"27 August 2020" Archive

Prospective effect is not at all a problem – Interest on GST Liability

Notifcation No. 63/2020- Central Tax

Prospective Effect is not at all a Problem – Interest on GST liability “Every single move in life have Double Effect i.e. prospective as well as Retrospective” Introduction Interest is always considered as compensatory in nature and it has been imposed on a registered person who has failed to pay the tax liability within the [&helli...

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Calculation of Interest & Late Fees on Late Filing of GSTR-3B & GSTR-1

As we all know, during Covid – 19 Government has come up with few notifications on 03rd April, 2020, 24th June, 2020 & 30th June, 2020 for the purpose of extending the due dates for filing of GSTR-3B and GSTR-1 for various months. In this article I am trying to clarify the manner of calculation […]...

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Interest for delayed GST payment – Proviso to Section 50(1)

Introduction: Before implementation of GST, government was planning to collect good fund through it but it remains the dream and actual fund collection continuously remain short from the budgeted value. Now, government is planning to collect approx. 46000 crore through interest on delayed payment of tax. Notices has started to the assesse...

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Interest on late Payment of GST

The taxpayers contended that interest on delayed payment of GST should be levied on the net tax payable i.e. amount debited from electronic Cash Ledger whereas the department contended that interest should be levied on the gross amount of tax payable....

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NCLAT: NCLT has to sit with two members bench and not singly as per SC directions

Indison Agro Foods Ltd. Vs Registrar & Anr. (NCLAT Delhi)

Indison Agro Foods Ltd. Vs Registrar & Anr. (NCLAT Delhi) Hon’ble NCLAT in a landmark judgement directed Hon’ble President NCLT to constitute a bench of Two members of Judicial and Technical Member. The issue came for consideration in an interesting case where the insolvency matter was filed before NCLT Indore Bench, however one o...

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Clarification on Extension of AGM for FY ended at 31.03.2020

Clarification on Extension of Annual General Meeting (AGM) for the financial year (FY) ended as at 31.03.2020- Companies Act, 2013 [ICSI once again has made a request dated 26.08.2020 to MCA for extension for holding AGM due to COVID-19] The Ministry of Corporate Affairs (MCA) vide General Circular No. 28/2020 dated 17th August 2020 has ...

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Offences & penalties / Section 134-138/CGST Act 2017

Simplified GST Series /Offences & Penalties /Section 134-138/CGST ACT 2017 Article explains Provisions of Section 134- Cognizance of offences, Section 135- Presumption of culpable mental state, Section 136- Relevancy of statements under certain circumstances, Section 137- Offences by Companies  and Section 138- Compounding of offence...

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Audit Under Goods & Services Tax Act, 2017

BACKGROUND Audit under indirect tax laws is not a new concept. This concept of audit was also existing in the erstwhile Central Excise laws, State level VAT laws and Service tax laws. Audit is a tool available to the tax department to review and verify transactions entered into by a taxpayer to ensure tax compliance […]...

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All You Need To Know About Presumptive Taxation Scheme!

The Presumptive Taxation Scheme, according to sections 44AA of the Income-tax Act, 1961, was introduced to relieve the small business owners and income professionals from maintaining a book of accounts. They will now be enabled to declare their total taxable income at a predefined rate....

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Did you know incorrect ITC reporting in GSTR-3B costs State Exchequer the money?

GSTR-3B is a monthly return in summary form. In GSTR-3B, taxpayers broadly report their outward supplies, RCM supplies & admit GST on the same, make a claim to input tax credit (ITC) and discharge taxes accordingly. Table 4 of GSTR-3B deals with eligible ITC and this table is divided into 4 sub-tables, namely – A. […]...

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NRI Taxation in India under Income Tax Act, 1961

The Income Tax Act & Rules allowed to Non-Resident Individual is different from those applicable to Resident Individuals. NRI Taxation in India is a matter of concern for a large number of persons living abroad. In this article, I have talked about the definition of NRI, the income on which the tax liability arises and […]...

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Income Tax on sale of property

Govt. has imposed many restrictions on sale of property and has also allowed deductions and exemptions that can be claimed when someone sells his property. Some of the Considerations to be kept in mind while selling property are explained in this article....

