"05 August 2020" Archive

Bonded Manufacturing scheme in Customs – A Feasibility Study

Government of India through the Central Board of Indirect Taxes and Customs (CBIC) has announced a scheme of Customs Bonded manufacturing cum warehousing commonly known as MOOWR i.e. Manufacturing and other operations in a Warehouse....

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Posted Under: Custom Duty |

Validity of Invoice without Signature for ITC availment

Validity of Invoice without Signature for the purpose of availment of input Tax Credit (ITC) Here in this article we will discuss, Can issue of Invoice without actual signature or digital signature is the valid Tax Invoice for the purpose of availment of Input Tax Credit? Relevant Legal Provision: “Rule 36-Documentary requirements a...

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Posted Under: Custom Duty |

GST on Goods Transport Service by Road

Highlights of Article -All Transport services by road are exempt from GST except services from GTA and Courier agency -Anyone who provides consignment note for goods delivery will be treated as GTA -Mere Bill is not a consignment note -5% GST rate is applicable for transportation service by GTA on RCM basis means GST is […]...

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Posted Under: Custom Duty |

Email from GSTN on Aggregate Turnover under GST

Aggregate turnover for the financial year 2019-20 has been computed by GST system based on the returns filed in Form GSTR-3B by all registrations on the common PAN which exceeds Rs. 5 Cr. The returns of FY 2019-20 filed upto 25th July, 2020 have been considered for the said computation....

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Posted Under: Custom Duty |

Casual Taxable Person – Registration, Returns & Refund

Casual taxable person means a person who occasionally undertakes transactions involving supply of goods or services or both in the course or furtherance of business. A casual taxable person does not have fixed place of business. The person can act as principal, agent or in any other capacity, in a State or a Union territory […]...

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Posted Under: Custom Duty |

Beginning of a new penalty era – Section 270A

New penalty law was inserted vide section 270A under the Income Tax Act, 1961 ('the Act') which is based on under-reporting and misreporting of income, replacing the erstwhile basis of concealment or furnishing of inaccurate particulars of income....

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Posted Under: Custom Duty |

Reasons of income tax refund delay & subsequent redressal

An Assessee is entitled to Income tax refund if he has paid more taxes by the way of Tax deducted at source or tax collected at source or self assessment tax or Advance tax as per the provisions of Section-237 of Income tax act, 1961. Income tax refund can only be claimed after filing of Income tax return within the time limit prescribed ...

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Posted Under: Custom Duty |

Hindu Undivided Family – Tax Implications

Hindu undivided family (herein called as HUF), is treated an a distinct taxable person as per the Income Tax Act,1961 and assessed separately under the act. As per the Hindu law, an HUF is joint family or undivided family consisting of its family members. If you are a Hindu, a Sikh, a Buddhist or a Jain than you can avail the benefit of t...

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Posted Under: Custom Duty |

ITAT appeal- How to prepare Grounds of Appeal & Statement of Facts

How to prepare Grounds of Appeal (GOA) – Statement of Facts (SOF) for Appeal to ITAT Introduction An appeal is generally filed with ITAT in either Form 36/36A. However the forms by themselves are not self-sufficient to file an appeal. The appeal to be filed with ITAT should also be accompanied by GoA and SoF. […]...

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Posted Under: Custom Duty |

Supreme Court Judgment on Disallowance under Section 40(a)(ia)

Shree Choudhary Transport Company Vs ITO (Supreme Court)

Shree Choudhary Transport Company Vs ITO (Supreme Court) 1. As to whether Section 194C of the Act does not apply to the present case? Whether the appellant had specific and identified trucks on its rolls or had been picking them up on freelance basis, the legal effect on the status of parties had been the […]...

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Appeal & Revision- Part I | Section 107-108 | CGST ACT 2017

Simplified GST Series- Chapter 19- Section 107-108 /CGST ACT 2017 /Appeals & Revision –Part 1  Section 107- Appeals to Appellate Authority- (1) Any person aggrieved by any decision or order passed under this Act or the State Goods and Services Tax Act or the Union Territory Goods and Services Tax Act by an adjudicating authority [&...

