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Archive: 08 August 2020

Posts in 08 August 2020

GST Portal capacity increased to 3 Lakh users from 1.5 Lakh

August 8, 2020 7602 Views 0 comment Print

Recent Enhancement made and Defects Fixed on GST Portal 1. For Tax Payer  Registration: Submission of non-core amendment application, without a zip code, in case the authorized signatory who is not an Indian, will not be allowed on GST Portal. The message – “Please file all the pending returns till before submission of application for […]

Wikipedia’s SWOT Analysis & Revenue Model

August 8, 2020 3387 Views 0 comment Print

Can you imagine any company or firm survive without revenue earning? The answer is NO; Revenue is the fuel for the organization for the survival and growth prospect of the company. With the passage of time, the source of earning not comes by producing goods or value addition by service but also various other forms. […]

Furnishing Details of Outward Supplies [GSTR 1] | Section 37

August 8, 2020 74991 Views 2 comments Print

Furnishing Details of Outward Supplies [GSTR 1] – Sec 37 – CGST Act 2017 (GST Series – Part 24) 1. The details of outward supplies are required to be furnished by all the normal and casual registered taxpayers in a monthly Statement ie GSTR 1. Section 37 of the CGST Act read with Rule 59 […]

23 CBDT Circulars to Reduce Litigation 

August 8, 2020 5331 Views 1 comment Print

CBDT Circulars CBDT Circulars to Reduce Litigation  S.No. Section of Income Tax Act Circular No. & Date Summary of Circular 1 2(22)(e) Circular No.19/2017 [F.No.279/ Misc./140/2015/ITJ], Dated 12-6-2017 Trade advances, which are in the nature of commercial transactions, would not fall within the ambit of the word ‘advance’ in Section 2(22)(e) of the Act 2 […]

Summary of 10 Judgements of SC in FY 2019-20 in Favour of Revenue 

August 8, 2020 5334 Views 0 comment Print

Summary of Some Judgements of Honourable Supreme Court in FY 2019-20 in the Favour of Revenue S. No. Name of Case Date of Judgement Summary 1 Super Malls Private Limited v. Principal Commissioner of Income-tax 8, New Delhi NJRS Citation: 2020-LL-0305-11 Taxmann Citation: [2020] 115 105 (SC) 05.03.2020 Issue relating to Section 153C-Whether there  […]

Enterprise Risk Management (Legal Requirements, Strategy, Global Framework)

August 8, 2020 10791 Views 0 comment Print

This white paper explains the concepts, legal requirements, strategies, and global framework for the implementation of risk management. It also deals with fraud and reputation risk management and how the negative reputation of an entity may harm the operations and profitability. This white paper may be useful in performing the advisory role in Risk Management […]

Moratorium under Insolvency and Bankruptcy Code, 2016 and Initiation/ Continuation of Assessment Proceedings under the Income-tax Act 1961

August 8, 2020 10491 Views 1 comment Print

The Resolution Professional, appointed by the order of the National Company Law Tribunal routinely writes to the Assessing Officer of the Corporate Debtor attaching a copy of the order passed by the Tribunal admitting the application for initiation of corporate insolvency resolution process in respect of the Corporate Debtor.

Digital Taxation in India

August 8, 2020 9813 Views 3 comments Print

Equalisation Levy (Digital Taxation) was introduced in India (the first country in the world to do so) in Year 2016 on online Advertisement, subsequent to the ‘Report of the Committee on Taxation of E-Commerce’ which proposed Equaliation Levy on Specified Transactions.

OECD’s Unified Approach on Pillar One to Address the Challenges Arising from Digitalization of Economy: A Critical Analysis

August 8, 2020 2937 Views 0 comment Print

This article provides a comprehensive summary of the efforts undertaken by OECD in addressing the issues relating to the Tax Challenges Arising from the Digitalisation of the Economy. The article then discusses the intricacies of the proposed Unified Approach issued by OECD Secretariat and endorsed by the OECD Inclusive Framework on Base Erosion and Profit Shifting Project.

Retrospective Law: Global and Indian Instances

August 8, 2020 13362 Views 0 comment Print

From the ancient time, retrospective law or ex post facto law has been a part of standard jurisprudence. It is neither an Indian creation, nor it is being used exclusively in India. Instances of its application to the International law as well as to the domestic laws of many countries have been cited in the article.

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