"August, 2020" Archive

Last date to file GSTR 4 for FY 2019-20 extended to 31.10.2020

Notification No. 64/2020–Central Tax [G.S.R. 539(E).] (31/08/2020)

CBIC has announced on its Twitter Handle on 31st August 2020 that Last date to file GSTR 4 for FY 2019-20 extended to 31st October 2020. Ministry Of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) New Delhi Notification No. 64/2020–Central Tax Dated: 31st August, 2020 G.S.R. 539(E).—In exercise of the pow...

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Relevance of Drafting Skills Under the Faceless Income Tax Era

The Income Tax Department has been progressing in technology since the year 2006, when the E-filing of Income Tax Return forms was introduced and since than there is no looking back. Right from Income Tax return forms to the recent and newly proposed Faceless Appeals process, the Taxman has come a long way to be tech savvy and productive....

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Reverse Charge Liability under GST Not Paid In 2018-19

Due date to file Annual Return GSTR-9 for 2018-19 is 30-09-2020. The following queries are being raised. 1. How deal with reverse charge liability pertaining to 2018-19, in annual return GSTR-9 to be filed for 2018-19, which (reverse charge liability) had not been paid till date or had been paid in the year other than […]...

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TDS on E-Commerce Transactions

Things have changed from local Kirana Shops to Online Grocery shopping, local readymade garments shops to online purchase of cloth. Everything is now online. The Indian e-commerce sector is the fastest growing in the world and is expected to grow to $200 billion by 2026....

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Credit and debit notes [section 34 of CGST Act, 2017

Article explains about Credit Note and Debit Note under GST, Purpose of GST Credit/Debit Note, Conditions for issuing GST Credit/Debit Notes, Implications on issue of GST Credit/Debit Note, Time Limit for issuance of GST Credit/Debit Note and When to issue Financial Credit/Debit Note. 1) Credit Note under GST:- I. Purpose of GST Credit No...

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Relaxation in processing of documents pertaining to FPIs to entities in Lockdown area

Circular No. SEBI/HO/FPI&C/CIR/P/2020/162 (31/08/2020)

Securities and Exchange Board of India CIRCULAR SEBI/HO/FPI&C/CIR/P/2020/162 August 31, 2020 To, 1. All Foreign Portfolio Investors (“FPIs”) through their Designated Depository Participants (“DDPs”)/ Custodian of Securities. 2. Designated Depository Participants (“DDPs”)/ Custodians. 3. All Recogniz...

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CRAs to not treat loan restructuring due to COVID-19 as default

Circular No. SEBI/HO/MIRSD/CRADT/CIR/P/2020/160 (31/08/2020)

Based on its assessment, if the CRA is of the view that the restructuring by the lenders/ investors is solely due to COVID-19 related stress or under the aforementioned RBI framework, CRAs may not consider the same as a default event and/or recognize default. Appropriate disclosures in this regard shall be made in the Press Release....

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Changes on GST portal- You Should know

It has been over three years since the introduction of GST, India’s biggest tax reform, on 1st July 2017. It’s been a roller coaster ride for the government, Industries, taxpayers and other stakeholders. Since its inception, in the eye of the government, GST was supposed to be the ‘One Nation One Tax’. However, in actual [...

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Absurdity of Section 18(6) of CGST Act, 2017

Section 18(6) covers the situation wherein capital goods are being sold after use and it stipulates that in such cases amount payable by the supplier has to be either Input Tax Credit as reduced by percentage points as may be specified in rules or tax on transaction values whichever is higher....

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GST Registration- Section 22 to 24- CGST Act 2017

GST or Goods or Services Tax is a consumption based tax, it is an indirect tax which levied on sale, manufacturing, consumption, import and export of Goods or Services. The Act made effective with the view to remove cascading of taxes which were there in India. There were number of taxes which were imposed on […]...

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Procedure for Seeking Extension of Date for Holding Annual General Meeting of Company

Procedure for Seeking Extension of Date for Holding of Annual General Meeting (AGM) of Company Section 96 of the Companies Act, 2013 provides that every company other than a one person company shall in each year hold an Annual General Meeting of its shareholders and not more than fifteen months shall elapse between the date […]...

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Whether supply of tour operator services is Ancilliary Services & covered under 18%

Advance Ruling  Name of the Applicant:- M/s Crown Tour and Travels Advance Ruling No. :- RAJ/AAR/2019-20/25 Date Of Ruling :- 26/11/2019 Brief facts of case:- The application in business of providing Tour Operator as well Support Services in particular set of transactions, the Applicant received service orders from the main tour operator...

