"01 September 2020" Archive

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

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?...

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Posted Under: Income Tax | ,

New GST functionalities for TCS & Composition taxpayers

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) [&hel...

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Posted Under: Income Tax |

Filing Form GSTR-4 Annual Return by Composition Taxpayers

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 [&...

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Posted Under: Income Tax |

SFT Report Generation Utility Quick Reference Guide

Downloading the utility 1. Go to e-filing portal at https:iincometaxindiaefiling.gov.in/ 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....

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Posted Under: Income Tax |

GST Revenue collection for August, 2020

Release ID: 1650411 (01/09/2020)

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)....

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

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...

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Posted Under: Income Tax | ,

No Deemed Registration U/s. 12A if no order passed within six months

CIT (Exemptions) Vs Addor Foundation (Gujarat High Court)

CIT (Exemptions) Vs Addor Foundation (Gujarat High Court) Effect of Non Passing of order within six months — Non-disposal of an application for registration by granting or refusing registration before expiry of six months as provided u/s 12AA(2) would not result in a demand grant of registration. It was held that deemed registration...

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Depreciation on leasing? An ageing puzzle

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 coul...

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Posted Under: Income Tax |

Income Tax benefits under National Pension Scheme (NPS)

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 ...

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Posted Under: Income Tax |

UDIN Generation Mandatory for MFT-7 Certification wef 01.09.2020

ICSI Unique Document Identification Number (UDIN) Guidelines, 2019 was amended by the Council meeting held on 13th July, 2020. The amendments shall be effective from 01st September, 2020. As per the Latest amendments, it is now mandatory to Generate UDIN in respect of the following also: 1. Certification of Annual Return in Form MGT ̵...

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Posted Under: Income Tax |

How to find GST No. of Comapny

Things required for finding GST No. of Company are: 1. Company Name 2. PAN no. Any of this of this out of two will be required to find the GST No. of Company. Link where find you’re GST No mentioned below: https://services.gst.gov.in/services/searchtpbypan GSTIN consists of 15 digits. These are 15 alphanumeric characters and each charac...

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Posted Under: Income Tax |

Need for Rotation of Directors | Section 152 | Companies Act, 2013

Section 152 of the Companies Act,2013 is applicable on only: – Public Company Private Limited Company which is a subsidiary of a public company (Deemed Public Company) As stated in Section 152(6)(a) of the Act, unless the articles provide for the retirement of all directors at every annual general meeting. At least 2/3rd (two-third)...

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Posted Under: Income Tax |

Ceiling on MEIS benefits on exports made from 01.09.2020 to 31.12.2020

Notification No. 30/2015-2020-DGFT [S.O. 2980(E)] (01/09/2020)

A limit on total reward under MEIS has been imposed so that for exports made in the period 01.09.2020 to 31.12.2020 the total reward which can be claimed by an IEC holder does not exceed the ceiling of Rs. 2 Cr....

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GSTR 6 – Furnishing of Return By Input Service Distributors (ISD)

Input Service Distributor (ISD):- Input Service Distributor is an office of a business that receives tax invoices for input services of the taxable purchases on behalf of other establishments/branches and distribute the Input Tax Credit ( ITC ) on such purchases to the concerned establishment / Branches....

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Posted Under: Income Tax |

Taxability of Waiver of Loan Under Income Tax Act, 1961

The ongoing Covid – 19 pandemic has affected the human lives severely.  Besides the impact on human lives it has drastically impacted the businesses. As per the data of the National Statistical Office (NSO) India has recorded worst GDP growth rate of -23.90% for quarter 1 of FY 2020-2021.  This indicates that the businesses are [&hell...

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Posted Under: Income Tax |

ICAI to Issue Forensic Accounting & Investigation Standards

With an increasing number of Accounting, Financial and Loan irregularities, there is a pressing need of Forensic Accounting and Investigation professionals in India to conduct their professional assignments in a manner which is based on the comprehensive, qualitative and prudent set of Standards, and also to collect evidences which may be...

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Posted Under: Income Tax |

ICAI relaxation for provisionally registered students in Intermediate Course

Relaxation for provisionally registered students in the Intermediate Course till 31st July, 2020 through Direct Entry Route for appearing in May, 2021 Intermediate Examination on account of outbreak of COVID 19....

