"08 July 2020" Archive

Monopoly cannot be claimed on Words being Common to Trade

ITC Vs Nestle India Limited (Madras High Court)

In the present case, the dispute arose for the aforementioned reason as it is the case of the Plaintiff that the adoption of the deceptively similar expression Magical Masala by the defendant in the year 2013 for marketing their noodles amounts to passing-off....

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Posted Under: Corporate Law |

Different GST rates on Roti and Parota

The Authority for Advance Ruling (AAR, Karnataka) has pronounced a ruling that parantha (frozen / packaged) is different from plain roti and as such shall attract a higher rate of GST, i.e., 18% instead of 5% applicable to roti. [In Re: ID Fresh Food (India) Pvt. Ltd. (2020) 6 TMI 183 (AAR, Karnataka)]. In the […]...

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Posted Under: Corporate Law |

GST applicability in cryptocurrency Classification & taxability of Bitcoins

Treatment of bitcoins as goods/property would mean that supply of bitcoins is a ‘taxable supply’ and hence subject to GST. However, a supply of bitcoins as goods or property in exchange of other virtual/real goods should technically fall within the ambit of ‘barter transaction’ since bartering is simply an exchange of one good for...

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Posted Under: Corporate Law |

Lifetime Opportunity to restore cancelled GST Numbers

Revocation of Cancellation of Registration u/s 30 of CGST Act, 2017 via Removal of Difficulty Order No. 01/2020-Central Tax dated 25th June, 2020 GST has travelled 36 months journey with various milestones and stoppages. Law has seen many ups and downs. Tax payers have witnessed many such issues which were not that significant but have [&...

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Posted Under: Corporate Law |

Dilemma about Due Dates for Compliances by Composition Taxable Persons

This article deals with dilemma about extension of due dates in case of composition taxable persons. This article specifically deals with extension of due dates in respect of CMP-02, CMP-03, CMP-08, GSTR-4 and ITC-03 Notification 34/2020-CT dated 03-04-2020, extended the due date of quarterly payment of tax in case of composition taxable ...

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Posted Under: Corporate Law |

GST exemption on Services by way of renting of Residential dwelling for use as residence

S.No 12 of the Notification No. 12/2017 dated 28.06.2017 vide Heading No.9963 has provide for the following exemption: ‘Services by way of renting of Residential dwelling for use as residence‘ This exemption entry would be applicable when the following factors are present: 1. Residential Dwelling The term ‘residential dwelli...

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Posted Under: Corporate Law |

Anti-Profiteering under GST: Analysis of Recent Decisions and comparison with other jurisdictions

Introduction With the introduction of the Goods and Services Tax (GST), the entire landscape of indirect taxation in India has undergone an upheaval. The GST has been hailed as a revolutionary enactment which would remove the cascading effect of taxes, i.e. no longer would tax on tax be have to be paid. To do this […]...

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Posted Under: Corporate Law |

End of Litigation of GST on Directors’ Salary

END OF LITIGATION OF GST ON DIRECTORS’ SALARY [CIRCULAR NO. 140/2020 DATED 10.06.2020]  You are aware that the matter regarding applicability of GST on Director remuneration paid to full time / executive Directors has been subject to different interpretations in various ruling of AAR. Till date, there has been a lot of anxiety and ...

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Posted Under: Corporate Law |

Amendments in GST refund Law by Notification No. 16/2020

Recent Amendments in refund Provisions: As inserted by Notification No. 16/2020 dated 23rd March, 2020. Brief Understanding of Provisions As per Section 16(1) of IGST Act, 2017, exports of goods or services or both and supplies of goods or services or both to SEZ are zero rated supplies. This means that there is no burden […]...

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Posted Under: Corporate Law |

Decriminalisation of Cheque Bouncing

The statement released by Ministry of Finance on 8th June, 2020 has proposed to decriminalize a number of economic offences and one of such offences is the offence under Sec 138 of Negotiable Instruments Act, 1881 for dishonor of cheque. The Ministry has invited comments of stakeholders latest by June 23, 2020 on the decriminalization [&h...

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Posted Under: Corporate Law |

3 Mistakes that can lead to an Income Tax Notice

Those who are working and fall under a tax slab as per their annual income get TDS deducted by their employers on a monthly basis, whereas small business owners are often seen escaping the tax demon by hiding their actual annual income. Correspondingly, they save thousands on taxes, which is not a very good idea to save the taxes because...

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Taxability of Interest on Compensation or Enhanced Compensation

The statutory provisions for the income in the nature of ‘Interest received on compensation or on enhanced compensation’ were brought to Income Tax by the Finance Act’ 2009. When these provisions were introduced, the Memorandum explaining the provisions of the Finance Bill 2009 had this to say:...

