"18 July 2020" Archive

New Form 26AS is the Faceless hand-holding of Taxpayers

Release ID: 1639593 (18/07/2020)

The new Form 26AS is the faceless hand-holding of the taxpayers to e-file their income tax returns quickly and correctly. From this Assessment Year, taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers’ financial transactions as specified in the Statement of Financial Transactions (SFTs) in var...

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CBDT to start Voluntary Income Tax Return Compliance campaign

Release ID: 1639664 (18/07/2020)

The Income Tax Department is all set to start an e-campaign on voluntary compliance of Income Tax for the convenience of taxpayers from Monday, the 20th of July, 2020. The 11 days campaign ending on 31st July, 2020 focuses on the assessees/taxpayers who are either non-filers or have discrepancies/deficiency in their returns for the FY 201...

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Sale of a capital asset converted into stock-in-trade: Tax-treatment

In business there are occasions when a capital asset is converted into stock-in-trade and stock-in-trade is converted into capital asset. There may also be occasions when an asset ceases to be a stock-in-trade. In this context, section 45(2) of the Income-Tax Act, 1961 (the Act) is relevant. For the sake of ready reference, section 45(2) ...

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Posted Under: Income Tax |

How to Reply Notice for Non Filing of Income Tax Return?

Income Tax Department issue notices to non-filer of Income Tax Returns from time to time and Taxpayer needs to submit his reply to such notices. Department has enabled a facility by which taxpayer can submit his response online to such notices. ...

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Posted Under: Income Tax | ,

Government must clarify the issue of ITC on COVID mandations

It is worthwhile to note that the ITC on sanitizers/mask/gloves etc. are neither tested in GST nor any clarification is provided by GOI amid COVID-19 pandemic, which is need of the time. Therefore, opening up pandora box on the availability of input tax credit these essential items during COVID-19 pandemic which are undertaken by the trad...

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Posted Under: Income Tax |

Reduction In TDS Rates- Impact And Benefits

INTRODUCTION: With effect from 14th May 2020, government has reduced Tax deduction at source (TDS) and tax collection rates (TCS) rates for interest, dividend, professional fees, rent payments and other non-salaried payments by 25%. These rates shall be effective from May 14th, 2020 and remain effective till the end of financial year i.e....

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Posted Under: Income Tax |

Power of inspection, search & seizure | Section 67 | CGST Act 2017

Simplified GST Series- Section 67 /Power of Inspection, Search and Seizure/CGST Act 2017- Section 67- Power of inspection, search and seizure: (1) Where the proper officer, not below the rank of Joint Commissioner, has reasons to believe that – (a) a taxable person has suppressed any transaction relating to supply of goods or services o...

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Posted Under: Income Tax |

Analysis of Section 56 read with Rule 11UA

Analysis of Section 56 read with Rule 11UA – Valuation of Property, Unquoted Equity Shares or Equity Shares of a Company in which public are not substantially interested: Section 56(2)(x) of Income tax Act, 1961 provides that following will be taxable in the hands of recipient: Sr. No. What is taxable Taxable Value Applicable Valuation ...

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Posted Under: Income Tax |

How to Check Residential Status of an Individual & Taxability of Their Income?

A Brief Discussion about the Residential  Status of an individual and taxability of income according to their residential status in India Taxability In India, income is taxable is based on their residential status, so it is very important to know about residential status of any individual to check the taxability of income. Let’s know: ...

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Posted Under: Income Tax |

Disallowance of ITC on Late filing of GSTR 3B

Section 16(2), CGST Act, 2017 which laid down 4 conditions for availment of ITC & starts with notwithstanding clause meaning thereby that it supersedes sub-section 4 of section 16, based on the following cases; (2020) 33 J.K.Jain’s GST & VR 9 Synergy Fertichem Pvt. Ltd. v. State of Gujarat  (Guj),  A.C.T.O. v. Laxmi Mi...

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Posted Under: Income Tax |

Principles of Classification of goods or services under GST

The term classification implies arrangement according to classes or types. The scheme of indirect taxation requires the classification of goods/services under the various headings provided under these laws to determine whether or not the same would be encumbered by the levy of these taxes and if so, under which heading the duty liability ...

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Posted Under: Income Tax |

GST exempt on Project Management Consultancy’ Services to APRRP

In re Consulting Engineers Group Limited (GST AAR Andhra Pradesh)

In re Consulting Engineers Group Limited (GST AAR Andhra Pradesh) Project Management Consultancy’ Services provided to Andhra Pradesh Panchayat Raj Engineering Department for Andhra Pradesh Rural Road Project (APRRP) for Road Construction can be termed as ‘Pure Services’ as referred in SI. No. 3 – (Chapter 99) of T...

