"07 July 2020" Archive

National Pension Scheme Tier II-Tax Saver Scheme 2020

Notification No. 45/2020-Income Tax F. No.370142/26/2019-TPL [S.O. 2232(E)] (07/07/2020)

CBDT notified vide Notification No. 45/2020-Income Tax dated 07th July, 2020 that Tax benefit of Section 80C will be available to the Government employee if, they contributes towards Tier-II of NPS. Benefit is notified under Section 80C (2) (xxv) Income-tax Act, 1961 (43 of 1961) raad with  National Pension Scheme (NPS) Tier II-Tax Saver...

Read More

HC dismisses plea seeking GST search in presence of advocate of petitioner

Subhash Joshi & another Vs Director General of GST Intelligence (DGGI) & Ors. (Madhya Pradesh High Court)

Subhash Joshi & another Vs Director General of GST Intelligence (DGGI) & Ors. (Madhya Pradesh High Court) Submission of counsel for petitioner is that the search should be carried out in the presence of the Advocate, but counsel for petitioner has failed to point out any statutory provision or any such legal right in favour [&hell...

Read More

3 Controversial AAR Rulings and clarifications by CBIC

Another legacy provision that has been included under the GST laws from erstwhile tax regimes is the concept of Advance Rulings. The purpose of advance rulings is to help an applicant who is already a registered taxable person or is liable to be registered to provide clarity and understanding with regards to any supply which […]...

Read More
Posted Under: Income Tax |

Law to protect Internet Companies – Section 230 under Review- Does India needs such a Law?

Law to protect Internet Companies – Section 230 under Review Does India needs such a Law? INTRODUCTION  In the age of Internet wherein entire domain has been transformed into one digital platform. In such era it becomes very crucial to have legal statutes to regulate the companies which are wholly operational on digital platforms. Ever...

Read More
Posted Under: Income Tax |

Empanelment with Punjab & Sind Bank for Concurrent Audit

APPLICATION FOR ASSIGNMENT OF CONCURRENT AUDIT FOR CHARTERED ACCOUNTANT FIRM IN PUNJAB & SIND BANK Online Empanelment for Concurrent Audit of Branches of Punjab & Sind Bank for concurrent Audit is been started  and last date for online application is 15.07.2020. (APPLICATION FOR ASSIGNMENT OF CONCURRENT AUDIT FOR CHARTERED ACCOUN...

Read More
Posted Under: Income Tax | ,

GST Exemption on Sanitary Napkins – Opening a Pandora’s Box?

This project discusses the position of taxation on sanitary pads pre and post exemption regime, discussing the effects of the same in both eras. Moreover, it also discusses the consequences of exempting the sanitary napkins completely of GST and suggests what can be the alternatives to tackle the problems of high maximum retail price and ...

Read More
Posted Under: Income Tax |

Decriminalisation of Compoundable Company Law offences

COVID-19 Pandemic has played a significant role in changing of the companies’ working patterns. The companies are facing plenty of difficulties to fulfill their regulatory, procedural, and technical requirements governed by the Companies Act, 2013 (the Act). The Government of India is initiating various relief packages, to provide aid t...

Read More
Posted Under: Income Tax |

Nidhi Company- Acceptance of deposit by Nidhi Company

ACCEPTANCE OF DEPOSIT BY THE NIDHI COMPANY- Rule-11 of the Nidhi Rules, 2014 1. Net owned fund to deposit Ratio Not More than 1:20 2. Maximum limit of Accepting deposit Not More than 20 Times of its Netowned Funds as per its latest Audited Financial Statements. 3. In case of Company registered under the previous […]...

Read More
Posted Under: Income Tax |

Annual Compliance Audit under SEBI (Investment Advisers) (Amendment) Regulations, 2020

Annual Compliance Audit Under SEBI (Investment Advisers) (Amendment) Regulations, 2020 SEBI has come out with final version of amendment with respect to SEBI (Investment Advisers) Regulations, 2013 vide their press release PR No.37/2020 on 3rd July, 2020. As per the notification these amendments shall come into force on the ninetieth day ...

Read More
Posted Under: Income Tax |

New tax regime for Individuals- Features, benefits & conditions

Should you go for the new tax regime for Individuals? what are the features, benefits and conditions? From FY 2020-21, you can choose to pay income tax under an optional new tax regime. The new tax regime is available for individuals and HUFs. ‘Lower tax rates but no deductions/exemptions’ is the key feature. Provisions of [&h...

