"20 August 2020" Archive

Why income tax website is showing GST DATA

CBDT MOU with CBIC has resulted in income tax website now showing GST data of a taxpayer. As discussed above, the sharing of information was to avoid tax evasion and increase reporting of turnover. This sharing of information includes tracing non-filers under the Income Tax Act, 1961 and the Goods and Services Act, 2017....

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LTCG cannot be considered as bogus in absence of any evidences

Dipesh Ramesh Vardhan Vs DCIT (ITAT Mumbai)

whether addition made by AO u/s 68 as Unaccounted/Unexplained Income by treating the Long Term Capital Gain as Manipulated Transaction is justified in Law?...

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No section 271B Penalty for Not furnishing Audit Report before ITR Filing

Vrinda Sales P. Ltd Vs ITO (ITAT Delhi)

Vrinda Sales P. Ltd Vs ITO (ITAT Delhi) The issue under consideration is whether CIT(A) is correct in levying penalty under Section 271B for not auditing books of accounts/ furnishing reports of the audit of books of accounts on the due date of filing Income Tax Return (ITR)? ITAT states that, in the instant case, […]...

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Provisions Governing Appeals under GST

APPEALS UNDER GST  (PROVISIONS GOVERNING APPEALS UNDER THE CENTRAL GST ACT, 2017 WHICH ARE APPLIED TO THE STATE/UT GST ACT, 2017 & THE INTEGRATED GST ACT, 2017 MUTATIS MUTANDIS.) HIERARCHY OF APPEALS UNDER GST > The First Appeal can be filed against an order issued by Adjudicating Authority to Appellate Authority by Assessee withi...

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Higher depreciation on Lorry not eligible if party used for own

GVV Construction Pvt. Ltd. Vs. DCIT (ITAT Cuttack)

GVV Construction Pvt. Ltd. Vs. DCIT (ITAT Cuttack) If the assessee uses motor lorries partly for own use and for hire charges he is not entitled to claim excess depreciation @ 30% as per the provisions of Section 32 of the Income Tax Act. Case Summary: – Facts of the case: The assessee filed return […]...

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Start-ups: Registration, benefits & lower income tax rate of 15%

This article explains meaning of Eligible start-up, process of recognition of an entity as eligible start-up, various benefits available to a startup and related procedural & legal aspects Section/ Notification Provision Explanation (i) & (ii) to section 80-IAC Read with Notification dt. 19 Feb. 2019       “El...

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Provision for Aadhar Authentication in GST Registration notified

Notification No. 62/2020–Central Tax/G.S.R. 517(E) 20/08/2020

CBIC notifies Provision for Aadhar Authentication in GST Registration and physical verification of the place of business before GST Registration vide Notification No. 62/2020–Central Tax Dated: 20th August, 2020. Ministry of Finance (Department Of Revenue) (Central Board Of Indirect Taxes And Customs) New Delhi Notification No. 62/2020...

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Key Amendments & Highlights under New Faceless Assessment Scheme

This write-up is all about the key amendments introduced by the Hon’ble CBDT vide Notification No. 60 dated 13.08.2020 and Notification No. 61 dated 13.08.2020 modifying the earlier ‘E-assessment Scheme, 2019’ notified on 12.09.2019 and highlights of scheme....

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Loans worth more than Rs 1 Lakh crore disbursed under ECLGS

Under the 100% Emergency Credit Line Guarantee Scheme (ECLGS) backed by a Government of India guarantee, Banks from Public & Private Sectors have sanctioned loans worth over Rs. 1.5 lakh crore as of 18th August, 2020, of which more than Rs 1 lakh crore has already been disbursed....

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Regulations on Audit and Accounts (Amendments) 2020

F. No. 11-PPG/2020 20/08/2020

(1) These Regulations may be called Regulations on Audit and Accounts (Amendments) 2020 (2) They shall come into force on the date of issue....

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October 2021