"30 July 2020" Archive

Denial of ITC (inverted duty structure) invalid; Rule 89(5) ultra vires section 54(3) Provisions: Gujarat HC

VKC Footsteps India Pvt. Ltd. Vs. Union of India (Gujarat High Court)

High Court held that by prescribing the formula in Sub-rule 5 of Rule 89 of the CGGST Rules,2017 to exclude refund of tax paid on 'input service' as part of the refund of unutilised input tax credit is contrary to the provisions of Sub-section 3 of Section 54 of the CGST Act,2017 which provides for claim of refund of 'any unutilised input...

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E-Invoice under GST for turnover above 500 crore, SEZ excluded

Notification No. 61/2020–Central Tax/G.S.R. 481(E) 30/07/2020

E-invoicing mandatory for registered person having turnover above INR 500 Crore e-invoice under GST is applicable for assessee’s having turnover in a financial year above Rs. 500 crore with effect from October 1, 2020 and SEZ units are excluded from e-invoicing. Notification No. 61/2020–Central Tax Dated:  30th July, 2020. Irresp...

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CBIC notifies revised Format/Schema for e-Invoice under GST

Notification No. 60/2020–Central Tax/G.S.R. 480(E) 30/07/2020

CBIC notifies vide Notification No. 60/2020–Central Tax Dated:  30th July, 2020 revised Format/Schema for e-Invoice under GST by replacing existing FORM GST INV-01 with new FORM GST INV-1. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi Notification No. 60/2020–Central Tax Dated:  ...

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E-Invoicing under GST regime

Currently, businesses generate invoices through various softwares and the details of these invoices are manually uploaded in the GSTR-1 return. The invoice information is thereafter reflected in GSTR-2A for the recipients for viewing only. On the other hand, the consignor or transporters generate e-way bill again by importing the invoic...

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Meaning of ‘Turnover/Gross receipts’ under Income Tax & Inclusion of GST

♦ Section 145A of Income Tax Act, 1961 ‘145A. Method of accounting in certain cases.—Notwithstanding anything to the contrary contained in section 145, the valuation of purchase and sale of goods and inventory for the purposes of determining the income chargeable under the head “Profits and gains of business or professionR...

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No section 23 Addition of Notional Rent for Vacant Property

Empire Capital Pvt. Ltd. Vs ACIT (ITAT Mumbai)

The issue under consideration is whether the addition on account of notional rent in respect of vacant property is justified in law?...

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No addition for Cash payments in excess of prescribed limit as Assesse given undertaking for not claiming that expenditure

Kalyan Lok Nirman (P) Ltd. Vs DCIT (ITAT Indore)

whether the disallowance u/s 40A(3) of the Act for the alleged payment in cash in excess of the limit prescribed u/s 40A(3) of the Act for making payment for purchase of land is justified in law?...

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All you need to know about TDS Rules before filling your IT returns!

The Government is planning to specify a certain category of taxpayers to pay their entire tax liability for FY 2019-20 in advance, which means such persons shall be required to pay tax even before they got to know their full income and the TDS applicable to it. The new rules shall apply to the taxpayers, whose self -assessment tax [&h...

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Residency Rule Dilemma

*Yashish Sharma Determining the residential status for income tax purposes is a big challenge for this financial year and a part of the previous financial year. This has been a topic of debate as many non – residents had to extend their stay in India, in view of the lockdown and resultant suspension of international […]...

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Law of Evidence in Relation with Taxation laws 

Law of evidence is also known as rules of evidence, which provides the rules and legal principles that, govern the proof of  facts  in  the  legal  proceeding. Law of evidence applies to every Code  or  Act, whether it is  IPC, CrPC or CPC.  In this article we can learn about the provisions of law of […]...

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