"15 August 2020" Archive

Audits and Assessment under GST

Audit and Assessment under GST The revenue authorities are in the forefront to complete the historical audits/assessment under the erstwhile tax laws for the period up to June 2017. The CBIC has released GST audit plan for the year 2019-20 vide F. No. 381/49/2019 on 25.06.2019. The audit plan released by the CBIC takes the […]...

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GST on Stage and Contract Carriage

Exordium In GST law the taxation in the business of passenger transportation can be divided under following categories: 1. Where entire vehicle is not used 2. Where entire vehicle is used Where entire vehicle is used further divisions can be made as under: 1. Distance based Journey 2. Place to Place Journey 3. Time based […]...

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8 GST Deadlines that ends on 31st August 2020

Many GST compliance deadlines ended to 31st August, 2020. To avoid late fees and penalties, these due dates need to be remembered and file the returns. Let’s see which deadline ends on 31st of August, 2020. Deadlines that ends on 31st August 2020 1. GSTR-4 (2019-20): GSTR-4 is an annually form to be filed by […]...

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Section 234A Interest despite IT return due date extension

Interest u/s 234A – Excited about extension of IT return for FY 2019-20 ( AY 2020-21 ) to 30th Nov’2020 ? Who wasn’t HAPPY when the due date to file the Income Tax Return got extended to 30th November 2020 vide Notification No. 35/2020 [F. NO. 370142/23/2020-TPL] dated 24th June 2020 But, did you know […]...

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Audit/Assessment to Adjudication under GST and stealth comparison to the erstwhile tax regime

Audit/Assessment to Adjudication under GST and stealth comparison to the erstwhile tax regime-  Article explains Assessment/audit under GST, Key aspects concerning demand under the service tax law vis-a-vis GST law, Crucial aspects of GST demand provisions, Timeline for issuance of SCN & concluding adjudication, Limitation period und...

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All about the New Form 26AS (Annual Information Statement)

Till Now, Form 26AS had always been an annual credit statement issued by the income tax department to help taxpayers cross-verify income earned, Tax deducted at Source (TDS) and tax deposited during a given financial year. In the new picture, Form 26AS will now be a complete profile of the taxpayer which will have comprehensive […]...

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Gift to Honest taxpayer PM- Faceless assessment taxpayer charter implemented

मोदी ने ईमानदार करदाताओं को दी सौगात, फेसलेस असेसमेंट और टैक्सपेयर्स चार्टर लागू !!  ‘Transparent Taxation – Honouring the Honest’ A new platform Lunched through video conferencing by honoura...

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Advance Rulings- GST on building & mounting of body on chassis

Whether building of body after utilizing and consuming owned materials and providing labour and further amount the same on chassis of the principal would amount to supply of Services? Whether it would amount to a composite supply consisting a small part of supply of goods and major part of supply of services. Supply of Services being prin...

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Madras HC dismisses plea challenging levy of IBBI on IP Fees

CA. Venkata Siva Kumar Vs IBBI (Madras High Court)

Madras High Court upheld the requirement which mandates that the IP should pay a fee calculated at 0.25% of the professional fee earned for services rendered as an IP in the preceding financial year to the IBBI....

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Civil and Interior Works expense eligible for Depreciation at 10%

Microsoft Corporation (India) Pvt Ltd Vs DCIT (ITAT Delhi)

Microsoft Corporation (India) Pvt Ltd Vs DCIT (ITAT Delhi) The issue under consideration is whether expenditure on account of civil and interior works liable for depreciation at 10% or at 15%? ITAT states that, they have perused the items of the expenditure which has been reproduced by the assessing officer in the assessment order and [&h...

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Contractors Performing Work in Nature of Developer-cum-Contractor Eligible to Claim Deduction u/s 80-IA

Patel Infrastructure Pvt. Ltd. Vs DCIT (ITAT Rajkot)

Patel Infrastructure Pvt. Ltd. Vs DCIT (ITAT Rajkot) The issue under consideration is whether contractors performing the work in the nature of a developer-cum-contractor are eligible to claim deduction u/s 80-IA(4) of the Income Tax Act, 1961? ITAT states that even after the amendment by the Finance Act, 2007 and the Finance Act, 2009, th...