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Advance Ruling | Sec 10(1)(a) & 10(1)(b) of IGST Act 2017

As I promised in previous post related to GST Registration requirement, If covered under bill to ship to model?  That I will provide the solutions relating to Litigation posted in previous post on sec 10(1)(a) and 10(1)(b). However, Following Advance Ruling covered same litigation as we already discussed in our previous post, that provid...

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All about GSTR-2B

The GST Council, in its 39th meeting held on 14th March 2020, had recommended to adopt and implement linking of GSTR-1 & GSTR-2A with GSTR-3B. As we know GSTR-2A is a dynamic return, so to solve this issue, GSTR-2B has been introduced. All About GSTR-2B The GST Council, in its 39th meeting held on 14th […]...

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Withdraw New Income Tax TCS provisions

We wish to submit that the provision for collecting Income Tax at source (TCS) which is going to be implemented from 1st October, 2020, will add to the already existing enormous compliance burden of taxpayers. 2. The twin provisions for its applicability being sellers having turnover of above Rs. 50 Crores, and buyer’s volume from an...

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CBDT to share information with Scheduled Commercial Banks

F. No. 225/136/2020/ITA.II (31/08/2020)

Order under section 138 of the Income-tax Act,1961 directing Principal Director General of Income-tax (Systems), New Delhi for sharing information on  ‘IT Return filing Status’ of with Scheduled Commercial Banks. F. No. 225/136/2020/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct T...

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41st GST Council Meeting Highlights

The global pandemic of COVID-19 has brought grave losses to humanity as well as the tax collections this year as per the Government reports. It’s a known fact already that at the time of the introduction of Goods and Services Tax 2017, the Union Government had promised a certain amount of their revenues as GST […]...

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Form 26QD notified by CBDT for section 194M TDS payment

Recently introduced Section 194M of Income tax Act, making it mandatory for Individual & HUF to deduct 5% TDS on prescribed payments As per Section 194 M An Individual or HUF has to deduct TDS other than those who are required to get their accounts audited. It applies when the total amount paid to a […]...

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An employee cannot be Removed or Reduced in Rank Due to Disability –Punjab & Haryana High Court

An employee cannot be Removed or Reduced in Rank Due to Disability –Punjab and Haryana High Court The Punjab and Haryana High Court has on 25th August 2020 has passed a  ruling reaffirming his right to work and confirming that a person with a physical disability has the right to continue his job and a mere disability cannot be [&he...

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Public Shareholding norms for companies reviving out of Insolvency

The market regulator has proposed relaxing norms pertaining to 25 percent minimum public shareholding for companies that undergo corporate insolvency resolution process and seek to relist afterward. SEBI’s proposal comes from the insolvency proceedings of Ruchi Soya Industries extreme share price movement after the company went thro...

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Online Payment Gateway in India & Law for overseas e-Commerce operators in India

Compliance requirement of the Online Payment Gateway Channels in Indian and regulatory requirements for the overseas e-Commerce operators in India. DETAILED REPORT ON THE COMPLIANCE REQUIREMENT OF THE ONLINE PAYMENT GATEWAY CHANNELS IN INDIAN AND REGULATORY REQUIREMENTS FOR THE OVERSEAS COMPANY FOR DOING E-COMMERCE OPERATIONS IN INDIA. 1....

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AGM Extension for FY ended as on 31.03.2020 via e-form GNL-1

Extension of Annual General Meeting (AGM) for the financial year ended as on 31st March,2020 through e-form GNL-1 Due to spread of novel corona virus pandemic and consequent nationwide lockdown announced by Government of India, several representations were made to Ministry of Corporate affairs (MCA) to allow companies to hold their annual...

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Faceless Assessment

Some technical aspects of faceless assessment 1. It is electronic mode procedure, no need to go department. 2. No Human interface 3. This is applicable on section 143(3) and 144. 4. Cases to be allocated to assessment units in a random manner 5. Central Cell to be the single point of contact between taxpayer and […]...

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Case review of State Bank of India Vs Metenree Ltd

This article is about judgment of NCALT/NCLT  in the matter of STATE BANK OF INDA V. M/S METENERE Ltd, on aspect of Interim Resolution Professional (herein refers as IRP). NCALT affirmed in the judgement in which it has been held that an ex-employee of creditor, having long association with creditor should be substituted, because he [&he...

