"16 August 2020" Archive

Data Extraction from GSTN-An Synopsis

This data has been extracted from A Statistical Report on Completion of 3 years of GST released by Goods and Services Tax Network on 3rd Anniversary of GST. Source of the entire data produced here is from this document released by GSTN.  1. Active Taxpayers as on 30th June, 2020: Summary Type of Taxpayer No. […]...

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Situs of Goods or accretion of goods in works contract whether relevant to determine nature of Supply in case of Works Contract

Situs of Goods or accretion of goods in works contract whether relevant to determine the nature of Supply in case of Works Contract Introduction Though GST is destination based tax but In works contract, it is important to determine the point of origin from where supply is made. The point of origin shall not only […]...

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Presumptive Taxation under Income Tax Act, 1961

The Scheme: To provide relief to small taxpayers from tedious task of maintaining books of accounts and getting them audited, a presumptive taxation scheme is framed which allows the assessee to declare income at prescribed rates and pay tax thereon, thereby avoiding the tedious work of maintaining books of accounts and audit. Relevant Se...

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Complete & Detailed Analysis of Place of Supply Rules – Section 10 of GST

The introduction of Goods and Services Tax (GST) is a significant reform in the field of indirect taxes in our country. Multiple taxes levied and collected by the Centre and the States will be replaced by one tax called the Goods and Services Tax (GST). GST is a multi-stage value added tax levied on the […]...

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Steps After Obtaining GST Registration

If the turnover exceeds the threshold limit mentioned in the GST Act, then the person is mandatory to take GST registration. In some cases, people are mandatory to take GST registration like in case of the interstate supply of goods, reverse charge, selling on e-commerce portal, etc. Many times taxpayers take GST number but he […]...

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Seamless Input Tax Credit In The Cases of Civil Constructions Intended For Renting or Leasing

Seamless Input Tax Credit (ITC) under GST Regime In The Cases of Civil Constructions Intended For Renting or Leasing One of the primary mottos behind introduction of GST is to provide seamless input tax credit till the chain of supply breaks for consumption, as it’s introduction is to eliminate cascading effect. A simple example to [&he...

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ITAT restricts addition for Bogus Purchase to the peak of purchases

ITO Vs Shri Sunil Govind Agre (ITAT Mumbai)

ITO Vs Shri Sunil Govind Agre (ITAT Mumbai) During the course of assessment proceedings, the AO called for information u/s 133(6) from the above two parties in order to verify the genuineness of transactions. However, the notices sent by him could not be served and these were returned un-served by the postal authorities with the […...

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Provisions of Time of Supply under CGST Act 2017

1. Relevance  – Time of supply decides when the supplier or recipient is liable to pay GST for goods or services or both. It is the most crucial part in the GST law. 2. Time of Supply of Goods (Section 12 of CGST Act) a) General Provision – The date of issue of invoice by […]...

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Removal of Director Disqualification under Companies Act, 2013

The Registrar of Companies (ROC) in September, 2017, 2018 and now in 2019 took an outrageous step and struck off many Companies who had not done their filing for a period of two financial years or more believing that the Companies are not doing any business in accordance with Section 248 (2) of the Companies […]...

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MSME UAM/Registration- Clarification

MSME UPDATES: The Ministry of MSME through its Office Memorandum (O.M) dated 06th August 2020 has issued a clarification on Existing EM i.e. Enterpreneurs Memorandum Part —III-UAM. The Ministry has drawn the attention of public on its previous notification dated 26th June 2020 and in its link has clarified certain points: THE NEW UPDATE...

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Indian economy: Its brightest future with Inland Water Ways

Eternal rivers like Ganga, Yamuna, Narmada, Godavari, Krishna or Cauvery Crisscross India with bubbling energy and watercolor reminding the joyous ways of billion ways of living. Our old epics have eulogized their presence by adequate coverage in ample measure by describing the emotions of our hero persons while living near these mighty r...

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TDS on Rent under section 194I, 194IB & 194IC

All about TDS on Rent Meaning of Rent ‘Rent’ means any payment, by whatever name called, under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of (either separately or together) any,— 1. land; or 2. building (including factory building); or 3. land appurtenant to a building (including factory ...

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“Make in India” with “Make for World” should be mantra says PM

PM Shri Narendra Modi highlights importance of Aatmanirbhar Bharat in 74th Independence Day speech. National Infrastructure Pipeline Project to play a crucial role in pulling the country out of impact of Covid 19 : PM Make in India with Make for World should be mantra says PM ...

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FAQs on NPS & NPS for NRI Through eNPS

Q. 1 What is National Pension System? Ans: National Pension System is a contributory pension system which was initially (from 1st January 2004) introduced for the government employees and later rolled out for all citizens of India from May 1, 2009. Any citizen of India in the age group 18 to 65 years can join […]...

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FAQs w.r.t CA May/November 2020 Examinations

Whether the student who had applied for May 2020 Exams be required to fill Examination Form For November 2020 afresh. Yes, the students of all courses who had applied for May 2020 Examinations will be required to fill form for November 2020 afresh on opening of window for the same. The students are allowed to change the group(s) as well a...

