"06 July 2020" Archive

Infrastructure sub-sectors business – section 10(23FE) exemption

[Notification No. 44/2020-Income Tax [F. No. 370142/24/2020-TPL] [S.O. 2227(E)] (06/07/2020)

CBDT specifies business, for the purposes of section 10(23FE)(iii)(b), to be the business which is engaged in the infrastructure sub-sectors mentioned in Updated Harmonised Master List of Infrastructure Sub-sectors vide Notification No. 44/2020- Income Tax dated 6th July, 2020. Section 10 (23FE) provides for exemption to specified income ...

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Extension of last date of filing of Form NFRA-2 to 270 days

General Circular No. 26/2020 (06/07/2020)

It has been decided that the time limit for filing of Form NFRA­-2, for the reporting period FY 2018-19, will be 270 days from the date of deployment of this form on the website of National Financial Reporting Authority (NFRA)....

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GST Interest & Late Fee Auto Calculator for new Extended due dates

GST Interest and Late Fee Auto Calculator Not. No 51 to 57 for New Extended Date February 20 to July 20 Due to Covid -19 Government is changing GST return filing due dates again and again. Further, dates are also bifurcated between different types of assesses with different turnover and principal place of business. The […]...

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Posted Under: Income Tax |

News report of Merger of CBIC & CBDT is factually incorrect

A news item has been published today in a leading newspaper that the Government is considering proposal to merge the Central Board of Direct Taxes and Central Board of Indirect Taxes and Customs....

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Posted Under: Income Tax |

Companies Act, 2013: Financial Statement & Board Report

Article discuses Provision of Section 134 of the companies Act, 2013 related to Financial Statements & Boards Report and Rule 8 of the Companies (Accounts) Rules, 2014 which deals Important matters to be stated in the Board Report. Section -134 of the companies Act, 2013 (Financial Statements & Boards Report) Sub-Section Heading P...

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Posted Under: Income Tax |

Unjust Enrichment To CBDT- 21 Examples

Concept of Unjust enrichment refers to situations in which one person is enriched at the expense of another in circumstances which the law treats as unjust. Whenever the word unjust enrichment is told by someone two names immediately crept in the mind one is highest authority of indirect tax i.e. CGST and other one is […]...

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Posted Under: Income Tax |

Taxation of income from hydroponic farming

1. Introduction The Hydroponic farming is an emerging trend in Indian agricultural sector, which is far different from traditional agriculture activities carried on in the country. In this method plants are grown without using soil, by using mineral nutrient solutions in a water solvent. Further, in this method of farming plants are grown...

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Posted Under: Income Tax |

New MSME Udyam Registration (Applicable from 01.07.2020)

Introduction: > The Central Government, after obtaining the recommendations of the Advisory Committee in this behalf, notified following: > Certain criteria for classifying the enterprises as micro, small and medium enterprises > Specifies the form and procedure for filing the memorandum (Udyam Registration), w.e.f 1st day of Ju...

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Posted Under: Income Tax |

Govt. sign $750 million Agreement with World Bank for MSMEs

The World Bank and the Government of India today signed the $750 million agreement for the MSME Emergency Response Programme to support increased flow of finance into the hands of micro, small, and medium enterprises (MSMEs), severely impacted by the COVID-19 crisis....

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Posted Under: Income Tax |

Ready Recokner of GSTR 3B due dates for 2020

Ready reckoner of GSTR 3B return filing dates for the year 2020: Notification No 29/2020 CT dated 23.03.2020 Category of Taxpayers: Category A: Taxpayers having an aggregate turnover of more than rupees 5 crore rupees in the previous financial year Category B: Taxpayers having an aggregate turnover of up to Rs 5 crore rupees in […]...

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Posted Under: Income Tax |

TDS, TCS & Transfer of ITC under GST- Section 51-53/CGST Act 2017

Simplified GST Series Section 51-53/CGST ACT 2017 Section 51- Tax deduction at source- Notwithstanding anything to the contrary contained in this Act, the Government may mandate, –– (a) a department or establishment of the Central Government or State Government; or (b) local authority; or (c) Governmental agencies; or (d) such persons...

