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Archive: June, 2020

Posts in June, 2020

Waiver of loan cannot be brought to tax u/s 28(iv) as Subsidy

June 30, 2020 2343 Views 0 comment Print

The issue under consideration is whether the loan given by the Government which was subsequently waived off can be taxed under Section 28(iv) of Income Tax Act?

How to solve short TDS Payment defaults

June 30, 2020 175739 Views 10 comments Print

Many times after filing of TDS return, Assessee received intimation from TDS CPC for short payment of TDS or in other case, when we try to put conso file request on TRACES, system is showing us the pop up message for short payment of TDS. In such case, many of us got confused as how […]

Difference between terms Business & Profession for income tax purposes

June 30, 2020 110456 Views 13 comments Print

The Section 2(13) of the Income Tax Act, 1961, contains an inclusive definition of the term business. There are differences between the meaning of words business & profession in various English dictionaries. Also as per the terminology of income-tax difference has been made in the above words yet no demarcating line has been drawn in respect of these.

An Insight on Joint Development Agreements

June 30, 2020 44079 Views 1 comment Print

CA Sudeep Chhallani Introduction Due to high-sky increase in land prices and avoiding outright purchase of land by making heavy investment today real estate developers often enter into the Joint Development Agreement (JDA) with the land owners wherein the real estate developers are entrusted with the task of developing land. Similarly the land owners also […]

Transitional Credit- Delhi HC to hear the issue on 16.09.2020

June 30, 2020 1110 Views 0 comment Print

Even in case the supreme court decide the above case in favour of assessee and make amendment section 140 of CGST Act, still that change will not allowed petitioner to claim Transitional Credit.

ITC of GST on Premium paid to DICGC by Banks

June 30, 2020 5190 Views 0 comment Print

AAR held that Bank can avail ITC on fifty percent of GST paid on DICGC premium, as it is statutorily required for the bank to obtain insurance of deposit, which has only been accepted by it in the course of its business or furtherance of business. Claim is allowable under Section 17(4) of CGST Act, 2017.

HC permits to pay Tax Liability as calculated by Petitioner under SVLDR Scheme

June 30, 2020 1032 Views 0 comment Print

whether the rejection of petitioner’s application under Sabka Vishwas (Legacy Dispute Resolution) Form No. SVLDRS-3 in respect of central excise duty payable is justified by law?

GST applicable on Lease with RLDA for a period of 99 years: AAR

June 30, 2020 6018 Views 0 comment Print

In re Hazari Bagh Builders Pvt. Ltd. (GST AAR Rajasthan) The Applicant Company is registered in the State of Rajasthan and having GSTIN in State of Rajasthan. The Applicant company has entered into a long term Lease Agreement of 99 years with RLDA for undertaking residential & commercial development along with development of financial infrastructure […]

Aadhaar (Enrolment And Update) (Eighth Amendment) Regulations, 2020

June 30, 2020 5913 Views 0 comment Print

resident who is an Aadhaar number holder may, upon attaining the age of eighteen years, make an application for cancellation of his/her Aadhaar number to a Regional Office of Authority in the format prescribed in Schedule VI, so as to reach that Regional Office within a period of six months from the date of attaining the age of eighteen years.

CBIC extended validity of AEO certificates expired/expiring

June 30, 2020 894 Views 0 comment Print

CBIC extended validity of all AEO certificates expired/expiring between 01.03.2020 and 30.09.2020 to 30.09.2020 except for those entities against which a negative report is received during this period vide Circular No. 31/2020-Customs dated June 30, 2020. Circular No. 31/2020-Customs F.No. D-20/DIC/AEO/16/2017 Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes […]

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