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Faceless Assessment Scheme 2019 – Analysis of recent amendments

INTRODUCTION Administrative departments in the country are on a pathway of digitalization. Old administration practices are continuously being upgraded to improve efficiency and resource utilization. CBDT too, plays active role in the same and has incorporated Income Tax Business Application (ITBA) for electronic conduct of various functi...

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Fetters on Principle of Natural Justice in Penny Stock Cases

Introduction: The assessee has been taking a common argument against the addition on account of penny stock. The said argument revolves around the violation of the principle of natural justice. The assessee pleads that: a) The investigation wing report and other documents which is the basis of treating the transaction as bogus by the depa...

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Incorporation of Company In China

China represents a competitive and appealing country on an international scale from an investment point of view, and a major force of the worldwide economy. Being a stable business partner in many fields of interest, China is recognized as a fast-growing economy and a global influence, with connections to powerful financial centers. C...

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Incorporation of Company In Singapore

In accordance with the Overseas Direct Investment data issued by the Reserve Bank of India, it can be presumed that Singapore is the top destination preferred by Indians for investment. All the Companies in Singapore are registered with Accounting & Corporate Regulatory Authority i.e. ACRA (similar to Ministry of Corporate Authority h...

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Covid-19 impact on Accounting Standards Compliant Financial Statements

COVID-19 pandemic has disrupted the entire world whether its humans’ health or their financial health. Financial statements have to bear the direct impact of this unprecedented pandemic. But how will this be shown and disclosed? This is being answered by the prestigious Institute of Chartered Accountants of India (ICAI) in its Advisory ...

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Advance Ruling Under GST Act

ADVANCE RULING – Section 97 to 104 of Central Goods & Services Tax Act, 2017. Applicant: – Person registered or desired to be registered in the act. Section 97 Application for Advance Ruling Applicant sends the application in the form of GST ARA-01 along with the prescribe fees(Rs.5000) in the prescribed manner to Advance ...

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What is REIT? And how will it affect Real Estate Market in India?

What is REIT? And how will it affect Real Estate Market in India? REIT stands for Real Estate Investment Trust REIT got launched in India during March 2019, with Embassy REIT as the first IPO. REIT is a vast topic of discussion if we go into details like structure, taxation, rules, and regulations. In this […]...

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IBM India liable to pay interest for delay in filing ITR on incremental income pursuant to APA: ITAT

IBM India Pvt. Ltd. Vs ACIT (ITAT Bangalore)

IBM India Pvt. Ltd. Vs ACIT (ITAT Bangalore) It has been submitted by Ld.Counsel that as a consequence of APA entered into by assessee, income was increased vis-a-vis original computation at page 322. Referring to revised computation at page 328 of paper book volume 1, he submitted that, incremental increase in the income is Rs.7,74,2 [&h...

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Actionable Claim under GST | Advance Ruling

Advance Ruling Name of the Applicant: Venkatasamy Jagannathan Order No. and Order date : 19 /AAR/2019  Dated: 21.05.2019 Authority : AAR(Tamil Nadu) Questions Sought by the applicant: Will the Profit Sharing Agreement between the applicant as an employee and the shareholders, attract GST in his hands?    Brief Facts: The Applicant has ...

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Disallowance of rebate/discount to its overseas AEs: ITAT directs AO to verify Agreements/MOUs

Bureau Veritas Consumer Products Services (India) Private Limited  Vs ACIT (ITAT Delhi)

Bureau Veritas Consumer Products Services (India) Private Limited  Vs ACIT (ITAT Delhi) ITAT held that It is true that the assessee has paid rebate/discount to its overseas AEs. It is equally true that such arrangement has been done through Master Service Agreements (‘MSA’) with various overseas companies (sample JC Penny ) f...

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Section 14A disallowance- Consider only those Investment which yielded exempt income

ITO Vs Manoj Vashudev Wadhwa (ITAT Mumbai)

ITO Vs Manoj Vashudev Wadhwa (ITAT Mumbai) In ACIT v. Vireet Investment (P.) Ltd. 165 ITD 27 (Del) (SB) it is held by the Special Bench of the Tribunal that only those investments are to be considered for computing average value of investment which yielded exempt income during the year. We are of the considered […]...

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GST Portal amended to Ease Compliance Burden for Taxpayers

Since the inception of GST in the last three years, it’s been a tough journey for all the stakeholders in understanding and processing the system for compliance fulfilments. Though, there have been changes and flexibilities provided by the CBEC from time to time to ensure no default on taxes, still many areas seem to be inconsistent...

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Transfer of Actionable Claims

Actionable Claim:  is a claim to any debt, other than secured by mortgage of immovable property or pledge or hypothecation of some movable property, or to any beneficial interest in movable property, not in possession either actual or constructive of the claimant. Section 3 of Transfer of Property Act, 1882 defines ;  “actional claim ...