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Section 10AA Deduction eligible on Manufacturing Activity as per SEZ Act

CIT Vs M/s. Vetrivel Minerals (Madras High Court)

whether the tribunal is correct in holding that the assessee is carrying on manufacturing activity as per SEZ Act, 2005 and hence eligible for deduction U/s.10AA?...

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Section 41(1) Not Applicable to Loan Waiver related to Capital Asset Purchase

DCIT Vs Rama Phosphates Ltd (ITAT Mumbai)

The issue under consideration is whether Section 41(1) is applicable in case of waiver of liability incurred in respect of purchase of capital asset?...

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Section 143(2) Notice in Dead Person Name is unsustainable in Law

Sumit Balkrishna Gupta Vs ACIT (Bombay High Court)

Sumit Balkrishna Gupta Vs ACIT (Bombay High Court) The issue under consideration is whether the issuing of a notice u/s 143(2) in the name of the wrong person is sustainable in law? High Court states that it is a fact that the petitioner had filed return for the assessment year 2016-17 in the name of […]...

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Section 153C Order invalid if AO failed to Record Satisfaction Note

Shri Jagjit Singh Vs ACIT (ITAT Delhi)

The issue under consideration is whether the assessment order passed by the assessing officer under section 153C is bad in law and void ab-initio?...

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Udyam Registration – Clarification on Existing EM Part-II/Uam

The government has received some representations after its Notification dated 26/06/2020 regarding criteria for the classification of MSMEs and their registration in the new Udyam Portal. Therefore, Union Ministry of Micro, Small, and Medium Enterprises (MSME) issues a clarification on existing Entrepreneurs Memorandum (EM) PART-II/ Udyog...

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Annual Return Provisions| Section 92 | Companies act 2013

Article explains What is an Annual Return under Section 92 of Companies act 2013, What are the contents of Annual Return, Who can Sign and Certify Annual Return, Provisions related to Section 92(4) Filing of Annual Return with ROC and also explains about Extract of Annual Return in FORM MGT 9. 1. What is an […]...

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No ST under RCM levied on Indian bank acting as a mediator between Exporter & Foreign Banker

State Bank of Bikaner & Jaipur Vs Commissioner of Central Excise & Service Tax (CESTAT Delhi)

whether service tax can be levied on reverse charge mechanism basis on an Indian bank acting as a mediator between an Indian exporter and the foreign banker representing foreign importer?...

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Family arrangement is a memorandum of settlement does not require registration-SC

Ravinder Kaur Grewal & Ors. Vs Manjit Kaur & Ors. (Supreme Court)

The issue before the Court was whether a memorandum of settlement required registration as by way of said document the interest in immovable property worth more than Rs.100/­ was transferred in favour of the plaintiff...

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Reclassification of Promoters & Promoter Group Shareholders

Reclassification of Promoters and Promoter Group Shareholders: SEBI has issued SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 (“SEBI LODR Regulations”) on September 2, 2015. In that Regulations, Regulation 31A defines the shareholders reclassification from the promoter’s category to public category or vi...

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Depreciation eligible on Goodwill Resulting from Acquisition of Business Unit

DCIT Vs DHL Logistics Pvt. Ltd. (ITAT Mumbai)

DCIT Vs DHL Logistics Pvt. Ltd. (ITAT Mumbai) The issue under consideration is whether assessee is eligible for Depreciation on Goodwill resulting from acquisition of business unit? ITAT states that the issue as regards the entitlement of the assesses towards claim of depreciation on intangible (i.e goodwill) is squarely covered by the or...

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Expenditure on Hotel Rooms Renovation & Redecoration is Revenue Expense

Pandian Hotels Ltd. Vs DCIT (Madras High Court)

The issue under consideration is whether the expenditure incurred in renovation and redecoration of rooms in a hotel is a revenue expenditure or capital expenditure?...

