"17 August 2020" Archive

CBI arrests a CGST superintendent from Rohtak in a bribery case

CBI had registered a case U/s 120-B of IPC and Section 7 of PC Act, 1988 (as amended in the year 2018) against two Superintendents and two Inspectors, working in the office of Commissioner of CGST, Rohtak (Haryana) on a complaint....

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Structure & Procedure of Faceless Income Tax Assessment

Central Board of Direct Taxes: Structure and Procedure of Faceless Assessment under Income Tax Act, pursuant to the amendment of e-assessment Scheme, 2019 In a pioneering decision, the Central Government vide Notification no. 60/2020 and 61/2020 dated 13 August 2020 (Notifications 2020) introduced Faceless Assessment for the purposes of S...

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Pledge for Financial Freedom

We are celebrating the 74th Independence Day but a few of us have real financial freedom and the majority of us are stuck under the trap of debt, the real gift to the nation on this Independence Day would be to know and spread the set of Principles which may assist us and people around us to achieve the financial freedom....

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Udyam Registration – FAQs

Union Ministry of Micro, Small and Medium Entities (MSME), vide its Notification Dated 26.06.2020 notifies the new definition of MSME along with its new name i.e., “UDYAM Registration”, and introduced a new portal named “UDYAM Registration Portal”. Ministry also issued a clarification regarding new criteria for the classification ...

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Top factors why your company needs legal & compliance management

Many startups organization sometimes don’t even be aware of what is legal and compliance function is, let alone and why it’s important. Whether you are aware or not, compliance management is important for your company for staying on top of the rules (which are frequently changing) and is essential to upholding a competitive edge. The ...

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Appointment of BSR as statutory auditor of IFIN for 2017-18 was illegal: NFRA

The appointment of BSR as the statutory auditor of IL&FS Financial Services Ltd. (IFIN) for the year 2017-18 was illegal, since BSR was not eligible to be appointed as such auditor due to violation of Sec 141(3)(e) (subsisting business relationships on the date of appointment) and Sec 141(3)(i) (provision of non-audit services directly or...

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NGO (Non-Government Organization)- An Overview

♣  NGO (Non-Government Organization): A non-governmental organization (NGO) is an organization that is not part of a government. They are non-profit making, voluntary and service oriented organizations. Many NGOs now prefer the term Private Voluntary Organization (PVO). A non-governmental organization (NGO) is a legally constituted org...

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Reasons to Pursue a CFA career

Students generally look for a career path through which they can add value to the society at large and CFA offers them these unique advantages which are greatly valued. CFA’s have multiple abroad travelling opportunities and students get a chance to explore multilingual and multi-cultural aspects due to the spread of globalization. CFA...

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Can LLP do investment activites

LLP Act: As per section 2(e) of the Limited Liability Act, 2008(LLP Act), “business” includes every trade, profession, service and occupation; In Form 2 for Incorporation Document and Subscriber’s Statement: Business activities to be carried out by the LLP on incorporation: (Note: In case business activities consists of bank...

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Supply of goods from and to overseas party not liable to GST

Recently, there was an Advance Ruling by the Gujarat AAR in case of ‘Sterlite Technologies Pvt Ltd‘wherein it was decided that the goods procured from a supplier located out of India and directly supplied to a recipient located out of India falls under the category of ‘inter-state transaction’ and hence, the same is liable...

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Strike-off of Limited Liability Partnership

In case the LLP wants to close down its business or where it is not carrying on any business operations for the period of one year or more, it can make an application to the registrar for declaring the LLP as defunct and removing the name of the LLP from its register of LLPs. E-Form […]...

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Section 40(a)(ia) amendment is Curative & is Retrospective

CIT Vs Archean Granites Private Ltd. (Madras High Court)

whether Tribunal is right in holding that amendment made to Section 40(a)(ia) by Finance Act, 2010 would apply retrospectively though the amendment is made with effect from 01.4.2010? ...

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Govt. proposes to Add 11 New Transactions in Form 26AS

Proposal To Add 11 New Transactions In Form 26AS 1) Education related fees and donations above 1 lakh in a year. 2) Electricity bills of above 1 lakh in a year 3) Domestic business class air travel or foreign travel. 4) Hotel bills above Rs.20,000/- 5) Purchase of jewellery, white goods, paintings, marble, etc. above Rs.1la...