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Posted Under: Custom Duty |

Actual results of later years cannot be used for Valuation of shares: ITAT

M/s Flutura Business Solutions Pvt. Ltd. Vs ITO (ITAT Bangalore)

Flutura Business Solutions Pvt. Ltd. Vs ITO (ITAT Bangalore) We are of the view that, the Assessing Officer has erred in considering the actuals of revenue and profits declared in the future years as a basis to dispute the projections. At the time of valuing the shares as on 16.04.2012, the actual results of the […]...

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How does Advance Pricing Agreement help dispute resolution?

The Advance Pricing Agreement program has been a key dispute prevention mechanism in the Indian direct taxes set-up. There are three kinds of Advance Pricing Agreements – unilateral, bilateral and multilateral. Credibility of a tax administration depends to a large extent upon the efficacy of its dispute resolution mechanism. Advance Pr...

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Posted Under: Custom Duty |

Important Judgment and Orders related to Liquidation Process

Notification No. Facilitation/002/2020 (05/08/2020)

The Adjudicating Authority (AA), the National Company Law Appellate Tribunal (NCLAT), and High Courts, through their orders and judgements, have guided liquidators in the conduct of liquidation process. This communication presents a few significant directions and observations from these orders and judgements, which an IP may find useful. ...

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Comparison of New Vs Old Tax Regime & Decoding Which One Is For You

Decoding the tax system in general can be daunting. Now with two tax regime choices offered, the old and the new, the taxpayers could be in a fix to understand which one is better for them. Since there is no one fit approach for all taxpayers, this article explains the two tax regimes with a […]...

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Posted Under: Custom Duty |

Taxes and Constitutional limitations

In our constitution we have 395 articles in 22 parts and 8 schedules at the time of commencement. Now the Constitution of India has 448 articles in 25 parts and 12 schedules with 104 Amendments up to 25Th January, 2020. Preamble of the Indian Constitution as below:- Constitution we the people of India having solemnly […]...

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Posted Under: Custom Duty |

World economic development: Global Value Chains— India’s effective role

A telephone from my grandson while building Lego factory sets from his building blocks enquiring about factories/ storage facilities in India since he had seen many in the U.S.A., prompted me to look for global value chains. Moreover, our RBI Governor who is a world reputed economist with myriad solutions to our economic woes also [&helli...

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Posted Under: Custom Duty |

Are Tax Havens good for Developing Economies?

A tax haven is a country where taxes are levied at extremely low rates. One country’s tax laws and rules can have an effect on other countries and their economies. Most multinationals operating in developing countries use tax havens. These tax havens often prove to be a way for multinational companies to avoid taxes. More […]...

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Posted Under: Custom Duty |

Adjournment of AGM after maximum allowed time-limit | Section 96 | Companies Act 2013

We know that a Company is a separate legal entity different from its members and its affairs are generally done by Board of Directors of the Company. It is Board of the Company who provides a road map within its limited power for the progress of a Company. Under the Companies Act, 2013, certain powers […]...

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Posted Under: Custom Duty |

Understanding Mutual Funds & Role of Transfer Agency

This report has been prepare to help you achieve your mutual fund investment goals. The following points would throw more light on the same: -To set your investment goal and select the best-suited scheme which will help you to meet your objective at the right time. -To understand the structure of different types of mutual […]...

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Posted Under: Custom Duty |

SOP & Format of Minutes & Notices of Board Meetings Through VC & OAVM-Post COVID 19

Standard procedures For the Chairman ,Format of  Minutes and Notices of Board Meetings Through Video Conferencing (VC) and OAVM-Post Pandemic COVID 19 ========== The Ministry of Corporate Affairs (MCA) relaxing the mandatory requirement to approve certain matters/ transactions referred under Section 179 read with Rule 8 of the Companies ...

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Posted Under: Custom Duty |

cKYC mechanism become a mockery & wastage of country’s resources

What is cKYC? Probably some senior persons in the banking industry are aware of the formation of Central KYC registration agency in 2011 and its role etc. cKYC stands for Central KYC which is a centralised repository which allows storage of personal information of the customer centrally. Earlier, when a customer went to a financial [&hell...

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Posted Under: Custom Duty |

Differences between Lease, Agreement to Lease & License

Section 105 of the Transfer of Property Act, 1882 define Lease as:- ‘A lease of immovable property is a transfer of a right to enjoy such property, made for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised , or of money , a share of crops, […]...