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Posted Under: Corporate Law |

Procedure to File Form 35 (CIT Appeal) online

In this Article we have discussed procedure for e-filing /Online Filing of of CIT Appeal in form No. 35 by Individuals and by other than Individuals using Digital Signature or by Electronic Verification Code (EVC) . ...

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Posted Under: Corporate Law |

Set off or Carry forward and Set off of Losses

Income tax department known for collection of heavy taxes on income being earned by the assessees also provide them relief at the time they incur losses. In the eyes of assessee IT Department has always been harsh when it comes to collection of taxes but there is opposite side also i.e. Department allow the assessee to Set off or Carry Fo...

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Posted Under: Corporate Law |

Recognition and Benefits for Startups including Tax Benefits

Startup India Scheme is an initiative by the Government of India under leadership of Mr. Narendra Modi for generation of employment and wealth creation. The goal of Startup India is to develop and innovate products and services and increase the employment rate in India. To promote growth and help Indian economy, many benefits are being g...

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Posted Under: Corporate Law |

Residential status – Relevance for determining taxable income & tax liability

Have we ever thought as to why is determining Residential status given so much of importance? It is because only on the basis of the residential status is the taxable income and tax liability of an entity is calculated and arrived at. Further depending upon the various persons and entity the definition of Residential status […]...

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Posted Under: Corporate Law |

Applicability of Section 14A of Income Tax Act, 1961

Section 14A was enacted vide Finance Act, 2001 w.r.e.f. 01.04.1962, so that net taxable income is actually taxed and no deduction is allowed against taxable income for expenditure incurred in earning exempt income. Further, it was enacted to overcome the Supreme Court decision in the case of Rajasthan State Warehousing Corporation v. CIT...

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Posted Under: Corporate Law |

Taxpayer opting Lower Tax Rate- Change of Income-Tax Rules

On 26th June, the Central Board of Direct Taxes (CBDT) has made certain changes in  Income Tax Rules vide Notification No. 38/2020-Income Tax  related to Perquisites & Allowances to Taxpayer opting Lower Tax Rate Option- Section 115BAC. Now, as per the new income tax regime 2020-21, the employees will be eligible to claim the exem...

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Posted Under: Corporate Law |

Clarification For Equalization Levy

‘Equalization Levy’ has been recognized and accepted in the BEPS Report on Action 1 as one of the options that can be resorted to by countries under their domestic laws....

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Posted Under: Corporate Law |

Statement of Financial Transactions or Reportable Account-Section 285BA

Obligation to furnish statement of financial transaction or reportable account {Sec – 285BA, Income-tax Act, 1961}. 1. Any person, being:- a) An Assesse, b) The prescribed person in the case of an office of Government, c) Local authority or other public body or association, g) Registrar or Sub-Registrar appointed under section 6 of ...

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Posted Under: Corporate Law |

Independent Director- Provisions under Companies Act, 2013

1. Section 149 (4) and rule 4 of Companies (Appointment & Qualification of Director) Rule, 2014 1. Every listed company shall have at least 1/3rdof total No. of directors as Independent Director, and 2. Following classes of companies shall have at least 2 Directors as Independent Director- In case of Public Company having – i. [&hel...

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Posted Under: Corporate Law |

Separate Corporate Personality

A company once registered, has a legal personality. Corporate groups are identified as a legal individual/body/entity, independent from the group’s directors and shareholders. Ergo the officers, directors or shareholder can act on behalf of the legal body without any liability as it remains with the entity....

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Posted Under: Corporate Law |

A Comprehend on Managerial Remuneration- Companies Act, 2013

In Today’s write-up we will get some extract from the section 197 and 198 of Companies Act, 2013 as practical implication of this section is really very different from the written language, even when organization has not incurred profits, managerial level is paid high remuneration irrespective of its burden on company financial conditio...

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Posted Under: Corporate Law |

Indian Stamp Act, 1899; Amendments & Rules as on July 1, 2020

With the objective of bringing uniformity in the stamp duty levied on securities transactions across states, the Government of India amended the Indian Stamp Act 1899 (revised Act), through Finance Act, 2019, and the relevant Stamp Rules, 2019, were notified on December 10, 2019. The revised Act has come into effect from July 1, 2020. [&h...

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Posted Under: Corporate Law |

Detailed analysis of SEBI (Investment Advisers) (Amendment) Regulations, 2020

To ease your burden, we have come up with a detailed analysis of the amendments to IA regulation by SEBI (Investment Advisers) (Amendment) Regulations, 2020, so that in spite of googling for the same, you may get all your answers at once. These amendments would be applicable from October 01, 2020. Following are the key […]...

