"19 October 2020" Archive

CBDT revises guidelines for intrusive or coercive tax recovery

F.No.275/29/2020-IT(B) (19/10/2020)

Corrigendum to Order under section 119 of the Income-tax Act, 1961 dated 16.10.2020 for exercising power of intrusive or coercive action for recovery of tax demand by Assessing Officers or Tax Recovery Officers. F.No.275/29/2020-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, ...

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CBDT issues guideline on power of survey under section 133A

Order No. F No. 187/3/2020-ITA-I (19/10/2020)

Order under section 119 of the Income-tax Act, 1961 for exercising power of survey u/s 133A of the Income-tax Act, 1961 and in pursuance of The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 Regarding...

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ICAI Allows Provisional Registration in CA Foundation Course after passing Class X Examination

No.1-CA(7)/193/2020 (19/10/2020)

Public Relations Committee The Institute of Chartered Accountants of India 19th October, 2020 PRESS RELEASE ICAI Allows Provisional Registration in CA Foundation Course after passing Class X Examination With an aim to provide high quality education and keeping the future global business competencies in mind, the Institute of Chartered Acc...

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7 Forms of Business Organisation

While starting business anxiety and uncertainty hits every time in minds of start-ups. The main role of entrepreneur is to cross the ocean of uncertainty and impossibility and by positive attitude monetize the idea. The main difference between entrepreneur and businessman is that entrepreneur makes his imagination true by positive attitud...

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Posted Under: Income Tax |

Annual Compliances for Private Limited Company

Private Limited Company is the most popular form of starting a business, there are various compliances which are required to be followed once your business is incorporated. Here is a list of compliances for the Private Company: Sr. No. Particulars Due Dates/Status 1. Company Name Board Every Company shall paint or affix its name, and [&he...

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Posted Under: Income Tax |

HC: Capital gain on conversion of FCCBs into shares would be determined by adopting conversion price prevailing at BSE or NSE on date of conversion

Director of Income-Tax International Taxation Vs Intel Capital (Cayman) Corporation (Karnataka High Court)

Director Of Income-Tax International Taxation Vs Intel Capital (Cayman) Corporation (Karnataka High Court) HC: Capital gain on conversion of FCCBs into shares would be determined by adopting conversion price prevailing at BSE or NSE on date of conversion Conclusion: AO was not justified in computing capital gains by adopting the cost of a...

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9 New changes in GST on the occasion of Navratri

et’s study 9 major updates in GST, which are important for the taxpayers to take note of. Due to future changes & implementation of e-invoicing, it seems that's the GST department is willing to play Virtual Dandiya with a great enthusiasm with the taxpayers....

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Posted Under: Income Tax |

Gist of Changes in GST Compliance – 15.10.2020

The Scheme of New returns was designed to be implemented by 1st Oct 2020 and accordingly the present scheme of GST return filing was mandated till 30th September 2020. However, due to delay in system changes and situations arising on account of COVID-19 the present scheme of filing of returns is continued which is explained below....

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Posted Under: Income Tax |

Compulsion of Tax audit under clause (d) & (e) of section 44AB r.w. 44AD & 44ADA

Whether audit of accounts under clause (d) & (e) of section 44AB read with section 44AD & 44ADA of the IT Act is compulsory for an assessee? It is pertinent to mention that out of the total 5 (Five) conditions of compulsory audit of accounts of certain persons carrying on business or profession, under section […]...

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Posted Under: Income Tax |

Cost Audit under The Companies Act 2013 & Rules

A cost audit represents the verification of cost accounts and checking on the adherence to cost accounting plan. Cost audit ascertains the accuracy of cost accounting records to ensure that they are in conformity with cost accounting principles, plans, procedures and objectives. A cost audit comprises the following; -Verificatio...

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Posted Under: Income Tax |

Real Reason Why You Cant Save

In the following article I have elaborated certain mistakes that one does un-knowingly and ultimately leads to financial crises. Here are some of the reasons due to which a person is not able to save or invest. 1. CHOOSING WRONG INVESTMENTS  MISTAKES CORRECTIONS Keeping money in bank account, F.D., R.D. you might be wrong if […]...

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Posted Under: Income Tax |

CBIC new Notifications – GST Returns & compliances

Consequent to the recommendations made by GST Council in its 42nd meeting held on 5th October,2020 the Govt. has issued a number of notifications giving effect to the recommendations. The notifications are summarised below- 1. Due dates for filing GSTR1  Notification No. 74/2020 – Central Tax dated 15.10.2020 Those registered persons w...