Read More
Posted Under: Income Tax |

Process of verification & change of registered office within same City

Process of verification of registered office and change of registered office within the same city Provisions applicable: Section 12 of Companies Act, 2013 read with rules made thereunder Process of filing of information of notice of registered office after incorporation and changes thereafter: Basically, the companies act specifies on man...

Read More
Posted Under: Income Tax |

To whom GST Late fees reduced to Nil or Rs 500 per return!

The government has decided to cap the maximum late fee for Form GSTR-3B at Rs. 500/- (five hundred only) per return for cleaning up past pendency of returns right from implementation of GST ; but subject to the condition that such GSTR-3B returns being filed before 30th September, 2020....

Read More
Posted Under: Income Tax | ,

HC Stays Penalty order passed by IBBI against alleged Moratorium Term violations

Mohan Lal Jain Vs IBBI (Delhi High Court)

Stay against Penalty order under IBC allowed against petitioner who has violated Terms of Moratorium...

Read More

Section 115BBE not applies if no Section 69 addition for undisclosed investments during Assessment

ACIT Vs Sudesh Kumar Gupta (ITAT Jaipur)

whether CIT(A) is justified in quashing the action of the AO u/s 154 in applying provision of section 115BBE on undisclosed investment surrendered during the course of survey proceedings?...

Read More

Release ₹ 833 crore Income Tax Refund to Vodafone in 2 Weeks

Vodafone Idea Limited Vs ACIT (Bombay High Court)

High Court states that, however, insofar as the net refundable amount of Rs. 833,04,88,000/- is concerned, in our view, the respondents already having invoked their powers under Section 245 of the Act which action has ended with passing of the order dated 28th May, 2020, the respondents cannot withheld the admitted refundable amount of Rs...

Read More

Payment of Foreign Agency Commission not liable for TDS in India

M/s. Divya Creations Vs ACIT (ITAT Delhi)

The issue under consideration is whether the TDS will be applicable on payment of Foreign Agency Commission?...

Read More

Section 234E late fees leviable despite existence of reasonable cause

Government Secondary School Principal Officer Vs ACIT, CPC-TDS (ITAT Jaipur)

Government Secondary School Principal Officer Vs ACIT (ITAT Jaipur) The issue under consideration is whether the late filing fees u/s 234E can be deleted if there is a ‘reasonable cause’ for such default? In the present case, the assessee is the Principal of Secondary School and responsible for deducting tax at source, depositing the ...

Read More

Extended/not Extended Dues dates under GST Except GSTR 1 & 3B

Time Limits for certain actions (other than GSTR-1 and GSTR 3B) extended/not Extended- Article compiles due date if Filing of CMP-08 by Composition Taxable person for January to March 2020, Filing of CMP-08 by Composition Taxable person for April to June 2020,  Filing GSTR-4 for the financial year 2019- 20, due date of Opting for [&helli...

Read More
Posted Under: Income Tax |

New Process of MSME Registration- Udyam Registration

Ministry of MSME has revised the MSME registration process w.e.f 01st July 2020. It is now known as ‘UDYAM REGISTRATION’. The Term Udyam is equivalent to Enterprises in English. Hence all the Micro, Small or Medium Enterprises has to obtain UDAYM Registration to avail the benefits of various schemes run by the govt. for the [&...

Read More
Posted Under: Income Tax |

11 Points to know before filling ITR for FY 19-20 (Individuals)

Need to Know Some important points for Individual Tax payers before filling their ITR for the FY 19-20 1. Individual taxpayers who are joint owners of house property can file ITR 1 or ITR4. 2. Passport: One needs to disclose the Passport number if held by the taxpayer. This is to be furnished both in […]...

Read More
Posted Under: Income Tax |

House Rent And Its Impact on Income Tax Computation

House rent paid by a salaried person who is getting House Rent Allowance (HRA) Where expenditure is incurred by the assessee towards payment of house rent, he is allowed to get a deduction from his total income. Least of the following is exempt from tax u/s 10(13A) read with Rule 2A: (i) Actual amount of […]...

Read More
Posted Under: Income Tax |

New Exemptions for taxpayers opting to be governed by New Tax Regime

New Exemptions prescribed for taxpayers opting to be governed by New Tax Regime: The Finance Act 2020 introduced an optional new tax regime for individuals and Hindu Undivided Family (HUF) taxpayers, which is explained in my article dated 04 June, 2020. New personal concessional tax regime – is it a smart option? The taxpayers opting [&...

