"18 August 2020" Archive

Step by Step Procedure for Online Filing of ITR 2 (AY 2020-21)

1. The ITR-2 is filed by the individuals having a salary of more than Rs 50 lakhs, HUFs not having income from profit or gains of business or profession, and to whom ITR-1 is not applicable. It includes income from capital gains, foreign income, or any agricultural income more than Rs 5,000. 2. In view […]...

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Posted Under: Income Tax |

GSTR 3B – Furnishing of Return | Section 39(1) | CGST Act 2017

GSTR 3B -Furnishing of Return – Section 39(1) of CGST Act 2017 GST Series – Part 25 1. The GSTR-3B is a consolidated summary return of inward and outward supplies, required to be furnished by the registered person on a monthly basis. 2. Statutory Provisions Section 39(1) Every registered person shall, for every calendar month,...

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Posted Under: Income Tax | ,

Valuations and Taxation aspects for Start-Up

VALUATION OF SHARES FOR COMPANY REGISTERED UNDER STARTUP INDIA WITH MINISTRY OF COMMERCE & INDUSTRY: – Valuation of equity shares is generally required for regulatory or financial reporting purposes for a business. In valuation of shares, the underlying asset is the business and per share value is calculated to arrive at the fin...

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Posted Under: Income Tax |

Critical Analysis of Section 194O of Income Tax Act, 1961

The provisions of section 194O are applicable to the 'resident E commerce participators' when they provide the provisions of service or Sale of goods through the intermediary E commerce operators who provide the digital platform/electronic platform to effectively facilitate the services of E-commerce participate....

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Posted Under: Income Tax |

Equalisation Levy – Expanding Footprints

Prologue With blistering digitalisation, the concern of base erosion escalated further which reflected in BEPS Project, endorsed by G-20 and OECD, to which India was an active participant. Out of three options, suggested in report on Action 1 of BEPS Project, to address tax challenges of digital economy India adopted Equalisation Levy in ...

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Posted Under: Income Tax |

No addition for AMP transactions in absence of International Transaction between Taxpayer & AE

Xerox India Ltd. Vs DCIT (ITAT Delhi)

The issue under consideration is whether addition made on account of Advertisement, Marketing, and Sales Promotion (AMP) transactions is justified in law?...

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Specified Financial Transactions and Reportable Accounts

Specified Financial Transactions and Reportable Accounts A. Section 285 BA: Obligation to furnish statement of financial transaction or reportable account: Sub – Section Section 285BA   1 Specified Person shall furnish a statement in respect of such specified financial transaction or such reportable account which is registered or recor...

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Posted Under: Income Tax |

Taxability of Online Games under Goods and Service Tax

With the advent of GST the tax regime in India has seen a sea change. Many taxes levied by the centre or by the states have been subsumed in the GST. The indirect taxation in its new ‘AVTAR’ has covered almost all economic activities under its umbrella unless the same is specifically excluded from the […]...

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Posted Under: Income Tax |

Carbon Credit sale receipt is Capital Receipt & Not Liable to Tax

DCIT Vs Bhoruka Power Corporation Ltd. (ITAT Bangalore)

DCIT Vs Bhoruka Power Corporation Ltd. (ITAT Bangalore) The issue under consideration is whether receipt on account of sale of carbon credit is Revenue Receipt or Capital Receipt? ITAT states that carbon credit is in the nature of ‘an entitlement’ received to improve world atmosphere and environment reducing carbon, heat and g...

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SC dismisses plea challenging exclusion of CM Relief Fund from CSR

Mahua Moitra Vs Union of India (Supreme Court of India)

The Supreme Court dismissed the petition filed by the assessee challenging decision of Central Government to excluding Chief Minister’s Relief Fund from the purview of Corporate Social Responsibility (CSR)....

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GSTN enables taxpayers to know ITC eligibility at invoice level while filing Annual Return

GSTN enables taxpayers to know Input Tax Credit (ITC) eligibility at invoice level while filing Annual Return – Taxpayers are enabled to download of invoices which account for ITC in Table 8A of Form GSTR-9, Annual Return – Reasons for non-inclusion of an invoice in ITC value can be found out (difference between GSTR-2A and [&...

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Posted Under: Income Tax |

Assessment valid if Assesee not informs about Striking off Name of Company during Assessment

CIT Vs Tarachanthini Services Pvt. Ltd. (Madras High Court)

whether the Tribunal was right in remanding back to the file of AO for investigation as to whether the company was in existence at the relevant time by holding that the assessment order passed was nullity?...

