"06 October 2020" Archive

Revision of last date to file Annual Return under GST till 31st Oct 2020

In the wake of the continuous disruption caused by the COVID-19 pandemic and as a result of various requests received from the businessmen and entities registered under the GST regime. The government has extended by a month the deadlines for furnishing annual returns for 2018-19 under the goods and services tax (GST) regime throug...

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Revised Rules for Income Tax Provisions Applicable from October 2020

The CBDT has announced certain key changes in the income-tax provisions for certain payments and expenses, which shall be applicable from Oct 1st, 2020, for facilitating ease for the assesses and taxpayers for the Act. Many of the taxpayers, investors, depositors, and consumers will get affected by the new provisions such as changes i...

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Revision In Important Income-Tax Returns Deadlines

In the wake of the continuous disruption caused by the COVID-19 pandemic and as a result of various requests received from the businessmen and assesses under the Income-Tax Act 1961. The Central Board of Direct Taxes (CBDT) on September 30 prolonged the last date for filing belated and revised ITRs for Assessment Year 2019-20 from Se...

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Must-have Features to Check before Finalizing Your GST Software

The nation’s most complex indirect taxation system became one of the biggest taxation reform systems and came in the form of GST in India. The Indian economy has got a lift with the cascading effect of GST within the long term. The successful GST implementation with a unified tax structure across diverse Indian regions felt […]...

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Import of Tyres under DFIA scheme not allowed: DGFT

Notification No. 38/2015-2020-DGFT [S.O.3473(E)] (06/10/2020)

A new sub-para (d) under para 4.25 of FTP 2015-20, for disallowing import of tyres under DFIA scheme is introduced. Notification No. 38/2015-2020-DGFT Dated: 06.10.2020...

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Addition of enabling provision for issue of scrips under Scheme for RoSL

Notification No. 37/12015-2020-DGFT [S.O.3470(E)] (06/10/2020)

 A new sub-pan has been inserted in the Foreign Trade Policy, 2015-20 to give effect to the pars 6.3 of the Ministry of Textiles Notification No. 14/2612016-1T (Vol-II) dated 07.03.2019. as amended vide Notification No. 12015/11/2020-TTP dated 09.06.2020 regarding the issue of duty credit scrips under Scheme for Rebate of State Levies. G...

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Govt removes restriction on Export of N-95/FFP-2 masks

Notification No. 36/2015-2020-DGFT [S.O. 3471(E)] (06/10/2020)

Notification No. 29 dated 25.08.2020 is amended to the extent that the export policy of N-95/FFP-2 masks or its equivalent is amended from ‘Restricted’ to ‘Free’ category making all types of masks freely exportable. Government of India Ministry of Commerce 86 Industry Department of Commerce Directorate General of F...

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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. ...

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Directorate General of Audit as a Nodal Directorate for Customs Post Clearance Audit

Instruction No. 18/2020-Customs (06/10/2020)

Instruction No. 18/2020-Customs F. No. 715/03/2020- Cus(AS) Government of India Ministry of Finance Department of Revenue (Central Board of Indirect Taxes & Customs) ***** 5th Floor, nude° Vishala Building, Bhikaji Cama Place, New Delhi, the 06th Oct, 2020   To, All Principal Chief/Chief Commissioners of Customs/Customs (Prevent...

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Conflict between IBC and PMLA

Before discussing the above subject matter, let us first understand what PMLA is and what is IBC As per Insolvency and Bankruptcy code 2016, if any person who has taken any loan and committed default, then the application can be filed in front of the Hon!ble National Company Law Tribunal As per section 3(23) the […]...

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