"03 July 2020" Archive

Due date of filing of MSME-I in the year 2020-21 and Test of immunity from prosecution for delay filing

You are well aware that the companies are required to make certain disclosures pertaining to the vendors registered under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006. However, we would like to marmorise flashback of changes made in the MSMED Act and requirement of Form MSME-I. In exercise of powers conferred by S...

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Posted Under: Company Law |

Online Correction Facility for 26QB Statements

As we all aware that Form 26QB has to be file to comply with TDS section 194-IA. Various instances are seen were some or other attribute of Form 26QB is wrongly mentioned and credit of TDS deducted is not reflected in Form 26AS. Earlier online correction facility is not available hence to correct any mistake […]...

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Posted Under: Company Law |

Form 15CA & 15CB- Things to be kept in mind

The new rules for preparation, filing/ issuing forms 15CA and 15CB are effective from 01st April’2016. With these new rules coming into effect significant changes have come into effect for furnishing forms 15CA & 15CB. Some of the key changes for furnishing form 15CA & 15CB that have come into effect from 01st April’2016 are: ...

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Valuation of Equity Share

Equity Valuation becomes easy when the script is listed, Company is active in business & shares are regularly trading. Since market price is ready available in stock exchange website. Further we can average out the daily closing market price of last one year to make it full proof, however it becomes challenge to value unlisted companies e...

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Posted Under: Company Law |

How to avail Maximum benefit under Section 80IB(10)

Recently, I was approached by a Builder Group seeking a number of clarifications, in respect of the incentive granted U/S 80-IB(10) of the Income-Tax Act to Undertakings engaged in the development and construction of Housing Project(s). Apparently, the provisions of S.80-IB(10) look quite simple, but when one goes into the various conditi...

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Posted Under: Company Law |

Meetings of Board Of Directors – Overview of Corporate Governance Provisions & Judicial Decisions

Section 173 of Companies Act 2013 corresponds to Sections 285 and 286 of the Companies Act, 1956. Section 173(1) provides that after incorporation, Board of Directors should conduct first meeting within thirty days, and subsequently a minimum of four meetings a year....

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Posted Under: Company Law |

Issue of preference shares on right basis

Preference as the term implies are the shares that rank at a priority above the equity shares. It means and includes that part of the share capital the holders of which have a preferential right over payment of dividend (fixed amount or rate) and repayment of share capital in the event of winding up of […]...

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Posted Under: Company Law |

Analysis of Ministry of Micro, Small and Medium Enterprises – Notification dated June 26, 2020

Analysis of Ministry of Micro, Small and Medium Enterprises – Notification dated June 26, 2020 The Ministry of Micro, Small and Medium Enterprises (MSME) has set out a notification dated June 26, 2020 regarding the new registration process called ‘Udyam Registration’ and classification of MSMEs. Under this all the existing enterpris...

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Posted Under: Company Law |

GSTR-3B “late fee waiver”: a relief to the few, unjust to many

The Goods and Services Tax (GST) Council headed by the honourable Finance Minister Smt Nirmala Sitharaman announced ‘waiver of late fees‘ on 12th June 2020, in case of delay in filing of GSTR-3B for the period between July 2017 to January 2020 with details as given below: GSTR -3B STATUS OF RETURN (July 2017 to […]...

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Posted Under: Company Law |

HC rejects writ challenging legal validity of CGST Rule 142(1)(a)

Mahavir Enterprise VsAssistant Commissioner Of State Tax (Gujarat High Court)

Mahavir Enterprise Vs Assistant Commissioner Of State Tax (Gujarat High Court) (Gujarat High Court) Therefore, to sum up, the High Court can interfere under Article 226 of the Constitution of India against a show cause notice where the same is issued by an authority in exercise of the power which is absent; the facts does […]...

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GST (Compensation to State) Act, 2017 updated till 30th June 2020

 GST (Compensation to State) Act, 2017 (Act No.15 of 2017) In this Article Author compiled GST (Compensation to State) Act, 2017 with all notification / Acts issued and changes which occurred till Till 30th June 2020. Books contains all Section of  GST (Compensation to State) Act, 2017. Book is Updated by By Ghanshyam Upadhyay and [&hel...

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Posted Under: Company Law |

UTGST Act, 2017 updated till 30th June 2020

The Union Territory Goods and Services Tax Act, 2017 [As amended Finance Act 2020 (No. 12 of 2020)] In this Article Author compiled Union Territory Goods and Services Tax Act, 2017 (UTGST Act 2017) with all notification / Acts issued and changes which occurred till Till 30th June 2020. Books contains all Section of UTGST […]...

