"02 July 2020" Archive

Late Fee Waiver From GST Late Payments

The Central Board of Indirect Taxes and Customs (CBIC) announced a conditional waiver of the late fee had been provided for taxpayers as a relief to businesses amid the pandemic on June 27, 2020. Earlier, the CBIC had announced a waiver of late fee as a result of the key decisions taken by the GST Council on June 12, […]...

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Option under GST for Companies facing Cash Crunch

The companies which have deferred the vendor payments due to the problem of cash shortages in their businesses as a result of the COVID-19 pandemic are further dealing with further cash shortages for meeting working capital demands due to their inability to get credit reversal along with the interest under the GST framework, as they d...

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Guidance Note on Companies (Auditor’s Report) Order, 2020

The Ministry of Corporate Affairs (MCA) has issued the Companies (Auditor’s Report) Order, 2020 (CARO 2020) on 25th February 2020, which was initially applicable for statutory audits of financial statements for periods beginning on or after April 1, 2019....

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Updated extended GST Due Date Chart

Due to COVID-19 pandemic and challenges faced by taxpayers, Government has extended dates for GST filings and provided releif to tax payers which includes Relief in late fee to Taxpayers filing Form GSTR-3B, Relief in late fee to Taxpayers filing Form GSTR-1, Relief in payment of interest to Taxpayers filing Form GSTR-3B and Relief in [&h...

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ITAT delhi deletes Addition of LTCG on Penny stock

Shri Suresh Kumar Agarwal Vs ACIT (ITAT Delhi)

Shri Suresh Kumar Agarwal Vs ACIT (ITAT Delhi) ITAT deleted addition made u/s 68 for alleged bogus LTCG of Rs.56,43,084/- on merits holding that Ld AO failed to bring any cogent material in addition to report of Directorate of Investigation Kolkata about Jamakharchi /Penny stock companies and convert its reasons into a fact , thereby [&he...

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No GST on Salary expenses accounted to meet Indian accounting requirements

In re Hitachi Power Europe GmbH (GST AAR Maharashtra)

 Whether GST is applicable on the accounting entry made for the purpose of Indian accounting requirements in the books of accounts of Project Office for salary cost of Expat employees?...

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Reduction and Waiver of Late Fees for filing of GSTR 3B

Reduction and Waiver of Late Fees for filing of GSTR 3B from July 2017 to July 2020 for all Taxpayers This article is an attempt to simplify GSTR 3B due dates in view of Notification No. 52/2020-Central Tax dated 24th June, 2020 and Notification No. 57/2020-Central Tax dated 30th June, 2020. This article is absolutely […]...

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Verify online notice of Demand/order issued by Income Tax Department

Verify online notice/order issued by the Income Tax Department Now Taxpayer can verify notice/order issued by the Income Tax Department online quickly before proceed to response of notice/order. Step: – 1. Go to https://www.incometaxindiaefiling.gov.in/home and click on Notice/Order Issued by ITD Step: – 2. Taxpayer can search...

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FAQ’s Relating To Work Related Visas Issued By India

Introduction Several queries have been raised about the type of Visas issued by India to foreigners for work related visits. It is clarified that basically there are two (2) types of work related Visas, namely:- 1. Business Visa designated as ‘B’ Visa 2. Employment Visa designated as ‘E’ Visa Frequently asked questions with regard...

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CBIC notifies Rate of Exchange of Foreign Currencies wef 03.07.2020

Notification No. 55/2020 - Customs (N.T.) (02/07/2020)

CBIC notifies Rate of Exchange of Foreign Currencies against India Rupees wef 03.07.2020 vide Notification No. 55/2020-Customs (N.T.), Dated: 2nd July, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 55/2020 – Customs (N.T.) New Delhi, dated the 2nd...

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Reclassify MSMEs as per new definition w.e.f July 1, 2020: RBI to Banks

RBI/2020-2021/10 FIDD.MSME & NFS.BC.No.3/06.02.31/2020-21 (02/07/2020)

Government of India has notified new criteria for classifying the enterprises as Micro, Small and Medium enterprises. The new criteria will come into effect from July 1, 2020....

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Is dividend out of reserves possible?

Yes, prima facie, it is possible for a company to pay dividend out of reserves. In advance India, majority of the people are investing in the shares of those companies which are regularly paying dividends. Everybody, who invests expect a healthy return from such investment. The large companies which are regularly paying dividends are beco...

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Sunfeast -Maggi Dispute – No Monopoly on word ‘Magic’, ‘Masala’

ITC Vs Nestle India Limited (Madras High Court)

The word Magic is laudatory. It is incapable of being appropriated by the plaintiff. As such no person can claim any monopoly over the said word Magic or Magical or their derivative as they are common to the trade. Therefore, it is incapable of being monopolised by any trader....