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Percentage Completion Method for Revenue Recognition not mandatory for Construction Companies till AY 2016-17

Hi-tech Estates & Promoters Pvt Ltd. Vs PCIT (ITAT Cuttack)

The issue under consideration is whether as per Section 43CB, profits and gains of a construction company mandatorily be determined on the basis of percentage completion method for revenue  recognition?...

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Section 54F exemption on gain from House Constructed on own land

Rajesh Kumar Adukia Vs DCIT (ITAT Ranchi)

Whether A.O. is right in dismissing the claim of the assessee u/s. 54F of the Act on the ground that residential flat was not constructed after the date of transfer and they were constructed alongwith saleable flats?...

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FAQs about GST E-Invoice System

E-INVOICING SYSTEM UNDER GST Q.1 What is e-invoicing? ‘E-invoicing’ or ‘electronic invoicing’ is a system where in the tax payer will upload his invoice details and register his supply transaction on the Government Invoice Registration Portal (IRP)and get the Invoice Reference Number (IRN) generated by the IRP system. That is, the...

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Posted Under: Income Tax |

Anti-Dumping Original Investigation on imports of Dimethyl Formamide- Reg.

Case No. (OI) 24/2019 (18/08/2020)

CASE NO. (OI) 24/2019– Preliminary Findings in the Anti-Dumping Original Investigation concerning imports of Dimethyl Formamide (DMF) originating in or exported from China PR and Saudi Arabia. MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF TRADE REMEDIES) NOTIFICATION New Delhi, the 18th August, 2...

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Third Country Exports under GST

 General Understanding of Exports is that Goods and Services that are Produced in one country and sold to buyers in another. However, with Exploration of Trade Different Types of Transactions are also become Possible. One such International Transaction is “Third Country Exports” “Third–Country Exports” means exports made...

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Posted Under: Income Tax |

Confusion on E- Way Bill Rules on Intra State Supply within Madhya Pradesh

GST has been a major structural reform of the current government. Replacing multiple taxes and cesses of state and central governments into a single tax has been a major relief to trade and industry. At the same time reduction in overall tax incidence has brought relief to the end-consumers. The IT driven tax filing system […]...

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Posted Under: Income Tax |

Short summary notes on Maharashtra Labour Welfare Fund (MLWF)

Maharashtra Labour Welfare Fund (MLWF) is Covered under The Maharashtra Labour Welfare Act, 1953. Applicability : Maharashtra Labour Welfare Fund has become effective in the year 1953 and is applicable to all the companies in the state that has 5 or more persons employed. Includes all employees, including employees through contractor, exc...

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Posted Under: Income Tax |

Offences & Penalties | Sections 123-128 | CGST Act 2017 | Part-2

Simplified GST Series –Offences & Penalties /Section 123-128/CGST ACT 2017/PART-2 Article explains Section 123 Penalty for failure to furnish information return, Section 124 Fine for failure to furnish statistics, Section 126 General disciplines related to penalty, Section 127 Power to impose penalty in certain cases and Section 128...

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Posted Under: Income Tax |

Shri Gadkari Asks Large Industries to Clear MSME Dues on Priority

Shri Nitin Gadkari also emphasized on clearing MSME dues by all on priority. He called upon large industries and business houses/Companies to treat this as an important matter. Shri Gadkari asked CII members to help in the development and growth of ancilliary units/industries to supply spare parts....

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Posted Under: Income Tax |

How Brand Name Helping Startups to stand-out in a Competitive Market

It was often felt that in order to make the business bigger you need to invest a huge amount of capital into it. But in today’s era, businesses require something really astonishing and it suggests that businesses today become bigger not because of money but because of ideas and a marketing technique. Hence today while […]...

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Posted Under: Income Tax |

Losing job due to pandemic..??

Are you also one of those people who are losing their job due to this disastrous pandemic…..then join us in…………??  No, no I am not going to offer you any part-time job or something, neither I am here to console you or encourage you to go on strike against your employer because in the end, […]...

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Posted Under: Income Tax |

Transfer Pricing adjustment made based on incorrect appreciation of facts is not sustainable

In our considered opinion, no second innings should be given to appreciate the same set of facts which were already before the Assessing Officer. Moreover, in the remand report, the Assessing Officer himself has accepted that if the management fees had not been paid by the appellant, the true up adjustment received would have been Rs. 2.5...

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Posted Under: Income Tax |

Signed QR Code in E-invoicing system under GST & FAQs

♦ The IRP will generate a QR code containing the unique IRN (hash) along with some important parameters of invoice and digital signature so that it can be verified by an Offline App. ♦  IRP system will pass back this ‘Signed QR Code’ as part of the response to the request made by the tax […]...

