"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 |

Interest on delayed payment of TDS not allowable as business expenditure

Govindam Clearing Agencies Pvt. Ltd Vs DCIT (ITAT Jaipur)

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 […]...

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

Johnson Lifts Pvt. Ltd. Vs. Assistant Commissioner of Custom (Refunds) (Madras High Court)

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?...

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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 |

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