"05 July 2020" Archive

GST: HC cannot be made middle authority between Tax & Appellate Authority

L&T Hydrocarbon Engineering Limited Vs State of Karnataka (Karnataka High Court)

L&T Hydrocarbon Engineering Limited Vs State of Karnataka (Karnataka High Court) Learned Additional Government Advocate Sri.Vikram Huilgol for respondent No.2 submits that the appeal under Section 107 of Central Goods and Services Tax Act, 2017 are to be filed before the appellate authority. As such the petitioner cannot be so hurry a...

Read More

Section 271(1)(c) Notice should clearly specify charge of Penalty

ITO Vs Shri Bimal Talukdar (ITAT Guwahati)

ITO Vs Shri Bimal Talukdar (ITAT Guwahati) The issue under consideration is whether the penalty proceeding u/s 271(1)(c) initiated by the AO sustain Under Income Tax Law? In the present case, the ITAT earlier had allowed the appeal of the assessee and cancelled the penalty levied u/s. 271(1)(c) of the Act by taking note of […]...

Read More

Upsurge in E-way bills signals to green shoots in economy

More than 4.27 crore E-Way Bills generated in June 2020 against average of 5.3 cr per month of pre-COVID period. Value of E-way bills generated in June is close to pre-lockdown figures. Unlock 2.0 set to witness a further surge. New Delhi, 5thJuly 2020: E-way bill generation data, one of the prominent indicators of economic […]...

Read More

GSTR 1, GSTR 3B Interest and Late Fees made simpler

Keeping in view the difficult time due to COVID 19 ,the Government of India, through a set of notifications and circulars  have brought recent changes to provide relief by way of conditional waiver of late fees and/or levy of interest on filing of GSTR 1 and GSTR 3B after the prescribed due dates.  In this […]...

Read More

My 3 years with GST

Concept of GST was proposed by Atal Bihari Vajpayee government in 2000, but it took nearly 17 years for GST to come into existence. Major task to bring constitutional amendment and put majority of states on one table was easy for the lawyer turned Finance Minister Arun Jaitely and team of his experienced bureaucrats. Further […]...

Read More

Compulsory GST Registration | Section 24 | CGST Act 2017 |GST Series Part 16

Compulsory GST Registration | Section 24 | CGST Act 2017 |GST Series Part 16 1. As per section 24(1) of the CGST Act 2017, the following categories of persons are required to be registered, even if their aggregate turnover is below specified threshold limit and are exempt from registration under section 22(1). 2. Section 24(i): […]...

Read More

GST Applicable on Sale of Plot of Land with Amenities- GAAR

[ADVANCE RULING NO. GUJ/GAAR/R/2020/11 dated 19.05.2020] It has come into knowledge that an Application under Section 97(2) of CGST Act, 2017 was filed on 18.08.2018 by one Shree Dipesh Anilkumar Naik, an unregistered person, before The Gujarat Authority for Advance Rulings (GAAR). The applicant has seeking an advance ruling in respect of...

Read More

Row over School Fee- Punjab & Haryana HC Balances Schools & Parents

The Punjab and Haryana High Court on June 30, 2020 allowed private schools in Punjab to collect tuition fee, even if they had not provided online classes during the lockdown period. The High Court also permitted them to collect admission fee in 2 instalments in 6 months. However, the schools have been restrained from increasing […]...

Read More

Direct & Indirect Taxes Updates- June 2020

Direct & Indirect Taxes Updates- June 2020 DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♣ Extension of due dates w.r.t. ITR filing for FY2018-19, TDS/ TCS returns due dates for Q4- FY 19-20. Details given below- Particulars Earlier due date Updated due date ITR filing for FY 18-19 30th June 2020 3...

Read More

FAQs on Compliance Audit by SEBI Registered Research Analysts

Frequently asked questions on Compliance Audit We have been receiving multiple questions related to Compliance audit requirement by SEBI Registered Research Analysts. Based on that we have attempted to capture some of the common questions. 1. What is Compliance Audit? Basically Compliance Audit is checking of the compliances followed by t...

Read More

Secure data for business: What Federal Trade Commission, USA advises

“Start with security- a guide for business”, a publication circulated by Federal Trade Commission, Government of U.S.A. has survived 5 years since its publication in 2015 but referred by millions of businesses, both small and big repeatedly. Its advice, written in simple language but the most useful for implementation is being explain...

Read More

Alternatives to I&B Code: A Restructuring route through Section 230 of Companies Act, 2013

In a press conference conducted on May 17, 2020 by Finance Minister Nirmala Sitharaman, it was stated that the COVID-19 related debts shall not form part of the default under the Insolvency and Bankruptcy Code, 2016 (I&B Code). Further, by proposing Section 10A, it was stated that there shall be no fresh initiation of new […]...

