"14 October 2020" Archive

ICAI issues Guideline for website of CA Members & CA Firms

It is pertinent to note that following contents and features on the Websites of members and Firms are prohibited :- (1) Mention of Names of clients / Client Logo (2) Writing of Firm name in a manner tantamounting to Logo/Monogram (3) Mention of Professional Fees, or fact of providing services free of charge...

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Posted Under: CA, CS, CMA |

SEBI Caution Investors against unsolicited investment tips

Press Releases No. 53/2020 14/10/2020

It has come to the notice of SEBI that unsolicited messages containing stock tips/ investment advice with respect to listed companies are increasingly being circulated through bulk SMS, websites and social media platforms like WhatsApp, Telegram,etc....

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Shortfall due to GST implementation – Tamil Nadu goes for Option-1

Release ID: 1664365 14/10/2020

Tamil Nadu goes for Option-1, gets permission to borrow an additional amount of Rs 9,627 crore. 21 States now allowed to mobilize Rs.78,452 crore in addition to Rs 1.1 lakh crore to meet the shortfall arising out of GST implementation...

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Not to block EWB Portal of petitioner till further order: HC

Barak Valley Cements Ltd Vs Union of India (Gauhati High Court)

Barak Valley Cements Ltd Vs Union of India (Gauhati High Court) Petitioners were informed that unless they clear their GSTR-3B return for 02 or more tax periods upto August, 2020, their EWB generation facility will be blocked on the EWB portal. If the petitioner company fails to pay as informed then the EWB portal will […]...

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Mission Begin Again- Maharashtra Issues new Lockdown guideline

No: DMU/2020/CR. 92/DisM-1 14/10/2020

Following activities will be permitted outside the Containment Zones:-In areas outside the Containment Zones, all activities will be permitted, except the following: i. International Air travel of passengers, except as permitted by MHA. ii. Schools. colleges, educational and coaching institutions will continue to remain closed for student...

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Tax deductibility of ESOP expense

Prologue The shares allotted by the employer under Employee Stock Option Plan (ESOP) are taxable in the hands of the employees as perquisite u/s 17(2)(vi) of the Income-tax Act, 1961 (‘the Act’) under the head salary. Regarding ESOP, the bone of contention between the employer Assessee and the tax department is on the tax deductibilit...

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Posted Under: CA, CS, CMA |

Interest on ITC wrongly shown in GSTR 3B but not utilised against liability

First, let us have a look at the relevant sections of the CGST Act in order to determine whether interest is applicable on input tax credit which is shown wrongly in the return but not utilised against the payment of output tax liability, as below: According to section 50 (3) of CGST Act, a taxable […]...

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Posted Under: CA, CS, CMA |

FAQ’s on TCS on sales of Goods- Section 206C(1H)

From October 1, 2020, our Government has introduced a new provision for collecting TCS for the sale of goods and depositing the same to the Government. These provisions are given in Section 206C (1H) of the Income Tax Act. 1. What is Tax Collected at Source (TCS)? Tax Collected at Source (TCS) is the tax payable by […]...

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Posted Under: CA, CS, CMA |

GST on Works Contracts and Implication in Oil & Gas Sector

Dear Friends, as you are aware that as per 101st Constitution Amendment Act, 2016 below mentioned goods have been outside the purview of GST; i) Petroleum Crude; ii) High Speed Diesel Oil; iii) Motor Spirit; iv) Natural gas; v) Aviation Turbine Fuel. Some other products such as LPG, fuel oil, kerosene, naphtha etc are included […]...

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Posted Under: CA, CS, CMA |

GST Registration Certificate in Form GST REG-06

Every person registered under Goods and Services Tax (GST) is issued GST registration certificate in Form GST REG-06. The registered person can download the GST registration certificate in Form GST REG-06 only from the GST portal (i.e. no physical copy is made available by the department). The present article explains the entire gist of G...

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Posted Under: CA, CS, CMA |

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