"01 August 2020" Archive

Composite & Mixed Supply and composition levy under GST

When someone want to find tax liability for composite and mixed supply or for composition levy, he must understand the three terms before arriving at decision to tax the transaction. These three terms are distinct with each other and having distinct impact on tax liability of a taxpayer. Therefore we should understand the meaning of [&hel...

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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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Debit Note & Credit Note | Section 34 | CGST Act 2017

Credit Note & Debit Note is described as a document on which tax incidence can be passed or excess tax can be refunded or credited back. Section 34 of the CGST Act, 2017 covers the provisions of Credit Note and Debit Note....

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TCS Mechanism under GST

TCS and TDS have some similar and dissimilar features. TDS refers to tax that is deducted when recipient makes some payments under a contract etc. whereas TCS refers to tax which is collected by the e-commerce operator when a supplier supplies through its portal and the payment for that supply is collected by the e-commerce […]...

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Non resident Taxable Person | Section 2(77) | CGST Act 2017

Section 2(77) of CGST Act defines Non-resident taxable person (NRTP) as any person who occasionally undertakes transactions involving supply of goods /services, whether as principal/agent/in any other capacity, but who has no fixed place of business/residence in India. Therefore it covers all such person who is involved in supply of goods...

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Impact of ITC & relevance of refund due to merger, Demerger, Spin-off & Split

Impact of ITC and relevance of refund due to merger, Demerger, Spin-off and Split within India as well as Outside India. Nowadays corporate restructuring has become a need for change in the organizational structure, or business model of a company. It is done majorly to expand the business, revive a declining business, increase a company...

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Set off of long term capital loss against STCG on depreciable assets sale

The long term capital loss (LTCL) can be set off against the short term capital gain (STCG) arise on depreciable assets u/s 50 of income tax act, 1961 As per provisions of section 74(1)(b) loss related to a long term capital gain can be set off against the long term capital gain. Long Term Capital […]...

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Taxability of Joint Development Agreement under Income Tax Act, 1961

Joint Development Arrangement (JDA) has always been an area of conflict between the assessee and the tax department. In real estate sector JDA i.e. Joint Development Agreement has emerged as most popular arrangement between land owner and developer. In this article I will explain taxability of JDA under Income tax law. Meaning of Joint De...

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Difference between LLP and One Person Company

Difference between Limited Liability Partnership (LLP) and One Person Company (OPC) Choice of Business- An Important Decision Selection of the form of business entity is one of the most important decisions before starting a business. This decision is required to be revisited periodically as the business develops. In this Edition we the di...

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Annual Compliances for One Person Company (OPC)

One Person Company (OPC) is a choice of Business entity for entrepreneurs who want to have full control over the business. OPC is a type of Private Company as per Section 2(68) and Section 3(1) (c). Rule 3 of the Companies (Incorporation) Rules 2014 say, only a natural person who is an Indian citizen and […]...

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The Evolving Jurisprudence of section 34 of Indian Arbitration & Conciliation Act, 1996

Section 34 of the Arbitration and Conciliation Act, 1996 (Act) provides for setting aside of an arbitral award by making an application to the Court, on the grounds stated therein. It would not be wrong to say that section 34 of the Act has evolved since 1996 to what we read today. This evolution can […]...

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Ind AS amendment for Financial Year 2020-21

Issued by Ministry of Corporate Affairs in consultation with the National Financial Reporting Authority On 24th July, 2020 the Ministry of Corporate Affair (MCA) vide notification dated 24th July, 2020 has exercised the powers conferred by section 133 read with section 469 of the Companies Act, 2013, the Central Government, in consultatio...

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Ultratech Cement liable to Pay Interest @ 12% on Exessive Subsidy until Entire Excess Subsidy Recovered

Ultratech Cement Ltd. & Anr. Vs State of Rajasthan & Ors (Supreme Court)

Whether interest will be levied on availment of excessive subsidies of 25% under Rajasthan Investment Promotion Scheme-2003 until the whole excessive subsidies are recovered?...

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Story of Chartered Accountant…!!

Everybody wants to be famous, but nobody wants to do the work. You grind hard so you can play hard. At the end of the day, you put all the work in, and eventually it will pay off. It could be in a year, it could be in thirty years. Eventually, your hardwork will pay off....

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Postponement of Deadline Fine Income Returns Till September 30

Postponement of Deadline Fine Income Returns Till September 30 Instead of July 31,2020! 1. Introduction: The Central Board of Direct Taxes has once again, relieved the taxpayers from going into an unnecessary hassle for submitting their ITR returns and saving them from paying penal charges unnecessarily. On July 29, the CBDT has formall...

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Onus on Inventory e-commerce Entities under New E-commerce Policy 2020

Before understanding the  obligations of Inventory E-commerce Entities under New e-commerce Policy , we need to know the definition of  ‘Inventory e-commerce entity’. As per the Consumer Protection (E-Commerce) Rules, 2020 ‘inventory e-commerce entity’ means an e-commerce entity which owns the inventory of goods ...

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New Pension Scheme

New Pension Scheme Everyone has a retirement plan for travel, leisure, meeting daily expenses, only one can enjoy retirement if one has available funds. Retirement is the condition when there is no active income, unlike developed countries, there is no Government support. With increasing, medical advancement life expectancy after retireme...

