"29 June 2020" Archive

India Widens Taxation of Cross Border E-Commerce Transactions

Taxation of cross border e-commerce transactions has been a challenge for the whole world, including India due to location of the supplier, absence of physical presence, characterizing the nature of transaction (goods or service), administrative challenges in tracking and collecting taxes and taxing jurisdiction....

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Posted Under: Income Tax |

Analysis of Recent Amendment in 4 Sections of CGST Act 2017

49/2020-Central Tax (24//0/6/20)

Effect of Notification 49/2020-Central Tax dated 24th June, 2020– Central Government appoints 30th June, 2020 as the date on which the amendment in Section 2(114), Section 109(6), Section 168(2) and Section 172(1) of of CGST Act, 2017  i.e. Section 118, 125,129 and 130 of the Finance Act, 2020  shall come into force. These amendme...

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Posted Under: Income Tax |

FAQs on GST Annual Return (GSTR 9) for FY 2018-19

The process of preparing and filing of annual return in GSTR 9 for FY 2018-19 under GST has started and there have been a number of doubts arising as to how to reconcile the output tax liability under various tables pertaining to the FY 2018-19, because the GSTR 3B filed for 2018-19 contains rectifications for […]...

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Posted Under: Income Tax |

CORRIGENDUM to Income Tax Notification No. 35/2020

Notification No. 39/2020-Income Tax / S.O. 2126(E) (29/06/2020)

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDUM Notification No 39/2020 New Delhi, the 29th June, 2020 TAXATION AND OTHER LAWS S.O. 2126(E).—In the notification of the Government of India, Ministry of Finance, (Department of Revenue) (Central Board of Direct Taxes), number 35/2020, dated the 24th ...

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GST Due Date Extension & Relief Measures for taxpayers

Extension in GST Due Dates and Relief Measures for taxpayers under GST due to COVID-19 pandemic In response to outbreak of Covid-19 pandemic, the government has issued various notifications extending certain due dates under GST and granting relief to taxpayers in terms of waiver of interest cost on delayed payment of tax and late fees [&h...

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Posted Under: Income Tax |

Rule 11UAC Exemption from deeming provisions of section 56(2)(x)

Notification No. 40/2020 (29/06/2020)

Rule 11UAC Exemption from deeming provisions of section 56(2)(x)-Prescribed class of persons for the purpose of clause (XI) of the proviso to clause (x) of sub-section (2) of section 56- Income Tax Notification No. 40/2020 dated 29th June, 2020. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 4...

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Govt allows export of PPE medical coveralls for COVID-19

Notification No. 16/2015-2020-DGFT [S.O. 2125(E).] (29/06/2020)

DGFT vide Notification No. 16/2015-20 dated 29.06.2020 has allowed the export of PPE medical coveralls for COVID-19 subject to quantitative restriction of 50 lakh units per month. Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan New Delhi Notification No. 16/2...

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SC: Remember to change records after vehicle sale or be liable to pay for mishap

We all own a vehicle of our own. We sell our used vehicles or sometimes we  purchase used vehicles. But do we ensure that the vehicles are duly transferred in the name of the purchasers in the records of the Registration Department? Perhaps the answer is ‘NO’ because we are not aware of the legal […]...

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Posted Under: Income Tax |

Scheme of Time Relaxation in Case of Filing of Charge Forms Under Companies Act, 2013

[MCA General Circular No. 23/2020 dated 17 June, 2020] You are well aware that Ministry of Corporate Affairs (MCA), vide General Circular No. 12/2020, dated 30/03/2020, has come out with a Companies Fresh Start Scheme, 2020 forproviding relaxation in time for several forms. However, the benefit of waiver of additional fees, under the Comp...

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Posted Under: Income Tax |

MSME Udyam Registration Number from 01/07/2020

After the spread of pandemic ‘COVID-19’, GOI has announced many relief packages for MSME sector to boost industry as well as economy of the country. Government initiatives include ease of doing business, Digital India, start-ups, easy loans , Make in India, subsidies, moratorium for loans, reduced rate of interest, simple tax complian...

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Posted Under: Income Tax |