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GST Registration – Aadhaar Authentication – Implication & Guide

The Central Board of Indirect Taxes & Customs notified Provision for Aadhaar Authentication in GST Registration and physical verification of the place of business before GST registration vide Notification No. 62/ 2020-Central Tax. Aadhaar Authentication was first introduced in 37th GST Council meeting on 20th September 2019. It was in...

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Deferred Payment or Payment in Instalments of GST Dues

Recently, the Kerala High Court in the case of Pazhayidom Food Ventures Pvt Ltd, has permitted a GST taxpayer to pay tax dues in EMIs as its business has been badly hit by Covid-19. Such a ruling showed the humaneness of the authorities who have taken due cognizance of the financial hardship caused by the […]...

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Exemption available for educational institutions- Section 10(23C) & 11

Charitable Institutions which are registered under section 12AA of the Act can claim exemptions under section 11 of the Act when conditions are become fulfilled. While Section 11 is a general provision and applicable to all charitable institutions, Sec 10(23C) is a specific exemption provision applicable to certain Government and Non-Gove...

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Aadhar authentication on GST portal

The Central Board of Indirect Taxes and Customs has provided a facility of Aadhar authentication for new goods and services tax (GST) registration to be activated from August 21, 2020, with the objective to enhance ease of doing business. For those opting for Aadhar authentication, new GST registration will be issued within three working ...

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Corrigendum to Income Tax Notification No. 65/2020 dated 13.08.2020

Notification No. 70/2020-Income Tax [S.O. 2904(E)] (27/08/2020)

Corrigendum to Income Tax notification number 65/2020 dated 13.08.2020  issued vide Notification No. 70/2020-Income Tax, Dated: 27.08.2020 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDUM New Delhi, the 27th August, 2020 (Income-tax) Notification No. 70/2020-Income Tax S.O. 2904(E).—In the notific...

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Corrigendum to Income Tax Notification No. 63/2020 dated 13.08.2020

Notification No. 69/2020-Income Tax [S.O. 2903(E)] (27/08/2020)

Corrigendum to Income Tax Notification No. 63/2020 dated 13.08.2020 issued vide Notification No. 69/2020-Income Tax, Dated: 27.08.2020 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDUM New Delhi, the 27th August, 2020 (Income-tax) Notification No. 69/2020-Income Tax S.O. 2903(E).—In the notification...

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Corrigendum to Income Tax Notification No. 62/2020 dated 13.08.2020

Notification No. 68/2020-Income Tax [S.O. 2902(E)] (27/08/2020)

Corrigendum to Income Tax Notification No. 62/2020 dated 13.08.2020 issued vide Notification No. 68/2020-Income Tax, Dated: 27.08.2020 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDUM New Delhi, the 27th August, 2020 (Income-tax) Notification No. 68/2020-Income Tax S.O. 2902(E).—In the notification...

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Opportunity to taxpayers before finalizing of Assessment

Release ID: 1649006 (27/08/2020)

Providing Ease of Tax Compliance and Opportunity to taxpayers before finalizing of Assessment Order are the core features of Faceless Assessment Scheme, a right step towards Minimum Government, Maximum Governance: Principal Chief Commissioner – Income Tax, Mumbai...

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Overriding Effect of Consumer Forum over Arbitration

With the passage of time, the populace of the country is on hike and so are their opinions. Their opinion forms the basis for their interpretation, it may be a good or a bad interpretation. What would happen in the situation where people starting interpreting the laws? We might be flooded with several interpretations. The […]...

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No Section 194J TDS on IUC charges paid to other telecom companies

DCIT Vs Vodafone India Ltd. (ITAT Mumbai)

DCIT Vs Vodafone India Ltd. (ITAT Mumbai) We find that for installation / setting up / repairing / servicing / maintenance capacity augmentation are require human intervention but after completing this process mere interconnection between the operators is automatic and does not require any human intervention. The term Inter Connecting Use...

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Is Moratorium required at Pre-admission stage?

Under Insolvency and Bankruptcy code, the application for initiation of corporate insolvency Resolution Proceedings can be initiated by 1) Financial Creditor under section 7(1) 2) Operational Creditor under section 9(1) 3) Corporate Debtor under section 10(1) Financial creditor means as per the section 5(7)  the person to whom the financ...