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Posted Under: Company Law |

MSME Detailed Process and Analysis

1. Classification:- Enterprise Investment in Plant and Machinery or Equipment Turnover Micro < 1 Cr < 5 Cr Small < 10 Cr < 50 Cr Medium < 50 Cr < 250 Cr 2. Composite Criteria for applicability of Classification – If an enterprise crosses the ceiling limits specified for its present category in either of […]...

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Posted Under: Company Law |

Chapter Wise Analysis of All Statutory Amendments From 1st November 2019 To 30th April 2020

Chapter Wise Analysis of All Statutory Amendments From 1st November 2019 To 30th April 2020 GOODS & SERVICES TAX Charge of GST 1. Clarification in respect of reverse charge mechanism on Renting of Motor vehicle: – [Notification 28/2019-Integrated Tax Rate dated 31st December, 2019, Notification No. 29/2019- Central Tax (Rate) r/...

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Posted Under: Company Law |

AO cannot change Share Valuation Method Opted by Assessee in Return

IBS Fintech India Pvt. Ltd Vs ITO (ITAT Bangalore)

The issue under consideration is whether AO in invoking section 56(2)(viib) of the Act and taxing the share premium under the said provisions?...

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Depreciation on Wheel loaders & Graders as Motor Vehicles

DCIT Vs Quippo Construction Equipment Ltd. (ITAT Hyderabad)

The issue under consideration is whether the CIT(A) is correct in charging depreciation at the rate of 30% on wheel loaders and graders?...

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No Service on Transfer of goods by hiring vessel

Universal Dredging and Reclamation Corporation Ltd. Vs Commissioner of CGST & Central Excise (CESTAT Chennai)

The issue under consideration is whether the transfer of goods is by way of hiring the charter vessel is taxable under  Service Tax as declared service?...

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No TDS on Payment Gateway Charges paid by Make My Trip

MakeMy Trip (India) Pvt. Ltd. Vs DCIT (ITAT Delhi)

The issue under consideration is whether the Payment Gateway facilities provided by banks are liable for TDS provisions?...

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HC stays Interest, Penalty & Investigation imposed by NAA in Phillips India case

Phillips India Limited Vs Union of India & Ors. (Delhi High Court)

Writ petition is filed for challenging order passed by National Anti-Profiteering Authority under CGST Act. HC approved Stay Application for Interest, Penalty & Investigation levied by Anti-Profiteering Authority...

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Expense crystallized during the year allowable as Prior Period Expense

Dakshin Haryana Bijli Vitran Nigam Ltd. Vs ACIT (ITAT Delhi)

According to ITAT, the claim of assessee on account of Pay anomaly of employee crystallized during the year should have been accepted and he, therefore, granted relief to the assessee. Further, they observed that in the order dated 24.12.2009 for assessment year 2006-07 in assessee’s own case, the Tribunal decided that the liability cry...

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Detained Tobaco Product Released on Payment of GST with Penalty

Om Sai Traders Vs The State Tax Officer (Gujarat High Court)

Detained Tobaco Product Released on Payment of Tax along with Penalty and after providing Bank Guarantee of Equal to the value of goods detained....

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No Capital Gain Tax if Consideration not Discharged by Purchaser

ACIT Vs Sh. Ijyaraj Singh (ITAT Jaipur)

whether the AO is correct in chargeing capital gain in the hands of assessee irrespective of the fact that the full consideration not received by the assessee?...

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Limited Scrutiny cannot be converted to Complete Scrutiny without following CBDT Circular

Shri Prabir Das Vs ITO (ITAT Guwahati)

whether the AO can expand the assessment from ‘Limited Scrutiny’ to ‘Complete Scrutiny’ without following the procedure as laid by the CBDT Circular?...

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Amendment in Section 254(2A) | Directory or Mandatory? | Case referred to President of ITAT

Tata Education and Development Trust Vs ACIT (ITAT Mumbai)

The issue under consideration is regarding application of Stay of Demand in front of Tribunal, whether the amendment done by Finance Act, 2020 in Section 254 will be applicable in present case?...