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Posted Under: Corporate Law |

Preferential Transactions under IBC 2016

Under the Insolvency and Bankruptcy code 2016, section 43 is dealt with Preferences if any given by the Corporate Debtor before and during the insolvency. This is a very important section and every Insolvency Professional should keep this in mind. Success of the insolvency depends upon timely completion of the process of insolvency and al...

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Posted Under: Corporate Law |

Kerala HC to decide plea of an American Citizen to stay in God’s Own Country- Really Incredible India

The dream of many an Indian citizens is to get a green card in the USA or a PR in New Zealand, Australia  or the UK to live the remaining years of his lives in a ‘clean’ environment, where a common man commands the same respect and rights as the privileged and his sight is […]...

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Posted Under: Corporate Law |

Basics of Stock Market – Part-3

Current article discusses about Zero Coupon Bonds, Junk Bonds and Tax Saving Bonds. A zero-coupon bond, also known as an 'accrual bond,' is a debt security that doesn't pay interest (a coupon) but is traded at a deep discount, rendering profit at maturity when the bond is redeemed for its full face value....

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Posted Under: Corporate Law |

All About MSME Udyam Registration Procedure & Classification

Ministry of Finance, Government of India, with a view to provide several benefits and to create large number of employment opportunities within India, announced various relief measures especially for the MSMEs (vis-à-vis Micro, Small & Medium Enterprises). To achieve this dream of creating lot more employment in India, it was felt ne...

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Posted Under: Corporate Law |

‘Going Concern Concept’ during Pandemic times

Going Concern is a concept where the continuity of a business organisation is assessed. Up until now, we were least bothered by this concept as this was taken for granted. With the present Covid19 crisis, the basic fundamentals of business existence itself has changed and standards relating to going concern are becoming suddenly relevant ...

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Posted Under: Corporate Law |

Wrong ITC availment – HC order DGGI to complete Investigation in 3 months

Watermelon Management Service Private Limited Vs Commissioner of Central Tax, GST (Delhi High Court)

The issue under consideration is whether the contention of the petitioner that the provisional attachment for wrong availment of ITC is without jurisdiction and illegal is correct?...

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DTAA overrides the Act, even if it is Inconsistent with the Act

DCIT Vs Bharath Fritz Werner Ltd. (ITAT Bangalore)

whether the assessee has to deduct tax at source at the rates prescribed in section 206AA in case the payees are unable to furnish their PANs, even if tax liability arises out of the treaty?...

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Mere cash Deposit in Bank Account prior to issue of cheque not sufficient to held Loan as non genuine

Smt. Leela Kothari Vs ITO (ITAT Jaipur)

ITAT states that, once the source of deposit is explained as prior withdrawal from the bank of more than the amount deposited subsequently then the creditworthiness of the creditor and genuineness of the transaction cannot be doubted....

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LTCG on sale of land- No exemption on failure to establish that land is agricultural

Shri. Rajesh. Kumar Vs JCIT (ITAT Delhi)

Assessee has not furnished before AO all necessary evidence so as to establish that land in question was agricultural land only as per provisions of sec. 2(14)(iii)(b) of I.T. Act....

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Transitional ITC Credit on stock claimable within three years: HC

Subhas & Company Vs Commissioner of CGST (Calcutta High Court)

Whether the petitioner is entitled to get an opportunity to file the declaration in CGST TRAN –2 in order to be allowed to take transitional Credit on account of inputs held in stock as on the appointed date?...

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HC differentiate between ‘Resignation’ & ‘Voluntary Retirement’

Asha Ram Suryavanshi Vs Chhattisgarh Gramin Bank (Chhattisgarh High Court)

Asha Ram Suryavanshi Vs Chhattisgarh Gramin Bank (Chhattisgarh High Court) There is a clear distinction between the term ‘Resignation’ and ‘Voluntary Retirement’. The reasons in the application for voluntary retirement cannot be construed by the management of it being an application for resignation from service. Th...

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Foreign Currency & Indian Currency Bank Accounts-Legal Substance

As Indian economy is adopting its pace with globalisation and digitisation, different spices of accounts suited for the intended economical/personal purpose has to be devised. Hence to cater and nourish these thought processes, Foreign Exchange Management (Deposit Regulations), 2016 has brought in various provisions and guidelines with re...

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Posted Under: Corporate Law |

ESI (Employees State Insurance) scheme & Registration process

Overview of Employee State Insurance Scheme or ESI scheme (ESI Act 1948) Employee State Insurance or ESI is a scheme commenced by the Government of India to offer medical, monetary and other advantages to workers. ESI is managed by an autonomous authority – Employee State Insurance Corporation – which lies under the jurisdiction of th...