Read More
Posted Under: Income Tax |

Applicability of Income Tax Return (ITR) 1, 2 & 4

Who Can File ITR 1? -Resident Individuals & HUF can File this form. -Having Income from Salary or Pension, Other Income like Bank Interest, interest from IT Refund, Agricultural income up to Rs.5000/. –Income from one House Property. -Income from the above shall not exceed Rs. 50 Lakhs for filling this Form. Who can not [&hellip...

Read More
Posted Under: Income Tax |

All about Nidhi Company- Section 406 of Companies Act & Rules

All about Nidhi Companies 1. Meaning of Nidhi Companies Nidhi Company also called the ‘Mutual benefit society’ These kind of companies mostly found in the  southern part of the Country 2. Objects of the Nidhi Companies There are following objects of the Nidhi Companies- i. To lend and borrow money to the members, for the [&he...

Read More
Posted Under: Income Tax |

Enhancement of CRCL and Contactless Customs

Release ID: 1636974 (07/07/2020)

Shri M. Ajit Kumar, Chairman, Central Board of Indirect Taxes & Customs (CBIC)  yesterday unveiled several new and modern testing equipment inducted into the Central Revenues Control Laboratory (CRCL) which would significantly enhance the in-house testing capability of the Customs leading to faster import and export clearances....

Read More

Delisting – An opportunity in the face of uncertainty

The current global crisis and its resulting uncertainty have shaken the strongest of economies and organisations. However, these times also create a host of opportunities, the delisting of stocks being one of them. Need for delisting Given the sharp fall in capital markets, promoters are evaluating the delisting of securities to run their...

Read More
Posted Under: Income Tax |

Comprehensive Guide to Reopening of Assessments Under the Income Tax Act, 1961

Reopening of an assessment is one of the weapons in the armoury of the Income tax Department, it empowers assessing officer to reassess or recompute the income of an assessee which has escaped assessment.  Section 147 to 153 of the Income tax Act, 1961 [ Act] deals with the provisions of reassessment proceedings.  The said […]...

Read More
Posted Under: Income Tax |

Importance of internal controls in implementation of GST law & procedures

It is necessary for every taxpayer to have a standard operating procedure to be followed regarding processes which have repercussions in terms of GST law. Some of the examples that readily come to mind are classification, valuation, determination of eligibility of ITC on inwards supplies of input goods, input services, and  capital goods...

Read More
Posted Under: Income Tax |

Reopening Schools In August- Challenges & Perils unaddressed

With Unlock-2 set in motion, the MHA has categorically prohibited opening of schools till July 31, 2020. Expectations are rife that school & colleges would reopen on August 1, 2020 for the academic session 2020-21. The Central HRD minister & UGC have also indicated that School/colleges are to reopen on August 1. But reopening of [...

Read More
Posted Under: Income Tax |

Good Governance- A Story Told Long Back

Corporate Governance, a concept relatively unknown about two decades ago has now become the most commonly used phrase in the current global business vocabulary. It’s a hot topic across the globe, these days, and in India. The concept gained prominence in the late 80’s and early 90’s when the corporate sector, in a number of [&hellip...

Read More
Posted Under: Income Tax |

MSME legal backdrops series Part – I

To make the professionals, businessman and entrepreneurs to have an introduction cum information about the legal provisions related to MSME, a new series is being launched in which all the relevant legal provisions and rules will be discussed along with legal references. Efforts have been made to keep the language very simple so that even...

Read More
Posted Under: Income Tax |

Time period to pass GST refund order extended | section 54(7) | CGST Act 2017

CBIC extends the time period to pass refund order under section 54(7) of CGST Act- Notification No. 46/2020-central tax dated 09th June, 2020 [The said Notification shall come into force w.e.f. 20th day of March, 2020]  Refund Order under GST As you are aware that Section 54(5) of CGST Act, 2017 provides that- “If, on […]...

Read More
Posted Under: Income Tax |

Draft Code on Wages (Central) Rules, 2020

G.S.R. 432(E) (07/07/2020)

(1) These rules may be called the Code on Wages (Central) Rules, 2020. (2)They extend to the whole of India. (3) They shall come into force after the date of their final publication in the Official Gazette, on the date of the commencement of the Code on Wages, 2019 (29 of 2019)....

Read More

SEBI extends timelines for issuers of Municipal Debt Securities

Circular No. SEBI/HO/DDHS/CIR/P/2020/116 (07/07/2020)

It has been decided to partially modify the clause 7 of the circular (dealing with investor grievance report, financial results and Accounts maintained by issuers under ILDM Regulations) and further extend the timelines for submission to July 31, 2020....

