"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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