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Reopening in case of previously completed scrutiny cannot be taken up after 4 years

HLG Memorial Hospital Pvt. Ltd. Vs ACIT (ITAT Kolkata)

HLG Memorial Hospital Pvt. Ltd. Vs ACIT (ITAT Kolkata) In the reasons supplied to the petitioner, there is no whisper, what to speak of any allegation, that the petitioner had failed to disclose fully and truly all material facts necessary for assessment and that because of this failure there has been an escapement of income […]...

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Key Managerial Personnel (KMP) under Companies Act, 2013

According to Section 2(51) of the Companies Act 2013, Key Managerial Personnel in a Company are: -Chief executive Officer (CEO) OR the Managing Director. -Chief Financial Officer (CFO). -Manager -Company Secretary (CS). -Whole-Time Director. These are a group of people who are in charge of managing the operations of a Company; they are re...

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RBI Governor: Time for banks to look deeply within & reorient banking

Keynote Address by Shri Shaktikanta Das, Governor, Reserve Bank of India – Delivered at the Unlock BFSI 2.0 with Business Standard on Thursday, August 27, 2020, has been reported in RBI web site which is reproduced below: https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1099 His speech will be analyzed in the following manner:...

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Taxpayer’s Charter – Income Tax

On 13 August 2020, between much pomp and fanfare, Prime Minister Modi announced the new Transparent Taxation platform i.e. the new way forward for the Central Board of Direct Taxes. The main idea behind the Transparent Taxation platform is ‘faceless’ assessments and faceless appeals. Further, the Prime Minister promised that the tax a...

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Tamil Nadu CM rejects GST Compensation Options suggested by Center

Press Rel No. 635 (31/08/2020)

As you are aware one of the most crucial fiscal issues facing the nation currently is the payment of compensation on account of the short fall in revenue post implementation of GST. Most States, and in particular Tamil Nadu, agreed to the implementation of GST and to support the legislation on the basis of the unequivocal commitment given...

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RBI Announces Measures to Foster Orderly Market Conditions

Press Release: 2020-2021/263 (31/08/2020)

While announcing special open market operations on August 25, 2020 the Reserve Bank stated that it would continue to monitor evolving liquidity and market conditions and take measures as appropriate to ensure orderly functioning of financial markets....

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Place of Supply of Service Under UAE VAT

In VAT it is very crucial to determine the place of supply of every transaction. Because, place of supply is the place where supply is considered to have taken place. Taxability on a particular supply depends upon its place of supply. Where place of supply is considered to be in UAE, tax is applicable on […]...

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Income Tax Exemption to Owners of Unauthorized Colonies In Delhi

Over 1700 unauthorized colonies in Delhi were regularised in December last year. Owners Delhi’s unauthorised colonies will now get Income Tax Exemption even if they have purchased land or house at rates below the prevailing market price. The Income Tax Department issued a Notification grating the exemption on any immovable property bein...

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ROC- Corporate Law -MCA- Due Date Calendar- CFSS- LLPSS -2020

The corporate law has brought various new schemes and amendments to the existing scheme in 2020. The various company law compliances are extended due to Covid -19 pandemic. Article contains summary of recent Important Notification/Circulars/Press Release issued by MCA, Compliance Calendar for Transactions related to F.Y. 2019-20, Detailed...

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Registration of limited liability partnership

LLP or Limited Liability Partnership is nothing but an alternative corporate form that provides benefits of “Limited Liability” to the designated partners at reasonable costs of compliance. It is a legal entity. However, the liability of all Designated Partners is limited to the portion as contributed by the Designated Partner...

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Validity period of SCOMET export authorizations for transfer of technology/software

Trade Notice No. 26/2020-21-DGFT (31/08/2020)

Henceforth, validity period of SCOMET export authorizations for transfer of technology/software under any category of SCOMET shall be twenty four months only or validity period of export authorization allowed in terms of Para 2.16 of HBP of FTP 2015-20. No subsequent revalidation in such authorizations shall be permissible....

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Procedure for applications for export of N-95/FFP2 Masks

Trade Notice No.: 25/2020-21-DGFT (31/08/2020)

The application procedure and criteria for export of N-95/FFP2 masks (including for samples) is outlined below: I. Export of only 1 crore total units of 'N-95/FFP2 Masks' will be allowed for the month of August and September....