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Reimbursement for Lost in hole/Damage Beyond repair of equipment /tools is classifiable as ‘Supply of Goods

In re Halliburton Offshore Services Inc. (LIH) (GST AAR Andhra Pradesh)

In re Halliburton Offshore Services Inc. (LIH) (GST AAR Andhra Pradesh) It is observed that under Caluse-31 of the Contract, the Contractor (herein the Applicant) receives reimbursement from the Operator (herein the OIL) for loss of or damage to the down hole equipment and tolls. Sub-clauses (a) and (b) of the said Clause -31 specifies [&...

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GST on supply of mud engineering services along with supply of imported mud chemicals and additives

In re Halliburton Offshore Services Inc. (Oil India) (GST AAR Andhra Pradesh)

In re Halliburton Offshore Services Inc. (Oil India) (GST AAR Andhra Pradesh) (a). Whether the supply of mud engineering services along with supply of imported mud chemicals and additives provided on consumption basis by the Applicant under the Contract qualify as composite supply. it is observed that there are independent qualitative, qu...

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GST exemption on vocational training courses recognised by NCVT

In re Leprosy Mission Trust India (GST AAR Andhra Pradesh)

In re Leprosy Mission Trust India (GST AAR Andhra Pradesh) Whether services provided under vocational training courses recognised by National Council for Vocational Training (NCVT) is exempted either under Entry No.64 of exemptions list of Goods and Services Tax Act, 2017 or under Educational Institution defined under Notification 12/2017...

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GST on interest/penalty collected for delay in payment by chit auction company

In re Ushabala Chits Private Limited (GST AAR Andhra Pradesh)

In re Ushabala Chits Private Limited (GST AAR Andhra Pradesh) Whether the interest/penalty collected for delay in payment of monthly subscription by the members forms a supply under GST? If the said interest/penalty is a supply, what is the classification and rate of duty applicable on the said supply? As per the provisions of sub-clause ...

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GST applies on renting of residential dwelling for commercial activity

In re Lakshmi Tulasi Quality Fuels (GST AAR Andhra Pradesh)

In re Lakshmi Tulasi Quality Fuels (GST AAR Andhra Pradesh) The applicant seeks advance ruling on whether she is eligible for the exemption from payment of GST on the monthly rentals received by her on lease of her residential building at Telangana to D-Twelve Spaces Private Limited, as per SI.No. 13 of the Notification No. […]...

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Cost of HSD Oil issued free of cost by service recipient includible in supply value

In re Pulluri Mining & Logistics Private Limited (GST AAR Andhra Pradesh)

In re Pulluri Mining & Logistics Private Limited (GST AAR Andhra Pradesh) The applicant seeks advance ruling on Whether the HSD Oil issued free of cost by the service recipient to the applicant would form part of value of supply of service by the applicant as per Section 15 of the CGST Act, 2017? And […]...

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Waste Management services to Tirupati Smart City Corporation exempt from GST

In re Zigma Global Environ Solutions Private Limited (GST AAR Andhra Pradesh)

In re Zigma Global Environ Solutions Private Limited (GST AAR Andhra Pradesh) Applicant is Municipal Solid Waste (MSW) Management Company, which offers solutions involving segregation, treatment, recycling of Municipal Solid Waste (MSW) and thus clearing MSW landfills. The applicant seeks clarity in this regard whether the nature of the a...

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White Collar Crime

Introduction White collar crime is being considered as non-violent crime which is being committed with the sole intention of having financial gains and is mostly characterized by fraud and deceit. With the growth and expansion of the digital or technological mediums, the rate of crimes such as the white collar has also gone high. Based [&...

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Posted Under: Income Tax |

Mutual Fund hai to Sahi hai… Start as low as INR 500

We heard lot of people saying saving and investment are same but that is not correct. Investment may require savings but investment gives you long term benefits in future, saving remains static same like money do nothing lying in your wallet or purse- it is saved there but doesn’t grow. If you think your money […]...

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Posted Under: Income Tax |

How to remove Password from ITR V Acknowledgement

On e filing of income tax return, an acknowledgement is generated by the Income Tax Department in a form named as ITR V. This ITR V is issued in pdf format and remains password protected. The password remains Permanent Account Number of the assessee in short case followed by his date of birth / its date of formation....