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Profits on sale of shares when taxable as capital gains & when as business income

After my article on tax implication of different treatments of profits on sale of shares, I have received unprecedented number of mails asking for clarification as to when it is to be treated as capital gains and when it can be treated as business income. So I decided to write an article on the subject proper as to when it can be treated ...

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How to Registrar, Upload & View Form 61, Form 61B & Form 15CC

Form 61- Statement containing particulars of declaration received in Form No. 60 under rule (1) of rule 114D of Income Tax Rules, 1962 Form 61B – Statement of Reportable Account under sub-section (1) section 285BA of the Income-tax Act, 1961 under  sub-rule (8) of rule 114G of  Income Tax Rules, 1962 Form 15CC – Quarterly [&...

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14 Important case laws on Income from Business & Profession

1. Can the assessee treat shares held in subsidiary company, which is ordered to be wound up, as trading loss? 2. Whether the amount transferred to the reserve fund account as per the provisions of section 67 of the Gujarat Co-operative Societies Act, 1962, was diversion of income at source by overriding title or could such transfer be t...

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Income Tax Demand and Notice under Section 245- FAQs

Many times we received the intimation under section 245 stating that the refund which you have claimed in income tax return will be adjusted against the outstanding demand. In such case, most of the assesses got panic and have various doubts as to how they should respond to this intimation. Hence, today I am writing […]...

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How to Maintain Safe Distance from Income Tax Department

Do you want to keep an Arm’s Length Distance from the Income Tax Department? Obviously the Answer is YES!!! But the question here is HOW??? Here are a list of expenses/ investments, which at any point of time performed by you may invite undue attention from the Income tax Personnel....

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How to E-file TDS/TCS Statement

In this article we have discussed step by step procedure to upload online quarterly TDS/TCS statements on the e-Filing portal with effect from 1st May, 2016. In this article we discussed 1. Pre-Requisites for Uploading TDS Statement 2. How to Upload TDS/TCS Statement and 3. How to view Filed TDS / TCS Statement....

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MCQs on Engagement and Quality Control Standards

Multiple Choice Questions (Mcqs) On Engagement And Quality Control Standards Multiple Choice Questions (Mcqs) On Engagement And Quality Control Standards (As On July 1, 2020) Foreword Engagement and Quality Control Standards are performance benchmarks for the members while performing auditing, review, assurance and related services engage...

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ICAI President’s Message – July 2020

The Institute of Chartered Accountants of India has always cultivated the belief that development can only occur exclusive of definite borders. ICAI enjoys harmonious relations with the members of global accounting fraternity and has constantly endeavoured to integrate and improve the standing of the Accountancy subject by uniting efforts...

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Income Tax Provision for Doctors

Among the busiest of professionals, doctors have little time to learn about the latest tax law. Tax planning is often neglected in the crush of other obligations. Being India’s Top 10s income earners, they have need to give more attention to their financial planning and taxation. Here we are providing some necessary documentation and le...

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GST Covid Waivers Calendar As on 30.06.2020

Article contains GSTR-3B and GSTR-1 waiver of Interest and Late fee Waiver Dates- GSTR-3B Return Interest and penalty Waiver Dates –Based upon Aggregate Turnover in the Preceding FY More than or upto Rs. 5.00 Crore, and GSTR-1 Late fee Waiver Dates-as notified by CBIC on 24th June 2020 incorporating Notification No. 57/2020-Central ...

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Start-ups in India- Tax Incentives – Finance Bill 2016 to 2020

Memorandum Summary of Yearly Finance Bill of Various Amendments made to provide Tax Incentives under Income tax Act, 1961 to promote Start-ups in India: Finance Bill 2016: Tax incentives for start-ups With a view to providing an impetus to start-ups and facilitate their growth in the initial phase of their business, it is proposed to [&he...

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Compliance under SEBI LODR, 2015

Article covers the compliance’s which are required to be complied by the listed entities on quarterly, half yearly and on annual basis within the prescribed due dates as given under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Sr.no. Reg. no. Particular Due date   QUARTERLY COMPLIANCE   1 13(3) Statem...

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New Rules for TDS on Cash Withdrawal w.e.f 1st July 2020

New Rules for TDS on Cash Withdrawal w.e.f 1st July 2020 Following entities are liable to deduct the TDS on Cash Withdrawal under Section 194N of Income Tax Act, 1961: 1. Banks (including private or public sector banks) 2. Co-operative banks 3. Post office Applicable to Amount of Cash Withdrawal in Current F/Y Rate of […]...

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ITR processing: your key to a flawless return!!

The current Financial Year is coming to an end and time of Filing of income Tax Return is approaching. Every professional should acknowledge that filing of Income Tax Returns does not mean the end of process of Return filing. The process is considered complete only when the assessee gets the claimed refund and no other […]...