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Maharashtra Lockdown guideline dated 31st August 2020

order No. No: DMU/2020/CR. 92/DisM-1 (31/08/2020)

1) Schools, colleges, educational and coaching institutions will remain closed till 30th September, 2020. Online / distance learning shall continue to be permitted and shall be encouraged. 2) Cinema halls, swimming pools, entertainment parks, theatres (including that in malls and market complexes), bars, auditoriums, assembly halls and...

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Tariff Notification No. 83/2020-Customs (N.T.) dated 31.08.2020

Notification No. 83/2020-Customs (N.T.) [S.O. 2956(E).] (31/08/2020)

Tariff Notification No. 83/2020-Customs (N.T.) dated 31st August, 2020 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 83/2020-CUSTOMS (N.T.) New Delhi, ...

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Holding AGM via Video Conferencing & seeking AGM Extension

The companies which are unable to hold their AGM for the financial year ended on 31.03.2020, despite availing the relaxations provided in the G.C. 20/2020 ought to file their applications in Form No. GNL-1 for seeking extension of time in holding of AGM for the financial year ended on 31.03.2020 with the concerned Registrar of Companies o...

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Deposits under Section 73 to 76A of Companies Act, 2013

Deposits under Section 73 to 76A of Companies Act, 2013 (READ WITH DEPOSITS RULES 2014.)  SECTION 73 TO 76A  >  Applicable to public as well as Private Company > Private- take deposit from member only Public- take deposit from member and public 1. Recurring deposits- Periodic interval 2. DD – Saving A/C when demand arises [&hel...

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Digitisation of records important for combating tax evasion: CBIC Chairman

D.O.No.30/CH(IC)/2020 (31/08/2020)

cross-border crimes. While the DIGIT platform is already in place for the DRI and Customs formations to capture Customs related offences, the DG Systems (Bengaluru Zonal Unit) has come out with an investigation (enforcement) sub-module under the Dispute Settlement and Resolution module of ACES­GST application that covers all activities s...

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Voting Rights of Shareholders under Companies Act, 2013

Voting Rights of the Shareholders  Introduction of Section 47 of the Companies Act, 2013 Every member of the company limited by shares holding equity share capital has right to vote in Company. Rights can be varied as per section 43(a) of the Companies Act, 2013; for private limited company section 47 is not applicable where […]...

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Annual compliance to be done by foreign company through out the year

There are various compliances needs to be done by a Foreign Company, however before going into details one needs to understand the term Foreign Company. The word ‘Foreign Company’ has been defined under Section 2(42) ‘Foreign Company’. It includes a company or a Body corporate which is formed outside the territory ...

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Draft Format of Letter of Appointment Company Secretary

We are pleased to inform you that the Board of Directors has appointed you as the Whole-Time Company Secretary of the Company. You are requested to join the service of the Company and contact the undersigned so that you may be introduced to the concerned persons before you start functioning....

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Board Meeting under Companies Act 2013

Board Meeting under Companies Act 1. Meetings of Board (Sec 173) a. Every company shall hold its first board meeting within 30 days from the date of incorporation. After the first board meeting, every company shall hold minimum four board meetings in a calendar year. b. In holding board meetings during the year, there shall […]...

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Anti-dumping investigation on imports of Normal Butanol

Case No. AD-SSR-13/2020 (31/08/2020)

Case No. AD-SSR-13/2020 Initiation of Sunset Review investigation concerning imports of Normal Butanol from European Union, Malaysia, Singapore, South Africa and United States of America...

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Anti-dumping Investigation on imports of Methylene Chloride

Case No. AD-SSR-09/2020 (31/08/2020)

Case No. AD-SSR-09/2020 Subject:-Initiation of Sunset Review Investigation concerning imports of Methylene Chloride originating in or exported from China PR....

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Anti-dumping investigation against imports of Acrylic Fibre

Case No. (SSR) 08/2019 (31/08/2020)

Case No. (SSR) 08/2019 Sunset Review of anti-dumping investigation against imports of Acrylic Fibre originating in or exported from Thailand....

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Debate on Nature of Expense- Penalty for disallowance unjustified

Piramal Healthcare Ltd. Vs DCIT (ITAT Mumbai)

Piramal Healthcare Ltd. Vs DCIT (ITAT Mumbai) We find that the assessee had claimed business promotion expenses as revenue expenditure which was sought to be treated by the ld. AO as capital expenditure. This disallowance was ultimately sustained by the Tribunal in the quantum appellate proceedings. We find that the issue in dispute was w...