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Govt relaxes guidelines related to small savings schemes

SB Order 25/2020 (03/07/2020)

Govt relaxes guidelines related to small savings schemes and allowed further relaxation till 31st July 2020 in respect of Post Office 1,2,3,5 Year Time Deposit, 5 Year Recurring Deposit Scheme, Senior Citizen Savings Scheme, Monthly Income Account, Public Provident Fund Scheme,  and Sukanya Samriddhi Account scheme. SB Order 25/2020 e.F....

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SEBI (Investment Advisers) (Amendment) Regulations, 2020

No. SEBI/LAD-NRO/GN/2020/22 (03/07/2020)

1. These Regulations may be called the Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2020. 2. They shall come into force on the ninetieth day from the date of their publication in the Official Gazette....

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Person not liable to register under GST | Section 23

Section 23 of the CGST Act 2017 explains about the person not liable to be registered under GST. The article covers the statutory provisions under sec 23 and its simplified analysis along with relevant notifications....

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CBDT amends rule 31A and form no. 26Q from 3rd July 2020

Notification No. 43/2020-Income Tax [G.S.R. 429(E)] (03/07/2020)

CBDT vide Notification No. 43/2020 dated 3rd July, 2020 Mandates providing of certain information relating to cash withdrawals under section 194N in form no. 26Q. CBDT also  mandates that details of interest liable to TDS under section 194A be mentioned even where tax not deducted or deducted at lower rate. MINISTRY OF FINANCE (Departmen...

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Interest to be charged on delayed payments to vendors on GeM

No. F. 6/18/2019-PPD (03/07/2020)

n order to promote greater discipline and timeliness in payment to vendors , it is decided that whenever a CRAC is auto generated or issued by a buyer and payment is not made 10 days thereafter, the buyer organization will be required to pay penal interest @ 1% per month for the delayed payment beyond the prescribed timeline till the date...

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Message of Hon’ble MOS (Finance) on GST Day

GST has brought about changes and new opportunities in all spheres of economy and taxation. GST, not only subsumed most of the indirect taxes and created one tax, it has also unified the country and trade in many more ways, thus bringing out One Nation One Tax in true spirit....

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Posted Under: Company Law |

Income Tax Refund of Rs. 62.36 crore issued during Covid days

NA (03/07/2020)

Income Tax Department has issued tax refunds at a speed of 76 cases per minute from 8th April to 30th June, 2020. During this period of just 56 weekdays, the Central Board of Direct taxes (CBDT) has issued refunds in more than 20.44 lakh cases amounting to more than Rs. 62,361 crore....

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Know How’ is not IPR and not liable to service tax

Modi-Mundipharma Beauty Products Pvt. Ltd. Vs Commissioner of Service Tax (CESTAT Delhi)

Grant of exclusive right to assessee by Mauritius Revlon to use the 'know how' in any plant in accordance with the processes, specifications and recipes thereof in connection with the manufacture, marketing, sale  and distribution of Revlon  Products would not fall in the definition of "intellectual property right‟ so as to make it ta...

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Fair value of land is be considered as on date of execution of document

State of Kerala Vs Sunitha Paul (Kerala High Court)

Where the document was executed by the parties prior to the revision of the fair value, the valuation need only be done in accordance with the fair value existing as on the date of execution of the document and the stamp duty for the purpose of registration need be calculated accordingly....

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For some bogus transactions Entire purchase can’t be disallowed

ACIT Vs Shri Pankaj Sancheti (ITAT Indore)

Whether the CIT(A) is correct in restricting the addition u/s 69C for bogus purchases to 12.5% against the total purchase disallowance made by AO?...

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No Section 271D Penalty for transactions between father & son

Mohammadyusuf R.Dargad Vs ACIT. (ITAT Bangalore)

The issue under consideration is whether the issue of penalty notice u/s 271D is justified under the Act? Penalty u/s 271D shall not be levied in the case of near relatives...

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ITAT remands back matter to CIT(A) for not adjudicating the ground raised properly

Confederation of Real Estate Developers Association of India Vs CIT (ITAT Bangalore)

TAT states that the order passed by CIT(A) is not clear in as much way the ld. CIT(A) has given a general direction without having regard to the factual aspects of ‘receipts and expenditure’ relating to exhibitions presented before ITAT. A clear cut direction from ld. CIT(A) in this regard would be helpful to both the assessee and the...

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No section 12AA registration denial for mere non-filing of IT return

Kolkata Police Pre-Paid Taxi Booth Society Vs CIT (ITAT Kolkata)

The issue under consideration is whether the CIT(E) is correct in rejecting the Application for grant of registration u/s 12AA for mere non-filing of Income Tax Return?...

