"22 July 2020" Archive

Deficiency in GST refund application cannot be raised at belated stage

Jain International Vs Commissioner of Delhi Goods (Delhi High Court)

Jain International Vs Commissioner of Delhi Goods (Delhi High Court) Admittedly, till date the petitioner‟s refund application dated 4th November, 2019 has not been processed. As neither any acknowledgment in FORM GST RFD-02 has been issued nor any deficiency memo has been issued in RFD-03 within time line of fifteen days, the refund ap...

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Section 11- Income from property held for charitable or religious purposes

Section 11 – Made Easy – Never Before Ever After Section 11 of Income Tax Act, 1961- Income from property held for charitable or religious purposes Sub Section (1) of Section 11 Subject to the provisions of  sections 60 to  63, the following income shall not be included in the total income (i.e. Exempt) of […]...

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E-Campaign On Voluntary Compliance-Issues For Consideration

The CBDT vide its Press release dated 18th July 2020, has announced an e-campaign on voluntary compliance of Income Tax for F.Y. 2018-19 from 20th of July,2020 to 31th of July, 2020. This can be viewed as a further step by the CBDT to strengthen its E-assessment Scheme and to launch a more tax payer friendly regime. The […]...

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Impact of Overdue Fees (Section 410.7) of New Code of Ethics of ICAI

Impact of Overdue Fees (Section 410.7) of New Code of Ethics of ICAI All CAs celebrate 1st July as CA Day but it is also celebrated by all doctors and Agriculturists. India is a leading agri-oriented country wherein agricultural sectors continue to remain the biggest employer since ancient times. Given the cyclical nature of agriculture, ...

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AMP expenditure incurred by assessee not falls within purview of international transaction

JCIT Vs General Mills India Pvt. Ltd. (ITAT Mumbai)

As per the prevailing legal position, the AMP expenditure incurred by the assessee in India cannot come within the purview of international transaction. That being the case, the adjustment made by the Transfer Pricing Officer cannot survive. Therefore, we do not find any necessity to restore the issue to the Assessing Officer....

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Startup India – The Engine To Innovation

WHAT IS A STARTUP ? Startup refers to the new business ideas that intend to grow large beyond the solo founder. Startups are becoming very popular in India. Startups are being highly encouraged by the Government of India. On January 16, 2016 the Government of India launched the Startup India Initiative.  Startups has Innovative Busines...

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Maharashtra PT Registration to integrate with Company incorporation

Maharashtra Ordinance No. XIII of 2020 22/07/2020

Under the initiative of Ease of Doing Business, the Government of India has directed to the Ministry of Corporate Affairs and State Government, to integrate the registration process under the Profession Tax Act with the incorporation and registration of a company under the provisions of the Companies Act, 2013 (18 of 2013), so that such a...

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Sovereign Wealth Fund notified | Section 10(23FE) | Income Tax

Circular No. 15/2020-Income Tax 22/07/2020

Specified person for this purpose has been defined to mean wholly owned subsidiaries of Abu Dhabi Investment Authority (ADIA), notified Sovereign Wealth Fund (SWF) and notified Pension Funds (PF), which fulfil conditions specified in the clause or to be prescribed for the PF....

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NFRA bars ex-Deloitte CEO for 7 years & levies Penalty

File No.NF-200121112020-1/o Secy-NFRA 22/07/2020

NFRA makes the following order in terms of Sec 132(4)(c) of the Companies Act, 2013. (i) A monetary penalty of Rs Twenty Five lakhs is levied upon CA Udayan Sen. (ii) In addition, CA Udayan Sen is debarred for a period of seven years from being appointed as an auditor or internal auditor or undertaking […]...

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DGGI busts racket for tax evasion worth more than Rs 72 crore

Acting on specific intelligence the Directorate General of Goods and Service Tax Intelligence, Headquarters (DGGI, Hqrs) has unveiled a racket of clandestine clearance of cigarettes through a factory run in Kota....

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