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‘Shapoorji Palonji’ denied ITC benefit to Flat Buyers : NAA

Venugopal Gella Vs Shapoorji Palonji (NAA)

Venugopal Gella Vs Shapoorji Palonji (NAA) It is established from the perusal of the above facts that the Respondent has benefited from the additional ITC to the tune of 1.99% of the total turnover in respect of the project PARKWEST-EMERALD during the period from July, 2017 to April, 2019 which he was required to pass […]...

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Reopening to assess Income under different head due to change of opinion is invalid

ACIT Vs. Shri Rajendra Bhararia (ITAT Visakhapatnam)

Reopening of assessment to assess the remuneration under the head ‘income from salary’ instead of ‘income from other sources’ constitutes difference of opinion and the AO is not permitted to reopen the assessment on difference of opinion...

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Notification No. 40/2020-Customs (N.T./CAA/DRI) dated 31.08.2020

Notification No. 40/2020-Customs (N.T./CAA/DRI) (31/08/2020)

Notification No. 40/2020-Customs (N.T./CAA/DRI) dated  31.08.2020 – Appointment of Common Adjudicating Authority by Pr. DGRI. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 40/2020-Customs (N.T./CAA/DRI) New Delhi, date...

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CBDT specifies Scheduled Commercial Banks for section 138(1)(a)(ii)

Notification No. 71/2020-Income Tax-S.O. 2947(E) (31/08/2020)

In pursuance of Section 138(1)(a)(ii) the Income-tax Act, 1961, Central Government hereby specifies Scheduled Commercial Banks listed in the Second Schedule of the Reserve Bank of India Act, 1934 for the purposes of the said clause....

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Duty drawback cannot be denied for procedural irregularities

Bio Gen Extracts Pvt Ltd Vs Commissioner of Customs (CESTAT Bangalore)

Bio Gen Extracts Pvt Ltd Vs Commissioner of Customs (CESTAT Bangalore) We find that the appellant initially exported Phycocyanin and a part quantity of the same was rejected for quality reasons which was re-imported by him without payment of duty in terms of Notification No. 158/95-Cus dated 14.11.1995 on executing Bond with Bank Guarante...

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Tenure of CBDT Chairman P. C. Mody extended till 28.02.2021

Office Order No. 164/2020 (31/08/2020)

President of India extended re-employment of Shri Pramod Chandra Mody, as Chairman,CBDT for a further period of six months with effect from 01.09.2020 to 28.02.2021...

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Spot delivery of bullion & dealing in bullion depository receipt notified

Notification No. S.O. 2957(E) (31/08/2020)

Spot delivery of bullion and dealing in bullion depository receipt notified. Bullion financing etc also notified MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 31st August, 2020 S.O. 2957(E).—In exercise of the powers conferred by sub-clause (vi) of clause (d)and sub-clause (xiv) of clause (e) of sub-se...

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Can COVID override Income Tax Procedures

ITAT ORDER VALIDITY IN CORONAVIRUS – CAN COVID OVERRIDE PROCEDURES? Recently before the Mumbai tribunal, in the cross appeal case of DCIT Vs JSW Limited (Respondent) (successor company on amalgamation Of JSW Ispat Limited) -ITA No. 6264/Mum/18 Assessment year: 2013-14, and JSW Limited (Appellant) (successor company on amalgamation Of JS...

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Important Taxation amendments w.r.t. Tax Audit/Company Audit for FY 2019-20

Here’s a list of a few Important Taxation amendments w.r.t. Tax Audit/Company Audit for FY 2019-20: 1. The threshold limit of Rs 1 crore for applicability of Tax audit u/s 44AB(a) is increased to Rs 5 crore if the taxpayer’s cash receipts are limited to 5% of the gross receipts or turnover and the cash […]...

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GST Action Plan for September 2020

September 2020 is considered to be a significant month for any Financial Year as it includes major compliances under the Goods & Services Act. Here, I provide you with the list of activities which should be performed by a registered person under GST. Article contains GST Action Plan for September 2020 and explains Extension of [&helli...

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4 Recent Enhancements on GSTN Portal

Recent Enhancements on GSTN Portal (www.gst.gov.in) – Recently GSTN has rolled out few enhancements on GSTN portal for the benefit of tax payers. Some of the major enhancements being –Introduction of ITC Statement Form GSTR-2B, Option to file GST refund application spread across multiple Financial Years, Facility to check Bill of ...

