"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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Activities (NIC codes) not covered for MSME registration

F.No. UAM/MC/01/2017-SME (27/06/2020)

F.No. UAM/MC/01/2017-SME Government of India Ministry of Micro, Small & Medium Enterprises (SME Section) *** Udyog Bhawan, New Delhi Dated: 27.06.2017 OFFICE MEMORANDUM Sub: Activities (NIC codes) not covered under MSMED Act, 2006 for registration of Udyog Aadhaar Memorandum(UAM)- regarding The undersigned is directed to inform that S...

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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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Advisory to Users for Extending Validity of E-way bills

Cancel the EWB: Supplier of goods can cancel the EWB, within 24 hours of its generation, subject to the condition that the EWB has not already been verified by the Proper Officer. Later on, same invoice number can be used for generation of another EWB. ...

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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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Section 148- Revenue cannot travel beyond reasons recorded & same cannot be supplemented at the Later stage

Gateway Leaisng Pvt Ltd Vs ACIT (Bombay High Court)

Gateway Leaisng Pvt Ltd Vs ACIT (Bombay High Court) Section 148- Revenue cannot travel beyond reasons recorded & same cannot be supplemented at the Later stage. Reasons which are recorded by the Assessing Officer for re-opening an assessment are the only reasons which can be considered when the formation of the belief is impugned; suc...

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Residential Status & Scope of Income

RESIDENTIAL STATUS We already know, tax is charged on Total Income. The computation of this total income further depends upon the residential status. The followings are the importance of residential status; Importance of Residential Status: 1. Total Income of an assessee cannot be determined without knowing his residential Status. 2. Resi...

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Foreign Investment Approval Route: You Can Make It!!!

DIPP issues standard operating procedures to decide fate of FDI under approval route -System of approving foreign investment proposals in India by an inter-ministerial body is now officially replaced with approval by distinct administrative ministries / departments in accordance with the standard operating procedure issued by DIPP. -Forei...

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Presumptive Taxation | Section 44AD | Income Tax Act, 1961

Hello, in this post we will talk about the Presumptive Taxation under Section 44AD of the Income Tax Act, 1961. Businesses adopting the presumptive taxation scheme are not required to maintain regular books of account. They can declare the income at a prescribed rate. The Income-tax Act has framed the presumptive taxation scheme under se...

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Due Date Extension by SEBI & CBDT on 24 & 25th June 2020

Today I will talk about some due dates extension. Just to update you about your compliance calendar.  If you are feeling worry about that how to file compliances on time as due dates is going to end soon than don’t worry as there are so many extension is made by Income tax department and SEBI […]...

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GSTR 3B Feb 2020 to Jul 2020 Dates Quick Review

 On 24th Central Board of Indirect Taxes and Customs has come up with 1) Notification No. 51/2020 – Central Tax 2) Notification No. 52/2020 – Central Tax 3) Circular No.141/11/2020-GST A quick summary is presented as follows: GSTR 3B Due Date and Interest Payable from Feb 2020 to Jul 2020 Class I Taxpayers having aggregate […]...

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Equalisation Levy: A New Digital Tax Regime

Equalisation Levy or commonly referred to as ‘Google tax’ was brought in the year 2016 by the then Finance Minister Late Sh. Arun Jaitley as part of implementation of OECD (Organization for Economic Cooperation and Development) Action Plan on taxation of digital transactions (BEPS Action Plan-1). It was observed that business these da...

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Furnishing Info of Remittance to Non-Resident- Form 15CB / 15CB

FURNISHING INFORMATION REGARDING REMITTANCE TO NON-RESIDENT A person making payment to a Non-Resident /Foreign entity is required to furnish an undertaking in Form 15CA in digital mode. In some cases, department requires a Certificate From CA, in Form 15CB to be uploaded with the Form 15CA. The relevant provisions have been included in In...

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Role of Litigator – An unfinished Saga!

If this healthy rule is not followed, the result will only be undue harassment to assessees and chaos in administration of tax laws. Thus, recognising the principle of natural justice which encourages equity, fairness and equality, must be followed at every staggered procedure....

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Wait ! Before Filing GST Return for FY 17-18 & 18-19 , it may land your client in trouble if You ignore Provision 16(4) – Time limit

After the announcement of Waiver of Late fee for Non-Filers from July 2017. Many assessees have got the opportunity to file their pending return from July 2017 without paying any Late fee or reduced late fee. Although It is looked as a Good Opportunity to file the old return and become a Compliant assessee from […]...

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Whether Revised Return can be filed after intimation is issued u/s 143(1)?

[ACIT v. Padma Logistics &Khanij (P.) Ltd. - In present case, Kolkata Tribunal ordered that the intimation issued u/s 143(1) of the Act does not preclude the assessee from filing a revised return of income....

