"01 October 2020" Archive

CBDT amends Form 3CD, Form No 3CEB, ITR6, & Inserted New Forms & Rules

Notification No. 82/2020-Income Tax [G.S.R. 610(E)] 01/10/2020

Amendment of the Income-tax Rules, 1962 to prescribe manner relating to option under section 115BAC and 115BAD, and that of determination of depreciation under section 115BAA to 115BAD, of the Income-tax Act, 1961 CBDT vide Notification No. 82/2020-Income Tax notifies changes in Form 3CD, Form No 3CEB and ITR6. It amended Rule 5 of Income...

Overview of TCS on Sale of Goods Sec 206C(1H) – Income Tax Act 1961

1. A sub-section (1H) to section 206C of the Income Tax Act, 1961 has been inserted vide Finance Act 2020 which is effective from 01.10.2020. Section 206C (1H) provides for the collection of Tax at Source (TCS). 2. This article covers the statutory provisions, the functionality of the TCS on goods and the salient features […]...

Posted Under: Income Tax |

GST Revenue collection for September, 2020

Release ID: 1660608 01/10/2020

The gross GST revenue collected in the month of September, 2020 is ₹ 95,480 crore of which CGST is ₹ 17,741 crore, SGST is ₹ 23,131 crore, IGST is ₹ 47,484 crore (including ₹ 22,442 crore collected on import of goods) and Cess is ₹7,124 crore (including ₹ 788 crore collected on import of goods)....

Extension of Time Limit for filing of Annual Return for Financial Year 2018-19

Notification 69/2020  of CGST : Extension of time limit for filing of  Annual Return for Financial Year 2018-19 . CBIC on 24/10/2020 issued a press release which extended the  time limit for filing annual return, audited Annual Accounts and reconciliation statement  under section 44 for the financial year 2018-19 from 31/10/2020 to 3...

Posted Under: Income Tax |

CBIC notifies special procedure for issuance of GST e-Invoices till 31.10.2020

Notification No. 73/2020-Central Tax/G.S.R. 613(E). 01/10/2020

Special procedure for issuance of E-invoice till 31.10.2020- The Government has notified special procedure under Sec 148 of CGST Act 2017 to the registered persons who have prepared tax invoice in a manner other than the manner specified under sub-rule (4) of rule 48 of the CGST Rules 2017. As per this special procedure , […]...

Analysis of GST Notifications dated 30th September, 2020

(1) Extension of Due Date to File GST Annual Return (GSTR 9) & GST Audit (GSTR 9C) (NN 69/2020 – CT dated 30th September, 2020) In order to provide relief to businesses grappling with the economic impact of COVID 19, the government on Wednesday i.e. 30th September, 2020 has extended the due date to file […]...

Posted Under: Income Tax |

Taking of services of operating cranes not amounts to transfer of right to use

Sanghavi Movers Ltd. Vs. State of Maharashtra (MSTT)

Sanghavi Movers Ltd. Vs. State of Maharashtra (Maharashtra Sales Tax Tribunal, Pune) Maharashtra Sales Tax Tribunal held that taking services of operating cranes from appellant to carry out work does not amount to ‘transfer of right to use’ the cranes. it held as follows:- i. VAT and CST levied by treating the transactions as ...

Posted Under: Income Tax | |

Updated Practical FAQs on TCS on Sale of Goods wef 01.10.2020

Sub-section (1H) of section 206C shall be made effective from 1st October 2020. It states that: A Seller of Goods is liable to collect TCS from Buyer on Sale of any goods; Turnover of seller is more than INR 10 Crores in previous financial year; TCS to be collected if the Value/Aggregate Value of Goods is more than ₹ 50 Lakhs in a f...

Posted Under: Income Tax | ,

Functionally comparable company cannot be excluded from Comparables for non-disclosure of RPT

EMC Software & Services India Pvt. Ltd. Vs. JCIT (ITAT Banglore)

EMC Software & Services India Pvt. Ltd. Vs. JCIT (ITAT Banglore) The assessee seeks inclusion of T2T2 India Ltd. The Ld. A.R. submitted that this company is functionally comparable company. The TPO/DRP has rejected the same only for the reason that the detail of Related Party Transactions (RPT) was not disclosed in the Annual Report. ...

Mistakes MSMEs Should Avoid While Filing Provident Fund Returns

EPF has been issuing notices left right & center. Leveraging data from co departments such as ESI, INCOME TAX & PT they are finding creative ways to slap notices and fines. Ambiguity in law & various interpretations of the law has also led to many companies being fined. But one thing is clear. It is […]...

Posted Under: Income Tax |

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