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FAQs on MCA notifications for web link of Annual Return

FAQs on MCA Notification for Web Link of Annual Return and Companies (Management & Administration) Amendment Rules, 2020 1. What are the effective dates of the amendment of Section 92(3) and the  Companies (Management and Administration) Amendment Rules, 2020? Ans. Both the notifications are effective from 28th August, 2020. 2. What ...

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GSTR 2B, a new era of Reconciliation of Input Tax Credit

GSTN has enabled Form GSTR 2B in the GST Portal. The Taxpayer can log in with there login credentials then go to F.Y 20-21 for July 2020, the Form GSTR-2B is available on the Portal. The GST Council, in its 39th meeting held March 2020, had recommended to adopt and implement the incremental approach of […]...

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SOP for limited physical hearing before Hon’ble Supreme Court

NA (30/08/2020)

SUPREME COURT OF INDIA Standard Operating Procedure for limited physical hearing before Hon’ble Court In continuation of directions already notified regarding functioning of the Supreme Court of India, in the wake of the Covid-19 pandemic, more particularly through Circulars dated 14.03.2020 and 23.03.2020, and on consideration of the r...

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Section 269SU: Banks to Refund charges received on or after 01.01.2020

Circular No. 16/2020-Income tax (30/08/2020)

Banks are, , advised to immediately refund the charges collected, if any, on or after 1st  January 2020 on transactions carried out using the electronic modes prescribed under section 269SU and not to impose charges on any future transactions carried through the said prescribed modes....

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CBIC Launches GSTR-2B (29th August 2020): Key Features

The government has decided to continue the existing GST (Goods and Services Tax) return filing system for the time being. The new GST return filing system with forms ANX-1, ANX-2, RET-1 and RET-2 as proposed by the government for the launch has been put on hold until further notice. In place of launching the new GST […]...

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Cabinet Clears Introduction of Punjab GST (Amendment) Bill, 2020

CABINET CLEARS PROPOSAL FOR INTRODUCTION OF PUNJAB GOODS AND SERVICES TAX (AMENDMENT) BILL, 2020 FULFILLS DEMAND OF TAX PAYERS TO SIMPLIFY PROVISIONS AND PROCESSES FOR SMOOTH LEVY AND COLLECTION OF TAXES UNDER GST Chandigarh, August 25: The Punjab Cabinet on Tuesday approved the proposal for introduction of the Punjab Goods and Services T...

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Practical understanding of effect of ITC in GSTR 9 for F.Y. 2018-19

Form GSTR-9 is an annual return to be filed by all registered taxpayers whose turnover is Rs. 2 crores or more. A taxpayer shall report all outward supplies, inward supplies, taxes paid, refund claimed, demands raised and ITC availed and utilized in Form GSTR-9. It has been observed that practitioners are facing many difficulties to [&hel...

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Compensation to Retiring Partners as Goodwill is Eligible for Depreciation

PCIT Vs Swastik Industries (Gujarat High Court)

Whether the ITAT was right in treating the payments made to retiring partners in the nature of compensation can be termed as goodwill and subsequently eligible for depreciation?...

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Section 54F Exemption allowed Even if Residential Flats Constructed alongwith Saleable flats

Nisha Sarawgi Vs ACIT (ITAT Ranchi)

whether AO is correct in disallowing the exemption u/s 54F on the ground that residential flat was not constructed after the date of transfer and they were constructed alongwith saleable flats?...

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Interest for TDS Default levied on Buyer of Property even if NRI Seller Already Paid Taxes in his Return

Sh. Harpal Singh Vs DCIT (ITAT Chandigarh)

The issue under consideration is whether interest u/s 201(1A) will be levied on assessee even if NRI seller had already paid taxes as per his return?...

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Deduction u/s 54F Allowed Even if Construction of New House Commenced Prior to Transfer of Asset

Natta Suryarao Vs ITO (ITAT Visakhapatnam)

The issue under consideration is whether the assessee would be entitled for deduction u/s 54F if construction of house is commenced prior to the transfer of the asset?...

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Perishable Goods in Transit Can’t Seized, if applicable IGST paid with valid E-way Bill & Invoice

Venkateshvara Logistics Fleet Owners and Transport Contractors Vs Assistant Commissioner (Karnataka High Court)

whether the department is entitled to seize a consignment of perishable goods in transit more particularly when it is accompanied by a lawful e-way bill, invoice and when it has paid the applicable IGST?...