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Five Major Finance Changes effective from 01.07.2020

Five Major Finance Changes effective from 01.07.2020 includes Restrictions on ATM withdrawals are back, Penalty for non-maintenance of bank account balance, Stamp duty on buying of shares and mutual fund units, Higher penal interest on delayed tax payments and TDS on cash withdrawal. Restrictions on ATM withdrawals are back The Finance Mi...

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Simplified GST Series- Section 41-48 CGST ACT 2017

Article explains Section 41 to 48 of Central Goods & Services Tax Act, 2017 which deals with Claim of input tax credit and provisional acceptance thereof, Matching, reversal and reclaim of input tax credit, Matching, reversal and reclaim of reduction in output tax liability, Annual return, Final return, Notice to return defaulters, Le...

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Filing NIL Form GSTR-1 through SMS on GST Portal with FAQs

A taxpayer may now file NIL Form GSTR-1, through an SMS, apart from filing it through online mode, on GST Portal. 1. To file NIL Form GSTR-1 through SMS, the taxpayer must fulfil following conditions: 2. They must be registered as Normal taxpayer/ Casual taxpayer/ SEZ Unit / SEZ Developer. They have valid GSTIN. Phone […]...

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One Page Summary For Relaxed Due Dates For GSTR 3B

REDUCED LATE FEE – A RELAXATION – FOR THOSE HAVING PENDING RETURNS SINCE JULY 2017 TO JAN 2020 Here comes a great news for those having pending return to file from July 2017 to January 2020, i.e. since the inception of GST. Taxpayers who must file a nil GSTR-3B for any of the months within […]...

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Ready Reckoner for No E-Waybill Required under GST Act 2017

In this Article Author compiled  list of goods for which E-Way Bill is not required. Author has compiled list with relevant Chapter or Heading or Sub-heading or Tariff item, Notification and Relevant Law alongwith his Remarks. Ready Reckoner for No E-Waybill Required under GST Act 2017 [ for other Ready Reckoners See  book of Authors [&...

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Compliance Updater for the Month of July 2020

The government announced some leeway for small and medium companies in the Goods and Services Tax (GST) framework during the GST council meeting. The relief came in the form of reduced penalties and interest for small and medium companies. The government has announced relief by the way of waiver or reduced late fee and interest […]...

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Supervision of co-operative banks by RBI

The Government ordinance to empower Reserve Bank of India to supervise the Urban Co-operative Banks is a welcome step in the right direction so that they have a control over the affairs and performance and particularly the lending portfolios of the Urban Co-operative Banks. Many of them are already under RBI watch list with some […...

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Extension in due date of filing form DPT-3?

Company Law Fresh Settlement Scheme Question: Whether there is any extension in Due Date of DPT-3? As per the Companies Act, 2013, the Due Date of filing of DPT-3 is June 30, 2020 on an annual basis. However, due to CoVID-19 pandemic, many Companies cannot file this form until  June 30, 2020. Therefore, Ministry of […]...

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Requirement of Filing of CFFS Form

Company Law Fresh Settlement Scheme Question:  Whether the e-Form CFFS-2020 required to be filed for the forms which have been filed within due dates during the vouge of the scheme? Ministry of corporate Affairs (MCA) had in the circular dated 24 March, 2020, provides for a moratorium on delay in filing of form till September […]...

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Note on Section 115BAC & Notification No. 38/2020 dated 26.06.2020

Note on Section 115BAC & Income Tax Notification No. 38/2020 dated 26.06.2020 Sec 115BAC – Tax on income of individual and Hindu undivided family is introduced in Finance Act, 2020 which is applicable to financial year commencing from 1.4.2020. This section gives an option to an individual assesse to get it assessed under this secti...

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Analysis of SEBI SOP in cases of Trading/Clearing Member leading to default

Standard operating Procedure case of Trading Member / Clearing Member leading to default. Relevant Circular: SEBI Circular No. SEBI/HO/MIRSD/DPIEA/CIR/P/2020/115 dated  01.07.2020 To Protect the of non-defaulting clients of a Trading members/Non defaulting Clients/TMs of the Clearing Members in  the likely event of default by TM/CM, the...

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Validity period of an Ordinance – Whether 6 Months or 6 Weeks?

The Government issue various ordinances which become the law for time being in force. However, there is, mostly, confusion in the mind that for what time the ordinance will remain in force. Whether it will remain in force for six weeks or six months.? Now, in this Article, we will discuss the Ordinance making power […]...

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New criteria for classification of Micro, Small and Medium Enterprises

New criteria for classification of Micro, Small and Medium Enterprises – GAZETTE NOTIFICATION – 26th June, 2020 The Government has always been in favor of providing benefits to Micro, Small and Medium Enterprises (MSMEs). There are many benefits of MSME registration in India, which can be only availed if the business had registere...

