"27 June 2020" Archive

Blanket late fee exemption unfair to taxpayer filing GST return before 24.06.2020

CBIC on Twitter on 26.06.2020 As part of COVID relief package announced in March 2020, a conditional waiver of late fee had been provided for all the taxpayers. Accordingly, for taxpayers having turnover more than Rs. 5 Cr., late fee waiver on GSTR 3B returns for the tax period February, March and April, 2020 was […]...

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No Section 194J TDS on IUC charges paid by Telecom Operators

DCIT-TDS Vs Vodafone India Ltd. (ITAT Mumbai)

Whether interconnection usages charges (IUC) is in the nature of fees for technical services and whether the assessee is liable for TDS under section 194J of Income Tax Act, 1961?...

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Section 194H TDS not applies on Bank Guarantee Commission

M/s. Navnirman Highway Project Pvt. Ltd. Vs DCIT (ITAT Delhi)

The issue under consideration is whether TDS under section 194H is applicable from payment of bank guarantee commission to the bank?...

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Ao verified loan based on CASS parameter: CIT(A) cannot invoke jurisdiction u/s 263

Citystar Ganguly Projects Ltd. Vs PCIT (ITAT Kolkata)

ITAT states that AO had made specific enquiry into loan transactions of assessee based on the CASS parameter. In response to enquiries made under section 133(6), loan creditors had filed their documents/details to substantiate/prove their identity(ies), creditworthiness and genuineness of the loan transactions. AO having examined all the ...

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GST Composition Scheme for Small Tax payers | Section 10

Composition Scheme under section 10 of CGST Act, 2017- Great Initiative for Small Tax payers under GST Act Composition Scheme {Section 10 of CGST Act, 2017} -Composition Scheme is a simple and easy scheme under GST for taxpayers. -Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of […]...

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Classification of Enterprises as MSME W.E.F. 01.07.2020 

It is important to note that the industry was waiting for definition change in MSME for quite a long time. As there was fear among MSME that if they grow in terms of number, they might lose the title of being MSME and lose benefits of Government provided for MSME....

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Process of Filing Application under Insolvency & Bankruptcy Code, 2016

On occurrence of default in repayment of financial debt of a company or LLP, the financial creditor either by itself or jointly with other financial creditors, or any other person on behalf of the financial creditor, as may be notified by the Central Government can file an application for initiating corporate insolvency resolution process...

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Cashless Economy: Pros And Cons

We come across a common saying ‘Cash is King,’ however idle cash can never generate any interest income, therefore channelizing the idle money into digital mode shall generate income. The Cashless economy is a system where majority of transactions take place by modes other than cash. These modes may be credit cards, debit cards, walle...

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Board Report FAQs Under The Companies Act, 2013

A Board report is a document produced by the board of directors under the requirements of The Companies Act, 2013, which details the state of the company and its compliance with a set of financial, accounting and corporate social responsibility standards. The requirement for directors’ reports arose out of a general move for ...

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Cess: An allowable expenditure?

It is a well settled principle that ‘Income-tax’ of a taxpayer is a not an allowable business expenditure. However, whether the ‘Income-tax’ payable by the taxpayer also includes ‘Cess’ or does not include such ‘Cess’ is a matter of debate....

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