"06 September 2020" Archive

Income tax Changes and Points to take care

♦ If you are paying more than Rs.50 lakhs to any resident person for any professional / commission or contract work – You need to deduct 5% TDS irrespective of facts that expense is personal or business. For e.g. Assume you wants to construct a residential house and you hire a contractor and pays more […]...

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Posted Under: Income Tax |

MSME Ministry takes lead in helping MSMEs get their dues

Historic Interventions made by the Central Government to Ensure Timely Payments to MSMEs. MSME Ministry takes lead in helping the MSMEs get their dues. On-boarding of MSMEs on TReDS Mechanism made free. MSME Ministry alerts MSMEs to beware of fake websites charging money in the name of registration; and re-iterates that registration be do...

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Posted Under: Income Tax |

58 Defects Fixed for Taxpayers on GST Portal

Defects Fixed for Taxpayers on GST Portal as on 25.08.2020 1. Refund Module: A check has been incorporated in the application whereby the taxpayer will not be able to submit a Refund Application, if bank account has not been selected by them. 2. Returns Module: The return dashboard of a taxpayer was configured to display […]...

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Posted Under: Income Tax |

Audit under Threshold Limits- Ease of doing business for MSME companies

Business entities in India have been fighting with several multiple business laws, rules, regulations, policies, procedures, formats and authorities for running their business and statutory compliance has become a nightmare for most of them, especially the small business entities. ...

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Posted Under: Income Tax |

CFSS (Companies Fresh Start Scheme), 2020

The CFSS 2020 is a scheme with bundled benefits. Few of which are as follows: a) Waive off additional fees - companies availing the scheme will not be liable to pay additional fees and penalties on belated filings. Hence, this will promote compliances among small company which were deliberately avoiding compliances due to heavy fines and ...

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Posted Under: Income Tax |

Onus on revenue to prove that CA Certificate is False Statement

Tvl. Madura Coasts (P) Ltd. Vs Commissioner of Commercial Taxes (Madras High Court)

whether Sales Return transactions which are erroneously shown it in sales tax return as sales can be rectified eventually after submission of CA certificate alongwith the concern Invoice memos?...

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HC releases Detained Goods & Vehicle on Deposit of GST & Penalty

Arya Traders Vs. State of Gujarat (Gujarat high court)

Arya Traders Vs. State of Gujarat (Gujarat high court) The present writ petition is filed mainly for seeking release against the goods and vehicle without demanding any security. High Court states that, the goods and the conveyance came to be detained and seized way back on 9th July, 2019. Till this date, the goods and […]...

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Seized Vehicle along with Goods released on satisfaction of Rule 140 Requirement

AK Overseas Vs. State of U.P. & Ors. (Allahabad High Court)

AK Overseas Vs. State of U.P. & Ors. (Allahabad High Court) The Petitioner has filed the writ petition to release the seized goods which are seized under Rule 140 of the Central Goods and Services Rules, 2017. High Court states that, in case the petitioner fulfills the requirement of Rule 140 together with its explanation, […]...

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Person Eligible for SVLDRS, 2019 even if Amount quantified on or before 30.06.2019 gets Modified Subsequently

Seventh Plane Network Private ltd. Vs. Union of India & ORS. (Delhi High Court)

Seventh Plane Network Private ltd. Vs. Union of India & ORS. ( Delhi High Court) The issue under consideration is whether the petitioner was eligible to apply under the SVLDRS, 2019 even if the amount of duty involved in the audit had not been quantified before 30th June, 2019? High Court states that, the audit […]...

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IBBI penalise for appointing person other than Registered Valuer for carrying out Valuation

IBBI penalise for appointing person other than Registered Valuer for carrying out Valuation IBBI regulator for Insolvency Professional as well as Registered Valuer by virtue of order No. IBBI/DC/27/2020 dated 24th August 2020, barred Insolvency Professional to seek or accept any process or assignment or render any services under the Code ...

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Posted Under: Income Tax |

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