Read More

E Commerce rules – United States of America & India: A unified action

You ordered some items on the internet with the best price, specifications, and delivery schedule but were disappointed to get the worst results. To pierce the pain further, you are trying to get a refund but failed to get any response. You rank among millions of E-commerce buyers who got cheated, misled, or supplied imitative […]...

Read More

Ease of Compliances by SEBI on Real Estate Investment Trust funds (REITs)

It could be observed from all the actions taken by the Government that it is ensuring that while the country is struggling with the pandemic, the businesses go on smoothly. Previously, the regulator, SEBI had allowed postponement in the time-limit for the submissions required to be done by all the REITs and Invits. However, announcin...

Read More

All About Food License

REGULATORY FRAMEWORK : The Food Safety and Standards Authority of India is a statutory body under Food Safety and Standards Act, 2006. The Food Safety and Standards Act (FSS), 2006 is the primary law for regulation of food products. The Food authority regulates and checks for safe food manufacture, storage and handling practices of Food...

Read More

Udyam Registration- For New & Existing MSMEs wef 01.07.2020

UDYAM REGISTRATION Union Ministry of Micro, Small and Medium Enterprises (MSME), vide its Notification Dated 26.06.2020: A. Notifies the new definition of MSME, B. Specifies the new form and procedure for registration under MSME, known as – “Udyam Registration”, and C. Mandated the re-registration of existing MSMEs on the new Ud...

Read More

Interest on delayed payment of GST | Section 50 | CGST Act 2017

Simplified GST series- Section 50/CGST Act 2017 Section 50- Interest on delayed payment of tax (GST) (1) Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made there under, but fails to pay the tax or any part thereof to the Government within the period […]...

Read More

Impact & Analysis of SEBI (Investment Advisers) (Amendment) Regulations, 2020

Impact and Analysis of the SEBI (Investment Advisers) (Amendment) Regulations, 2020 Earlier this year SEBI has issued the Consultation Paper on 16th January, 2020 seeking public comments on the proposed changes. Post this, in February, 2020 SEBI in its Board Meeting approved certain changes to it. Now on 3rd July, 2020 SEBI has notified ...

Read More

All about MSME Udyam Registration

The Enterprises which are engaged in the manufacture or production, processing or preservation of goods or the enterprises which are engaged in providing or rendering of services, up to a specified limit, are known as Micro or Small or Medium Enterprises, as per their respective limits as given below: Interpretation It mean only those ent...

Read More

Implementation/Roadmap of Indian Accounting Standards (IND AS)

A. Implementation of Indian Accounting Standards (IND AS): 1. For Companies other than banks, NBFCs and Insurance Companies: a) All companies which are listed/or in process of listing inside or outside India on Stock Exchanges (other than companies listed on SME Exchanges) b) Unlisted companies having net worth* of ₹ 250 crore or more c...

Read More

EMI on Home Loan & Its Impact on Income Tax Computation

EMI on Home loan has two components. One component is repayment towards principal amount of loan and the other is interest portion. The article will describe regarding the tax benefit an assessee can avail on making payment of EMI. Loan can be taken for construction or purchase or repair or renewal or reconstruction of residential [&helli...

Read More

Waterfall Structure of a fund

Definition Waterfall structure is basically the process or sequence in which a money is distributed in a fund. The waterfall implies that until and unless the first tier is full with the water i.e money will not fall into the next tier. The fund has basically two types of partners: General Partners: Also known as […]...

Read More

Some Facts Related To “Equalization Levy”

We have developed ourselves during 21st century much more than previous decades. We have become tech savvy and dependent on internet for fulfilling majority of our necessities. The emergence of e-commerce companies has dissolved national boundaries. We are fulfilling our daily needs on these companies. Many MNCs and other companies are co...

Read More

Private Limited Company can transfer shares without Dematerialization

In case of Private Limited Companies;  Section 29 (1) (b) of Companies Act 2013 includes Private Limited Companies also w.e.f. 14.08.2019. However, the class of companies to which it should apply is yet to be prescribed (last checked on 4th July 2020). Presently the Company law makes it mandatory only for Unlisted PUBLIC Limited companie...

Read More

GST – Cancellation and Revocation of Registration

The registration granted under GST can be cancelled for specified reasons. The cancellation can either be initiated by the department or the registered person or the legal heirs in case of death of registered person. In case the registration has been cancelled by the department there is a provision for revocation of the cancellation of [&...

Read More

GST Advance Rulings should be Judicious…

‘Advance ruling’ means a decision provided by the Authority or the Appellate Authority to an applicant on matters or on questions specified in sub-section (2) of section 97 or subsection (1) of section 100 of the CGST Act, 2017, in relation to the supply of goods or services or both being undertaken or proposed to […]...

