"03 October 2020" Archive

Recent Updates In GST till 02nd October 2020

On GST compensation option to states, about 20 states have reverted and all these states want Option-1 to borrow Rs. 97,000 crore without the obligation paying interest and principal back. Next GST Council meeting on 5th October shall take this forward. CAG report recently disclosed that for 2018-19, out of the Rs. 2.7 lakh crore [&hellip...

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TCS on Sales of Goods- section 206C(1H)- Detailed analysis

Detailed analysis with a practical approach on TCS on Sales of Goods- section 206C(1H) Since morning of the 1st day of October, 2020 we have received so many calls from clients and friends making queries on different aspects of section 206C(1H) of the income Tax Act. Some of such important queries and probable answers of […]...

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ICAI: Registration for Online Home Based Practical Training Assessment

The next practical training assessment is being conducted online from October 23 to October 27, 2020. The students who have completed their 1st/ 2nd year of practical training during April 1, 2019 – June 30, 2020 are eligible to appear in this test....

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GST on residential affordable housing project

In re Primarc Projects Pvt Ltd (GST AAR West Bengal)

In re Primarc Projects Pvt Ltd (GST AAR West Bengal) Whether the applicant is eligible for tax concession for its RREP named Akriti being an affordable housing project? The works contract service for the construction of those dwelling units in the project named ‘Akriti’ (WBHIRA Registration No. HIRA/P/PUR/2018/000003) that are...

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No GST on Prize money/ stakes in absence of any supply

In re Vijay Baburao Shirke (GST AAAR Maharashtra)

In re Vijay Baburao Shirke (GST AAAR Maharashtra) The Appellant Authority set aside the advance ruling issued by AAR, and hold that prize money/ stakes will not be subject to GST in the absence of any supply. Accordingly, the Applicant- Respondent is also not entitled to avail any ITC in accordance with the provisions of […]...

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Supply cannot be treated as Composite merely because it was based on Single Contract

In re Vertiv Energy Pvt. Ltd. (GST AAAR Maharashtra)

It is argued by the Appellant the supplies under the present case are not being made in the conjunction with each other, as the supply of services i.e. erection, commissioning, installation, testing etc. are undertaken only after the supply of the goods, i.e. UPS systems and other accessories, have been effected to the recipient of the go...

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GST: Exercise of power without Opportunity of hearing to Assesse is unjustified

DPK Engineers Private Ltd. Vs. Union of India (Karnataka High Court)

Contention of the learned counsel for the Revenue that the Act vests the power in the respondents to take measures for recovery of tax, interest & the penalties that have fallen due does not come to the rescue of the Revenue; existence of power is one thing and its exercise is another; the existence per se does not justify the exercise; n...

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Depreciation on car Registered in partners or directors name

Income-tax Department cannot refuse the claim for depreciation on a vehicle owned by a company or a firm, on a mere ground that it is not registered in its name, but stands in the name of its director or partner. Interestingly, there is no decision of any court or the Tribunal that has taken a contrary view on the subject....

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Submission of ITR V and Related FAQs

IT Circular 3/2009 (21/05/2009)

It has been proposed under the IT Circular 3/2009 that if the return is electronically furnished under a digital signature, the tax-payer is not required to furnish the Form ITR-V with the Income-tax Department as a follow up to the electronic transmitting of data in the return. Similarly, any return which is digitally signed by the asses...

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What makes an Income Accrue or Arise in India although earned outside India?

A look at what constitutes as Income on Indian soil and what is not from the perspective of the IT department. The IT department defines certain incomes as Accruing or Arising in India. This is the basis of calculating your income and income tax. Let’s know more. The IT department says that for any company […]...

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October 2020