"09 September 2020" Archive - Page 2

Significant Beneficial Ownership (Part 1 of 3)

The concept of Significant Beneficial Ownership brought by the Ministry of Corporate Affairs (MCA) to identify those individuals who indirectly control or exercise significant shareholding in the Company through layers of artificial entities like Company’s or LLP’s....

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Posted Under: Company Law |

Pathetic work on scrutiny of GST returns


As of now, more than 3 months have been passed and number of returns scrutinised by your superintendents are hopeless. Incidences have also come to my notice where the officers were making nuisance excuses to avoid the work. Now it’s time to fix all such useless elements....

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GST: Section 67(6) application can be preferred only after appeal filing

Jay Goga Traders Vs. State of Gujarat (Gujrat High Court)

Jay Goa Traders Vs. State of Gujarat (Gujrat High Court) High Court held that application u/s 67(6) CGST Act, 2017  could have been preferred only after filing of the appeal under Section 107 of the Act. Be that as it may, if an appeal is filed, the authority concerned shall immediately take up the application […]...

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ITR-V, -Time Limit to submit & what if not submitted in time

What is an ITR-V? ITR-V stands for ‘Income Tax Return – Verification’ form. This form is received when you e-file without using a digital signature. Income Tax Department needs to verify the authenticity of income tax return when filed online without using a digital signature. On receipt of ITR-V you have to sign the co...

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Double Tax Avoidance Agreements & Taxation

The Double Tax Avoidance Agreement (DTAA) is essentially a bilateral agreement entered into between two countries. The basic objective is to promote and foster economic trade and investment between two Countries by avoiding double taxation....

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Best Judgment Assessment – A Critical Analysis

The definition of assessment has not been provided with the IT Act4, but a perusal of the term within the scope of the Act makes it obvious that it implies an investigation and ascertainment of the correctness of the returns and accounts filed by the Assessee. Essentially the assessment would evidently mean determination of the quantum of...

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Posted Under: Company Law |

All about Preparation of e-TDS/TCS Return

Is the Challan Identification Number compulsory? Is PAN mandatory for deductors and employees/deductees? I am a deductor having more than one office/branch, do I file separate e-TDS/TCS returns for each office/branch or can I file a consolidated return for all offices/branches? Can I quote the same TAN for filing e-TDS/TCS returns for eac...

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Income Tax Return – Who can verify and sign?

The individual filing his Income Tax Return has to sign the return. In case the individual is mentally incapable, then the return may be signed by his Guardian or by any other person competent to act on his behalf. In case the individual is absent from India or because of any other reason he is not able to sign and verify his return of ...

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Why is “Keshvanand Bharati vs State of Kerela” still relevant today?

The world got to know about the passing away of the sage Keshvanand Bharati or Kesavananda Bharati Sripadagalvaru at the Edaneer Mutt, in the early hours of 6th September 2020, whose petition made the Supreme Court of India reach a landmark decision on the celebrated doctrine of ‘basic structure of the Constitution‘ in 197...

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Posted Under: Company Law |

Extended Period of Limitation Can’t be granted if there is No Suppression of Facts by Assessee

Commissioner of GST and Central Excise Vs. JSW Steel Limited (Madras High Court)

The issue under consideration is whether the an extended period of limitation of 5 years can be allowed to the Adjudicating Authority even if there is no suppression of facts made out against the Assessee?...

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September 2021