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Period to pass GST refund order extended

Notification No. 56/2020-Central Tax [G.S.R. 417(E).] (27/06/2020)

Seeks to amend notification no. 46/2020-Central Tax in order to further extend period to pass order under Section 54(7) of CGST Act till 31.08.2020 or in some cases upto fifteen days thereafter vide Notification No. 56/2020-Central Tax Dated 27th June, 2020. Section 54(7) of CGST Act provides that final order in GST refund shall be [&hell...

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Classification of enterprises as MSMEs- Revised Criteria

Relevant Date: 26th June 2020 Introduced by: Ministry of MSME dated 26th June 2020 Effective date: 1st July 2020 What is new? 1. Classification of enterprises: An enterprise shall be classified as a micro, small or medium enterprise on the basis of the following criteria, namely:- Type of Enterprises Investment in P&M Turnover Micro E...

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CBIC extends due date of specific compliances to 31.08.2020

Notification No. 55/2020-Central Tax [G.S.R. 416(E).] (27/06/2020)

Notification No. 55/2020- Central Tax, dated 27.06.2020– Notification under section 168A of CGST Act for extending due date of specific compliance which falls during the period from the 20th day of March, 2020 to the 30th day of August, 2020, to 31st day of August, 2020. Such Compliance Includes- (a) completion of any proceeding or [&he...

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NIL Form GSTR-1 filing via SMS from 1st week of July 2020

Release ID: 1634831 (27/06/2020)

NIL statement in Form GSTR-1 can now be filled via SMS from the 1st week of July 2020 NIL statement in Form GSTR-1 can now be filled via SMS from the 1st week of July 2020.  Previously on 8th June, a similar facility for the Form GSTR-3B had been announced. This will benefit approx 12 […]...

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Relaxations in Filing of GSTR-1 and GSTR-3B

Relaxations in due date of Filing of GSTR-1 and GSTR-3B-Article also discusses Conditional Date for Waiver of Late Fee and interest payable beyond Waiver Date. Relaxation are based on following recent GST Notifications and Circulars- Waiver of late fee for delay in filing GSTR-1- March to June 2020 | Notification No. 53/2020-Central Tax/G...

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ITR-2 For Financial Year 2019-20 | Key Additions | Online Utility Released

ITR-2/Key Insertions in the Income Tax Return Form “Now Available for E-Filing at Income Tax Portal” Recently, the government (CBDT) notified the Income Tax Return Forms (ITR) for the financial year 2019-20 (A/Y 2020-21). Today i.e. on the 26th of June, 2020, the department has made the Income Tax Return Preparation Software (also kno...

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ICAI allows students to Opt Out from May 2020 exams till 30.06.2020

In view of feedback received from the students who have already submitted online examination application for May 2020 Examination, it is decided that the request of students for allowance of some more time for exercising the Opt-Out option be extended till 30th June 2020 (Tuesday) upto 11.59 PM....

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Extension of due dates under the Income Tax Act

DUE TO THE OUTBREAK OF NOVEL CORONA VIRUS, THE GOVERNMENT HAS FURTHER EXTENDED THE DATES FOR VARIOUS COMPLIANCES UNDER THE INCOME TAX ACT, 1961 (IT Act) AND VARIOUS OTHER SPECIFIED ACTS** BY NOTIFICATION NO.35  / 2020, DATED 24 JUNE 2020 AND COMES INTO FORCE FROM 30 JUNE 2020 Sr. No. Particulars Period Actual Due Date […]...

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MSME Registration on Udyam Portal w.e.f. 01.07.2020

MSME Registration, new and existing, through Udyam Registration Portal, w.e.f. 01.07.2020, as per notification dated 26.06.2020 The Ministry of micro, small and medium enterprises vide its notification dated 26th June, 2020 has notified certain criteria for classifying the enterprise as micro, small and medium enterprises and specified th...

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Amendments in MSME Registration & Classification Criteria

WRITE UP ON MSME CONSEQUENT TO NOTIFICATION NO.S.O.2119(E) DATED 26TH JUNE 2020 The Central Government issued Notification No.S.O.2119(E) dated 26.6.2020 notified certain criteria for classifying the enterprises as micro, small and medium enterprises and specifies form and procedure for filing Memorandum (“Udyam Registration”), with e...

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Basics of Stock Market – Part-1

What is Stock Market? The stock market refers to the collection of markets and exchanges where the issuing and trading of equities (stocks of publicly held companies), bonds and other sorts of securities takes place, either through formal exchanges or over-the-counter markets. Also known as the equity market, the stock market is one of th...