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File GNL-1 for seeking extension of time in holding of AGM

General Circular No. 28/2020 (17/08/2020)

MCA has not given any extension for holding of AGM for the financial year ended as at 31.03.2020 and has only allowed holding of annual general meeting (AGM) through video conferencing (VC) or other audio visual means (OAVM). MCA has now clarified as below- 1. Companies can use relaxations in General Circular No. 20/2020, dated […]...

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Income Tax Assessment of Firms & LLPs

1. PARTNERSHIP; Definition of ‘Firm’ – Section 2(23)(i) of the Income tax Act, 1961; As per Section 2(23)(i) of the Income Tax Act, 1961, unless the context otherwise requires, the term ‘firm’ shall have the meaning assigned to it in the Indian Partnership Act, 1932 (9 of 1932), and shall include a limited liability part...

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Conversion of society into a section 8 company- Companies Act, 2013

Section 366 of the Companies Act, 2013 prescribed that the existing societies and any other association registered under different laws or any other legislation framed by various state governments or any community benefit society are having an option to convert themselves in a Section 8 Company under Companies Act, 2013. SOCIETY TO PASS A...

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Form GSTR 3B – Calculation of interest on delayed filing

1. In view of the outbreak of Covid-19 , the Government has come up with few Notifications on 24th June 2020, for extending the various due dates for filing GSTR -3B return. CBIC vide Circular No. 141/11/2020 – GST dated 24th June 2020 has clarified the manner of calculation of interest for delay in filing […]...

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Section 188: Related Party Transactions – An Analysis

♦ Sec – 188(1): A company shall not enter into any contract or arrangement with a related party without the consent of Board of Directors through board resolution at a meeting and subject to conditions as prescribed with respect to: sale, purchase or supply of any goods or materials; selling or otherwise disposing of, or […...

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CBDT notifies New Rule 2DB & 2DE – Pension fund- Section 10(23FE)

Notification No. 67/2020-Income Tax [G.S.R. 508(E)] (17/08/2020)

CBDT, vide Notification No.67/2020 dated 17th August, 2020, has prescribed the procedure for notification of Pension Funds (PF) for claiming exemption under section 10(23FE) for income from investment made in specified infrastructure business: CBDT notifies New Income Tax Rule  2DB. – Other conditions to be satisfied by the pension...

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Special Warehouse (Custody and Handling of Goods) Amendment Regulations, 2020

Notification No. 77/2020-Customs (N.T.) [G.S.R. 511(E)] (17/08/2020)

(1) These regulations may be called the Special Warehouse (Custody and Handling of Goods) Amendment Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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Manufacture and Other Operations in Warehouse (no. 2) Amendment Regulations, 2020

Notification No. 76/2020-Customs (N.T.) [G.S.R. 510(E)] (17/08/2020)

(1) These regulations may be called the Manufacture and Other Operations in Warehouse (no. 2) Amendment Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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Manufacture and Other Operations in Special Warehouse Regulations, 2020

Notification No. 75/2020-Customs (N.T.) [G.S.R. 509(E).] (17/08/2020)

(1) These regulations may be called the Manufacture and Other Operations in Special Warehouse Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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Siliguri DRI seizes 26.5 Kgs of Gold valued at Rs. 14.09 Crores

D.O.No. 28/CH(IC)/2020 (17/08/2020)

The Independence Day for Siliguri DRI officers started on a high note with the seizure of 26.5 Kgs of Gold valued at Rs. 14.09 Crores. Acting on intelligence, three persons were intercepted in Brahmaputra Mail Covid-19 Express at New Delhi with 160 pcs of gold biscuits, purportedly smuggled in through the North. East....

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Segment Reporting (Latest and Simplified version)

1. Following are the important Accounting Standards related with Segment Reporting 1. IFRS 8 2. INDAS 108 3. AS -17 2. Withdrawal of IAS 14 This IFRS supersedes IAS 14 Segment Reporting. 3. Differences between INDAS 108 and IFRS 8 INDAS 108 IFRS 8 1.Transitional provisions have not been given 1.Transitional provisions have been given [&he...

