"02 September 2020" Archive

Income Tax Department carries out searches in Srinagar & Kupwara

Release ID: 1650758 (02/09/2020)

The Income Tax Department has carried out simultaneous search and seizure operations on 2nd September, 2020 in the case of three prominent businessmen in Srinagar and Kupwara. These operations have, prima facie, led to the detection of huge amount of undisclosed income, seizure of unaccounted assets and incriminating evidence and involvem...

Read More

ITR Filing Compliance Check Functionality for Scheduled Commercial Banks

Release ID: 1650735 (02/09/2020)

The data on cash withdrawal indicated that huge amount of cash is being withdrawn by the persons who have never filed income-tax returns. To ensure filing of return by these persons and to keep track on cash withdrawals by the non-filers, and to curb black money, the Finance Act, 2020 w.e.f. 1st July, 2020 further amended Income-tax Act, ...

Read More

Detailed analysis of GSTR 2B

We all have got an abundance of opportunities to enhance our skills in this pandemic. GSTN also has taken due benefit of the same by adding new functionalities on the portal, most prominent being enabling of form GSTR 2B. In the 39th Council meeting held on 14.03.2020, Shri Nandan Nilekani addressed the system related issues […]...

Read More
Posted Under: Income Tax |

How To Check Date of Filing GSTR-3B, GSTR-1 & Other Forms

In order to do various compliance or determining exact amount of interest payable, we have to determine the date of filing of GSTR-3B, GSTR-1 & other forms. This article discusses various ways through which this can be done. Some of them are mentioned below:- ♦ View “SHOW FILING TABLE”on the portal On GST Portal, In […]...

Read More
Posted Under: Income Tax |

Incorporation of Company through SPICe+ Form

Incorporation of Company through SPICe+ The SPICe+ stands for Simplified Performa for incorporating Company electronically , SPICe+ aims to offer about ten services by three Central Government Ministries and departments (Ministry of Corporate Affairs, Ministry of Labour and the Department of Revenue in the Ministry of Finance) and one Sta...

Read More
Posted Under: Income Tax |

Indian Economy’s GDP Tested (-VE) | GDP & Methods of Calculation

What is Gross Domestic Product?? Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period, often annually. The Gross Domestic Product measures the value of economic activity within a country.The growth rate of real GDP is often used as an […]...

Read More
Posted Under: Income Tax |

Understanding OECD’s Two-Pillar Approach

In this dynamic era, the brick and mortar business models are turning digital and Multi-National Companies (MNCs) are effectively operating out of various jurisdictions without having a physical presence. From a taxation perspective, it is way more challenging when the value creation, income generation and the adjoining taxability cut acr...

Read More
Posted Under: Income Tax |

Form DIR-2- Consent to act as a Company Secretary of Company

Form DIR-2 Consent to act as a Company Secretary of the Company (According to 170(2) and 203(1) of the Companies Act, 2013)  To (The Company) Address ———— ———————– Subject: Consent to act as Whole Time Company Secretary I, ——————&#...

Read More
Posted Under: Income Tax |

Company Name Change under Companies Act, 2013

Section 13 of the Companies Act, 2013 deal with change of name which says that the name of the company can be changed by a special resolution and with the approval of the Central Government. Approval of Central Government is not required if the change relates to the addition/ deletion of the words ‘private’ to […]...

Read More
Posted Under: Income Tax |

Consent Letter to accept appointment as Company Secretary

I hereby give my consent to act as the Company Secretary and Compliance Officer on such terms and conditions as may be mutually agreed according to Section 203 of the Companies Act, 2013 and Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014....

Read More
Posted Under: Income Tax |

Resignation Letter from the post of Company Secretary of Company

I, hereby tender my resignation from the post of Company Secretary of the Company due to pre-occupancy in other assignments. The Board is kindly requested to accept my resignation and take the same on your records....

Read More
Posted Under: Income Tax |

GST- Deemed Exports & Obligation to furnish information return

Simplified GST Series -Section 147 –Deemed Exports/Section 150-Obligation to furnish information return Section 147-The Government may, on the recommendations of the Council, notify certain supplies of goods as deemed exports, where goods supplied do not leave India, and payment for such supplies is received either in Indian rupees or i...

Read More
Posted Under: Income Tax |

Exposure Drafts of Forensic Accounting & Investigation Standards

The Digital Accounting Assurance Board of The Institute of Chartered Accountants of India (ICAI) invites comments on the following exposure drafts of Forensic Accounting and Investigation Standards (FAIS):...

Read More
Posted Under: Income Tax |

CBI arrests A Former DC of CBIC In An Alleged Bribery Case

The Central Bureau of Investigation has arrested a former Deputy Commissioner of Central Board of Indirect Taxes & Customs; a Customs House Agent and a Businessman (an importer of toys) in an alleged bribery case of Rs. One Lakh....

