"07 September 2020" Archive

Suggestion /representation on 7 Important Direct Tax Issues

Following is the summary of Suggestion /representation on behalf of the taxpayers/professionals in connection with the Direct tax related matter. Detailed reasoning of same is provided in subsequent paragraphs....

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Posted Under: Income Tax |

GST refund: HC instructs revenue to pass appropriate order

Uni Well Exim Vs State of Gujarat (Gujarat High Court)

Having heard learned counsels appearing for the parties, without any opinion on merits of the show cause notice dated 11.1.2020 issued by respondent authorities to the petitioner, at this stage, interest of justice would be served, if the concerned respondent authorities shall hear the petitioner on the issue of show cause notice and aft...

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Interest on Overdue Payments – Issues under Transfer Pricing & Solutions

In ongoing commercial transactions amongst multinational group like sale, purchase or transfer of goods/services/assets etc., there arises receivable or payable from one group company to another. This is generally referred to as ‘Overdue Balance’....

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Posted Under: Income Tax |

Request for non-insistence on Physical Presence for Assessment

National Action Committee of GST Professional (Haryana) submitted a representation to Excise and Taxation Commissioner, Haryana, requesting him to direct the Assessing Authority not to issue the notice for assessment of cases for A.Y 2017-18 in the crucial time of pandemic. Text of the Representation is as follows:- To, The worthy Excise ...

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Posted Under: Income Tax |

How to do GST Registration – For a Small Proprietorship Firm

Documents Required for GST Registration of a Small Proprietorship Firm: -Mobile Number -E-Mail ID –PAN Card -Aadhar Card -Passport size Photo (Up to 100 KB Size ) -Bank Passbook or Bank Statement First page -Electricity Bill (latest) of the person on whose name Registration is seeking. Step by step approach for for GST Registration ...

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Posted Under: Income Tax |

GST Updates & Deadlines of September 2020

1. GST DEADLINES 1.1. Deadlines | September 2020 ♠ E Invoice mandatory for taxpayers whose Aggregate Turnover in previous financial year is more than Rs 500 crore. (Notification No. 60 & 61/2020 CT; Dated 30th July 2020) from 1 Oct 2020. ♠ Waiver of GSTR3B late Fees- Last date for availing conditional waiver of late […]...

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Posted Under: Income Tax | ,

Equalisation levy : Tax on Digital Transaction

As per section 165 of Finance Act. 2016, equalisation levy shall be charged at the rate of six percent on the amount of consideration for specified service received or receivable by non-resident from...

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Posted Under: Income Tax |

Companies (Auditor’s Report) Order, 2020

Provision of Companies (Auditor’s Report) Order, 2020 shall apply to every Companies including a Foreign Company as defined under Section 2(42) of Companies Act, 2013....

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Posted Under: Income Tax |

Section 7 of PC Act, 1988 cannot be invoked in absence of ‘Demand & acceptance of illegal gratification’

The demand and acceptance is mandatory ingredients of section 7 of aforesaid act which cannot be overlooked at the time of lodging cases. Section 7 of the PC Act, 1988 reads as under:...

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Posted Under: Income Tax |

No TP adjustment for interest on receivables from AE’s if delay is less than industry average

Value Labs Technologies Vs ACIT (ITAT Hyderabad)

TPO has not given any finding on the No. of days delay in receivables. As submitted by the learned AR, the delay was less than 90 days and the industry acceptable period of average is 90 days. The Coordinate Bench of the ITAT in assessee’s own case for the A.Y 2013-14 has taken view that no adjustment is required if the delay is between...

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