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SVLDRS 2019- A Scheme to reduce litigation is creating litigation of its own

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 – A scheme which was intended to substantially scale down pending litigations under IDT, led to litigation of its own Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 announced as Dispute Resolution cum Amnesty Scheme by Hon’ble Finance Minister, Smt. Nirmala Sitharaman ...

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Increased Litigation on real estate developers due to increase in years to sell

Wider scope of litigation under sec 23(5) on real estate developers due to increase in years to sell (YTS) because of COVID-19 Pandemic It has been provided u/s 23(5)  of the Income Tax Act,1961 that where the house property consisting of any building and land appurtenant thereto is held as stock-in-trade and the property or […]...

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Udyam registration, benefits and services

As per notification of MSME dated 26.06.2020, Udyam Registration is the new process of MSME/UDYOG AADHAAR Registration launched by the Ministry of Micro, Small and Medium Enterprises effective from July 1, 2020....

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CBIC extends ADD on imports of Caustic Soda till 17.11.2020

Notification No. 25/2020-Customs (ADD) [G.S.R. 507(E)] (17/08/2020)

CBIC amends notification No. 42/2015-Customs (ADD), dated 18th August 2015 to extend the levy of ADD on imports of Caustic Soda originating in or exported from China PR and Korea RP, for a period of three months i.e. upto 17th November, 2020 vide Notification No. 25/2020-Customs (ADD) dated 17th August, 2020. GOVERNMENT OF INDIA MINISTRY ...

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CBIC appoints CAA in case of ‘Handen Climate Systems India Private Limited’

Notification No. 74/2020-Customs (N.T.) [S.O. 2778(E).] (17/08/2020)

Appointment of CAA in case of M/s Handen Climate Systems India Private Limited vide Notification No. 74/2020-Customs (N.T.) Dated 17th August, 2020. Government of India Ministry of Finance Department of Revenue (Central Board of Indirect Taxes and Customs) Notification No. 74/2020-Customs (N.T.) New Delhi, the 17th August, 2020 S.O. 2778(...

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CBIC appoints CAA in case of ‘Sanden Vikas India Private Limited’

Notification No. 73/2020-Customs [S.0. 2777(E).] (17/08/2020)

CBIC appoints CAA in case of M/s Sanden Vikas India Private Limited vide Notification No. 73/2020-Customs (N.T.), Dated: 17.08.2020 Government of India Ministry of Finance Department of Revenue (Central Board of Indirect Taxes and Customs) Notification No. 73/2020-Customs (N.T.) New Delhi, 17the August. 2020 S.0. 2777(E).—In exercise of...

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Subway Franchisee found Guilty of Profiteering: NAA

Director-General of Anti-Profiteering Vs Lite Bite Travel Foods Pvt. Ltd (National Anti-Profiteering Authority)

Director-General of Anti-Profiteering Vs Lite Bite Travel Foods Pvt. Ltd (National Anti-Profiteering Authority) The application had been filed under Rule 128 of the CGST Rules 2017, alleging profiteering in respect of restaurant service supplied by the Respondent (Franchisee of M/s. Subway Systems India Pvt Ltd.). In the application. it w...

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Time limit for depositing Subscription Money | Companies Act, 2013

If any entity has been formed for the lawful purpose it requires capital to carry out the business. Such Capital is infused by the Individual or Corporates by subscribing the shares of the entity, such shares have a nominal value which is to be paid by the subscriber as 'Subscription Money'. These persons are termed as 'Subscribers'. Subs...

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Compliances under SEBI Listing Regulations 2015 (LODR)

Quarterly / Half Yearly / Annual Compliances under SEBI Listing Regulations 2015 (LODR) 1. Regulation 7 (3) – Compliance Certificate certifying maintaining physical & electronic transfer facility Within one month of end of each half of the financial year. The listed entity shall submit a compliance certificate to the exchange, duly ...

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Challenges to professionals in the face of Faceless Assessments & Appeals – Chiselling the skills and acquiring new ones

The challnges to professionals in the face of faceless assessments And appeals – Chiselling the skills and acquiring new ones The bouquet of the latest Circulars of the CBDT has heralded the entire Nation into a New Era of transparent tax administration . Besides, it is a clarion call to the taxmen, the assessees and […]...

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What is faceless assessment & taxpayers’ charter and its impact on system?