Read More
Posted Under: Income Tax |

Credit Rating of Securities – Jindal Power Ltd. Vs ICRA Ltd

Jindal Power Ltd. v. ICRA Ltd. (Delhi High Court)

Jindal Power Ltd. v. ICRA Ltd. (Delhi High Court) In order to protect the interest of investors and help them make an informed decision, SEBI has made credit rating of securities offered by Indian companies by way of public or rights issues to be mandatory.  The rating signifies the ability and willingness of the issuer […]...

Read More

Time of Supply under GST- Elaborated and Simplified

Roll out of GST has given rise to innumerable questions as to the applicability of its provisions on various business transactions. The economic environment of India is both vast as well as complex giving rise to novel and unique situations or business arrangements calling for urgent clarity with a tug of war between astute legislature [&...

Read More
Posted Under: Income Tax | ,

One Time relaxation of tax-returns pending due to non-filing of ITR-V

One Time Relaxation of tax-returns for AY’s 15-16,16-17,17-18,18-19 and 19-20 which are pending due to non -filing of ITR-V form and processing of such returns It has been brought to the notice of Central Board of Direct Taxes (‘CBDT’) that a large number of electronically filed ITRs still remain pending with the Income tax ...

Read More
Posted Under: Income Tax |

All you need to know about TCS on sale of Goods

TDS and TCS have been a reliable weapon for the Government over the years serving the varied objectives of preventing tax evasion, widening the tax base and ensuring steady revenue collection for the Government. Thus, over the years, the Government’s clear intention has been to bring as many transactions under the ambit of TDS/TCS as [&...

Read More
Posted Under: Income Tax |

Economy Instructions Related To Printed Activities to save cost

All calendars, diaries, schedulers and similar other materials, which were earlier printed in physical format, will now be done digitally by Ministries/Departments/PSUs/PSBs Ministries/Departments/PSUs/PSBs and all other organs of the government  to adopt innovative means to use digital or online methods...

Read More
Posted Under: Income Tax |

Trusts, CPC & Form of Return of Income: “Form” Over Substance?

Many trusts are facing issues for not filing the return of income in correct form No.7. This may be due to the fact that trusts do not have qualified staff with them or that at small places proper tax consultants are not available. May that be so. But, such returns are processed by CPC treating […]...

Read More
Posted Under: Income Tax |

CPC & issues in processing of Section 10(23C)(iiiad) exemption

Charitable Trusts having multiple educational institutions are facing many issues especially of exemptions u/s 10(23C)(iiiad) of the Income Tax Act, 1961, in processing of returns by CPC and in assessments. Following is an analysis of the section and the legal precedents. 1. The law Section 10(23C)(iiiad) reads as under – Incomes no...

Read More
Posted Under: Income Tax |

Withholding of Income Tax refund mere due to issue of Scrutiny is not valid

Conner Institute of Health Care And Research Centre Pvt. Ltd. Vs ITO (Delhi High Court)

Conner Institute of Health Care And Research Centre Pvt. Ltd. Vs ITO (Delhi High Court) The exercise of withholding of refund under section 241A of the Act, pursuant to notice u/s 143(2) of the Act, without recording justifiable reasons, is not in consonance with the legislative intent and mandate of the aforesaid provision. The reasons [...

Read More

Government Blocks 118 Mobile Apps

Release ID: 1650669 (02/09/2020)

The Ministry of Electronics and Information Technology, Government of India invoking it’s power under section 69A of the Information Technology Act read with the relevant provisions of the Information Technology (Procedure and Safeguards for Blocking of Access of Information by Public) Rules 2009 and in view of the emergent nature of th...

Read More

CBIC extends ADD levy on imports of ‘Float Glass’ upto 7.12.2020

Notification No. 29/2020-Customs (ADD) [G.S.R. 545(E)] (02/09/2020)

Notification No. 29/2020-Customs (ADD) Dated – 2nd September, 2020- CBIC amends notification No. 47/2015-Customs (ADD), dated 8th September 2015 to extend the levy of ADD on imports of ‘Float Glass’ originating in or exported from China PR, for a period of three months i.e. upto 7th December, 2020. MINISTRY OF FINANCE (D...

Read More

Anti-dumping duty on imports of Ciprofloxacin Hydrochloride imnposed

Notification No. 28/2020-Customs (ADD) [G.S.R. 544(E)] (02/09/2020)

CBIC imposes provisional anti-dumping duty on imports of Ciprofloxacin Hydrochloride originating in or exported from China PR for a period of six months vide  Notification No. 28/2020-Customs (ADD) dated: 2nd September, 2020. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 2nd September, 2020 Notification No. 28/2...