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Posted Under: Income Tax |

Commencement of Registration for CS Executive Entrance Test

The November, 2020 Session of COMPANY SECRETARY EXECUTIVE ENTRANCE TEST (CSEET) shall be held on 21st November 2020 (Saturday). (Earlier it was announced to be held on 28th November 2020, which is now rescheduled)....

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Posted Under: Income Tax |

Taxability of ‘Referral fees’ for technical services under India-Singapore DTAA

Edenred Pte Ltd. Vs DDIT (International Taxation) (ITAT Mumbai)

Edenred Pte Ltd. Vs DDIT (ITAT Mumbai) In the instant case, the appellant has received fees for referral services/other services of Rs.39,94,209/- from Surf Gold in the year under consideration. It is relevant to mention here that as per the India-Singapore DTAA, the services in the nature of managerial, technical or consultancy nature ar...

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Consultation Paper on Format for Business Responsibility & Sustainability Reporting

Securities and Exchange Broad of India CONSULTATION PAPER ON THE FORMAT FOR BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORTING Dated: August 18, 2020 – Reports : Reports for Public Comments A. Background 1. SEBI, in 2012, mandated the top 100 listed entities by market capitalisation to file Business Responsibility Reports (BRR) as...

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Posted Under: Income Tax |

Depositories to maintain Account & Records for 8 Years: SEBI

Circular No. SEBI/HO/MRD2/DDAP/CIR/P/2020/153 (18/08/2020)

Depositories and Depository Participants are required to preserve the records and documents for a minimum period of 8 years. In terms of Regulations 54 and 66 of the SEBI (Depositories and Participants) Regulations, 2018 (herein referred to as D&P Regulations, 2018) notified on October 03, 2018, Depositories and Depository Participants ar...

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Building Up A Investment Plan

Building Up A Investment Plan is a process which includes Self Analysis, Goal Setting by Investor, Formulation of the Plan for Achievement of Goal, Implementation of Plan and Periodic review of Performance of Investment made. STEP 1 – SELF ANALYSIS – The first step in planning is that one should analysis him/her self, there ar...

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Posted Under: Income Tax |

Types of Partnerships

A partnership is a voluntary association of two or more persons who agree to carry on some business jointly and share its profits and losses. They combine their funds and skills to carry on business together.  Types of partnership   There are mainly four types of partnership which are as follows:  1. General Partnership: In a [&hellip...

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Posted Under: Income Tax |

Commercial use of Drones – A lively discussion

It is communication that revolutionized the Indian economy through the use of IT and other means. But interestingly, drones which started its role as a toy, a couple of decades ago, has emerged both as a successful proposition both in commerce and also in defense replacing millions of dollars’ worth airplanes, ships or other transport. ...

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Posted Under: Income Tax |

Gold Card Scheme for Creditworthy Exporters

Gold Card Scheme for Creditworthy Exporters Exports play a crucial role in a developing economy like India which attaches considerable importance to export promotion. As a part of the overall strategy of export promotion measures, the Reserve Bank of India has taken various steps to ensure expeditious and timely provision of financial ass...

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Posted Under: Income Tax |

Cost Audit Provisions | Section 148 | Companies Act, 2013

1. Section 148(1) The CG may by order, in respect of class of companies engaged in the production of such goods or providing such services, direct that particulars relating to the utilization of material or labour or to other items of cost shall also included in the books of account kept by that class of […]...

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Posted Under: Income Tax |

Covid-19 & The Banking Sector

The ongoing Pandemic has brought havoc like situation in all sectors. The same is the condition of the Banking sector as well. RBI has provided certain relaxations but there still remains a question for all those people who are facing a trouble with the default in loans. And the reason for such troublesome situation is: […]...

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Posted Under: Income Tax |

Section 171(3A) penalty cannot be imposed retrospectively: NAA

Sh. Pushpak Chauhan Vs Harish Bakers & Confectioners Pvt. Ltd. (NAA)

Sh. Pushpak Chauhan Vs Harish Bakers & Confectioners Pvt. Ltd. (NAA) Section 112 of the Finance Act, 2019 specific penalty provisions have been added for violation of the provisions of Section 171(1) which have come in to force w.e.f. 01.01.2020, by inserting Section 171(3A). Since, no penalty provisions were in existence between the ...

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Reg. Anti Dumping Duty on Front Axle Beam & Steering Knuckles

Case No. SSR-10/2020 (18/08/2020)

Initiation of Sunset Review Investigation concerning Anti Dumping Duty imposed on imports of Front Axle Beam and Steering Knuckles meant for heavy and medium commercial vehicles originating in or exported from China PR ....