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Posted Under: Income Tax |

Eureka! GSTN finds out a new form (not prescribed in GST law) called GSTR 2B!

Sometimes we wonder how creative GSTN authorities are! Ideally, GSTN was supposed to translate the GST law and Rules into the implementable reality. However, they are so creative that they have discovered something which does not even exist!!! It is a well-known fact that while drafting GST Law and Rules, Government had envisaged form GST...

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Posted Under: Income Tax |

GSTR1 and GSTR 3B PDF to Excel VBA VER 3.2

It is an upgraded version of previous tool, this tool will convert GSTR1 and GSTR-3B files into Excel on a Monthly Basis. Format is the same as provided by the GST department, but I write it in Vertically, so that you can do the following. #Monthly Comparison of your GST Returns #Help in GST Reconciliation […]...

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Posted Under: Income Tax |

GSTR-3B Calculation Sheet for Monthly GST Calculation

GSTR-3B Calculation Sheet, Hello, My Self Ashok Mali and I have prepared the GSTR-3B Calculation Sheet for Monthly GST Calculation. This GSTR-3B calculation Sheet can be used to calculate Monthly GST liability along with late fees and Interest if Any. In this calculation sheet Set-Off of GST done Automatically as per provisions of Sectio...

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Posted Under: Income Tax |

Requirements of Accounts and Records under GST

Sub Section (1) of Section 35 of CGST Act, 2017, Sub Section (6) of Section 35 of CGST Act, 2017 & Section 36 of CGST Act, 2017 read with Rule 56 of CGST Rules, 2017 & Rule 57 of CGST Rules, 2017 governs the provisions for Accounts and other records to be maintained by registered […]...

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Posted Under: Income Tax |

Can A Foreign National Start A Business In India Without Being A Resident?

A Foreign National can start a business in India without being a Resident and one can setup up a new business in India in any of the following ways: A. Limited Company (Private Limited/Public Limited Company) B. Limited Liability Partnership (LLP) C. Branch Office or Liaison/Representative Office, Project Office A. LIMITED COMPANY A non-r...

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Posted Under: Income Tax |

Chartered Accountants (Amendment) Regulations, 2020

Notification No. 1-CA(7)/193/2020 (19/10/2020)

1. (1) These regulations may be called the Chartered Accountants (Amendment) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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Section 50C not applicable to leasehold rights

Noida Cyber Park Pvt. Ltd. Vs ITO (ITAT Delhi)

Noida Cyber Park Pvt. Ltd. Vs ITO (ITAT Delhi) Section 50C(1) of the Act, in so far as it is relevant for our purpose, prescribes that where the sale consideration received or accruing as a result of the transfer by an assessee of a capital asset, being ‘land or building or both‘, is less than […]...

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Tolerance range for wholesale trading & other cases for AY 2020-21

Notification No. 83/2020-Income Tax [S.O. 3660(E)] (19/10/2020)

Notification No. 83/2020-Income Tax Central Government hereby notifies that where the variation between the arm's length price determined under section 92C of the said Act and the price at which the international transaction or specified domestic transaction has actually been undertaken does not exceed one per cent. of the latter in respe...

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In absence of new facts reopening of already examined issue was invalid

Mina Kumari Sahoo Vs ITO (ITAT Cuttack)

Assessing Officer has taken into consideration the facts and estimated the profit taking into deposits in the bank accounts. Thereafter, there were no new facts before the Assessing Officer which could justify the reopening. On these facts, it was nothing more than change of mind by the Assessing Officer, and a reopening of assessment on ...

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HC allows Petitioner to apply to GST Council for filing of GSTR TRAN-1

Venkateswara Wires Pvt. Ltd. Vs Union of India (Rajasthan High Court)

In order to enable the petitioners to avail Tansitional Credit in Electronic Credit Ledger. It was also prayed that the respondents should give effect to Form GST Tran-1 that had been manually submitted to the respondent-department to avail relevant Legitimate Input Tax Credit....

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ITBA Appeal Module for pending appeals to be allocated to Faceless Appeal Units

ITBA-Faceless Appeals Instruction No –1 (19/10/2020)

Faceless Appeal Scheme has been implemented in ITBA and the allocation of cases to Faceless Appeal units is under progress. A number of requests have been received from the field formation for opening of the Appeal module in ITBA to enable the CIT (Appeals ) to upload the physical records and submissions made by the appellant in the syste...