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No ST on brokerage from overseas reinsurance even if amount received in Rupees

Bharat Re-insurance Brokers Pvt. Ltd Vs Commissioner of Central Excise, Customs and Service Tax (CESTAT Hyderabad)

The issue under consideration is whether the contention if the appellant is correct that they are not liable to pay service tax on brokerage received from overseas reinsurance on the ground that the service falls under the category of export of service?...

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Practical approach to dealing with appeal before Commissioner of Income Tax (Appeals)

The Commissioner of Income Tax (Appeals) [hereinafter referred to as the CIT(A)] is the first appellate authority which can be approached whenever an assessee is not in agreement with the order passed by the Assessing Officer during the course of an assessment. Section 246 and Section 246A list out the orders that are appealable before [&...

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Posted Under: Company Law |

Details of Visas Granted By India

e-Visa is granted to a foreigner whose sole objective of visiting India is recreation, sight seeing, casual visit to meet friends or relatives, attending a short term yoga programme, medical treatment including treatment under Indian systems of medicine and business purpose and no other purpose/ activity....

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Posted Under: Company Law |

Comprehensive Chart for Extension of Dates under GST

Introduction In this article date extensions under GST as notified till 30-06-2020 due to outbreak of COVID have been dealt with. The article deals with 1. Date Extension for GSTR 3B from February to September 2020 2. Date Extension for GSTR-1 from February to September 2020 3. Extension of Certain Actions 4. No extension of […]...

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Posted Under: Company Law |

All about RBI ‘Floating Rate Savings Bonds’

After discontinuing its 7.75% fixed interest rate bonds on  28th May 2020, the RBI has come out with new ‘Floating rate savings  bonds‘ on 26th June 2020 which will be available from 1st July 2020. Article explains Who can buy RBI ‘Floating Rate Savings Bonds’ and nomination facility, Face Value,  tenure and interest ra...

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Posted Under: Company Law |

Who are required to get registered under GST

GST Registration Persons Liable for Registration {Sec.22 of CGST Act, 2017}:- 1. Every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States, from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a financial year […]...

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Posted Under: Company Law |

Income Tax Incentives and Startup India Benefits summary

Tax Incentives to Startups under Income Tax Act, 1961 and Startups India Benefits summary ♦ What is a startup? An entity shall be considered as a Startup: If it is incorporated as a private limited company (as defined in the Companies Act, 2013) or registered as a partnership firm (under section 59 of the Partnership […]...

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Posted Under: Company Law |

SMS filing of NIL statement of FORM GSTR-1

The facility of SMS filing of NIL statement of FORM GSTR-1 is going to start from 1st week of July 2020 A taxpayer may now file NIL Form GSTR-1, through an SMS, apart from filing it through online mode, on GST Portal. To file NIL Form GSTR-1 through SMS, the taxpayer must fulfil following conditions: […]...

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Posted Under: Company Law |

Whether GST applies to Slump Sale?

Schedule II of the CGST Act talks about activities or transactions to be treated either as a supply of good or supply of service. There are some certain activities or transaction which led to confusion whether they are supply of goods or supply of service. The matters listed out in Schedule II are primarily those […]...

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Posted Under: Company Law |

TDS implication on purchase of property from NRI

It is essential to note that in case of purchase of property, the buyer is responsible for deducting the applicable tax at source (i.e. TDS) and deposit the same with the Government. Since the buyer is required to deduct the TDS, he would obviously be required to fulfil all the relevant compliance like TDS payment; […]...

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Clarification for Depreciation on Vehicles

In this Article we are going to discuss about Higher Depreciation Rate on some vehicle and care to be taken while finalizing books of accounts in this regards for Financial Year 2019-2020....

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Posted Under: Company Law |

Conversion of LLP to Company- Process, Documents & Taxation

The assent of all the partners in the form of resolution must be taken by conducting a meeting having propaganda of conversion of LLP into company under section 366, of the Companies Act, 2013. Authorisation must be given to required partners for executing the steps papers, deeds, and documents required for registration....

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Posted Under: Company Law |

Impact of Leverage on Firms’ Investment: Decoding Indian Experience-RBI’s latest study

I am among those investors who wonder what has happened to the investment pattern of leading Indian industries who roared with huge financial leverage( It is defined as financial borrowing to generate income to overcome its cost of acquisition) after Indian economy skyrocketing during the past decade, and why no suitable income generated ...

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Posted Under: Company Law |

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