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Archive: 01 July 2020

Posts in 01 July 2020

Trust- Definition, Registration, Taxability, Exemption & Return Filling

July 1, 2020 9285 Views 0 comment Print

Introduction:- Trust formed for charitable or religious purposes which are not intended to do commercial activities are allowed various benefits under the Income-Tax Act, inter-alia, and exemption under section 11. Section 2(15)​ of the Income Tax Act defines “charitable purpose” to include relief of the poor, education, medical relief, preservation of environment (including watersheds, forests […]

If Agent paid remuneration on ALP & taxed in India no further taxation in the hands of DAPE

July 1, 2020 747 Views 0 comment Print

Whether the agent in India was a ‘Dependent Agent’ constituting a permanent establishment (PE) and the appellant was, therefore, liable to be taxed as per India UK DTAA?

GSTN launches SMS facility for Nil Filing of GSTR-1

July 1, 2020 903 Views 0 comment Print

Goods and Services Tax Network (GSTN), the technology backbone of GST system, has launched the facility of NIL filing ofGSTR-1 through SMS. This will benefit approximately 12 lakh taxpayers who can now file their return without login to the GST portal.

What Will Be The Taxable Income In India For A Non-Resident?

July 1, 2020 8655 Views 2 comments Print

We all know that taxation of a Non-resident in India is discussed more than often. There is one of the major amendment in section 6 of the Income-tax Act dealing with the residential status in India. An insertion of clause 1(A) and amendments to the existing sub-clause (c) by the Finance Act 2020, has bought […]

GSTR-3B Return – Late Fee Waiver given By CBIC

July 1, 2020 2472 Views 3 comments Print

Recently vide notification No.52/2020-Central Tax, dated 24.06.2020 has been issued. Late fees payable on delay filing of GSTR-3B return has been waived subject to conditions of filing the GSTR-3B return within due dates specified therein in the notification itself. Summary below is the for easy way for taxpayers :- A – Taxpayer having aggregate turnover […]

SEBI (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2020

July 1, 2020 1626 Views 0 comment Print

1. These regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2020. 2. They shall come into force on the date of their publication in the Official Gazette.

Udyam Registration Process by MSMEs

July 1, 2020 25326 Views 43 comments Print

The Ministry of Micro, Small and Medium Enterprises (MSMEs) vide its publication of notification in Gazette of India dated 26th June, 2020 has specified the new form and procedure for filing the memorandum to be known as ‘UDYAM REGISTRATION’  with effect from 1st day of July, 2020. Highlights of new process of MSME registration: The […]

SEBI (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2020

July 1, 2020 2352 Views 0 comment Print

These regulations may be called the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2020. They shall come into force on the date of their publication in the Official Gazette.

Using the Most Favoured Nation (‘MFN’) clause for better cash flows

July 1, 2020 8535 Views 2 comments Print

Everyone is conversant with the proverb ‘Old wine in new bottles‘.  On similar lines, the Finance Act, 2020 shifts the incidence of taxation of dividends in the hands of shareholders by abolishing the DDT regime.  Under the new regime (effective 1 April 2020), the dividends earned by foreign shareholders are usually subject to a tax […]

ICAI issues revised Code of Ethics applicable from 1st July 2020

July 1, 2020 13497 Views 1 comment Print

ICAI issued revised 12th edition of Code of Ethics which  has come into effect from 1st July, 2020. Code of Ethics are in 3 Volumes. Due to the prevailing situation due to Covid-19, few provisions of Volume-I of Code of Ethics, 2020 are been deferred till further notification. Ethical Standards Board The Institute of Chartered […]

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