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Posted Under: Income Tax |

Section 115BAB || Conditions to be fulfilled

1. Taxation Laws (Amendment) Act, 2019 inserted new section 115BAA in the Income Tax Act, 1961 (‘Act’) which provides as under: Section 115BAB of Income-tax Act, 1961- Tax on income of new manufacturing domestic companies. 115BAB.(1) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, other th...

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Posted Under: Income Tax |

Key Highlights of SEBI (Investment Advisers) (Amendment) Regulations, 2020

In January, SEBI floated a consultation paper on review of regulatory framework for investment advisers and sought comments from the public on the same. The consultation paper had created a buzz among RIA community as to how the new regulatory regime would turn out for them in an already challenging and competitive environment. The so [&h...

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Posted Under: Income Tax |

“Choose Wisely”..!!

This discussion is majorly focused on our newly enrolled chartered accountants who have recently cleared CA final and are still in a dilemma what to do next. It’s never easy to choose the path for our professional career. We need to stay focused on the path and do not derail from our track. There are […]...

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Posted Under: Income Tax |

Post Incorporation Compliances After Company Incorporation

After getting certificate of incorporation a company has to comply with the various compliances under The Companies Act,2013. ♦ After Incorporation Compliances: Filing Verification of Registered Office (Form INC-22)  If the company was registered with a temporary address the details of permanent registered office has to be filed filing...

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Posted Under: Income Tax |

Amendment in SEBI Investment Advisers Regulation 2013

SEBI has made changes in existing Investment Adviser regulation via amendment dated July 03, 2020. SEBI (Investment Advisers) (Amendment) Regulations, 2020 Some key changes are highlighted as below: 1. Distributors shall not use the nomenclature “Independent Financial Adviser or IFA or Wealth Adviser or any other similar name” unless ...

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Posted Under: Income Tax |

Dilemma of fee model for Investment Advisory Practice

There is long standing dilemma among the Investment Advisers fraternity as to which fee model should an investment Adviser adopt. It is quite obvious that advisers having different business models require different type of fee model. So ‘One Size Fits All’ approach cannot be adopted for all advisory business practice. Advisers are hav...

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Posted Under: Income Tax |

Gold in India

Gold in India As per the annual gold survey it comes out that 171,300 -200,000 metric tons of gold on the earth World’s largest gold holding country is USA holds 8, 1335 metric tons of gold USA is the country having largest gold in forex reserves i.e.; 79.1% India’s gold holding is 653.01 tons here […]...

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Posted Under: Income Tax |

FAQs On Voluntary Winding Up

Q 1. Which notification makes the voluntary winding up effective? The following notifications make the voluntary winding up effective: Ans: The Ministry of Corporate Affairs vide notification dated 30th March 2017 notified Section 59 of the Insolvency and Bankruptcy Code, 2016 which is relating to Voluntary Liquidation of Corporate per...

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Posted Under: Income Tax |

Subsidiary Company Vs Liaison office

India has been growing at a rapid pace to transform into one of the largest and fastest growing market, with having access to some of the best human resources in the world. There are many options through which one can start business in India. Setting up Subsidiary or Liaison Office in India can be one […]...

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Posted Under: Income Tax |

Role & Scope of CA In Online AGM during Covid-19 Era

Role & Scope of Chartered Accountant (CA) In Online AGM During Covid -19 ERA The concept of Annual General Meeting (AGM) has been defined under Section 96 of the Companies Act, 2013. It can be considered as an annual gathering of Directors and Shareholders/members of the Company to discuss the future of the Company and […]...

