM?

Rupali and Bhavi* A significant step has been taken by the Government of India with an objective of achieving ‘Sabka saath, Sabka Vikas and Sabka Vishwas’ and proposed decriminalization of several economic offences including the offence of dishonour of cheque under Section 138 of the Negotiable Instruments Act, 1881. This section ensu...

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Posted Under: Income Tax |

Fusible interlining cloth is not a woven fabric & falls under HSN 5903: AAAR

In re Sadguru Seva Paridhan Pvt. Ltd (GST AAAR West Bangal)

In re Sadguru Seva Paridhan Pvt. Ltd (GST AAR West Bangal) The product manufactured by the appellant is fusible interlining cloth. Before 1989, the item used to be classified under Chapters 52 to 55, as clarified under Circular No. 5/89 dated 15/06/1989. In the Union Budget of 1989-90, a new chapter note 2(c) was introduced […]...

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Floating Rate Savings Bonds 2020 (Taxable)

Circular No. RBI/2019-2020/261 IDMD.CDD.No.3145/13.01.299/2019-20+ Press Release: 2019-2020/2556 + Notification No. F.No.4(10)-B(W&M)/2020 (26/06/2020)

Government of India has decided to launch Floating Rate Savings Bonds 2020 (Taxable) scheme, with effect from July 01, 2020 in terms of GoI Notification F.No.4(10)-B(W&M)/2020 dated June 26, 2020....

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Karnataka HC directs stern action against political figures for violating physical distancing norms 

It is a matter of grave concern that politicians, statesman, elected representatives and political figures of our country can be seen on TV screens & social media in violation of physical distancing norms and without proper masks on their faces. Are they immune from Covid-19 or have they been secretly vaccinated against Covid-19? Sinc...

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Posted Under: Income Tax |

Equalisation Levy-A Big Leap Towards Trapping Digital Economy

EL-Equalisation Levy, Assessee-Any Person Resident or Non-Resident with Permanent Establishment 1. EMERGENCE OF EL Can you imagine the life without Technology? Certainly not. It is very appealing to the case with Digital Economy too. Today the way of doing business has changed drastically and dramatically. All tangible and intangible good...

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Posted Under: Income Tax |

TDS on interest on Post Office Saving Schemes reduced

S.B. Order 23/2020 (26/06/2020)

In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic. the rates of Tax Deduction at Source (TDS) for the following non-salaried specified payments made to residents has been reduced by 25% for the period from 14th May, 2020 to 31st March, 2021....

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Appearance By A Non-Lawyer In Courts

While generally speaking only an Advocate can appear in court on behalf of another person (or that a person can represent his or her own case), in special circumstance, the court has a power to permit private person (who is not an Advocate) to appear before it in a particular case. 29. Advocates to be […]...

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Posted Under: Income Tax |

Floating Rate Savings Bonds, 2020 (Taxable) – FRSB 2020 (T)

Notification No. S.O. 2123(E). (26/06/2020)

The Government of India, hereby notifies the issue of Floating Rate Savings Bonds, 2020 (Taxable); Short Name – FRSB, 2020(T) with effect from July 1, 2020. ...

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Banking Regulation (Amendment) Ordinance, 2020 – Co-Operative Banks comes under RBI

Notification No. 12 of 2020 (26/06/2020)

(1) This Ordinance may be called the Banking Regulation (Amendment) Ordinance, 2020. (2) It shall come into force at once, except section 4, which shall come into force on such date as the Central Government may by notification, appoint:...

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Drawl and Collection of Sample for Animal Quarantine NOC

Public Notice No. 76/2020-JNCH (26/06/2020)

Presently no staff from Animal Quarantine Department (AQCS) has been deployed at JNCH for drawl and collection of sample. Therefore, the samples are being drawn for AQCS in presence of the customs officer and sealed samples are delivered to Customs broker for depositing the same in the Animal Quarantine office located at Kopar khairane, N...

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Suggestions for names for standard products for Dwellings & Small Business in segment of Standard Fire & Special Perils

Ref. No: IRDAI/NL/SP/SFSP/59/2020-21 (26/06/2020)

The occurrence of catastrophic events, largely floods, in the last few years has seen huge losses to property, in particular, to dwellings and small business. The protection gap stands out, both in terms of property not being insured and those not being adequately insured....

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Guidelines on Covid Standard Health Policy

Ref. No: IRDAI/HLT/REG/CIR/163/06/2020 (26/06/2020)

Every insurer offering Corona Kavach Policy shall provide a certificate of insurance to the policyholder indicating the availability of health insuarnce coverage.The certificate shall have a reference to access detailed terms and conditions of the policy contract. I...

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Pivotal Infrastructure guilty of profiteering; Pass ITC benefit to Customers: NAA

Smt. Honey Macker Vs M/s Pivotal Infrastructure Pvt Ltd. (National Anti-Profiteering Authority)

Smt. Honey Macker Vs M/s Pivotal Infrastructure Pvt Ltd. (National Anti-Profiteering Authority) Applicants, the Respondent and the other material placed on record and find that the Applicant No. 1 vide her complaint dated 03.08.2018 had alleged that the Respondent was not passing on the benefit of ITC to her in spite of the fact that [&he...

