2 Archive - 15 September 2020

"15 September 2020" Archive

Good news for taxpayers – Much awaited option “Consolidated Debit/Credit note” enabled on GST portal

This article is penned down to discuss the impact of much awaited consolidated credit/debit note issued under GST. Section 34 of the Central Goods and Services Act, 2017, which deals with Credit/Debit note under GST law is reproduced below: 34. (1) Where a tax invoice has been issued for supply of any goods or services […]...

Read More

GSTR 9 and GSTR 9C for FY 2018-19 due date, applicability & its relaxations

The due date of filing the GSTR 9 Annual return and GSTR 9C Audit for FY 2018-19 is 30th Sept 2020 [NN 41/2020 – CT] – However it may extend to December 2020 due to the COVID outbreak and there having several representations made for the same. Applicability of GSTR-9 and 9C for FY 2018-19 […]...

Read More

Transfer Pricing Study – A Simplified Overview

A transfer pricing study examines the pricing of transactions between related two or more associates. By applying and documenting various test methods, it is determined whether the transactions are conducted under market conditions and survive the scrutiny of tax authorities....

Read More

Defer applicability of Section 206C(1H) TCS on sale of goods

We humbly request your goodself to defer the applicability of new TCS levy on sale of goods to April 1, 2021. This would provide adequate time to taxpayers and professionals to integrate the new TCS levy into their IT systems for effective implementation....

Read More

Reporting liabilities in GSTR-9C – Few issues

The due date for filing the GSTR-9C is fast approaching for FY 2018-19. As on the day of writing this article, the due date is 30th September 2020 which is expected to get extended further due to the present pandemic situation. Many of the audit and auditee staff are yet to return to their offices […]...

Read More

Direct Payment of Taxes if TDS is not Deducted by Deductor

♣ Who does not want money in advance? – Everyone. Significant amendments are made every year in Income tax Act while declaring budget and major amendments are made in TDS section because government wants payment of taxes in advance and TDS is tool which aims to collect tax from the very source of income. TDS […]...

Read More

Additions for unexplained cash cannot be made solely based on section 132(4) statements

Jewels Emporium Vs ACIT (ITAT Jaipur)

Jewels Emporium Vs ACIT (ITAT Jaipur) From the record, we found that as on the date of search, the books of account of M/s Jewels Emporium were incomplete and the printouts of cash books as taken by the search team did not reflect the true and correct balance available which is made part of the […]...

Read More

HC directs GST Department to refund Amount of Bank Grantee Encashed

LM Wind Power Blades India Pvt. Ltd. Vs. State of Maharashtra (Bombay High Court)

LM Wind Power Blades India Pvt. Ltd. Vs. State of Maharashtra (Bombay High Court) Learned counsel for the petitioner submits that action of respondent No. 4 in encashing the bank guarantees without waiting for expiry of the appeal period is wholly illegal and should be declared as such by this court. He submits that respondent […]...

Read More

Modification due to Notification has Effect of Deleting Old Rule & Making New Rule Operative

DIT Vs Autodesk Asia Pvt Ltd (Karnataka High Court)

whether the Tribunal was correct in holding that the assessee is liable to be taxed at 10% in view of replacement of 15% with 10% of tax in Article 12 of the DTAA without taking into consideration that the modification of rate of tax by way of notification?...

Read More

Recent Amendments in Multi CAP Funds

S.E.B.I being the regulator of CAPITAL MARKET issued a circular dated 11-September-2020 brought the change in the MULTI-CAP SCHEME of Mutual funds. Let us know what does multi-cap scheme is all about and the new changes introduced regarding this scheme. Definition of Large Cap, Mid Cap and Small Cap Companies : SEBI has, vide its [&hellip...

Read More

Search Posts by Date

February 2023