"08 August 2020" Archive

GST Portal capacity increased to 3 Lakh users from 1.5 Lakh

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 fo...

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Wikipedia’s SWOT Analysis & Revenue Model

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. […]...

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

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 […]...

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23 CBDT Circulars to Reduce Litigation 

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 Sec...

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

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 taxmann.com 105 (SC) 05.03.2020 Issue relating to Section...

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

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 ro...

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

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....

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Digital Taxation in India

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....

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

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 ...

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Retrospective Law: Global and Indian Instances

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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