"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 […]...

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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 […]...

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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....

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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....

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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 […]...

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Cash can be Seized in GST Search Since Its Included in Definition of ‘Things’

Kanishka Matta Vs Union of India and Others (Madhya Pradesh High Court)

The issue under consideration is whether seizure of the cash amount to the tune of Rs 66 lakhs by Senior Intelligence Officer at the time of Search Operation is justified in law?...

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Lowest Bid Amount Tender Rejected Because of Non Submission of Tax Details & Test Reports

Fewas Ashraf Vs Kavannur Grama Panchayath (Kerala High Court)

The issue under consideration is whether the gram panchayath is correct in rejecting the lowest bid amount tender submitted by the petitioner just because tax disclosure and test report is not submitted by him?...

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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 […]...

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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...

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Notification No. 89/2020-Customs (N.T.)- Issue of ‘proper officer’

Notification No. 89/2020-Customs (N.T.) (17/09/2020)

Notification No. 89/2020-Customs (N.T.)- Seeks to amend Notification No. 40/2012-Cus (N.T.) dated 2nd May, 2012 related to Issue of ‘proper officer’ under the Customs Act, 1962. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi, the 17th September, 2020 Notification No. 89/2020-Customs...

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