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Posted Under: Income Tax |

Guidelines on Use of Caveats, Limitations & Disclaimers by Registered Valuers

(a) These Guidelines may be called the Insolvency and Bankruptcy Board of India (Use of Caveats, Limitations, and Disclaimers in Valuation Reports) Guidelines, 2020. (b) These Guidelines shall come into force in respect of valuation reports in respect of valuations completed by Registered Valuers (RVs) on or after 1st October, 2020....

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Posted Under: Income Tax |

SEBI enhances debt & money market securities transactions disclosure

Circular No. SEBI/HO/IMD/DF4/CIR/P/2020/163 (01/09/2020)

In order to further enhance transparency, it is now decided that the details of debt and money market securities transacted (including inter scheme transfers) in its schemes portfolio shall be disclosed on daily basis with a time lag of 15 days in a revised format as prescribed in Annexure A....

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Anti-dumping investigation concerning imports of Flexible Slabstock Polyol

Case No. (OI) 14/2019 (01/09/2020)

Case No. (OI) 14/2019 Anti-dumping investigation concerning imports of Flexible Slabstock Polyol originating in or exported from the Kingdom of Saudi Arabia and United Arab Emirates (UAE) – Reg....

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Corrigendum to Preliminary Findings Notification No. 6/16/2019-DGTR 07.08.2020

Notification No. 6/16/2019-DGTR (01/09/2020)

Corrigendum to Preliminary Findings in the anti-subsidy investigation concerning imports of Flat Products of Stainless Steel from Indonesia....

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Anti-dumping investigation concerning imports of Acrylic Fibre

Case No. (OI) 18/2019 (01/09/2020)

Case No. (OI) 18/2019 Final Findings in anti-dumping investigation concerning imports of “Acrylic Fibre” originating in or exported from Belarus, European Union, Peru and Ukraine...

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Interpretation of Concept of ‘Membership’ Under Companies Act 2013

MEANING OF MEMBER:  As per Section 2(55) of Companies Act 2013 ‘member’, in relation to a company, means— (i) The subscriber to the memorandum of the company who shall be deemed to have agreed to become member of the company, and on its registration, shall be entered as member in its register of members; (ii) […]...

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Posted Under: Income Tax |

Daughters can be Karta of HUF & have same rights & liabilities as sons

A Hindu Undivided Family (HUF) is known as a Joint Hindu Family under the Hindu Law. It comprises all persons lineally descended from a common ancestor and living under a common roof and joint in estate, food and worship. Yet, an HUF can exist without holding any property. There are two schools of law governing HUF in India: Mitakshara an...

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Posted Under: Income Tax |

CBIC further extends Due date of GST compliance to 30.11.2020

Notification No. 65/2020–Central Tax [G.S.R. 542(E)] (01/09/2020)

Notification No. 65/2020 – Central Tax dated 01.09.2020 Seeks to extend due date of compliance by any authority which falls during the period from 20.03.2020 to 29.11.2020 till 30.11.2020. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 65/2020–Central Tax New Delhi, the 1...

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Import by EOU/EHTP/STP/BTP without payment of duty

Standing Order No. 23/2020-JNCH (01/09/2020)

Import by EOU/EHTP/STP/BTP without payment of duty by Following Rule 5 of Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017- The procedure required to be followed by the EOUs as well as Customs Officers under Rule 5 of Customs (Import of Goods at Concessional Rate of duty) Rules, 2017, is that the EOUs are required to pro...

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TCS Under Income Tax – Provisions Applicable from 01.10.2020

Tax Collected at Source Under Income Tax – New Provisions Applicable from 01 October 2020 Introduction Finance Act, 2020 introduced 3 new provision under Tax Collected at Source (“TCS”): TCS on foreign remittance through LRS; TCS on selling overseas tour packages; and TCS on sales of any goods TCS unlike TDS is required to be [&hell...

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Posted Under: Income Tax |

Procedure For Incorporation of Private Limited Company Through Spice+

The growing Indian economy is luring the foreign investors as well as Indian investors to start the business in this rapid growing nation. To cope up with the increasing rate of incorporations and to ease the business, MCA had constantly come up with some relaxing provisions and also to cut down the average time taken […]...

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Posted Under: Income Tax |

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