"20 July 2020" Archive

CBDT clarifies on Validly of section 194N exemptions

Circular No. 14/2020-Income Tax 20/07/2020

CBDT clarifies that three Section 194N exemption notifications shall be deemed to be issued under fourth proviso to section 194N as amended by the FA, 2020. ...

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CBDT Signs MOU with MoMSME for sharing of data

Release ID: 1639978 20/07/2020

The MoU will facilitate seamless sharing of certain Income-tax Return (ITR) related information by the Income Tax Department to MoMSME. This data will enable MoMSME to check and classify enterprises in Micro, Small and Medium categories as per the criteria notified in the Notification No. S.O. 2119(E) dated 26/06/2020 of MoMSME....

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Revocation/Cancellation of GST Registration | Section 30 | CGST Act 2017 | GST Series Part 20

1. Revocation of cancellation means revalidation of cancelled registration. Section 30 of the CGST Act 2017 read with Rule 23 of CGST Rules provide for revocation of cancelled registrations. 2. Application for Revocation of Cancellation : Section 30(1) A registered person, whose registration is cancelled by the proper officer on his own m...

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Posted Under: Income Tax | ,

Analysis of phrase ‘In respect of’ in GST & its impact on Blocked ITC

Be it any law, it’s all about the interpretation of various words and phrases which brings in divergent views by professionals. One such phrase which has been used in GST law is 'in respect of', the interpretation of which can change the dimensions of the views held by one....

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Posted Under: Income Tax |

Exporters Bonanza – SEIS

Exporters Bonanza If you are exporting the services, your net profit can be increased by 5% to 7% because Indian government is giving incentive on service exports? There is a scheme Service Export from India Scheme (SEIS) in Foreign Trade Policy 2015-20 where Government of India has notified various eligible services, rates & conditio...

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Posted Under: Income Tax |

New Income Tax Regime or Old Regime: What should a Salaried Taxpayer choose?

New Income Tax Regime or Old Regime: What should a Salaried Taxpayer choose? The Union budget presented in the Parliament in February 2020, the Finance Minister proposed a New Tax Regime as an alternative to the existing Old Tax Regime for Individual and HUFs. Since the New Tax Regime is optional by all means, a […]...

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Posted Under: Income Tax |

Voluntary Compliance of Income Tax returns for FY 2018-19 (AY 2019-20)

E-Campaign by Income tax Department [CBDT Press release dated 18th July 2020] A. Why this e-Campaign Now This e-Campaign is implemented to address > Provide opportunity to rectify discrepancies or deficiencies in the Income Tax returns already filed by the assessee [Filers] > Provide opportunity to those who have not filed their inc...

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Posted Under: Income Tax |

Law Vs Case Law> Role of A Professional (CA & Lawyer) (Part II)

This is a supplement to the earlier published Article under the above Title (‘the earlier Article’). Law Vs Case Law Role of A Professional (CA And Lawyer)- Part I 1.The idea of acquiring and holding a ‘Unit’ in a building, with ‘ownership’ rights, – notwithstanding its peculiar characteristics, as distinct from an indep...

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Posted Under: Income Tax |

Insights of Rule 9A and e-Form PAS-6

Insights of Rule 9A and e-Form PAS-6 It is mandated for all the unlisted Public companies (except a Nidhi Company, a Government Company and a Wholly owned subsidiary Company) to issue the securities in dematerialised form only, vide its notification dated 10th September 2018, wherein Rule 9A of Companies (Prospectus and Allotment of Sec...

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Posted Under: Income Tax |

CA in practice- Impact of 15% Fees Restriction – A Simple Example

Any SMP with Gross Annual fees income of Rs. 25L and manages to get any audit assignment from a mid-sized group with fees above Rs 5L then it was easily possible prior to 30/06/2020, since such assignment was less than 40% of total fees as per earlier code which had been in force since inception. […]...

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Posted Under: Income Tax |

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