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Validity of GST Assessment Order served by uploading it on Web Portal

K.U. Niyas Vs Assisstant Commissioner (Kerala High Court)

The issue under consideration is whether the serving of assessment order by uploading it on web portal and not communicated separately to the assessee will be considered as valid under law?...

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No detention of goods for mere non-mention of Tax payment details on E-Way Bill

M.S. Steel and Pipes Vs Asst. State Tax Officer (Kerala High Court)

The issue under consideration is whether the detention of goods with the allegation that the E-way bill does not have tax amount mentioned on it is justified in law?...

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Corporate Debtor liability not extinguished upon Insolvency Resolution Plan Approval

State Bank of India Vs Anil Dhirajlal Ambani (NCLT Mumbai)

whether the liability of a guarantor of a debt of a corporate debtor stands reduced/extinguished upon an Insolvency Resolution Plan in respect of the corporate debtor, being approved under the Insolvency and Bankruptcy Code, 2016?”...

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Depreciation not Disallowable merely for Purchase of car in Personal Name

Desh Raj Arora Vs ITO (ITAT Delhi)

Whether the depreciation on car purchased by assessee can be disallowed only because the payment towards purchase of the same is made through his personal account?...

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Section 153A Assessment Invalid if no Incriminating Material Found during Search

Shri Amit Arora Vs ACIT (ITAT Delhi)

The issue under consideration is whether the assessment u/s 153A can be considered as valid even if no incriminating material found during the course of search?...

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Vehicle Seized with Goods Released on complying CGST Rule 140

A K Overseas Vs State Of U.P and 2 Others (Allahabad High Court)

High Court states that if the petitioner fulfills the requirement of Rule 140 together with its explanation, Authorised GST officer will release his vehicle along with the goods within period of one week....

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Change Your Mindset

Everything depends on our mindset. Whatever happens with us is the result or outcome of our mindset only. Therefore change your mindset first. If you want fit physically, mentally, emotionally you have to work on your mindset first. It works like an antibiotic pre-disease and after disease. If you have ‘O’ as Opportunity and ‘O’ [...

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Form 35 Submission with Scanned Signature for filing CIT appeal is Sustainable in Law

Rivendell PE Vs ACIT (ITAT Mumbai)

The issue under consideration is whether the submission of Form 35 alongwith scanned copy of signature at the time of filing CIT appeal is sustainable in law?...

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SC Overrides Agreement while Compensating Flat Buyer for delayed possession

Wg. Cdr. Arifur Rahman Khan & Aleya Sultana & Ors vs. DLF Southern Homes Pvt. Ltd. (Supreme Court), Civil appeal no.6239/2019

Delays and defaults are common in real estate development. The Flat buyers are usually left in the lurch where the Developer delays the delivery of the constructed units incessantly. This prompted the government to enact Real Estate (Regulation and Development) Act, 2016....

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Drawing power vs. Security in CC limit- open the knot

Today I am covering a very important provision in bank credit (working capital limit) which almost 100% of the people (even CAs and senior bankers) treat wrongly. Generally banks will compute drawing power (DP) in a cash credit/overdraft account by taking into consideration book debts outstanding upto 90 days. I think this concept is clea...

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Acquisition of Future Group by Reliance- –A Much Awaited Deal

Reliance Retail Ventures Limited will pay INR 24,713 crore to Future Enterprise Limited (FEL) for the acquisition of retail & wholesale business and the logistics & warehousing business of the future group. Modus operandi of payment is not disclosed as yet....

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Checklist of section 185 of Companies Act 2013

Section 185 of Companies Act 2013, prohibited companies from advancing any loan (including loan represented by a book debt) or giving any guarantee or any security in connection with a loan taken by the directors of such company or any other person in whom the directors are interested. Article contains Checklist of section 185 of [&hellip...

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Startup Recognition & Tax Exemption

Startup Recognition & Tax Exemption Under the Startup India Action Plan, startups that meet the definition as prescribed under vide G.S.R. 127(E) dated 19th February, 2019 are eligible to apply for recognition under the program. The Startups have to provide supporting documents, at the time of application. Eligibility Criteria for Sta...

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How Is MoneyTap Driving the Fintech Revolution in the Indian Lending Space

In 2015, entrepreneurs Kunal Varma, Bala Parthasarathy, and Anuj Kacker founded MoneyTap to address the loopholes in the traditional lending space. They introduced India's first app-based credit line that isn't tied to any collateral....

