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Archive: July, 2020

Posts in July, 2020

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6501 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Taxation of Joint Venture Business

July 31, 2020 91241 Views 4 comments Print

Presently we have been witnessing a very different trend in relation to the real-estate development. Earlier, a builder would go for outright purchase of a piece of land from the land-lord and develop the same at his own cost and risk. The scenario in this regard is undergoing a change. The land-lord also desires to have a share in the profit of the project being undertaken by the builder and developer.

TDS Certificates – Detailed Discussion

July 31, 2020 230358 Views 31 comments Print

As we all are aware that the TDS return process will consider as incomplete until the Valid TDS certificate has been issued by the deductor. Now if we focus on the word Valid TDS Certificate, it means Form 16/ Form 16A issued by authenticated authority. As on the current date the TRACES have the authorisation […]

Advance Ruling | Section 95 to 99 | CGST ACT 2017 | Part I

July 31, 2020 8595 Views 0 comment Print

Simplified GST Series –Chapter -18-Advance Ruling /Section 95-99/CGST ACT 2017 Part I In part I of the Article author explains provisos of CGST ACT 2017 related to Section 95-Definitions  related to Advance Ruling, Section 96-Authority for advance ruling, Section 97- Application for advance ruling, Section 98- Procedure on receipt of application and Section 99- Appellate […]

Landmark Judgement by Gujarat HC on refunds on account of inverted duty structure under GST

July 31, 2020 11964 Views 2 comments Print

Gujarat High Court declared Rule 89(5) of CGST Rules ultra vires the provisions of Section 54(3) of CGST Act, which denies the refund of ‘unutilised input tax’ paid on ‘input services’ as part of ‘input tax credit’ accumulated on account of inverted duty structure.

GST E-Invoicing – Enhancement of Aggregate Turnover

July 31, 2020 9099 Views 0 comment Print

GST E-Invoicing – Enhancement of aggregate turnover for applicability of E-Invoicing   CBIC has issued Notification No 60/2020 – Central Tax and Notification No 61/2020 – Central Tax Dated 30th July, 2020 enhancing threshold for preparing E-Invoice to Rs 500 Crores. Earlier the said limit for preparing E-Invoice was Rs 100 Crores. The provisions shall […]

Section 54F deduction restricted to only one residential property

July 31, 2020 5160 Views 0 comment Print

The issue under consideration is whether the capital gain deduction benefit is restricted to only one residential property under section 54F of the Income Tax Act?

ITC reversal for GST payable under RCM

July 31, 2020 18897 Views 2 comments Print

Section 17(3) of the CGST Act requires reversal of input tax credit where input and input service is used for making exempt supplies. As per section 17(3) of CGST Act, the value of exempt supply shall include Supply where GST is payable on reverse charge basis – The supplier need to reverse input tax credit as he is not liable to pay tax on outward supplies and Tax is payable by the recipient of such supplies.

A flat buyer acquire vested right in flat upon payment of consideration & execution of allotment letter

July 31, 2020 5352 Views 0 comment Print

Yogesh Mavjibhai Gala Vs PCIT (ITAT Mumbai) A flat buyer acquire vested right in the flat upon payment of consideration and execution of allotment letter The holding period for the purpose of capital gain for income tax is calculated from the date of allotment of flat and not from the date of possession of flat. […]

Whimsical Explanation to Section 194O

July 31, 2020 4146 Views 0 comment Print

Section 194O of the Income Tax Act, 1961 (Act), introduced by the Finance Act, 2020, effective from October 1, 2020 mandates the following, which warrants a definite relook into the provisions for appropriate amendments/deletions thereof :-

Income Tax on distribution of surplus by companies / effective Income Tax planning

July 31, 2020 10446 Views 1 comment Print

Considering the recent amendments in Income Tax Act, distribution to shareholder / promoter has become challenging, specifically post introduction of section 2(22)(e). The most viable options to distribute / pull out funds for promoter are incentive pay-out, dividend distribution and buy-back. It is worthwhile to note that dividend income is now taxable in hands of […]

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