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Transaction of Business of Govt of Union territory of Jammu & Kashmir Rules, 2019

Notification No. G.S.R. 534(E) (27/08/2020)

All contracts in connection with the administration of the Union territory shall be expressed to be made by the President and shall be executed on behalf of the President by the Lieutenant Governor, or a person authorised by the Lieutenant Governor....

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Electronic Invoicing Under GST

E-Invoicing or Electronic Invoicing is the largest revolution that govt is imposing on trade and industry. Advanced use of technology is must to curb the tax evasions and for control. The Central board for direct taxes already uses the Artificial Intelligence and Machine learning for E -Assessments. E- Appeals. The same way CBIC has come ...

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Subscription Money Not Paid in Balance Sheet of Company- Companies Act, 2013

Position of Subscription Money Not Paid in Balance Sheet of Company & under various provisions of Companies Act, 2013 In case of newly incorporated company, situation may occur when subscribers to the Memorandum of Association (‘MOA’) fails to pay subscription money as agreed by them in MOA. Earlier there was no time limit prescri...

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Interpretation of ‘Section 235’ of Companies Act, 2013

Section 235 provides a power to such 'acquirer'  (individually or along with PAC) who holds 90% or who obtains approval 90% of shareholders of transferee for transfer of shares within a period of 4 months from the date of offer, of total shares of the Company to Compel the Dissenting shareholder to sell off their shares against their wis...

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Grievance Resolution between listed entities & proxy advisers- Implantation WEF 01.01.2020

Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/159 (27/08/2020)

Provisions of SEBI Circular dated August 04, 2020 related to ‘Grievance Resolution between listed entities and proxy advisers’ shall also be applicable with effect from January 01, 2021....

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PoA for opening of client demat account is optional: SEBI

Circular No.SEBI/HO/MIRSD/DOP/CIR/P/2020/158 (27/08/2020)

PoA is optional and should not be insisted upon by the stock broker / stock broker depository participant for opening of the client account. PoA executed in favour of stock broker / stock broker depository participant by the client shall be utilized For transfer of securities held in the beneficial owner accounts of the client towards S...

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Procedural Guidelines for Proxy Advisors applicable from 01.01.2021

Circular No. SEBI/HO/IMD/DF1/CIR/P/2020/157 (27/08/2020)

Provisions of said SEBI Circular on Procedural Guidelines for Proxy Advisors applicable shall be applicable with effect from January 01, 2021....

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Solvency Margin for Crop Insurance business

Ref. No:IRDA/ACT/CIR/SLM/220/08/2020 (27/08/2020)

Premium receivables related to State / Central Government sponsored schemes for the Q1 and Q2 of the FY 2020-21 to the extent they are not realized within a period of one year should be placed with value zero....

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Anti Profiteering Law Violation penalty effective from 01.01.2020

Peeyush Awasthi Vs Sun Infra Services Pvt. Ltd. (NAA)

Peeyush Awasthi Vs Sun Infra Services Pvt. Ltd. (NAA) Since no penalty provisions were in existence between the period w.e.f. 01.07.2017 to 30.06.2018 when the Respondent had violated the provisions of Section 171 (1), the penalty prescribed under Section 171 (3A) also cannot be imposed on the Respondent retrospectively. Accordingly, the ...

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Not passed ITC Benefit before 01.01.2020 but no section 171(3A) Penalty

Pawan Kumar Vs S3 Buildwell LLP (NAA)

Pawan Kumar Vs S3 Buildwell LLP (NAA) 1. The brief facts of the present case are that the Applicant No. 72 (here-in-after referred to as the DGAP) vide his Report dated 04.06.2019, furnished to this Authority under Rule 129 (6) of the Central Goods & Services Tax (CGST) Rules, 2017, had submitted that he had […]...

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No Section 171(3A) penalty for violations between 01.07.2017 to 30.09.2018

Sandeep Kumar Vs Nani Resorts and Floriculture Pvt. Ltd. (NAA)

Sandeep Kumar Vs Nani Resorts and Floriculture Pvt. Ltd. (NAA) Penalty should not be imposed for violation of the provisions of Section 171(1) during the period from 01.07.2017 to 30.09.2018 as the provisions of Section 171(3A) have come into force from 01.01.2020 and they cannot have retrospective operation. FULL TEXT OF ORDER OF NATIONA...

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