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Archive: 05 August 2020

Posts in 05 August 2020

Bonded Manufacturing scheme in Customs – A Feasibility Study

August 5, 2020 25917 Views 4 comments Print

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.

Validity of Invoice without Signature for ITC availment

August 5, 2020 53961 Views 9 comments Print

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 and conditions for […]

GST on Goods Transport Service by Road

August 5, 2020 256983 Views 14 comments Print

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 […]

Email from GSTN on Aggregate Turnover under GST

August 5, 2020 19401 Views 4 comments Print

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.

Casual Taxable Person – Registration, Returns & Refund

August 5, 2020 17799 Views 3 comments Print

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 […]

Beginning of a new penalty era – Section 270A

August 5, 2020 14802 Views 0 comment Print

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.

Reasons of income tax refund delay & subsequent redressal

August 5, 2020 2685 Views 0 comment Print

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 under Section- 139 of Income tax Act, 1961.

Hindu Undivided Family – Tax Implications

August 5, 2020 6033 Views 3 comments Print

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 these provisions and if possible you should take it.

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

August 5, 2020 5913 Views 0 comment Print

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. […]

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

August 5, 2020 14886 Views 1 comment Print

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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