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Interest on late TDS payment -30 days Month not British calendar Month

Economic Laws Practice Vs CIT (Appeals) (ITAT Mumbai)

Economic Laws Practice Vs CIT (Appeals) (ITAT Mumbai) ITAT held that for the purpose of Computation of interest on late payment of TDS under section 201(1A), the expression month is to be interpreted as period of 30 days and not British calendar. Gujarat High Court in the case of Arvind Textile Mills, considered the definition […]...

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74th Independence Day- How Much of Independence have we achieved?

Every Independence Day is a good way to assess how much social, economic and legal freedom have we achieved in the last one year as 'true freedom lies only in breaking all old shackles of bondage'. Let's take a look at some major events that happened since last year-...

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Launch of ‘Transparent Taxation’ system on Income Tax Portal

On 13th August 2020, Honourable Prime Minister Narendra Modi has enunciated a platform to tribute the honest taxpayers of the country and ensuring awareness about honest tax payment in India. The inauguration of the “Transparent Taxation” program happened at 11 am through video conferencing. The “Transparent Taxation”...

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Daughter’s Right in Ancestral Property from Retrospective Effect

In a significant judgment on Tuesday, the Supreme Court of India ruled that a daughter will have a share in her ancestral property after the Hindu Succession (Amendment) Act, 2005 irrespective of the fact whether her father was alive or not at the time of the amendment....

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A Central Law, Several High Courts & Different Interpretations: Fate of MSMED Act, 2006

The Micro, Small and Medium Enterprises Development Act, 2006 (MSMED) succeeded the repealed ‘The Interest on Delayed Payments To Small Scale And Ancillary Industrial Undertakings Act, 1993’. One of the objects of the legislation is also to provide a single legal framework concerning the entire small and medium enterprises sec...

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A company working independently on principal-to-principal basis cannot be called AE

Next Gen Films Private Ltd. Vs ITO ( Int. Tax) TDS(4) (ITAT Mumbai)

Next Gen Films Private Ltd. Vs ITO (Int. Tax-TDS) (ITAT Mumbai) Regarding commissioning agreement entered into by the assessee (Next Gen Films Private Ltd.) with M/s DBPL, at para 2.12, we reached a conclusion that the contract between the assessee and M/s DBPL (M/s Desi Boyz Production Ltd. )  was primarily on principal-to- principal ba...

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HC explains when Transfer to holding company cannot be regarded as Transfer

CIT Vs Shardlow India Ltd. (Madras High Court)

CIT Vs Shardlow India Ltd. (Madras High Court) In this case The assessment was reopened on 06.8.2013 by issuing a notice under Section 148 of the Act on the ground that the assessee transferred some portion of its land at Sembium to its holding company namely M/s.Simpson & Co. Ltd., for a consideration of Rs.375 […]...

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Golden Opportunity for Tax Payers to Verify Previous Income Tax Returns!

Forget to verify your previous year tax returns? Don’t worry because CBDT has come up with a Golden Opportunity for those taxpayers who have filed their income tax return well within the time frame but afterwards forget to verify ITR V acknowledgement within 120 days. Some Important Points Related to this One Time Opportunity: 1. [&hell...

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CBI arrests two EPFO officials in a bribery case of Rs. 8 lakh

CBI has arrested an Accounts Officer and an Enforcement officer, both working in EPFO, Noida (Uttar Pradesh) for demanding & accepting bribe of Rs.Eight Lakh from the complainant....

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Bad debts due to suspension of NSEL operation allowable as business Loss

Chowdry Associates Vs ACIT (ITAT Delhi)

Chowdry Associates Vs ACIT (ITAT Delhi) From the entirety of the events, we find that in the assessment year 2014-15, the assessee had made purchases in the middle or last week of June 2013 through M/s Anand Rathi Commodities Ltd. and M/s Philips  Commodities  Pvt.  Ltd.  The NSEL failed to fulfill its commitments and ultimately [&hel...

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Quarterly/Half Yearly/Annual Compliances under SEBI LODR 2015

Quarterly / Half Yearly / Annual Compliances under SEBI Listing Regulations 2015 (LODR) Securities and Exchange Board of India (SEBI) on 2nd September 2015 issued the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015 for listed entities. The Listed entities whose securities are listed on the Stock Exchanges has to co...

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IND AS 115: Revenue from Contract with Customer, Simplified Overview

Revenue recognition is one of the most important accounting standard that make the direct impact on the financial performance of the company. Ind AS 115 lays down new requirements and rules in many aspects of revenue recognition, which are, either, new or significantly different than accounting principles under existing revenue recognitio...

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Handling of SCORES complaints by stock exchanges & SOP for non-redressal of grievances by listed companies

Analysis of SEBI Circular No. SEBI/HO/OIAE/IGRD/CIR/P/2020/152 dated August 13, 2020 which is effective from 01st September 2020 related to Handling of SCORES complaints by stock exchanges and Standard Operating Procedure (SOP) for non-redressal of grievances by listed companies. ♦ Background: > This circular is being issued in conti...

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