Read More

Non-Applicability of CFSS on Form DPT-3 And Other Forms

There is a lot of confusions amongst the professionals with respect to getting immunity certificate (filing Form CFSS after 1st October) for Form DPT-3 and other Forms whose due date falling between 01st April, 2020 and 30th September, 2020 and filed before 30th September, 2020. In this write up, we discuss and interpret the same. [&helli...

Read More

Insurance in age of COVID-19: A Game Changer?

Insurance is a contract, represented by a policy, in which an individual or entity receives finance protection or reimbursement against losses from an insurance company. Insurance companies base their business models around assuming and diversifying risk. The essential insurance model involves pooling risk from individual players and redi...

Read More

Letter of Credit and Force Majeure

Letter of Credit (‘LC’) is a very common document used in international trade. It is a letter issued by the buyer’s bank, guaranteeing payment to the seller upon fulfilment of conditions mentioned therein. Generally, these conditions are with respect to presentation of certain documents evidencing transportation/ shipping of goods. ...

Read More

Practical Aspects in Income Tax Scrutiny proceedings

Scrutiny assessment refers to the examination of a return of income by giving an opportunity to the assessee to substantiate the income declared and the expenses, deductions, losses, exemptions, etc. claimed in the return with the help of evidence....

Read More

ICSI requests to extend relaxation period of Company Law compliances

MCA has also vide its Circular dated 15th June, 2020 extended the period for holding EGM through Video Conferencing or other Audio Visual Means from 30th June, 2020 to 30th September, 2020. On account of ongoing restrictions due to COVID-19, we request you to kindly consider further extension of period of relaxation for the following prov...

Read More

Understanding Section 143 of Income Tax Act, 1961

An assessee is required to file an income tax return under Section 139 or in response to notice under section 142, consisting all the details of income earned during the previous year. Once the return is filed the next step of Income tax department is to examine the return for its correctness. This examination is known as Assessment....

Read More

Benami Transactions – Meaning and Consequences

Benami transaction means; a transaction or an arrangement, where the property is transferred to or held by a person, and consideration for such property has been provided or paid by another person....

Read More

Extend due date for filing under Regulation 24A of LODR Regulations

Company Secretaries in Practice are also facing same difficulties in the issuance of the Annual Secretarial Compliance Report as been faced by the Auditors due to continuing lockdown in the Country particularly in the State of Tamilnadu, location of the listed companies, its subsidiaries and associates in containment zones and other opera...

Read More

CPC (TDS) Information Security Advisory to Tax Deductors

Your User ID and Password are the most sensitive information, misuse of which can lead to tampering of confidential TDS related information, your own sensitive data and Deductee related confidential information....

Read More

ICSI Request for granting relaxation in filing e-form MGT-14

There remained practical difficulties in filing e Form MGT 14, e Form CHG-1 and e Form CHG-9, wherein the requirement of obtaining condonation of delay, for filing beyond 300 days / 120 days, as the case may be, remain unchanged....

Read More

No Adjournment in absence of ‘Vakalatnama’ based on Principle of Natural Justice

RNB Carbide & Ferro Alloys Pvt. Ltd. Vs ITO (ITAT Guwahati)

Adjournment can be granted in the absence of 'Vakalatnama' based on Principle of Natural Justice. Therefore, all the Misc. Applications of the assessee are allowed....

Read More

Lease Income taxable as Business Income if property objective is income earning

Asset Investment Services Vs ACIT (ITAT Mumbai)

The issue under consideration is whether the lease income earned by the assessee is taxable under head Income from House Property or Income From Business ans Profession?...

Read More

No section 68 Addition Merely on Suspicion of Accommodation Entry

ITO Vs Chetan Constructions Pvt. Ltd. (ITAT Delhi)

The issue under consideration is whether the AO is correct in making the addition u/s 68 of the Act for the Advances received for booking of commercial space?...

Read More

No section 271(1)(c) Penalty for mere claim of expense under different income head

DCIT Vs Metro Tyres Pvt. Ltd. (ITAT Delhi)

The issue under consideration is whether the AO is correct in levying penalty u/s 271(1)(c) merely because the assessee claimed expenditure under a different head of income?...

Read More

Software Technology Parks of India (STPI) Unit

Software Technology Parks of India (STPI) is a society established in 1991 by the Indian Ministry of Electronics and Information Technology with the objective of encouraging, promoting, and boosting the export of software from India. It has two units i.e. Non – STP Unit and STP Unit....

Read More

Threaded metal nuts classifiable under Tariff item 73181600

In re A Raymond Fasteners India Pvt. Ltd (GST AAR Maharashtra)

In re A Raymond Fasteners India Pvt. Ltd (GST AAR Maharashtra) Q. Whether Threaded metal nuts which function same as standard nut, merits classification under the Tariff item 7318 16 00 & not under Tariff item 8708 99 00? A. In view of the discussions made above, Threaded metal nuts merits classification under the Tariff […]...

