"16 July 2020" Archive

Cancellation of GST Registration-Section 29-CGST Act 2017 GST Series – Part 19

1. The registration granted under GST can be cancelled for specified reasons. The cancellation can either be initiated by the department on their own motion or the registered person can apply for cancellation of their registration. The provisions of cancellation cover under Section 29 of the CGST Act and CGST Rule 20 to 22. 2. […]...

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RBI Fair Practices Code for Asset Reconstruction Companies

RBI/2020-21/13 DOR.NBFC(ARC) CC. No. 9/26.03.001/2020-21 (16/07/2020)

Asset Reconstruction Companies (ARCs) are advised to put in place Fair Practices Code (FPC) duly approved by their Board. In the matter of recovery of loans, ARCs shall not resort to harassment of the debtor. ARCs shall ensure that the staff are adequately trained to deal with customers in an appropriate manner....

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Time of Supply (TOS) under GST

Article explains When Taxpayer is Liable to pay GST, Time of Supply under Forward Charge, Time of Supply when GST is payable under Reverse Charge basis under section 9(3) and 9(4), Time of Supply in case of issue of Voucher, Time of Supply in case of issue of Residual Case and Time of Supply when […]...

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No Service Tax on Loan Foreclosure charges collected by banks & NBFCs- CESTAT Larger Bench

Commissioner of Service Tax Vs Repco Home Finance Ltd. (CESTAT Chennai)

Foreclosure charges collected by the banks and non banking financial companies on premature termination of loans are not leviable to service tax under 'banking and other financial services' as defined under section 65 (12) of the Finance Act...

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GST Rate on Sanitizers

1. Whether GST shall be levied at 12% or 18% on the supply of sanitizers has been in debate in the recent weeks. Ministry of Finance came out with a press release dated 15.07.2020 stating that ‘hand sanitizers attract GST at the rate of 18%’. The said Press Release classifies the sanitizers in the category […]...

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CBIC notifies Rate of Exchange of Foreign Currencies wef 17.07.2020

Notification No. 59/2020-Customs (N.T.) [S.O. 2350(E)] (16/07/2020)

CBIC notifies Rate of Exchange of Foreign Currencies against India Rupees wef 17.07.2020 vide Notification No. 59/2020-Customs (N.T.), Dated: 16th July, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 59/2020- Customs (N.T.)  New Delhi, dated the 1...

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Appointment of CAA in case of in case of Sony India Private Limited

Notification No. 58/2020-Customs (N.T.) (16/07/2020)

Appointment of Common  Adjudicating Authority (CAA) in case of in case of Sony India Private Limited by CBIC vide Notification No. 58/2020-Customs (N.T.) dated- 16th July, 2020. Government of India Ministry of Finance Department of Revenue (Central Board of Indirect Taxes and Customs) Notification No. 58/2020-Customs (N.T.) New Delhi, t...

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Class Action under Companies Act, 2013 | Section 246

If any numbers of members or depositors or any of them is of opinion that the affairs of the company being conducted in a manner prejudicial to the interest of the company, or its members, or its depositors, they file an application to the NCLT on behalf of members, or depositors....

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Time Table of CA Final / IPC / Foundation / Intermediate Exams

ICAI declares Schedule of examination to be held in November 2020 for next Chartered Accountants Foundation Course {Under New Scheme}, Intermediate (IPC) {Under Old Scheme}, Intermediate {Under New Scheme} and Final {Under Old & New Scheme} Examinations, Examinations in Post Qualification Course under Regulation 204, viz.: Insurance a...

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Merely reason to believe not sufficient to reopen assessments beyond 4 year period

Amrabathi Investra (P) Ltd. Vs ITO (ITAT Kolkata)

Amrabathi Investra (P) Ltd. Vs ITO (ITAT Kolkata) In the assessee`s case in the reasons supplied to the assesseee, as noted in above para, there is no whisper, what to speak of any allegation, that the assessee had failed to disclose fully and truly all material facts necessary for assessment and that because of this […]...

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Section 50C- No addition for Minor Valuation Differences

Dulari Devi Hetamsaria (L/H of Shyam Sundar Hetamsaria) Vs ACIT (ITAT Kolkata)

Dulari Devi Hetamsaria (L/H of Shyam Sundar Hetamsaria) Vs ACIT (ITAT Kolkata) ITAT Mumbai, in the case of M/s John Flower ( India) Pvt. Ltd, in ITA No.7545/Mum/2014, for A.Y. 2010-11, order dated 25.01.2017 held that if the difference between the valuation adopted by the Stamp Valuation Authority and declared by the assessee is less [&he...

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YRIPL & YRMPL do not constitute DAPE or PE of Yum! Restaurants in India

DDIT Vs Yum! Restaurants (Asia) Pte. Ltd. (ITAT Delhi)

The issue which is arising in the present appeal is whether there is DAPE. The Assessing Officer has alleged the existence of DAPE on account of alleged marketing activities undertaken by Indian entity on behalf of the assessee company....

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Gold Investment- Pros & Cons in Indian Market

investor’s monetary goals in a way. The most singular and valid reason that places gold in the upper region is the fact that in the market, gold’s value never faces a drawback. The prices always go up on a rollercoaster that does not come down. This is the sole reason that has attracted millions of […]...