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No expense disallowance based on mere Reduction in Revenue sharing

DCIT Vs Max Medical Services ltd. (ITAT Delhi)

whether disallowance of the expenses only on the basis that there was reduction in the sharing of the revenue in comparison to the earlier years is justified in law?...

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GST – Comparison of Indian Regime with Other Countries

GOODS AND SERVICES TAX IN INDIA: FOLLOWING THE OLD ROAD OR PAVING A NEW PATH? A Comparison Of Indian Regime With Other Countries Goods and Services Tax, abbreviated as the GST is an ambitious tax system implemented by the Government of India. It came into effect on 1st July 2017 but its genesis can be […]...

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Platform for Transparent Taxation & faceless appeals launched by PM Modi

Platform for Transparent Taxation and faceless appeals launched by PM Modi – Government of India on August 13, 2020: With the noble motive to honour the honest taxpayers and facilitate faceless assessments & appeals, PM Narendra Modi launched a platform for ‘Transparent Taxation’. Needless to mention this shall also expe...

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Appointment of Chief Financial Officer (CFO)- Companies Act, 2013

As per Wikipedia The chief financial officer (CFO) is officer of a company that has primary responsibility for managing the company’s finances, including financial planning, management of financial risks, record-keeping, and financial reporting. In some sectors, the CFO is also responsible for analysis of data. Some CFOs have the ti...

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Faceless Assessment Scheme – Road to transparent taxation

E-Assessment is now Faceless Assessment, CBDT vide Notification no. 60 and 61 of 2020 has amended the earlier provisions for e-assessment and renamed the said scheme as Faceless Assessment. Let’s understand the provisions and procedure as laid down in the Faceless Assessment Scheme. Step by step procedure for Faceless Assessment is tabu...

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Section 241A: Withholding of Income Tax Refund

Income tax is a duty levied by the Central Government on the incomes earned by the individuals or non-individual entities. Further, in some cases it so happens that the assessee pays the income tax which is greater than or above the actual income tax liability of that individual for any specific financial year. In the […]...

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MSME Samadhaan (Delayed Payment Monitoring System)

Micro, Small and Medium Enterprise (MSME), introduced by Government of India vide Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 are entities engaged in the production, manufacturing, processing or preservation of goods and commodities. An entity to be identified as a MSME shall be within the following limits as per S...

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RBI latest guidelines on Core Investment Companies

I have already written in one of my earlier articles that I was amazed to find the names of 13 companies at the entrance of an office but with no receptionist or any semblance of company activities therein.  This type of behavior of companies might have forced RBI to constitute a Working Group (WG) to […]...

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Partnership firm registration & Non-registration Consequences?

Is registration of a partnership firm mandatory? What are the consequences of non-registration? Registration of a partnership firm is not mandatory under law. The Partnership Act,1932 provides that if the partners so desire may register the firm with the Registrar of Firms of the state in which the firm’s main office is situated. ...

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Offences & Penalties | Section 122 | CGST Act 2017 | Part-1

Section 122- Penalty for certain offences under GST The section declares the offences that attract penalty as a consequence, apart from the requirement to pay the tax and applicable interest. Some of the offences listed under this section may also attract prosecution under section 132 but that depends on the gravity of the offence defined...

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Taxability of Enhanced Gratuity received after retirement

Gratuity is one of the retirement / separation dues paid to the employees. An employee becomes eligible for gratuity after rendering minimum service of 5 years in an organization (subject to certain exceptions) The exemption for gratuity from tax is covered under Sec 10(10) of income tax Act 1961. Any Gratuity received during service is [...

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CA and Economic Patriotism

Amidst, the pandemic with a firm hope to come out from this unexpected spell of hitting the world economies, Prime Minister Narendra Modi Ji addressed the nation on 12 May 2020 and declared to fight the pandemic coupled with the opportunity to be self-reliant. Thus, he has marked the national goal to become self-reliant with […]...

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November 2020