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Posted Under: Corporate Law |

Indian Accounting Standard 116 – ‘Leases’

Brief overview The Ministry of Corporate Affairs (MCA) notified Ind AS 116 – ‘Leases’ on March 30, 2019 to come into force on April 01, 2019. Ind AS 116 replaces the current guidance on lease accounting in Ind AS 17. What is a Lease? A lessee may elect not to apply Ind AS 116 for […]...

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Posted Under: Corporate Law |

Is There any Right to Widow Pension even after Remarriage?

Marriage is regarded as a ‘social institution’ in the society in which the husband –to- promise to take care of the social and economic needs of his wife-to-be. The law in India also recognizes the obligation of the husband to maintain his family including his wife. But, what if he dies? Who will take care […]...

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Posted Under: Corporate Law |

Composition of Board of Directors under Company Law & SEBI Regulations

Following is the composition of board of directors:- According  to Section 149 of The Companies Act 2013, 1. Every company should have minimum 3 directors in PUBLIC company 2 directors in PRIVATE company 1 director in ONE PERSON company Maximum no of directors can be 15 in any company. However company by passing special resolution [&hell...

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Posted Under: Corporate Law |

MVAT (Second Amendment) Rules, 2020

Notification No. VAT- 1520/CR- 57/Taxation-1 (08/07/2020)

Dealer whose tax liability in the financial year 2019-20 is not more than rupees one lakh, such dealer shall file monthly return for the month of March 2020, on or before the 21st July 2020....

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GSTR-3B Due Dates

GSTR-3B due dates GSTR-3B for the Taxpayer whose turnover is more than 5 crores in preceding financial year. Tax Period Due Date Interest waived off Till Date from Interest 9% “p.a” till date 24th June,20 Date from Interest 18% “p.a” till date of actual payment  Late fees waived off till  Late fees from date If […]...

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Posted Under: Corporate Law |

Anti-dumping duty on imports of Steel & Fibre Glass Measuring tapes

Notification No. 17/2020-Customs (ADD) [G.S.R. 433(E).] (08/07/2020)

Notification No. 17/2020-Customs (ADD)– Seeks to levy definitive anti-dumping duty on imports of ‘ Steel and Fibre Glass Measuring tapes and their parts and components ‘,originating in, or exported from, People’s Republic of China for a period of five years, in pursuance of final findings of sunset review investiga...

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Govt. appoints new Chairman and members of IEPF

S.O. 2282(E) (08/07/2020)

Central Government hereby appoints the Shri Rajesh Verma as Chairperson and Shri Anil K. Sharma, Shri P. S. Narasimha,  Shri Rakesh Jain and Shri Gopal V. Kumar as Members to the Investor Education and Protection Fund Authority with effect from the date of publication of this notification. MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New D...

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Working Group formed to study formation of Indian Pandemic Risk Pool

Ref. No: IRDAI/RI/ORD/MISC/182/07/2020 (08/07/2020)

The COVID-19 pandemic which started as a public health crisis has led to significant disruption in economic activity mainly due to the measures taken to limit the spread of the disease. It has affected not just health but all sectors of the economy including but not limited to manufacturing, aviation, tourism, transportation, construction...

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NAA ask DGAP to re-investigate the case related to Shoe Polish

Sh. Ajay Jagga Vs M/s Bhatia Confectioners (National Anti-Profiteering Authority)

DGAP investigated the issues of whether the GST rate applicable to the item Shoe Polish was reduced e.f. 15.11.2017 and if so, whether the benefit of such reduction in the rate of tax had been passed on by the Respondent No. 1 to his customers in terms of Section 171 of Central Goods and Services Tax Act, 2017....

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SEBI signs MoU with CBDT to share Data with each other

Press Release No. 38/2020 (08/07/2020)

The MoU will facilitate the sharing of data and information between CBDT and SEBI on an automatic and regular basis. The MoU will ensure that both CBDT and SEBI have seamless linkage for data exchange. In addition to regular exchange of data, CBDT and SEBI will also exchange with each other, on request and suo moto basis, any information ...

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Extension of due date of Form GSTR-4 under consideration

CBIC has clarified on its twitter handle that Representations have been received on non-availability and extension of date of FORM GSTR-4 for FY 2019-20 on the GST portal. The matter of extension of date of GSTR-4 for FY 2019-2020 is under consideration by the GST Implementation Committee. CBIC has tagged in its tweet Office of […]...

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Posted Under: Corporate Law |

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