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No Penalty can be Levied on Cash Deposits if Assessee explained Source

Deoyani Movies Pvt. Ltd. Vs ITO (ITAT Pune)

Deoyani Movies Pvt. Ltd. Vs ITO (ITAT Pune) No Penalty can be Levied on Cash Deposits if Assessee Explained its Source from Earlier Withdrawal and Recorded in Books of Accounts Simply because cash deposited in the bank is a little more than the cash sales, it cannot call for any addition, what to talk of […]...

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Four changes applicable from 1st August, 2020

From 1st August, 2020 some rules are getting change. The changes may affect our life. The new rule will be implemented after replacing old one. These changes include the rate of contribution in EPF, change in insurance, interest rate rules on bank accounts. EPF will be deducted @ 12% The Finance Minister announced that monthly […]...

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‘Meaning of Business’- Amendments in Ind AS 103 Decoded

Recently the MCA issued notification dated 24/07/2020 wherein a number of amendments are introduced in IndAS 103, 107, 109, 116, 7, 8, 10, 34 and 37. We will be here discussing the amendments brought in IndAS 103. It is worthy to  note that the changes are in line with changes introduced by IASB in IFRS […]...

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Highlights of National Education Policy 2020

1. Principal of the Policy a. To develop good human beings capable of rational thought and action, possessing compassion and empathy, courage and resilience, scientific temper and creative, imagination, with sound ethical moorings and values. b. It aims at producing engaged, productive, and contributing citizens for building an equitable,...

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GST Order of Demand of Tax & Penalty should be passed after proper opportunity of hearing

Kalpana Stores Vs State of Tripura & others (Tripura High Court)

Kalpana Stores Vs State of Tripura & others (Tripura High Court) Under sub-section (1) of Section 129 thus the authorities enjoy the power of detention of goods in transit if it is found that the same is in contravention of the provisions of the Act or the rules. The detention can also be made of […]...

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Cross-Examination & Principles of Cross-Examination

Cross-examination can make or destroy a case. It is the keystone to a successful trial. Because of the dramatic possibilities inherent in cross-examination, it has become the favourite courtroom device to be exploited by the cinema and television. But what actually the cross-examination is. In this article we can learn about Cross-Examina...

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Release confiscated conveyance on deposit of amount determined

Devrajbhai Vikrambhai Sambad Vs State of Gujarat (Gujarat High Court)

Devrajbhai Vikrambhai Sambad Vs State of Gujarat (Gujarat High Court) 1. Mr. Vijay Patel, learned advocate for the petitioner submits that the petitioner is ready and willing to pay the amount computed by the respondents towards fine in lieu of confiscation of conveyance, subject to the final order that may be passed by the respondents [&...

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File section 67(6) Application for provisional release of vehicle: HC

Kiran Choubey W/O Shri Narendra Choubey Vs State of Gujarat (Gujarat High Court)

Kiran  Choubey W/O Shri Narendra Choubey Vs State of Gujarat (Gujarat High Court) It appears that final order in Form MOV-11 has been passed. Thus, the truck has been ordered to be confiscated under the provisions of Section 130 of the CGST Act 2017. As a final order of confiscation has been passed and the […]...

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Analysis of notification on rules for investigation of NCLT & NCLAT’s members

Analysis of ministry of corporate affair’s notification on rules for investigation of NCLT and NCLAT’s members The Ministry of Corporate Affairs on July 28, 2020 notified The National Company Law Tribunal and National Company Law Appellate Tribunal (Procedure for investigation of misbehavior or incapacity of Chairperson, President and...

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Publication of PA & Letter of offer SEBI (SAST) Regulation, 2011- Part-V

1.  Regulation 14(1)  The PA shall be sent to all the stock exchange where the shares of the Target company are listed, and the stock exchange immediately communicates such information to the public. 2. Regulation 14(2)  The PA shall be send to Board and to the target company at its registered office within 1 working day of […...

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Conditions for Direct Selling Contract

The Direct Selling Contract is written contract between direct sellers and direct selling entity. All Direct Selling Entities shall execute a contract agreement in a manner consistent with Section 10 of Indian Contract Act, 1872, whether directly or indirectly with direct sellers before enrollment. Additionally, the rights and obligations...

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CIC allowed RTI to disclose Only Limited Information of Income Tax Return of Husband to His Wife

Smt. Basavantamma Vs The CPIO (Central Information Commission)

The issue under consideration is whether the details related to someone's Income Tax Return can be obtained through Right To Information Act?...

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20 Recent Income Tax amendments Applicable for AY 20-21 & AY 21-22

So, let’s take a look to 20 RECENT Amendments that has changed Income Tax in a big way. Majorly applicable from AY 21-22 & SOME APPLCIABLE FROM AY 20-21. Some changes are so drastic steps that this will change the Income tax completely like option for New vs. old in personal taxation and same way new rates for Corporate....

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Government wants you to buy a house- know Non Income Tax Incentives

In continuation to my earlier article on the income tax benefits extended for owning a house, here is the article which explains various other incentives provided for owning/constructing residential house. Let us discuss the various non income tax incentives/facilities provided for owning a residential house as well as tax benefits pr...

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ITR 1, 2, 3 & 4 for AY 2020-21 are available for e-Filing

ITR 1, ITR 2, ITR 3 & ITR 4 for AY 2020-21 are available for e-Filing. Other ITRs will be available shortly. Please read the instruction given above before start downloading and using the ITR utility for for AY 2020-21. The utility by default will get downloaded in your system “download” folder in a compressed […]...

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