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Posted Under: Custom Duty |

Email from GST deptt on aggregate turnover- Action to be taken?

This article contains a detailed discussion regarding the e-mail which is being received by many taxpayers on 04th Aug,20 from the GST dept. (noreply@gstn.gov.in) in context of ‘Aggregate turnover being more than Rs. 5 Cr during FY 2019-20’ And for a better analysis the said e-mail is divided into the following three parts. Pa...

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Going Concern: Key Considerations amid Covid-19

♣ Section 134(5) of the Companies Act, 2013 requires board of directors of every company to state in its Directors’ Responsibility Statement that they have prepared the annual accounts on a going concern ♣ Also, Ind AS 1 - Presentation of Financial Statements and AS 1 - Disclosure of Accounting Policies requires the management to...

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Posted Under: Custom Duty |

Income Tax scrutiny reduced drastically over the years: MOF

Ministry of Finance  Income Tax Returns( ITR) scrutiny reduced to 0.25% in AY 2018-19 IT Dept is changing -from just enforcement to facilitating better taxpayer services. No. of cases selected for scrutiny reduced drastically over the years – 0.71% in AY 2015-16, 0.40% in AY 2016-17, 0.55% in AY 2017-18 & 0.25% in AY 2018-19. [...

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Posted Under: Custom Duty |

Govt notifies Aadhaar Authentication Rules for Good Governance

Notification No. G.S.R.490(E) (05/08/2020)

Central Government may allow Aadhaar authentication by requesting entities in the interest of good governance, preventing leakage of public funds, promoting ease of living of residents and enabling better access to services for them, for the following purposes, namely:–...

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SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/25 (05/08/2020)

1. These regulations may be called the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2020. 2. They shall come into force on the date of their publication in the Official Gazette....

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IBBI (Liquidation Process) (Third Amendment) Regulations, 2020

Press release No. IBBI/PR/2020/08 & Notification No. IBBI/2020-21/GN/REG062 (05/08/2020)

The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Third Amendment) Regulations, 2020 today....

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IBBI (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020

Press Release No. IBBI/PR/2020/09 & Notification No. IBBI/2020-21/GN/REG.063 (05/08/2020)

The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020 today....

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IT Department hopes to complete all Faceless e-Assessments by mid-September

3,130 tax personnel, including 600 IT officers are busy implementing the Faceless e-Assessment scheme of Income Tax. Out of 58,319 cases selected for faceless assessment, already 8,700 cases have been disposed off....

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Posted Under: Custom Duty |

FERA Offence Liability depends on Role in Company Affairs & Not on Mere Designation or Status: SC

Shailendra Swarup Vs The Deputy Director (Supreme Court of India)

Shailendra Swarup Vs Deputy Director (Supreme Court of India) Section 68 of FERA, 1973 deals with Offences by companies. Section 68(1) provides that every person who, at the time of the contravention was committed, was in charge of, and was responsible to, the company for the conduct of business of the company as well as […]...

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How to View Public Documents on MCA Website

In order to view the documents, Forms filed by the Company on MCA Portal service of “View Public Documents” is made available by the MCA. If user has to only view the Public Documents then the logging in on the MCA Portal is not required, however if user wants to download the Public Documents then […]...

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Posted Under: Custom Duty |

SEBI (Employees’ Service) (Amendment) Regulations, 2020

Notification No. SEBI/ LAD-NRO/GN/2020/26 (05/08/2020)

1. These regulations may be called the Securities and Exchange Board of India (Employees' Service) (Amendment) Regulations, 2020. 2. They shall come into force on the date of their publication in the Official Gazette....

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Dispensing with physical signature on Insurance proposal forms

Ref. No: IRDAI/Life/Cir/Misc/208/08/2020 (05/08/2020)

Life insurers have represented to the Authority to allow the option of authenticating the proposals for life insurance through electronic means, in place of physical signature, for the sales made by insurance agents and intermediaries, in addition to the methods presently allowed....

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Govt extends tenure of SEBI Chairman Ajay Tyagi upto Feb 2022

Notification No.18/5/2017-Eo(SM.II) (05/08/2020)

The Appointments Committee of the Cabinet has approved the extension of term of appointment of Shri Ajay Tyagi, IAS (HP:1984) (Retd.) as Chairman, Securities & Exchange Board of India (SEBI) for a further period of 18 months w.e.f. 01.09.2020 upto 28. 02.2022 or until further orders, whichever is earlier....