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Vijetha Supermarkets guilty of profiteering: NAA

Shri M. Srinivas Vs Vijetha Supermarkets Pvt. Ltd. (NAA)

Shri M. Srinivas Vs Vijetha Supermarkets Pvt. Ltd. (National Anti-Profiteering Authority) The Applicant had alleged that the Respondent had not reduced the selling price of the “Frozen Green Peas”, when the GST rate was reduced from 5 % to Nil w.e.f. 01.01.2019 with denial of Input Tax Credit, vide Notification No. 25/2018-Cen...

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MSME: Classification, registration process & calculation of investment/Turnover

S.O. 2119(E) (26/06/2020)

Govt notifies vide Notification No. S.O. 2119(E) dated 26.06.2020 certain criteria for classifying the enterprises as micro small and medium enterprises (MSME), MSME registration process for New and Existing Enterprises,  Manner of calculation of investment in plant & machinery and  turnover for MSME classification, Updation of ...

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Opted new Tax Regime- Claim conveyance, travel allowance

Notification No. 38/2020-Income Tax [G.S.R. 415(E)] (26/06/2020)

Perquisites & Allowances to Taxpayer opting Lower Tax Rate Option- Section 115BAC CBDT issued Notification No. 38/2020-Income Tax Dated- 26/06/2020 amending rule 2BB  of Income Tax Rules to allow taxpayers who are opting for the new tax regime (section 115BAC)  to claim exemption for allowance to meet cost of travel and daily expens...

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Section 26-30- Deemed GST Registration, Amendment, Cancellation, Revocation, Suspension

Simplified GST Series-Part 15- Contains Analysis of Section 26 to 30 of Central Goods and Services Tax Act, 2017. Section details are as follows- Section 26 – Deemed Registration, Section 27- Special provisions relating to casual taxable person and non-resident taxable person, Section 28-Amendment of Registration, Section 29- Cancel...

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Posted Under: Income Tax |

All medical devices in India regulated & requires registration

The medical devices, effective April 1, 2020 require registration in India. This is particularly applicable to all the manufacturers and importers of medical devices. It applies for practically all the medical devices. Prior to the amendment, only 37 categories of medical devices were regulated. However, from 1st April 2020, all medical d...

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Posted Under: Income Tax |

Practical Issues in Penalty U/s. 271D & 271E r.w. Section 269SS and 269T

Provisions Of 269SS, 269T, 271D AND 271E As Per Finance Bill 2014 And Finance Bill 2015 And Some Issues Regarding Penalty U/S 271D, 271E And Relating To Amendments. Consequences of contravention of section 269SS: Section 271D of Income Tax Act 1961 provides that if a loan or deposit is accepted in contravention of the provisions of sectio...

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Posted Under: Income Tax |

Taxability of Chaotic Interest Incomes from Acquisition of Land

The scope of this write up is an attempt to clarify chaos that is taxability of various incomes (specifically interest) from compulsory acquisition of land. Types of income which an asset under consideration can result are capital gain (if asset is a capital asset), interest on compensation or enhanced compensation....

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Posted Under: Income Tax |

Refund Under Provisions of Income Tax Act, 1961

Section 237 of the Income Tax Act, 1961 deals with refund of excess tax paid by the assessee. If any person or assessee satisfies the assessing officer that the amount of the tax paid by him or paid by any person on his behalf during any previous assessment year exceeds the amount with which he is properly chargeable under the act for tha...

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Posted Under: Income Tax |

RBI supervision of Financial Market Infrastructures (FMIs) and Retail Payment Systems (RPSs)

RBI supervision of Financial Market Infrastructures (FMIs) and Retail Payment Systems (RPSs) The recent document on Financial Market Infrastructures (FMIs) and Retail Payment Systems (RPSs) by RBI in its web site dated 13th June 2020 is the discussion of this article. A Financial Market Infrastructure (FMI) is defined as a multilateral sy...

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Posted Under: Income Tax |

CFSS-2020 MCA General Circular No. 12/2020 dated 30.03.2020

COMPANIES FRESH START SCHEME, 2020 (CFSS-2020) [MCA General Circular No. 12/2020 dated 30th March, 2020] The Ministry of Corporate Affairs (‘MCA’) had, in the Circular No. 11/2020, dated 24th March, 2020, inter alia other relaxations / special measures provided in view of the Covid-19 pandemic, indicated regarding providing immunity t...

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Posted Under: Income Tax |

Advisory on Disclosures in Audit Report amid COVID19

Impact of COVID19 Lockdown on the Operations of the Company and Resumption of Operations post COVID19 Lockdown- The Operations of the Company during the year ended 31st March 2020 were marginally / seriously affected due to Lockdown announced by the Central / State Governments in the month of March 2020 due to the outbreak of Novel Corona...

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Posted Under: Income Tax | ,

Cheaklist of Labour Law Compliances

Article contains Check list of Statutory compliance under Payment of Wages Act, 1936, Payment of Bonus Act, 1965, Provident Funds and Miscellaneous Provisions Act, Fund Provisions Act, 1952, Payment of Gratuity Act, 1972, Industrial Disputes Act, 1947, Trade Unions Act, 1926, Minimum Wages Act, 1948, Employees’ Compensation Act, 1923, F...

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Posted Under: Income Tax |

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