In the series of tax reforms, the Prime Minister announced some reformative measure during launch of ‘Transparent taxation honouring honest’ platform like faceless assessment, faceless appeal process and tax payers’ charter. Let us discuss the measures announced and its impact on the system and the tax payers. Since implementati...

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31st August, 2020 – Last date to file GST refund on account of Inverted Duty Structure for FY 2017-18?

This article is penned down to analyse the legal issue that arises in respect of Refund of unutilised Input Tax Credit (ITC) on account of Inverted Duty Structure under GST regime after an amendment in clause pertaining to time period prescribed for filling refund application w.e.f. 01-02-2019. Before going further, let us understand all ...

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AO cannot change valuation method from DCF to book value method

Alishan Palace Resorts Pvt Ltd. Vs ITO (ITAT Cuttack)

Alishan Palace Resorts Pvt Ltd. Vs ITO (ITAT Cuttack) in the instant case, the value adopted and computed by the assessee as per Rule 11UA(2)(c)(b) by following DCF method at Rs.51/85 and the assessee company has received shares and issued/allotted @ Rs.50 per share including premium and this rate has not been contested or challenged [&he...

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Anti-Dumping investigation concerning imports of Flax Fabric- Reg.

Case No. ADD-SSR 14/2019 (17/08/2020)

Sunset Review of Anti-Dumping investigation concerning imports of Woven Fabric (having more than 50% Flax content) commonly known as “Flax Fabric” originating in or exported from China PR & Hong Kong....

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Customs Procedure for manufacturing in special warehouses

Circular No. 36/2020-Customs (17/08/2020)

Circular No. 36/2020-Customs Procedure to be followed in cases of manufacturing or other operations undertaken in special warehouses under section 65 of the Customs Act...

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Income tax: Faceless Assessment Scheme

Preface to Income tax: Faceless assessment scheme ♦ Finance Minister Nirmala Sitharaman had announced the e-assessment scheme in her budget speech on 5th July 2019 which was inaugurated subsequently on 7th October 2019. ♦ Prime Minister Narendra Modi on 13th August,2020 had lunched “Transparent Taxation-Honouring the honest̶...

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Difference Between Director & Additional Director- Companies Act, 2013

Section 149(1) of the Companies Act, 2013 requires that every Company shall have a minimum number of 3 directors in the case of a public company, 2 directors in the case of a private company, and 1 director in the case of a One Person Company. A Company can appoint maximum 15 fifteen directors however; it may appoint more than fifteen dir...

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Independent Director under Companies Act, 2013- Detailed Analysis

WHO CAN BE AN INDEPENDENT DIRECTOR / ELIGIBILITY CRITERIA: [Section 149(6)] An independent director in relation to a company, means a director other than a managing director or a whole-time director or a nominee director— a. who, in the opinion of the Board, is a person of integrity and possesses relevant expertise and experience; b. [&...

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Analysis of SC judgment in the case of Babulal Vardharji Gurjar

Babulal Vardharji Gurjar Vs Veer Gurjar Aluminium Industries Pvt. Ltd. & anr. (Supreme Court)

Babulal Vardharji Gurjar Vs Veer Gurjar Aluminium Industries Pvt. Ltd. & anr. (Supreme Court) While setting aside the Order dated 14th May, 2019 of the NCLAT in Company Appeal (AT) Insolvency No. 549 of 2018 and Order dated 9th August, 2018 of the National Company Law Tribunal, Mumbai Bench in CP(IB)-488/I&BP/MB/2018, on the groun...

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GST Rules 89(5) cannot override Section 54(3) of CGST Act, 2017

In GST, Rules 89(5) can not override the Section 54(3) The Rules were meant only for the purpose of carrying out the provisions of the Act and they could not take away what was conferred by the Act or cutting down its effect.” This is placed with respect to Section 54(3) of CSGT Act , […]...

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Conversion or treatment of a capital asset as stock-in-trade [Section 45(2)]

(1) General Provision [Section 45(1)]:- Any profits or gains arising from the transfer of a capital asset effected in the previous year, shall be chargeable to Income-tax under this head in the previous year in which the transfer took place. (2) Special Case [Section 45(2)]:- A person who is the owner of a capital asset […]...

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