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Posted Under: Income Tax |

RBI extends timeline for finalization of audited accounts by NBFC

RBI/2020-21/11 DoR (NBFC) (PD) CC. No. 114/03.10.001/2020-21 (06/07/2020)

RBI decided that every applicable NBFC shall finalise its balance sheet within a period of 3 months from the date to which it pertains or any date as notified by SEBI for submission of financial results by listed entities....

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School/College Fee Row reaches Apex Court for Final Adjudication

There is a lot of commotion in the parents/students over the present row of payment of school/ college fee. The different High Courts have ruled on this issue in their own way. The notable decisions of Allahabad High Court, Uttarakhand High Court, Kerala High Court, Punjab & Haryana High Court & other High Courts are […]...

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Posted Under: Income Tax |

Summary of CGST Notifications/ Orders from 19.06.2020 to 30.06.2020

We would like to bring to your notice that CBIC has issued several Notifications [Notification No. 48/2020 – Central Tax to Notification No. 57/2020 – Central Tax] & Removal of Difficulty Order No. 01/2020- Central Tax whereby some Relief is granted. The following is the summary of the same for your ready reference: I. Notificatio...

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Posted Under: Income Tax |

Conversion of Section 8 Company into Private Company or any other Company

Definition of Private Company As per Section 2 (68) of the companies Act, 2013 Private Company means a Company which by its articles – i. Restricts the rights to transfer its shares ii. limits the No. of  Members to 200, except in the case of One person Company iii. Except in case of One person […]...

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Posted Under: Income Tax |

Gujarat AAR Ruling on Interest – Whether A Risk On Personal Capacity?

The recent ruling could potentially put individuals into jeopardy with no clear distinction between personal and business purpose outlined by the authorities. This ruling can bother many interest earners like retired person (who will required to take GST Registration as per this Ruling) as it has not distinguished between interest earning...

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Posted Under: Income Tax |

Corporate Gifts- An allowable transaction under Income tax?

Compilation of Section 47(iii), section 56(2)(x)(c), 50D & 50CA -Corporate gifts- an allowable transaction under Income tax? Purpose of section 56 defeated by the ITAT judgement? Brief overview of the judgement delivered On October 4, 2019, in a recent judgement of M/s Direct Media Distribution Ventures Private Limited v/s Principal...

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Posted Under: Income Tax |

Alteration of Authorized Capital under Companies Act, 2013

In this write-up, I am going to discuss the Alteration of the share capital of the limited company. For this, we have to understand what is authorized capital and what is the alteration of share capital. Article discusses What is Authorized Capital of the Company, What Is Alteration Of Authorized Share Capital Of The Company, […]...

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Posted Under: Income Tax |

Remove Vulnerability of CESTAT Website: Govt

FTS No.1436753 (06/07/2020)

In case of any likely delay the CESTAT websites should be temporarily deactivated so that it does not become a target for hackers/cyber attack, causing public concern....

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Turant Suvidha Kendra & Other Initiatives for Contactless Customs

Circular No. 32/2020-Customs (06/07/2020)

CBIC decided to take following Turant Suvidha Kendra & Other Initiatives for Contactless Customs which includes  Turant Suvidha Kendra in All Customs Formations, Registration of Authorised Dealer Code, Bank Accounts through ICEGATE, Automated debit of bond after Assessment, Simplified Registration of Importers/Exporters in ICEGATE. C...

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Custom duty on imports of Phthalic Anhydride from Korea increased

Notification No. 29/2020-Customs [G.S.R. 430(E).] (06/07/2020)

Notification No. 29/2020-Customs Dated- 6th July, 2020.- Seeks to further amend notification no. 152/2009 dated 31.12.2009, to increase the rate of duty of customs on imports of Phthalic Anhydride originating in Korea RP and imported under the India-Korea Comprehensive Economic Partnership Agreement, on recommendation of preliminary findi...

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Key Amendments in the Indian Stamp Act, 1899- Part-II

Relevant Date: 21st February 2019 Introduced by: The Finance Act, 2019 Reason for the Amendments The current mechanism of collection of stamp duty on securities market transactions has subject to multiple rates for the same instrument, resulting in jurisdictional disputes and multiple incidences of duty, thereby raising the transaction ...