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ICAI signs MoU with Service Export Promotion Council (SPEC)

ICAI Press Release ICAI signs MoU with Service Export Promotion Council (SPEC) The Government of India had declared Accounting and Finance services sector as one of the 12 Champion sectors.The Institute of Chartered Accountants of India (ICAI) has been working towards formulating & implementing an Action Plan for this Champion Sector ...

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No service tax on construction services prior to introduction of Works Contract Service in June 2007

Lee Builders Vs Commissioner of Central Excise (CESTAT Bangalore)

No service tax can be demanded on construction services prior to introduction of „Works Contract Service” in June 2007 wherein there is a supply of goods and service....

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Relaxation of Late Form GSTR 3B Filing fees

57/2020-Central Tax (30//0/6/20)

The Central Board of Indirect Taxes & Customs (CBIC) vide Notification No. 57/2020-Central Tax dated June 30, 2020 has capped the Late Fee for Form GSTR 3B at maximum Rs. 500 (i.e. Rs. 250 for CGST and Rs. 250 for SGST or Max Rs. 500 for IGST ) for the tax period July 2017 to July 2020 […]...

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Udyam Registration- Major change w.e.f. 1st July 2020 for MSME

The Ministry of Micro, Small and Medium Enterprises (MSME) vide its Notification dated 26th June, 2020 has notified certain criteria for classification of an enterprises in MSME category. Under this classification, an enterprises shall be classified as Micro Enterprise, where the investment in plant and machinery or equipment does not exc...

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Way forward – GST 4.0

The GST was launched at midnight on 1 July 2017 by the President of India, and the Government of India. The launch was marked by a historic midnight (30 June – 1 July) session of both the houses of parliament convened at the Central Hall of the Parliament. We have completed three years of implementation. […]...

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Blocked Credits as per Rule 86A of CGST Rules

Blocking of Input Tax Credit in Terms of new Rule 86A of the CGST Rules With Effect from 26.12.2019 Rule 86A was inserted in the Central Goods and Service Tax Rules, 2017(herein after defined as CGST Rules) which was notified through Notification (Central Tax ) No 75/2019, stating the condition to use Input Tax Credit […]...

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6 Skyrocket Tips to start your CS Practice: You Can’t afford to Miss

Dear Professionals Hope you all are doing well there! As already mentioned in the Tagline that you cannot afford to miss this write up if you are planning to be a Practising Professional. Many of us from a fraternity of Company Secretary are struggling today to get even a single client to begin their career […]...

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Rs. 90,917 crore gross GST revenue collected in June 2020

The gross GST revenue collected in the month of June, 2020 is Rs. 90,917 crore of which CGST is Rs. 18,980 crore, SGST is Rs. 23,970 crore, IGST is Rs. 40,302 crore (including Rs. 15,709 crore collected on import of goods) and Cess is Rs.7,665 crore (including Rs. 607 crore collected on import of goods)....

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DGGI booked a case against unregistered Pan Masala/Gutkha manufacturing unit

Acting on specific intelligence the Directorate General of Goods and Service Tax Intelligence, Headquarters (DGGI, Hqrs) has unveiled an unregistered Pan Masala/Guthka factory, being run in Delhi....

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Where own funds exceeds investment, no disallowance of interest can be made u/s 14A

Gujarat State Energy Generation Ltd. Vs ACIT (ITAT Ahmedabad)

Gujarat State Energy Generation Ltd. Vs ACIT (ITAT Ahmedabad) Held that if the assessee can demonstrate the availability of surplus interest free funds for making investments that are generating tax free income, disallowance under Section 14A of the Act would not be justified. In this case, the own fund of the assessee exceeds the amount ...

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Measures to discourage Cash Transactions by CBDT

Measures taken to discourage Cash Transactions and to promote Digital Economy by CBDT Introduction:- a) Sections 269SS and 269T which deals with cash payment and repayment of loans and deposits. b) Both the sections were introduced to curb the black money. Tax evasion is one of the serious problems in India causing economic disparities. c...

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Benefits for start-ups under income tax act

Startup India is a flagship initiative of the Government of India which launched on 16th January, 2016, the Startup India Initiative has rolled out several programs with the objective of supporting entrepreneurs, building a robust startup ecosystem and transforming India into a country of job creators instead of job seekers. These program...

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Ban of 59 mobile applications: its implications & effect on related business

The scheming claims of all business on 29th June 2020 centered about the block of 59 applications which were said to be in activities which were prejudicial to sovereignty and integrity of India, defence of India, the security of the state, and public order. The list included popular mobile applications like Tik Tok, Mi Video […]...

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