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Allow Filing of financial statement within sixty days of AGM

We wish to submit that the provision of Section 137(1) of the Companies Act, 2013 requiring filing of financial statement within thirty days of the date of annual general meeting may be considered for amendment by prescribing a period of sixty days for such filing, aligning it with the date of filing of annual return....

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Request for extension for holding Annual General Meeting due to COVID-19

It is once again requested that a general extension for the date of conducting AGMs may be allowed so as to provide relief to all the companies and stakeholders The MCA may also consider filing of e-Form GNL -1 for seeking extension of time in holding of AGM through STP mode, so as to speed up the approvals....

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CSI UDIN and eCSIN Guidelines

THE INSTITUTE OF company Secretaries of India MCA: August Shri Rajesh Verma. IAS Secretary Ministry of Corporate Affairs Government of India Dr. Rajendra Prasad Road, Shastri Bhawan. New Delhi – 110 001 Subject: ICSI UDIN and eCSIN Guidelines – Reg. Respected Sir, Kindly refer to ICSI letter dated 19th December. 2019 and 3rd J...

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Introduce CSR Compliance Certificate: ICSI requests MCA

It is proposed that CSR Compliance Certificate, by an independent professional, should be introduced, which should cover all the aspects of CSR provisions as provided ,under the Act and the Rules. A draft Compliance Certificate covering each and every aspect is given at 'Annexure B....

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Amend Rule 8A of Whole-Time Company Secretary Appointment: ICSI

Institute of Company Secretary of India  PD: MCA/August Shri Rajesh Verma, IAS Ministry of’ Corporate Affairs Government or India Dr. Rajendra Prasad Road Shastri Bhawan. New Delhi 110 001 Subject: Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2020 notified on 3rd Jaunuary, 2020 Respected Sir. Th...

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Secretarial Audit for Bigger Companies under Companies Act, 2013

It is submitted to include Secretarial Audit for bigger private companies in the purview of secretarial audit. The suggested amendment in Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 as under:...

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E- Assessment / Faceless Assessment

E-ASSESSMENT SCHEME, 2019 NOTIFICATION NO. 61, DATED 12.9.2019 NOTIFICATION NO. 62/2019, DATED 12.9.2019 (Directions for giving effect to Income Tax E-assessment Scheme, 2019 by sub-section (3B) of section 143 of the Income-tax Act, 1961) In exercise of the powers conferred by sub-section (3A) of section 143 of the Income-tax Act, 1961 Go...

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Issues in Tax Audit – Difference in ITC in GSTR 2A & GSTR 3B

Certain persons are required to get his books of account audited as per Section 44AB of the Income Tax Act, 1961. The applicability of this audit is mentioned in this section. While conducting audit under section 44AB of the said Act, Auditor has to report certain facts which are required by said Act in Form […]...

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Resignation by Auditor under The Companies Act, 2013

The Companies Act, 2013 has separate section for auditor related all the provisions, implying that an auditor has important place in a company. Auditor is per responsible for checking the accuracy financial part of company. I have already covered the provision of appointment of auditor in my article https://taxguru.in/company-law/auditor-...

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Job Work Procedure under GST | Section 143 | CGST Act 2017

Simplified GST Series –Miscellaneous- Section 143/CGST ACT 2017 Section 143-Job Work Procedure ♣ This section provides for a special procedure to exempt supplies from payment of GST by a principal to a job worker and return from a job worker to a principal subject to certain conditions and procedures. ♣ The definition of job work [&...

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Form No. MGT-8- Format of Certificate by A CS In Practice

Form No. MGT-8 [Pursuant to section 92(2) of the Companies Act, 2013 and rule 11(2) of Companies (Management and Administration) Rules, 2014] CERTIFICATE BY A COMPANY SECRETARY (CS) IN PRACTICE  I have examined the registers, records, books and papers of M/s ———————————- (...

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How To Use Headings Correctly For SEO On Your Website

The headings (headers) help both users and search engines to read and understand the texts that make up a web. They act as pointers for readers and make it easier for people to understand what a post or page is about. Headings are one of prime SEO elements to be focussed for a better rankings on Google Search engine. At Grown [&hell...

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हिंदू अभिवाजित परिवार

 आयकर कानून में हिंदू अभिवाजित परिवार पर एक स्वतंत्र इकाई के रूप में कर निर्धारण होता है आयकर अधिनियम में हिंदू अभिवाजित परिवार...

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