"17 October 2020" Archive

Impact of GST on Business Restructuring

Since transfer of business as going concern is exempt under GST, according to sec. 17 read with rule 42 of CGST Rules, 2017, in case any registered person is having any exempted supplies, then ITC pertaining to such exempted supplies shall be reversed proportionately. So the transferor will have to reverse the ITC taken earlier....

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10 Common Mistakes made by a Taxpayer in GST

Taxpayers and Tax Practitioners both commits some errors or mistakes in the filing of GST Registration or during GST Return Filings. GST was commenced in 2017 and since then taxpayers are committing some mistakes even till now, which we would like to raise so that after reading this article taxpayers can save their money by […]...

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Summary of GST Notification No 74,75,76,77,78,79/2020-Central Tax

Notification No 74,75,76,77,78,79/2020-CGST (15//1/0/20)

The ministry of Finance on 15/10/2020 notified 6 notifications incorporating various changes to the CGST Act and CGST Rule. In this Article we will discuss the notifications with reference to the original act or rules. 1.Notification No 74/2020-Central Tax This notification revised the due date for filing of GSTR-1 for small tax payer who...

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Further extensions regarding validity of Peer Review Certificate

Further extensions regarding the validity of Peer Review Certificate in the wake of COVID -19 spurt across the country (16-10-2020)- Modifications in Part C of the Announcement hosted on 29.5.2020 Peer Review Board The Institute of Chartered Accountants of India 16th October, 2020 ANNOUNCEMENT Sub: Further extensions regarding the validit...

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Relocation / Shifting of Disciplinary Directorate of ICAI

All the stakeholders and general public are hereby informed that the Office of the Disciplinary Directorate of the ICAI is shifted from 3rd floor, ICAI Bhawan, I.P.Marg, New Delhi-110002 to the new premises at following address :...

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CBIC includes certain goods U/s. 110(1A) of Customs Act, 1962

Notification No. 98/2020-Customs (N.T.) [G S R. 633(E)] (14/10/2020)

Amendment in M.F. (D.R.) Notification No. 31/86-Cus, dated 05.02.1986 so as to include certain goods under Section 110 (1A) of the Customs Act, 1962 Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs (Investigation-Customs) Notification No. 98/2020-Customs (N.T.) New Delhi, 14th Octob...

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Income Tax Return – A Child’s Play?

Income Tax Return (‘ITR’), an annual record of income, enables a taxpayer to declare his income, expenses, tax liability, deductions, savings, investments, etc. during the applicable Fiscal Year (i.e. Financial Year (‘FY’) – a period from April 1 to March 31)....

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Analysis of section 2(22)(e) – Deemed Dividend

Introduction Various provisions of the Income-tax Act, 1961 (‘the Act’) have faced prolonged litigation over the years. Section 2(22)(e) is also one among the list. This article discuses various issues relating to practical applicability of section 2(22)(e) like only advance or loan is subject to sec. 2(22)(e), amount received for cor...

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Provision for Sales return not allowable as deduction under section 37

Nike India Pvt Ltd vs DCIT (ITAT Bangalore)

Nike India Pvt Ltd vs DCIT (ITAT Bangalore) The AO noticed that the assessee has claimed deduction for ‘Provision for sales returns’. When enquired, the assessee submitted that it creates a provision for anticipated sales returns based on a percentage of the sales made each month. It was further submitted that the provision is...

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Extend due date for submitting Tax Audit Report & filing IT Returns

Tax Bar Association, Kota has made a request for Extension of due date for submitting Tax Audit Report and for filing IT Returns to 31st March 2021 to ameliorate the difficulties faces by the assessee in this corona period. Tax Bar Association, Kota Hon’ble Smt. Nirmala Sitharaman Ji Union Minister of Finance, Ministry of Finance, [...

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