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A Detailed Analysis on Credit (Including Commercial/ Financial) & Debit Note under GST

♦ Meaning of Credit Note & Debit Note – Section 2(37) of CGST Act,unless the context otherwise requires, – “credit note” means a document issued by a registered person under Sub-Section (1) of Section 34; – Section 2(38) of CGST Act,unless the context otherwise requires, – “debit note” means a docum...

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SITRA (South India Textile Research Association) Certification

SITRA, an acronym for The South India Textile Research Association, is established in the year 1956 and is governed by a Council of Administration consisting of member representatives of the Industry, Government, and Scientists. SITRA is sponsored by the Industry and is supported by the Ministry of Textiles, Government of India. In the cu...

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What is Financial Identity? How Income Tax Return helps in creating it for you?

Income tax return or Income Tax in general is a word that instantly strikes fear in the mind of the person. And definitely, this fear has a lot to do with the visual media and movies we see where Income Tax Authorities are shown as wealth sucking leach which waits for the opportunity to unleash upon it preys....

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Bench must refrain from making any uncharitable observation on a decision: SC

S. Kasi Vs State (Supreme Court)

S. Kasi Vs State (Supreme Court ) Learned Single Judge in the impugned judgment erred in holding that the lockdown announced by the Government of India is akin to the proclamation of Emergency. The view of the learned Single Judge that the restrictions, which have been imposed during period of lockdown by the Government of […]...

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Should Virtual Hearing in Courts be limited to advocates aged over 65 years?

The Ministry of Home Affairs (MHA) has issued an advisory that people above 65 years should strictly remain at home and not move out as they are at a greater risk of getting infected during the Covid Pandemic. Abiding by the said advisory, the senior citizens above the age of 65 are voluntarily not moving […]...

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All about Independent Directors- (Part-2)

In continuance of the earlier article, ‘All about Independent Directors- (Part-1)‘, this article will focus on the independent director databank and the process of appointing an independent directors. On 22nd October, 2019 the Ministry of corporate affairs (MCA) published the Companies (Appointment and Qualification of Directo...

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OECD Project to Tax Digital Economy: At the Brink of Collapse?

Last two years have witnessed a large-scale collaborative effort by the international community, under the umbrella of the OECD, towards finding a consensus-based solution for the problem of taxation within the digitalized economy....

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Consider Only Dividend bearing Securities for Section 14A disallowance R.W. Rule 8D(2)(iii)

PricewaterhouseCoopers Private Limited Vs ACIT (ITAT Kolkata)

In the light of judgment of Coordinate Bench of ITAT Kolkata in the case of REI Agro Ltd, we note that only dividend bearing securities should be considered for disallowance under rule 8D(2)(iii) of I.T. Rules....

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CBIC extends time limit for compliance under Excise & Custom Law

Notification No. G.S.R. 418(E) (27/06/2020)

29th day of September, 2020 shall be the end date of the period during which the time limit specified in, or prescribed or notified under, the Central Excise Act, 1944 , Customs Act, 1962 (except sections 30, 30A, 41, 41A, 46 and 47), Customs Tariff Act, 1975 or Chapter V of the Finance Act, 1994 falls for the completion or compliance of...

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Section 234A Interest for extended period if Self-Assessment Tax exceeds ₹ 1 Lakh

PRACTICAL DIFFICULTIES IN CASE OF ASSESSEES LIABLE TO PAY SELF ASSESSMENT TAX OF Rs. 1 LAKH OR MORE FOR THE YEAR ENDED 31.03.2020. As per he CBDT’s Press Release dated 24.06.2020 if the Self Assessment Tax payable is more than Rs. 1 Lakh the whole of the tax is to be paid by the specified […]...

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Myths and misconceptions about Personal Income tax

Gifts received: Gifts received from specified relatives are exempt from income tax, and there is no upper limit also. Similarly, gifts of any amount and from anyone received during your marriage are totally tax-free. Similar is the case with the gifts received under a Will or by way of an inheritance, or from a registered charitable or e...

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Consequences of TDS defaults under Income Tax Act 1961

TDS/TCS compliances is one of the major compliance under Income Tax Act, 1961 and has a wide scope of its applicability to the business organizations. Small businesses are not much aware of the overall implications of non compliances of the TDS/ TCS provisions and ends up in paying the higher penal charges due to not following the deadlin...

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Instruction for ‘Limited Scrutiny’ under CASS are Retrospective

Most of the cases selected for Scrutiny are through Computer Aided Scrutiny Selection (CASS). Only a particular class of cases such as those involving Search, Survey and Reopening of Assessment etc. come under Compulsory Scrutiny. A small Number of cases are manually selected by the Assessing Officers where they consider the Income of a p...

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