Read More

IRDA relaxes conditions for issue of Arogya Sanjeevani Policy

Ref. No: IRDAI/HLT/REG/CIR/172/07/2020 (07/07/2020)

Arogya Sanjeevani Policy- Insurers are hereby allowed to offer minimum sum insured less than Rs.1,00,000/- and maximum sum insured greater than Rs.5,00,000/- subject to the underwriting policy of the Insurers....

Read More

Bicycles- Retro Reflective Devices (Quality Control) Order, 2020

Notification No. S.O. 2290(E) (07/07/2020)

(1) This Order may be called the Bicycles- Retro Reflective Devices (Quality Control) Order, 2020. (2) This order shall come into force with effect from 01.01. 2021....

Read More

Builder Guilty of not passing ITC benefit of Rs. 19.72 Crore: NAA

Sh. Shivam Agarwal Vs Gaursons Realtech Pvt. Ltd. (NAA)

Sh. Shivam Agarwal Vs Gaursons Realtech Pvt. Ltd. (NAA) Keeping in view the self-admission of the Respondent in which he has stated that he is liable to pass on the benefit of additional ITC as per the provisions of Section 171 of the above Act, the above projects are required to be investigated as there […]...

Read More

Prasad Media guilty of profiteering- NAA

Principal Commissioner, Central Tax & Central Excise Vs Prasad Media Corporation Pvt. Ltd. (National Anti-Profiteering Authority)

Principal Commissioner Vs Prasad Media Corporation Pvt. Ltd. (National Anti-Profiteering Authority) NAA held that Prasad Media Corporation Pvt. Ltd. (Respondent) has resorted to profiteering by way of either increasing the base prices of the service while maintaining the same selling prices or by way of not reducing the selling prices of ...

Read More

GST Due dates Effects is like ‘Kabhi Kushi Kabhi Gham’?

Arjun (Fictional Character): Krishna, some major recommendations were put forth by the GST Council in the 40th GST Council meeting. What further step has CBIC taken to give effect to the recommendations? Krishna (Fictional Character): Arjuna, CBIC has issued one GST Instruction, Two IGST Notifications, 6 CGST Notifications and one UTGST N...

Read More
Posted Under: Income Tax | ,

Govt appoints Shri Injeti Srinivas as Chairman of IFSCA

Notification No. S.O. 2233 (E) (07/07/2020)

Central Government hereby appoints Shri Injeti Srinivas, IAS (Retd.) (OR: 1983) as the Chairman of International Financial Services Centres Authority (IFSCA) for a period of three years from the date of assuming charge of the post or until further orders, whichever is earlier....

Read More

Valuation of Interest free/ concessional loan to employee- SBI Interest rate on 01.04.2019 for AY 2020-21

Rule 3(7)(i): Interest free / concessional loan Any loan given free of interest or concessional interest shall be a taxable perquisite and calculated as follows: • Interest calculated at the rate charged by State Bank of India as on 1st day of pr...

Read More
Posted Under: Income Tax | ,

Taxability – Compulsory Acquisition of Capital Asset

Compulsory acquisition is the power of government to acquireprivate rights in land without the willing consent of its owner or occupant in order to benefit society. Compensation against such acquisition is provided to the assessee by the government....

Read More
Posted Under: Income Tax | ,

Assessment of Firms

Firm is an association of two or more than two persons, who came together to do a business and share profits thereof. Section 4 of the Partnership Act, 1932 defines Partnership as relationship between persons who have agreed to share the profits of business carried on by all or any of them acting for all....

Read More
Posted Under: Income Tax |

12 Facts to consider before filing TDS return

As the due date of filing of quarterly TDS statement for second quarter of FY 2013-14 is approaching fast, you are advised to file TDS statement well before due date (15th October for Non Government deductors and 31st October for Government deductors). ...

Read More
Posted Under: Income Tax | ,

How to Pay RCM In Real Estate for Purchase from Unregistered Suppliers

How to pay RCM by a Real Estate Promoter or developer on the shortfall in procurement from Registered Persons? Notification 03/2019 Central Tax (Rate)  dated 29th March 2019 brought in yet another major change which had a huge impact on the real estate sector. Though the buyers of the flat saw this as a huge […]...

Read More
Posted Under: Income Tax |

‘GST: The New Dawn of Tax in India’

It is vital to know that GST has tried to address many issues that existed in the previous regime like that of cascading tax effect, intricate filing procedures, cumbersome tax registration process, etc. that majorly caused distress among the middle-class people of India that form the backbone of India’s economy....

Read More
Posted Under: Income Tax |

Search Posts by Date

November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30