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Draft framework for recognition of a Self-Regulatory Organisation for Payment System Operators

Press Release: 2020-2021/207-RBI (18/08/2020)

Reserve Bank hereby places a draft framework for grant of recognition to an industry association as a Self-Regulatory Organisation (SRO) for Payment System Operators (PSOs)....

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Streamlining of UQCs in Bills of Entry and Shipping Bills – reg

Public Notices No. 101/2020-JNCH (18/08/2020)

Board had undertaken an exercise towards standardization of Unit Quantity Codes (UQCs) for purposes of export / import declarations filed on EDI. It was noted that many importers and exporters use UQCs like BGS, BTL, BOX, CTN, GGR, HPT, KPC, ODD and DRM etc....

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Govt relaxes Export Policy of textile raw material for masks & coveralls

Notification No. 28/2015-2020-DGFT [S.O. 2797(E)] (18/08/2020)

The Notification No. 18 dated 13.07.2020 is amended to the extent that only melt blown fabric of any GSM exported against the HS codes specified above is prohibited for export. All other non-woven fabrics of any GSM (including of GSM 25-70 which were earlier prohibited) are freely allowed for exports. Government of India Ministry of [&hel...

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Loss Prevention & Minimization in General Insurance Industry- Report

Ref. No: IRDA/NL/LPM/ExpDraft/137/2020-21 (18/08/2020)

Keeping in view synergies involved and the need for collaboration between various stakeholders for effective loss prevention and minimization in the general insurance industry, the Authority had set up a Working Group to study the current scenario and make recommendations....

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SOP for settlement of Postal/Rural Postal Life Insurance death claim cases

No. 25-04/SOP/2020-LI (18/08/2020)

Standard Operating Procedure (SOP) for settlement of Postal Life Insurance/ Rural Postal Life Insurance (PLI/RPLI) death claim cases. DIRECTORATE OF POSTAL LIFE INSURANCE Department of Posts, Ministry of Communications, Government of Indio Chanakyapuri Post Office Complex, New Delhi-110021 No. 25-04/SOP/2020-LI Dated: 18.08.02020 Sub: Sta...

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FAQ on E-Invoice (Electronic Invoicing) in GST

Recently CBIC issued Notification No 60/2020 – Central Tax and Notification No 61/2020 – Central Tax dated 30th July, 2020 enhancing threshold for preparing E-Invoice to Rs 500 Crores. Earlier the said limit for preparing E-Invoice was Rs 100 Crores. The provisions shall come into effect from 1st October, 2020. MYTH BUSTERS – Be...

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Posted Under: Income Tax |

Rajasthan HC allows petitioner to apply to GST Council to get CENVAT credit benefit

Trivedi Ventures LLP Vs Union of India (Rajasthan High Court)

Trivedi Ventures LLP Vs Union of India (Rajasthan High Court) Plea of Petitioner was  to enable the petitioners to avail Tansitional Credit in Electronic Credit Ledger. It was also prayed that the respondents should give effect to Form GST Tran-1 that had been manually submitted to the respondent-department to avail relevant Legitimate I...

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Downloading document-wise details of Table 8A of Form GSTR-9

1. A facility has been provided to the taxpayers to download document wise details of Table 8A of Form GSTR-9, from the portal in excel format. This can be done by using a new option of ‘Document wise Details of Table 8A’ given on the GSTR-9 dashboard, from Financial Year 2018-19 onwards. This will help […]...

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Posted Under: Income Tax | ,

Facility to view auto computed GSTR-2A now available in GSTR-9

In the process of easing out the GST returns process, CBIC has now enabled the facility to Download document wise details of Table 8A of Form GSTR-9 i.e. the invoice wise details of auto-populated amounts of GSTR-2A appearing in GSTR-9 can now be downloaded in excel. This facility is provided for the year 2018-19 onwards […]...

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Posted Under: Income Tax |

What happened with Yes Bank? Is it on right way to turnaround??

Introduction: Yes Bank which was once India’s Forth Largest Private Sector Bank, is now struggling for its survival. Under the management headed by Rana Kapoor, the bank has grown its loan book manifold in very short span since its inception. Yes Bank’s business includes banking and financial services, AMC services and UPI services et...

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Posted Under: Income Tax |

RBI releases framework for authorisation of pan-India Umbrella Entity for Retail Payments

Press Release: 2020-2021/206 (18/08/2020)

Reserve Bank has today placed on its website, the ‘framework for authorisation of pan-India Umbrella Entity for Retail Payments’. The framework has been released after due deliberations on the comments / feedback received on the ‘draft framework for authorisation of a pan-India New Umbrella Entity for Retail Payment Systems’ whic...

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