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Clarify use of digital signatures on filing with stock exchanges: ICSI

THE INSTITUTE OF Company Secretaries of India IN PURSUANT OF PROFESSIONAL EXCELLENCE Statutory body under an act of parliament (Under the jurisdiction of Ministry of Corporate Affairs) ICSI:PFP: 2020 July 29, 2020 Ms. Barnali Mukherjee Chief General Manager Corporate Finance Department Securities and Exchange Board of India SEBI Bhavan, P...

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Posted Under: Custom Duty |

Merging of CMA Intermediate and Final Examinations, 2020

THE INSTITUTE OF COST ACCOUNTANTS OF INDIA (STATUTORY BODY UNDER AN ACT OF PARLIAMENT) CMA BHAWAN 12, SUDDER STREET, KOLKATA – 700 016. Telephones : +91-33- 2252-1031/1034/1035 + 91-33-2252-1602/1492/1619 + 91-33- 2252-7143/7373/2204 Fax : +91-33-2252-7993 +91-33-2252-1026 +91-33-2252-1723 Website : www.icmai.in Ref. No. G/128/2/8/2020 ...

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Posted Under: Custom Duty |

Anti-dumping investigations on imports of PET Resin

OI CASE No: 17/2019 (05/08/2020)

PRELIMINARY FINDINGS- OI CASE No: 17/2019 Anti-dumping investigations on the imports of Polyethylene Terephthalate (PET Resin) originating in or exported from China PR....

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Additional Examination Centres for CMA Students

While considering the ongoing COVID-19 pandemic and in the interest of the well - being of students & members and to mitigate their hardships, as proactive measure for benefit and welfare of the students & members, it has been decided to open Additional Examination Centres, provided that sufficient number of candidates offer themselves to...

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Posted Under: Custom Duty |

Online home based CMA Foundation June, 2020 Examination

The Institute of Cost Accountants of India has decided to conduct Foundation Examination of June, 2020 in home based online mode due to pandemic Novel Corona Virus (COVID-19) to ensure the interest of all the stakeholders and in particular the candidates/students. All candidates/students are encouraged to appear in the Foundation Examinat...

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Posted Under: Custom Duty |

Conversion of Sole Proprietorship to LLP

The procedure for conversion of sole proprietorship to LLP and what documents are required for such conversion is explained below: > STEP 1 – INCORPORATION OF NEW LLP (Filing of Form FiLLiP)  The 1st Step is to incorporate a new LLP by filing e-form FiLLiP for reserving the name and incorporating the LLP.  Attachments/Documents req...

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Posted Under: Custom Duty |

Anti-dumping duty on imports of Toluene Di- Isocyanate- Reg.

Case No. AD-MT R-08/2020 (05/08/2020)

Initiation of Mid-Term Review limited to change of name of producer/exporter from Korea RP regarding anti-dumping duty imposed on imports of Toluene Di- Isocyanate (TDI) originating in or exported from China PR, Japan and Korea RP. MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce ) (DIRECTORATE GENERAL OF TRADE REMEDIES) INITIATI...

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NCLT Kolkata | Applicability of Section 32A IBC on Liquidation Proceedings

NCLT Kolkata held that non-obstante provision of Section 32A of Insolvency & Bankruptcy Code, 2016 is also applicable to liquidation proceedings....

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Posted Under: Custom Duty |

Recent Judgment of Hon’ble Gujarat High Court in case of VKC Footsteps India Pvt. Ltd. vs. Union of India

Let’s start the discussion with brief introduction of controversy due to which the matter went to Hon’ble High Court and there was necessity of Court to intervene. Section 54 of CGST Act, 2017 is basically dealing with all types of refund situations in GST and most precisely section 54(3) is talking about situations in which refund is...

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Posted Under: Custom Duty |

New Education Policy 2020- Highlights

The Union Cabinet on July 29, 2020, officially proposed amendments in the traditional schooling National Education Policy. The policies are special since it is the first educational policy of the century in India and alters the traditional and outdated thirty- four years old national education policy since the year 1986. Highlights ...

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Posted Under: Custom Duty |

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