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Archive: 25 August 2020

Posts in 25 August 2020

Anti-dumping investigation concerning imports of Choline Chloride

August 25, 2020 522 Views 0 comment Print

Final Findings in anti-dumping investigation concerning imports of Choline Chloride in all forms originating in or exported from China PR, Malaysia and Vietnam.

No Penalty for violation of Section 171(1) of CGST Act before 01.01.2020

August 25, 2020 3087 Views 0 comment Print

Vasantbhai Bhikabhai Patel Vs Shree Infra (NAA) Central Government vide Notification No. 01/2020- Central Tax dated 01.01.2020 has implemented the provisions of the Finance (No. 2) Act, 2019 from 01.01.2020 vide which sub-section 171 (3A) was added in Section 171 of the CGST Act, 2017 and penalty was proposed to be imposed in the case […]

No GST on Transportation charges recovered from employees

August 25, 2020 12150 Views 1 comment Print

Whether GST is applicable on nominal amount recovered by Applicants from their employees for usage of employee bus transportation facility in non-air conditioned bus.

All Addition Invalid If No Incriminating Material Found During Search

August 25, 2020 3486 Views 0 comment Print

DCIT Vs Venus Overseas Pvt. Ltd. (ITAT Delhi) The common grievance in all these appeals relates to the deletion of the addition made u/s 68 of the Act on account of unexplained share capital and premium though quantum may defer in each year. Vide application dated 30.01.2020, the assessee has invoked Rule 27 of the […]

Co-operative societies & Principle of mutuality – The never ending saga

August 25, 2020 7746 Views 2 comments Print

Principles of mutuality will still prevail under the GST regime and hence the concept of applicability of GST on co-operative societies would remain to be a bigger challenge until finality is attained.

Faceless Assessment Procedure

August 25, 2020 16431 Views 0 comment Print

Hon’ble PM launched Transparent Taxation Scheme on 13th August 2020 in which Income-tax Assessments through electronic mode was made mandatory. The move was made to reduce interaction between Income-tax Officers and Assessee as a result of which corruption will be reduced to greater extent.

MAP Guidance Issued By CBDT As Recommended By OECD

August 25, 2020 1959 Views 0 comment Print

INTRODUCTION: > Any country suffering disputes with respect to Transfer Pricing adjustments, Existence of a Permanent Establishment, Attribution of profits to a Permanent Establishment, Characterisation or re-characterisation of an income or expense lead, on being result taken, by legal or administrative authorities as per domestic laws underprivileged (deprived) either/both of treaty partners for having access […]

Statutory Audit & eligibility for appointment as Internal Auditors in Public Companies

August 25, 2020 52113 Views 2 comments Print

WEBINAR on the Opinion of the Council of Institute of Cost Accountants of India on Statutory Audit and eligibility for appointment as Internal Auditors in Public Companies under section 138 of the Companies Act, 2013 CMA B. B. GOYAL Former Addl. Chief Adviser Cost Ministry of Finance, Government of India What is Internal Audit? Internal […]

14 suggestion for review of Customs Laws & Procedures

August 25, 2020 2787 Views 0 comment Print

As per Instruction No. 14/2020-Customs dated 21st July 2020 we are submitting the suggestions for review of existing Customs Duty Exemption Notifications/Customs Laws & Procedures (Annexure attached), as per the feedback received from our members and stakeholders.

Recalibration of threshold for Minimum Public Shareholding norms, enhanced disclosures in CIRP cases

August 25, 2020 1590 Views 0 comment Print

.The objective of this discussion paper is to seek comments / views from the public and market intermediaries on Recalibration of threshold for Minimum Public Shareholding norms (MPS) in companies which undergo Corporate Insolvency Resolution Process (CIRP) and seek relisting of its shares pursuant to implementation of the approved resolution plan.

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