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Posted Under: Income Tax |

Key Amendments in the Indian Stamp Act, 1899- Part-I

Relevant Date: 21st February 2019 Introduced by: The Finance Act, 2019 Instruments chargeable with duty for transactions in stock exchanges and depositories. Insertion of New Part AA in chapter II of the Principal Act Part AA is all about the liabilities of Instruments of Transactions in stock exchange and depositories to duty. Instrum...

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Posted Under: Income Tax |

All about Passing of resolution by Postal Ballot

Relevant Section: Section 110 Relevant Rules: Rule 22 of the Companies (Management and Administration) Rules, 2014 Section-110 of the Companies Act, 2013 This section has the overriding effect over anything contained under the Act, 1. As per the section, notwithstanding anything contained in this Act- a. In respect of such items of busine...

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Posted Under: Income Tax |

CBIC increases duty on imports of Phthalic Anhydride from Korea RP

Notification No. 29/2020-Customs (06/07/2020)

Notification No. 29/2020-Customs- Seeks to further amend notification no. 152/2009 dated 31.12.2009, to increase the rate of duty of customs on imports of Phthalic Anhydride originating in Korea RP and imported under the India-Korea Comprehensive Economic Partnership Agreement, on recommendation of preliminary findings of Directorate Gene...

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Anti-dumping duty investigation concerning imports of Polystyrene

Case No. (OI) 08/2019 /F. No. 6/10/2019-DGTR (06/07/2020)

MINISTRY OF COMMERCE AND INDUSTRY (DIRECTORATE GENERAL OF TRADE REMEDIES) CORRIGENDUM NOTIFICATION New Delhi, the 6th July, 2020 CASE No. (OI) 08/2019 Subject: – Anti-dumping duty investigation concerning imports of Polystyrene from Iran, Malaysia, Singapore, Chinese Taipei, UAE and USA F. No. 6/10/2019-DGTR.—Having regard to the ...

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US taxation: Taxpayer Relief for tax year 2019 due to Corona virus Pandemic

My telephone continuously rings from clients who pay American taxation for the year 2019 to know the latest developments related to their tax payments whether any tax-related deadlines have happened. America is one of the largest tax-paying natin and that too over decades of disciplined behavior both from the tax payer’s side and the In...

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Posted Under: Income Tax |

CBIC shouldered its responsibilities well in last 3 years: CBIC Chairman

D.O.No.22/CH(IC)/2020 (06/07/2020)

The positive message from four Pr. Chief Commissioners during the VC held on the occasion was reassuring in that, while there was a lot to do in  the  future,  we are on the  right track and only needed to pursue our policy goals more vigorously. The impression that was carried at the end of the day was that CBIC has in the last three...

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Neeva Food guilty of Profiteering, Not passed GST Benefit to Customer: NAA

Director General of Anti-Profiteering Vs M/s Neeva Foods Pvt, Ltd. (National Anti-Profiteering Authority)

Director General of Anti-Profiteering Vs M/s Neeva Foods Pvt, Ltd. (National Anti-Profiteering Authority) 1. The present Report dated 27.12.2019 has been furnished by the Director General of Anti-Profiteering (DGAP), under Rule 129 (6) of the Central Goods & Services Tax (CGST) Rules, 2017, The briefzs facts of the case are that a ref...

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ITAT explains Reasons for delay in pronouncement of order during Lockdown

ITO Vs Adul Kayum Ahmed Mohd. tamboli (ITAT Mumbai)

ITO Vs Adul Kayum Ahmed Mohd. tamboli (ITAT Mumbai) The hearing of the matter was concluded on 19/02/2020 and in terms of Rule 34(5) of Income Tax (Appellate Tribunal) Rules, 1963, the matter was required to be pronounced within a total period of 90 days. As per sub-clause (c) of Rule 34(5), every endeavor was […]...

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