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SEBI (Alternative Investment Funds) (Amendment) Regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/37 (19/10/2020)

1. These regulations may be called the Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2020. 2. They shall come into force on the date of their publication in the Official Gazette....

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SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (Second Amendment) Regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/36 (19/10/2020)

1. These regulations may be called the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (Second Amendment) Regulations, 2020....

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CBIC extends ADD on All Fully Drawn or Fully Oriented Yarn/Spin Draw Yarn/Flat Yarn of Polyester

Notification No. 32/2020-Customs (ADD) [G.S.R. 649(E)] (19/10/2020)

Seeks to amend notification No. 51/2015-Customs (ADD) dated 21st October, 2015 to extend the levy of ADD on All Fully Drawn or Fully Oriented Yarn/Spin Draw Yarn/Flat Yarn of Polyester imported from China and Thailand till 30th November, 2020. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 19th October, 2020 Notif...

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Payment for international freight logistic support services & Global Account Management expenses cannot be treated as technical services fee

ACIT Vs Expeditors International of Washington (ITAT Delhi)

Amount paid for international freight logistic support services and Global Account Management (GAM) expenses by assessee-foreign company to Indian company could not be treated as Technical Services or Fee for Included Services (FIS) and also could not be taxed under section 9(1)(i) as no income had accrued or arised from the business conn...

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Utilization of Fund Created out of Regulatory Fee Forgone by SEBI – Additional Guidelines

Circular No. SEBI/HO/CDMRD/DNPMP/CIR/P/2020/206 (19/10/2020)

In order to encourage the participation of Farmers / Farmers Producers Organizations (FPOs) in agricultural commodity derivatives markets, the Stock Exchanges have created a separate fund, out of the regulatory fee so forgone by SEBI. The Stock Exchanges have been permitted by SEBI to utilize the said fund exclusively for the benefit of a...

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Weekly newsletter from Chairman, CBIC dated 19/10/2020

Notification No. D.O.No.37/CH(IC)/2020 (19/10/2020)

We have embarked on 'Faceless Assessment', a reformative initiative, at a critical time when the economy is opening up again. This step would benefit both the trade and the department....

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SEBI steps up efforts for ‘Data Culture’ through ‘Data Democratization’

Press Releases No. 55/2020 (19/10/2020)

Thus, MDAC is part of SEBI’s initiatives to make shareable data on the Indian securities market, available for researchers, policy makers, general public alike and to enhance the quality of such data. Some of the other initiatives taken by SEBI, through its Department of Economic and Policy Analysis (DEPA), include:...

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Mr. Santosh Kumar Shukla takes charge as Executive Director, IBBI

Press Releases No. IBBI/PR/2020/15 (19/10/2020)

Mr. Santosh Kumar Shukla took charge as Executive Director, Insolvency and Bankruptcy Board of India (IBBI) in New Delhi today. Immediately before joining IBBI, he was serving as Chief General Manager in the Enforcement Department of the Securities and Exchange Board of India (SEBI)....

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Govt implements AI & ML tools to get insights into MSME related issues

MSME Ministry introduces Artificial Intelligence (AI) and Machine Learning (ML) strengthening its Single Window System Portal ‘Champions’ to assist MSMEs of the country. Ministry implements AI & ML tools to get insights into MSME related issues and grievances for their quick and effective resolution;...

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Posted Under: Income Tax |

GSTR-9C Offline Utility- FAQs

Form GSTR-9C is a reconciliation statement, duly verified and digitally signed by Chartered Accountant/ Cost Accountant. This form is required to be furnished along with filing of annual return in Form GSTR-9, by the taxpayer whose aggregate turnover is above a specified limit, during a financial year....

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Posted Under: Income Tax |

Procedure for referring Technical/Legal Service Tax & Central Excise issues for comments

F.No. 116 /22/2020-CX-3 (19/10/2020)

It has been observed that routine matters, involving interpretation of statutory or policy provisions in specific circumstances or even issues of Fact, involving no question of policy, are being referred by the Field Formations For clarifications to the Board....