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Posted Under: Income Tax | ,

Filing of 26QB Statement & Payment against TDS Defaults

Deposit of Tax deducted and Demand for TDS Defaults with respect to Purchase of Immovable Property (26QB Statement-cum-challan) Here is a important tips, for the convenience of Taxpayers, who have executed any transaction for Purchase of Immovable Property exceeding Rs. 50 Lakhs (Rupees Fifty Lakhs). Please take note of the following key ...

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Posted Under: Income Tax | ,

Overview of Term – “Indemnity”

Section 124 of The Indian Contract Act, 1872 defines “Contract of indemnity” as “A contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person, is called a “contract of indemnity.”...

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Posted Under: Income Tax |

How to Use NSDL demat account details to generate EVC

Use your NSDL demat account details to generate EVC (Electronic Verification Code) for e-Filing of Income Tax return As you may be aware, the Income Tax Department (ITD) has introduced the facility of Electronic Verification Code (EVC). EVC is introduced to make the e-filing process of income tax returns simpler and completely paperless....

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Posted Under: Income Tax |

FSSAI License- Must For Every Kind of Food Business

The Food Safety and Standards Authority of India (FSSAI) is a legal authority that offers a food license to all food business operators (FBO) in India. All the FBOs must follow all the rules and regulations of FSSAI for food quality control. WHAT IS IT? All the manufacturers, traders, restaurants, grocery shops, importers and exporters,...

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Posted Under: Income Tax |

Proxies under Companies Act, 2013

Article explains provision of Proxies under Section 105 of Companies Act, 2013 read with Rule 19 of the Companies (Management and Administration) Rules, 2019. Article explains appointment of proxy by Shareholdes / Members, Right of Proxies, Limits for appointment as a proxies, Penalty in case of contravention of provisions related to Prox...

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Posted Under: Income Tax |

Compliance Laws of USA and UAE: A Comparative Study

UNITED ARAB EMIRATES In January 2020, new regulations came into the picture by the name of Companies Regulations, 2020. These were released by DMCC (Dubai Multi Commodities Centre) and Government of Dubai.  These rules have been issued for the comfort and flexibility of the existing companies as well as the companies to be established in...

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Posted Under: Income Tax |

Fast Track Merger | Section 233 | Companies Act 2013 | FAQs

Fast Track Merger Fast Track Merger Scheme was Introduced under Section 233 of the Companies Act 2013, read with Rule 25 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016. This article explains the procedure connected with fast track merger by exploring the various facets of the initiative. To develop the value ge...

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Posted Under: Income Tax |

Company Fresh Start Scheme (CFSS, 2020)- Brief Discussions

As per Companies Act 2013, all companies are required to make various statutory compliances which includes annual compliances like Annual Return and Financial Statements and various other statements, documents, returns etc. within the stipulated time period. Due to the unprecedented situation caused globally due to the COVID-19 pandemic,...

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Posted Under: Income Tax |

Half Yearly Filing of Form PAS-6 (Reconciliation of Share Capital Audit Report)

Filing of Form PAS-6 (Reconciliation of Share Capital Audit Report) Half Yearly Ministry of Corporate Affairs has deployed the Form PAS-6 for Reconciliation of Share Capital Audit Report on half yearly basis by unlisted Public Companies w.e.f 15th July, 2020 and now it is available on MCA Portal which was notified by MCA vide Companies [&...

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Posted Under: Income Tax |

ICSI merges June 2020 Examinations with December 2020

ICSI has decided to merge the June, 2020 session ICSI Examinations with the December, 2020 Examinations as under : 1. ICSI Examinations for the June 2020 session which has been merged with the December, 2020 Examinations shall commence from 21st December, 2020 as per the Examination Time-table which will be released separately....

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Posted Under: Income Tax |

XBRL in India – Applicability, Documents, Timeline, Process, Penalty etc

XBRL (eXtensible Business Reporting Language) is a data-rich dialect of XML (Extensible Markup Language), the universally preferred language for transmitting information via the Internet. It was developed specifically to communicate information between businesses and other users of financial information, such as analysts, investors and r...

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Posted Under: Income Tax |

Reg. Safeguard duty on imports of Solar Cells whether or not assembled in modules or panels

Case No. (SG) 01/2020 (18/07/2020)

Final Findings of review investigation for continued imposition of Safeguard duty on imports of ‘Solar Cells whether or not assembled in modules or panels’ into India Proceedings under the Customs Tariff Act, 1975 and the Custom Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997 – Reg MINISTRY OF COMMER...