Read More

Segregation of portfolio due to COVID-19 pandemic- Provision Reviewed

Circular No. SEBI/HO/IMD/DF4/CIR/P/2020/165 (02/09/2020)

Date of proposal for restructuring of debt received by AMCs shall be treated as the trigger date for the purpose of creation of segregated portfolio....

Read More

Disclosures on Margin obligations given by way of Pledge/ Re-pledge in Depository System

SEBI/HO/CFD/DCR-2/CIR/P/2020/164 (02/09/2020)

SEBI vide circular dated February 25, 2020 issued guidelines on acceptance of collateral from clients in the form of securities by Trading Member(TM) / Clearing Member (CM), only by way of ‘margin pledge’, created in the Depository system....

Read More

Maharashtra PT- Notification to extend due date for filing return

Notification No. PFT.1220/CR.21/Taxation-3 (02/09/2020)

Notification to extend due date for filing profession tax returns in Maharashtra FINANCE DEPARTMENT Madam Came Road. Hutatma Raiguru Chowk. Mantralaya. Mumbai 400 032, dated the 2nd September 2020. NOTIFICATION THE MAHARASHTRA STATE TAX ON PROFESSIONS, TRADES, CALLINGS AND EMPLOYMENTS ACT, 1975 No. PFT.1220,CR.21/Taxation-3.— In exercis...

Read More

Board Resolution for Appointment of Company Secretary

CERTIFIED TRUE COPY OF THE RESOLUTION PASSED AT THE MEETING OF THE BOARD OF DIRECTORS OF (The Company ——-) HELD ON —————— COMMENCED AT_______ and CONCLUDED AT__________ AT THE REGISTERED OFFICE OF THE COMPANY ————————————...

Read More
Posted Under: Income Tax |

IRDAI Order in the matter of MAGMA HDI GIC Ltd

Ref. No:IRDAI/Enf/ORD/ONS/230/09/2020 (02/09/2020)

The IRDAI had conducted an onsite inspection of Magma HDI GIC Ltd during 18th to 29th December, 2017. The inspection report, inter alia, revealed certain violations of provisions of the Insurance Act, 1938, Regulations, Guidelines and various circulars issued thereunder....

Read More

Annual Compliance to be done by LLP Through Out the Year

Annual Compliance To Be Done By Limited Liability Partnership (LLP) Through Out The Year LLP or Limited Liability Partnership is nothing but an alternative corporate form that provides benefits of ‘Limited Liability’ to the designated partners at reasonable costs of compliance. It is a legal entity. However, the liability of a...

Read More
Posted Under: Income Tax |

Procedure of Registration of Nidhi Company

About Nidhi Company In this article, we will be discussing the procedure of the Incorporation of Nidhi Company. Nidhi Company is a non-banking financial business. Nidhi Company performs lending and borrowing of money job with its members themselves do all the work. This is done for the mutual benefits of all the members of the […]...

Read More
Posted Under: Income Tax |

GST Registration For Foreigners

The word ‘Non-resident taxable person’- has been defined under the Goods and Services Tax Act 2017, as an individual who occasionally do any transactions involving any supply of goods or services, or both, whether as a principal or as an agent and that person do not have any fixed any fixed place in India. GST […]...

Read More
Posted Under: Income Tax |

Types of common notices under Income Tax Act, 1961

Being a finance and tax professional, we are aware of the fear of people with respect to the Income Tax Notice, especially if they do not belong to the finance and tax field. Government laws are very strict in terms of Income Tax Return (ITR), so the assessee /person may get a notice even for […]...

Read More
Posted Under: Income Tax |

GST e-invoice

Applicability Presently, it is mandated for registered persons whose aggregate turnover (based on PAN) in the preceding financial year is more than Rs. 500 Crores w.e.f 1st October 2020 (Notification No. 13/2020 – Central Tax dated 21st March 2020 and Notification No. 61/2020 – Central Tax dated 30th July 2020). Entities/ pers...

Read More
Posted Under: Income Tax |

Unlock 4 Guidelines- Liberties and Restrictions

The Ministry of Home Affairs has on 30th August 2020 notified new guidelines for Unlock 4, which is a sincere effort by Union and State Governments to curb the efforts of the pandemic and healing the economy from its ill-effects.To do this, the Government had decided to ease the restriction steps-wise taking small steps at […]...

Read More
Posted Under: Income Tax |

India’s Income Tax Taxpayers Charter 2020

‘Transparent Taxation- Honoring the Honest’ is the extended version or a modified model of the E-assessment Scheme 2019 introduced by the Government of India in September 2019. This module brings out the honest and rightful duties of the taxpayers and states the expectations to be fulfilled in their respective parts. The CBDT (Central...