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Holding of AGM via VC or OAVM – Part I

In this write up, we will discuss how to hold an AGM via VC or OAVM for companies which are required to provide the facility of e-voting under the Act, or any other company which has opted for such facility....

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Common mistakes in filling of Income Tax Return

The accurate and complete filling up of the relevant column or detail in the Income Tax Return (ITR) form is most crucial for correct calculation of income. In case the computation of Income or refund is different than what had been entered or what is expected, please verify the accuracy of the data entered by […]...

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How to Reset Password on Income tax Website

Registered user can reset the password using one of the following options: 1. Answer Secret Question. 2. Upload Digital Signature Certificate 3. Using OTP (PINs)...

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Analysis of NPS, ELSS, PPF Investment u/s. 80C of Income Tax

Individuals who are employed and contributing to NPS would enjoy tax benefits on their own contributions as well as their employer’s contribution as under...

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Mandatory Filing of Form 26QB by Buyer of Immovable Property

As per the information received in Annual Information return (AIR) through Registrar/Sub-registrar, you have executed transaction for Purchase of Immovable Property exceeding Rs. 50 Lakhs (Rupees Fifty Lakhs) during Financial Year. However TDS Statement in Form 26QB has not yet been filed by you. In this regard, your urgent attention is i...

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Pivotal Calculation of Interest u/s 234A of Income Tax Act, 1961

In this article we will discuss pivotal calculation of interest u/s 234A for delay in furnishing or non-furnishing return of income u/s 139(1) of Income Tax Act, 1961...

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All about Foreign Tax Credit and its Indian Context

Corporate India today serves global needs and brings in overseas income which is chargeable to Indian tax net as a resident of India. Flip side of this paves way for claim for taxes paid at foreign jurisdiction based on the source of income....

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Overseas Direct Investment – Brief Analysis

Meaning Overseas Direct investment means investments outside India, either under the Automatic Route or the Approval Route: -by way of contribution to the capital or -subscription to the Memorandum of a foreign entity or -by way of purchase of existing shares of a foreign entity either by market purchase or private placement or through st...

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Consumer Protection (Mediation) Rules, 2020

Notification No. G.S.R. 450(E) (16/07/2020)

Consumer Protection (Mediation) Rules, 2020 The parties shall not initiate any arbitral or judicial proceedings in respect of a matter which is the subject-matter of the mediation and also when such parties have expressly undertaken not to initiate any such proceeding....

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Subway Franchisee denied tax reduction benefit to customers: NAA

Director General of Anti-Profiteering Vs M/s Gaurav Sharma Food Industries (National Anti-Profiteering Authority)

Director General of Anti-Profiteering Vs M/s Gaurav Sharma Food Industries (National Anti-Profiteering Authority) 1. The present Report dated 31.12.2019 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 brief facts of the case are that...

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GST rate on alcohol based hand sanitizers- Govt clarifies

 It is stated  that hand sanitizers attract GST at the rate of 18%. Sanitizers are disinfectants like soaps, anti-bacterial liquids,  dettol etc which  all  attract duty standard rate of 18% under the GST regime. The GST rates  on various items are  decided by the GST  Council where the Central Government and  all the state gover...

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Guidelines on settlement of claims on treatment at temporary hospitals

Ref. No: IRDAI/HLT/MISC/CIR/190/07/2020 (16/07/2020)

In view of increase in number of COVID-19 cases, in order to leverage on the extant healthcare systems put in place, it is important to recognise the make-shift or temporary hospitals permitted by Government for settlement of health insurance claims for insurance companies....

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Why Jio Platforms Ltd command Rs. 5 Lakh Crores valuation?

Market Capitalization of RIL group is around 11.4 Trillion. Value of Jio Platforms Ltd is around 45% of total group. This article explains why Jio Platforms is being valued at 5 Trillion despite minute profits....

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Nidhi Company – New way of Finance

What is Nidhi Company? Nidhi company is a company incorporated under Section 56 of Companies Act of 1956. It is a type of NBFC (Non-Banking Financial Company). The main motto of Nidhi company is to promote savings and thrift among its members. Nidhi company is most popular in South India and is more widely known […]...

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ITR-V Form – Small Step, Fatal Non-compliance Consequences

The obligation of an individual/HUF taxpayer (whose accounts are not required to be audited under section 44AB) doesn’t just end by paying tax. There are three important steps which needs to be completed before the game end. The first step is to prepare and submit income tax return on income tax filing portal (https://www.incometaxindia...

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Cash Transaction Reports Sharing between CBDT & FIU-IND

Order No. F.No.225/349/2019/ITA.II (16/07/2020)

​Order under section 138(1)(a) of the Income-tax Act, 1961 for sharing of Information between CBDT and FIU-IND for effective processing of Cash Transaction Reports F.No.225/349/2019/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 16th July,2020 Order under section 138(1)(...

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What may constitute a Pre-existing dispute under IBC?

According to the Section 9 of Insolvency and Bankruptcy Code of 2016 (IBC), power is given to the operational creditors of a company to initiate corporate insolvency resolution process after default. Before that, he has to send a demand notice of unpaid operational debtors along with a copy of an invoice demanding payment of the […...

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November 2020