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Postal Ballot Notice (Draft Resolution + Explanatory Statement) For Material RPT

NOTICE OF POSTAL BALLOT [Pursuant to Section 110 of the Companies Act, 2013 read with Rule 22 of the Companies (Management and Administration) Rules, 2014] NOTICE is hereby given to the shareholders of ABC SERVICES LIMITED (the “Company”) that the resolutions appended below are proposed to be passed by the Shareholders through Postal ...

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Posted Under: Income Tax |

PAS-6 Half yearly Reconciliation of Share capital Audit Report

PAS-6 Reconciliation of Share capital Audit Report (Half yearly basis and its applicability) Provisions As per sub rule 8 of Rule 9A of the Companies (Prospectus and Allotment of Securities) Rules, 2014, company every unlisted public company governed by this rule shall submit Form PAS-6 to the Registrar with such fee as provided in Compan...

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Posted Under: Income Tax |

Applicability of FORM GSTR-9C- AAR cannot decide

In re Andhra Pradesh State Road Transport Corporation (GST AAR Andhra Pradesh)

In re Andhra Pradesh State Road Transport Corporation (GST AAR Andhra Pradesh) 1. Whether the services of APSRTC giving Non Air Conditioned Buses on contract for the occasions of marriages, functions etc, for transportation of employees and students of other organizations/Department, for different purposes like, transportation of passenge...

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No GST exemption on Coaching Services to CA & CMA students

In re Master Minds (GST AAR Andhra Pradesh)

Whether the services of supply of service of education as per the curriculum prescribed by the statutory authorities/ government to the students of the applicant for obtaining qualifications/ certificates of CA-Foundation, CA-Inter, CA-Final, CMA (ICWA)-Foundation, CMA-Inter, CMA-Final and Intermediate duly recognized by the respective st...

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GST on import of drill bits for supply to ONGC at its location in India on consumption basis

In re Halliburton Offshore Services Inc. (Drill Bits) (GST AAR Andhra Pradesh)

In re Halliburton Offshore Services Inc. (Drill Bits) (GST AAR Andhra Pradesh) In view of the submission made by the applicant we find that the basic issue before us is whether the import of drill bits for supply to ONGC at its location in India on consumption basis involves two supplies namely, Import into India […]...

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IGST on vessel charter hire charges

In re Ocean Sparkle Limited (GST AAR Andhra Pradesh)

In re Ocean Sparkle Limited (GST AAR Andhra Pradesh) Basic issue before AAR is whether the Tug Jupiter that the Applicant has let out under a charter for 730 days (with an option to extend the contract one year more) is classifiable under SAC 996602 as ‘Rental Services of water vessels including passenger vessels, freight […]...

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GST on transfer of Business unit from one state to other with Capital Assets & ITC utilisation

In re Shilpa Medicare Limited (GST AAR Andhra Pradesh)

In re Shilpa Medicare Limited (GST AAR Andhra Pradesh) From the record we find that the business of the applicant i.e., Shilpa Medicare Limited of Andhra Pradesh unit, as a whole along with the capital assets is being transferred as going concern to Shilpa Medicare Limited of Karnataka Unit for a monetary consideration. The applicant [&he...

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GST on marketing & consultancy services to foreign company for Indian Customers

In re DKV Enterprises Private Limited (GST AAR Andhra Pradesh)

In re DKV Enterprises Private Limited (GST AAR Andhra Pradesh) Whether the marketing and consultancy services supplied by the applicant are liable under export of service or not? The applicant submitted that in the capacity of consultant, they will promote the sale of and solicit orders for the products throughout the Territory in accorda...

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GST on medicines, drugs, stents, implants supplied to In-patients

In re CMC Vellore Association (GST AAR Andhra Pradesh)

In re CMC Vellore Association (GST AAR Andhra Pradesh) GST Tax liability on the medicines supplied to In-patients through pharmacy and Tax liability on the medicines, drugs, stents, implants etc administered to in-patients during the medical treatment or procedure. The applicant as stated in the application renders health care services to...

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GST Registration: Interim measure for filing revocation of cancellation order in appeal channel

1. In case your application for revocation of cancellation of registration was rejected by the tax authorities before 12/6/2020 and you wish to avail benefit of RoD order 01/2020 dated 25.06.2020, as an interim measure, you can request the appellate authority or the higher authority to pass a simple offline order on it for restoration [&h...

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Posted Under: Income Tax |

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