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Archive: 01 September 2020

Posts in 01 September 2020

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7017 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Beware‼ Penalty on cash receipt of Rs. 2 Lakhs or more

September 1, 2020 84117 Views 36 comments Print

Krishna, from 1st April 2017, for accepting cash people have become very much conservative. Please tell me what precautions anyone should take while accepting cash?

New GST functionalities for TCS & Composition taxpayers

September 1, 2020 3600 Views 0 comment Print

New functionalities made available for TCS and Composition taxpayers 1.Provision to make amendment, multiple times, in Table 4 of Form GSTR-8 ♣ Earlier, if no action was taken on TCS details, auto-populated in TDS/TCS credit form, by the supplier or if the same were rejected by them in the said form, the TCS (e-commerce operators) […]

Filing Form GSTR-4 Annual Return by Composition Taxpayers

September 1, 2020 32097 Views 0 comment Print

Filing Form GSTR-4 Annual Return by Composition Taxpayers on GST Portal 1. What is Form GSTR-4 Annual Return: – With effect from 1st April, 2019, all Composition Taxpayers are required to file Form GSTR-4 Annual Return, on annual basis, for each financial year. 2. Who are required to file Form GSTR-4 Annual Return: All registered […]

Interest on delayed payment of TDS not allowable as business expenditure

September 1, 2020 75684 Views 0 comment Print

Govindam Clearing Agencies Pvt. Ltd Vs DCIT (ITAT Jaipur) AO had disallowed the interest and made an addition of Rs. 18,315/- on account of late deposit of TDS by the assessee. We find that the facts are undisputed that the assessee has claimed interest as expense incurred for delayed payment of TDS. We find that […]

SFT Report Generation Utility Quick Reference Guide

September 1, 2020 37938 Views 0 comment Print

Downloading the utility 1. Go to e-filing portal at 2. Click on the Forms (other than ITR) tab under the Downloads 3. Click on the Download link against Form 61A to download the Utility. It allows the user to save the file in the location selected by the user.

GST Revenue collection for August, 2020

September 1, 2020 2265 Views 0 comment Print

The gross GST revenue collected in the month of August, 2020 is ₹ 86,449 crore of which CGST is ₹ 15,906 crore, SGST is ₹ 21,064 crore, IGST is ₹ 42,264 crore (including ₹ 19,179 crore collected on import of goods) and Cess is ₹7,215 crore (including ₹ 673 crore collected on import of goods).

Submit Statement of Financial Transactions (SFT) in Form 61A

September 1, 2020 361182 Views 26 comments Print

Legal Framework- Section 285BA- Obligation to furnish Statement of Financial Transactions (SFT). Rule 114E – Furnishing of Statement of Financial Transactions in Form 61A. Form 61A – Format and Instructions

Refund of ACD on Import cannot be Rejected Merely for Missing Model Number in Sale Invoice

September 1, 2020 966 Views 0 comment Print

The issue under consideration is whether the rejection of refund of additional custom duty merely because the model number is missing in sale invoice is justified in law?

Depreciation on leasing? An ageing puzzle

September 1, 2020 39411 Views 3 comments Print

A finance lease is essentially a financing arrangement whereby the lessee assumed the ownership of the asset in as much as it is the borrower who chooses the property to be purchased, takes delivery, enjoys the use of occupation of the property, bears the wear and tear and takes the risk of loss or damage.The decision of the Tribunal could well prove to be a turning point insofar as the claim of depreciation in a finance lease in concerned. Though the decision of Tribunal is not the last word on the question of law; nevertheless the ruling could take away the heat from long drawn debate over availability of depreciation in a finance lease.

Income Tax benefits under National Pension Scheme (NPS)

September 1, 2020 85008 Views 3 comments Print

NPS is a government-sponsored pension scheme. It was launched in January 2004 for government employees. However, in 2009, it was opened to all sections. The scheme allows subscribers to contribute regularly in a pension account during their working life. On retirement, subscribers can withdraw a part of the corpus in a lump sum and use the remaining […]

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