Read More

Recipient of services cannot apply for Advance Ruling under GST

In re Portescap India Private Limited (GST AAR Maharashtra)

In re Portescap India Private Limited (GST AAR Maharashtra) Section 95 of the CGST Act, 2017 allows this authority to decide the matter in respect of supply of goods or services or both, undertaken or proposed to be undertaken by the applicant. We find that the applicant has not undertaken the supply in the subject […]...

Read More

No ITC of GST on input & input services used for construction of commercial immovable property, subsequently used for renting

In re Ashish Arvind Hansoti (GST AAR Maharashtra)

In re Ashish Arvind Hansoti (GST AAR Maharashtra) Question : Whether applicant is eligible to claim input tax credit of GST paid on input & input services used for construction of commercial immovable property, subsequently used for renting? Section (17) (5) (d) bars a taxable person, in the subject case the applicant, from taking inp...

Read More

AAR application not admissible on separate invoice issue to each co-owners

In re Rishabh Chopda (GST AAR Maharashtra)

In re Rishabh Chopda (GST AAR Maharashtra) The first question raised by the applicant is whether the co-operative society, in the present case has to issue four separate invoices to each of the four co-owners so that all of them can get proportionate input tax credit. We find that the said question is raised on […]...

Read More

AAR Application not admissible if Applicant is not supplier

In re Futuredent (GST AAR Maharashtra)

In re Futuredent (GST AAR Maharashtra) We find that the applicant has not undertaken the supply in the subject case, and is also not proposing to undertake the supply. We find that, the applicant is a recipient of services from a person situated abroad. The impugned transactions are not in relation to the supply of […]...

Read More

GTA Service: AAR cannot rule on ‘procedure’ which applicant can follow

In re Liberty Translines (GST AAR Maharashtra)

In re Liberty Translines (GST AAR Maharashtra) The second question raised by the applicant is whether Applicant would be right in charging GST @12% under Forward Charge mechanism to POSCO in terms of Notification No 20/2017-Central Tax (Rate) 2017 dated 22 August, 2017 when POSCO as the main contractor is already charging GST @12% under ...

Read More

Input tax credit of GST charged by third-party transporters

In re Posco India Steel Distribution Centre Pvt Ltd (GST AAR Maharashtra)

In re Posco India Steel Distribution Centre Pvt Ltd (GST AAR Maharashtra) Q 1. What will he the classification of the services (whether under service codes 996511 or 996791 or 996799 or any other) of the Applicant in case the Applicant issues the consignment note however, the actual transportation is done through the third-party transport...

Read More

Income Tax Updates – March to June 2020

NEWS DIRECT TAX 1. Employee opting for Sec. 115BAC eligible to claim exemption for tour, travel and conveyance exp. [Ref: NOTIFICATION NO. G.S.R. 415(E) [NO. 38/2020/F.NO.370142/15/2020-TPL], DATED 26-6-2020] 2. CBDT further extends various due dates for compliance under Income-tax Act. [Ref: NOTIFICATION S.O. 2033(E) [NO. 35 /2020/F. NO....

Read More

Provisions of Fast Track Merger Under Companies Act, 2013

> APPLICABLE PROVISIONS UNDER COMPANIES ACT, 2013:  – Section 233 – Rule 25 of The Companies (Compromises, Arrangements and Amalgamations) Rules, 2016  > FAST TRACK MERGER CAN BE PROPOSED BETWEEN:  – Holding Company and its wholly owned subsidiary company – Merger between two or more small companies –...

Read More

Section 194N TDS on Cash Withdrawals Effective from 01-07-2020

India Should Change to Fully Digital Transactions for a Better Economy- Section 194N TDS On Cash Withdrawals Effective from 01-07-2020 SEC 194N – TDS on cash withdrawal in excess of Rs. 1 Crore Cash Payment: A form of liquid funds given by a consumer to a provider of goods or services as compensation for receiving […]...

Read More

Basics of Stock Market – Part-2

Hello Readers, Hope you had read the 1st Part of Basics, if not, to click here read it. Basics of Stock Market – Part I Today, we will discuss about the types of Financial Instruments: As already mentioned in the previous part, the financial instruments are categorized into 2 parts: Debt based Instruments Equity based […]...

Read More

Classification of MSMEs & updation for Registration / re-registration as MSMEs

The Ministry Of Micro, Small And Medium Enterprises notifies certain criteria for classifying the enterprises as micro, small and medium enterprises and specifies the form and procedure for registration (hereafter to be known as ―Udyam Registration) as  MSME, with effect from the 1st day of July, 2020, vide notification number S.O. 211...

Read More

Search Posts by Date

December 2020
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031