Read More
Posted Under: Income Tax |

Income Tax- Faceless e-Assessment Scheme

Income Tax- Faceless e-Assessment Scheme To bring relief to honest tax payers, this system is introduced by our Honourable Prime Minister, Shri Narendra Modi Ji. PM, in his speech on August 13, 2020, unveiled “Transparent Taxation – Honouring the honest” platform for faceless assessment, appeal, and taxpayer charter. In the current ...

Read More
Posted Under: Income Tax |

Ledger Scrutiny Books of Accounts- Things You Must Know

Main features on Ledger scrutiny Steps to be followed: – 1. Take last year audited balance sheet from client and open Trial balance of current year in tally software, then check that last year closing balances in audited balance sheet is matched with current year opening balances in tally software (Trail balance). Note:- Opening bal...

Read More
Posted Under: Income Tax |

Investment avenues for people of different age groups

Not only Earning money is important it is also necessary to follow a Financial Plan & Invest Money accordingly. So that an individual requirement of money can be fulfilled at the required time. Saving money is not a solution as it does not offer growth in return, keeping in saving bank account only gives interest […]...

Read More
Posted Under: Income Tax |

RBI’s latest measures to Foster Orderly Market Conditions

RBI in its communication dated 31st August 2020 informed that it had announced special open market operations on August 25, 2020 and that it would continue to monitor evolving liquidity and market conditions and take measured steps for the orderly functioning of financial markets. We are aware that market sentiments were impacted by conce...

Read More
Posted Under: Income Tax |

Reversal of ITC Merely by Adopting Uniform or Ad-hoc Percentage is unsustainable

Sri Ranganathar Valves Private Limited Vs The Assistant Commissioner (CT) (FAC) (Madras High Court)

The present Writ Petitions relate to restriction of the amount of Input Tax Credit (ITC) predominantly on the head of (a) Prior sufferance of Taxes; (b) ITC on reversal on wastage; and (c) Ineligible claim of ITC on goods....

Read More

41st GST Council Meeting- Gloomy picture for States

41st GST Council meeting was held with the sole object of resolving the issue of lack of funds to compensate the states, which was initially promised to the States at the time of introduction of Goods and Service Tax Act....

Read More
Posted Under: Income Tax | ,

Section 80P Deduction eligible on Bonus in the nature of dividend by KMF to Co-op Society

The Mysore District Co-operative Milk Producers Society Union Ltd. Vs ACIT (ITAT Bangalore)

The issue under consideration is whether the deduction u/s 80P is allowed against the bonus received by the Co-operative Society from M/s. Karnataka Co-operative Milk Producers’ Federation (KMF)?...

Read More

Surcharge & Cess Levied alongwith Withholding Tax because No Residency Proof Brought on Record

Wipro Limited Vs. Add. CIT (ITAT Bangalore)

The issue under consideration is whether surcharge and education cess should be levied only in the cases where the non-resident vendors are residents of countries with which the DTAA allows withholding rate of more than 11.33%?...

Read More

Date of Award is Date of Accrual of Gains under Section 45 in case of Compulsory Acquisition

Raj Pal Singh Vs CIT (Supreme Court of India)

The issue under consideration is whether the High Court was right in taking the date of award as the date of accrual of capital gains for the purpose of Section 45 of the Act of 1961?...

Read More

Consider new claims of Assessee made before Appellate Authorities without revising Return: ITAT directs AO

Tolani Shipping Co. Ltd. Vs DCIT (ITAT Mumbai)

The issue under consideration is whether the assessee is seeking change in Income Tax Return by way of raising additional grounds of appeal in front of the tribunal and not filing Revised return will be entertained by the Tribunal?...

Read More

Six AYs Counted from Date of Handing over of Assets/Documents to AO for Section 153C Assessments

ACIT Vs Mapsa Tapes (P) Ltd. (ITAT Delhi)

whether Assessment year in respect of proceedings u/s 153C of the Act to be same 6 years in the case of other person, for which the proceedings u/s 153A is initiated in the case of connected searched person?...

Read More

Section 153C Assessment order in the Name of Non Existing Entity is Invalid

DCIT Vs Mapsa Infra (P) Ltd. (ITAT Delhi)

The issue under consideration is whether Assessemnt order u/s 153C issued in the name of Amalgamated Company will be considered as valid?...

Read More

Depreciation on Weaving Looms Allowed as same was ready for use

Chhatariya Firetech Industries Vs JCIT (ITAT Ahmedabad)

The issue under consideration is whether the depreciation on purchase of New Weaving Looms allowed in case of assessee?...

Read More

Taxability of Income of Freelancers

Everyone wants to be his or her own boss. Freelancer is a person who is self-employed and not necessarily committed to a particular employer for long-term. Fields where freelancing is predominant include experts services of Chartered Accountants, lawyers, business Consultants, web designers, etc. Freelancer works for particular type of ...

Read More
Posted Under: Income Tax |

Search Posts by Date

November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30