"30 August 2020" Archive

FAQs on MCA notifications for web link of Annual Return

FAQs on MCA Notification for Web Link of Annual Return and Companies (Management & Administration) Amendment Rules, 2020 1. What are the effective dates of the amendment of Section 92(3) and the  Companies (Management and Administration) Amendment Rules, 2020? Ans. Both the notifications are effective from 28th August, 2020. 2. What ...

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Posted Under: Company Law |

GSTR 2B, a new era of Reconciliation of Input Tax Credit

GSTN has enabled Form GSTR 2B in the GST Portal. The Taxpayer can log in with there login credentials then go to F.Y 20-21 for July 2020, the Form GSTR-2B is available on the Portal. The GST Council, in its 39th meeting held March 2020, had recommended to adopt and implement the incremental approach of […]...

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Posted Under: Company Law |

SOP for limited physical hearing before Hon’ble Supreme Court

NA (30/08/2020)

SUPREME COURT OF INDIA Standard Operating Procedure for limited physical hearing before Hon’ble Court In continuation of directions already notified regarding functioning of the Supreme Court of India, in the wake of the Covid-19 pandemic, more particularly through Circulars dated 14.03.2020 and 23.03.2020, and on consideration of the r...

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Section 269SU: Banks to Refund charges received on or after 01.01.2020

Circular No. 16/2020-Income tax (30/08/2020)

Banks are, , advised to immediately refund the charges collected, if any, on or after 1st  January 2020 on transactions carried out using the electronic modes prescribed under section 269SU and not to impose charges on any future transactions carried through the said prescribed modes....

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CBIC Launches GSTR-2B (29th August 2020): Key Features

The government has decided to continue the existing GST (Goods and Services Tax) return filing system for the time being. The new GST return filing system with forms ANX-1, ANX-2, RET-1 and RET-2 as proposed by the government for the launch has been put on hold until further notice. In place of launching the new GST […]...

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Posted Under: Company Law |

Cabinet Clears Introduction of Punjab GST (Amendment) Bill, 2020

CABINET CLEARS PROPOSAL FOR INTRODUCTION OF PUNJAB GOODS AND SERVICES TAX (AMENDMENT) BILL, 2020 FULFILLS DEMAND OF TAX PAYERS TO SIMPLIFY PROVISIONS AND PROCESSES FOR SMOOTH LEVY AND COLLECTION OF TAXES UNDER GST Chandigarh, August 25: The Punjab Cabinet on Tuesday approved the proposal for introduction of the Punjab Goods and Services T...

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Posted Under: Company Law |

Practical understanding of effect of ITC in GSTR 9 for F.Y. 2018-19

Form GSTR-9 is an annual return to be filed by all registered taxpayers whose turnover is Rs. 2 crores or more. A taxpayer shall report all outward supplies, inward supplies, taxes paid, refund claimed, demands raised and ITC availed and utilized in Form GSTR-9. It has been observed that practitioners are facing many difficulties to [&hel...

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Posted Under: Company Law |

Compensation to Retiring Partners as Goodwill is Eligible for Depreciation

PCIT Vs Swastik Industries (Gujarat High Court)

Whether the ITAT was right in treating the payments made to retiring partners in the nature of compensation can be termed as goodwill and subsequently eligible for depreciation?...

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Section 54F Exemption allowed Even if Residential Flats Constructed alongwith Saleable flats

Nisha Sarawgi Vs ACIT (ITAT Ranchi)

whether AO is correct in disallowing the exemption u/s 54F 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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Interest for TDS Default levied on Buyer of Property even if NRI Seller Already Paid Taxes in his Return

Sh. Harpal Singh Vs DCIT (ITAT Chandigarh)

The issue under consideration is whether interest u/s 201(1A) will be levied on assessee even if NRI seller had already paid taxes as per his return?...

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