"30 June 2020" Archive

GSTR 3B Late fees restricted to Rs. 500 for return filed till 30.09.2020

Notification No. 57/2020–Central Tax [G.S.R. 424(E)] 30/06/2020

Total amount of late fee payable for GSTR 3Bshall stand waived which is in excess of two hundred and fifty rupees and shall stand fully waived for those taxpayers where the total amount of central tax payable in the said return is nil...

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Accounts & other records under GST & retention period | Section 35-36 | CGST Act 2017

Simplified GST Series- Section 35-36 /CGST ACT 2017– Part 17 – Article explains Section 35- Accounts and other records and Section 36-Period of retention of accounts. Section 35- Accounts and other records- (1) Every registered person shall keep and maintain, at his principal place of business, as mentioned in the certificate ...

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Rule 11UAD- Prescribed class of persons for section 50CA

Notification No. 42/2020-Income Tax [G.S.R. 423(E)] 30/06/2020

New Income TAx Rule 11UD- Prescribed class of persons for the purpose of section 50CA i.e to whom  provisions of section 50CA  shall not apply to transfer of any movable property, being unquoted shares, of a company and its subsidiary and the subsidiary of such subsidiary by an assessee in certain circumstances. Notification No. 42/2020...

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Area Bench of GST Tribunal proposed at Rourkela

No. 6157/C.T. 30/06/2020

The Central tax administration in Odisha has two Commisionerates -one headquartered at Bhubaneswar and the second headquartered at Rourkela. Proposing for an area bench at Rourkela will mostly suit the convenience of taxpayers located within the jurisdiction of Rourkela Commissionerate....

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CBDT notifies Investment Funds to which Section 9A not applicable

Notification No. 41/2020-Income Tax [S.O. 2148(E)] 30/06/2020

Notification No. 41/2020-Income Tax- Conditions specified in clauses (e), (f) and (g) of Section 9A(3) shall not apply in case of an investment fund set up by a Category-I foreign portfolio investor registered under the SEBI (Foreign Portfolio Investors) Regulations, 2019, made under the SEBI Act, 1992. MINISTRY OF FINANCE (Department of ...

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SEBI relaxes timelines for regulatory compliance by DPs / RTAs

Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/112 30/06/2020

In view of the prevailing situation due to COVID-19 pandemic and representation received from the Depositories, it has been decided to further extend the timelines for compliance with the regulatory requirements by DPs / RTAs....

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9 Key Highlights of PM Narendra Modi Speech held on 30.06.2020

1. Timely lockdown saved lakhs of lives In comparison to other countries across the globe, India is still in a very stable situation in the battle against Covid-19. Timely decisions and measures have played a great role, Modi said. 2. Hailed taxpayers Prime Minister Modi said, “Today, if the government is able to provide free [&hell...

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Fake ITC: HC modifies Bail Conditions considering COVID-19

A. Mohideen Vs The Senior Intelligence Officer (Madras High Court)

HC modify Conditions of Bail considering the inability of accused to comply with same due to COVID-19....

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Subsidy under Income Tax Act – ‘Whether a Privileged Tax’

The word `Subsidy’ is a word of pivotal importance and finds a mention in the American Heritage Dictionary of the English Language which quantifies it as `Monetary-assistance granted by a government to a person or group in support of an enterprise regarded as being in the public interest.’...

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Section 68, 69, 69A, 69B and 69C of Income Tax Act, 1961

Comparison between section 68, section 69, section 69A, section 69B and section 69C: -So far as section 68 is concerned, the onus is wholly upon the Assessee to explain the source of the entry. But in cases falling under section 69, 69A, 69B and 69C, the words used show that before any of these sections are invoked, the condition preceden...

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April 2021