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Report on suitability of offering of Surety Bond by Indian Insurance Industry

Ref. No:IRDAI/NL/WG/SB/375/2020-21 (19/10/2020)

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Ref. No:IRDAI/NL/WG/SB/375/2020-21 Date:19-10-2020 Exposure Draft Re: Report of the Working Group (WG) on suitability of offering of Surety Bond by Indian Insurance Industry A Working Group was set up by the Authority vide order Ref: IRDAI/NLWG-SB/95/2020-21 dated 24.07.2020 to study...

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How to file Form GSTR-7 – GST TDS Return – FAQs & Manual

A. Form GSTR-7 – FAQ Q.1 What is Form GSTR-7? Ans: Form GSTR-7 is a return which is required to be filed by the persons who deduct tax at the time of making/crediting payment to suppliers towards the inward supplies received. Tax deductor has a legal obligation: To declare his TDS liability for a given […]...

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Posted Under: Income Tax |

FAQs and Manual on GSTR-6A

FAQs on GSTR-6A Q.1 What is GSTR-6A? Ans: Form GSTR-6A is a system generated ‘draft’ Statement of Inward Supplies for an ISD (Input Service Distributor). Form GSTR-6A is a read only form. ISD cannot take any action in Form GSTR-6A. Form GSTR-6A for a particular tax period changes, based on the details uploaded by the […]...

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Posted Under: Income Tax |

IRDAI Working Group to Study Cyber Liability Insurance

Ref. No:IRAID/NL/ORD/MISC/260/10/2020 (19/10/2020)

Amid the COVID 19 pandemic, there are rising incidences of cyberattacks and a growing number of high-profile data breaches. It is felt that cybersecurity is the most important need for all sectors today to address the numerous risks posed by cyber-attacks....

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GSTR-6 -FAQs & How to create & submit Form GSTR-6

Article discusses What is GSTR-6, Who, where and when needs to file GSTR-6 and is it mandatory to file it, Is it mandatory to take action on all invoices auto populated in GSTR-6, What actions can I take on invoice data auto populated in GSTR-6, What happens if GSTR 6 is filed before GSTR-1 and […]...

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Posted Under: Income Tax |

All about GSTR 5 return filing with FAQs & Filing Procedure

A. Frequently Asked Question on Form GSTR-5 Q.1 What is Form GSTR-5? Ans: Form GSTR-5 is a return to be filed by all Non- Resident Taxpayer in case they don’t wish to avail ITC (Input Tax Credit) on local procurements. In case, non-resident person wishes to avail ITC on local procurement, it will be required […]...

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Posted Under: Income Tax |

Investigation concerning anti-dumping duty on imports of Fluoroelstomer

F. No. 7/03/2020-DGTR (19/10/2020)

Case No. (SSR) 02/2020 Sunset Review investigation concerning anti-dumping duty on imports of ‘Fluoroelstomer’ (FKM) originating in or exported from China PR....

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GSTR-4A – FAQs and How to view Return GSTR-4A

Form GSTR-4A is an auto-drafted and read only form and is auto created on basis of data from the saved/submitted/filed Form GSTR-1/5 and filed Form GSTR-7 of the taxpayers, where composition dealer is the recipient. The Composition dealer cannot take any action in Form GSTR-4A. This form is only for view. Action can be taken only in Form ...

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Posted Under: Income Tax |

Form GSTR-8 Statement of TCS – GST – How to file & FAQs

A. FAQs on Filing of Form GSTR-8-  Statement of TCS (Tax Collected at Source) Q.1 What is Form GSTR-8? Ans: Form GSTR-8 is a Statement of TCS (Tax Collected at Source) to be filed by E Commerce Operators. Form GSTR-8 contains the details of taxable supplies and the amount of consideration collected by such operator […]...

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Posted Under: Income Tax |

Form GSTR-9 (GST annual return)- How to file with FAQs

Article contains FAQEdit This Articles on Form GSTR-9 (GST annual return), How to file Form GSTR-9 (GST annual return), What is Form GSTR-9,  Who need to file Annual Return in Form GSTR-9, What is the difference between Form GSTR-9 Filing of nil Form GSTR-9, Offline Tool for filing Form GSTR-9, when to file Form GSTR-9, […]...

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Posted Under: Income Tax |

Draft Loan Agreement

To be printed in stamp paper of Rs.______________ (based on the respective Stamp Act applicable)  LOAN AGREEMENT LOAN AGREEMENT BETWEEN Mr A son of Mr. B, residing at (Address of the loan provider) AND Mr. C son of Mr. D, residing at(Address of the borrower) THIS AGREEMENT made and entered into at(Place—-) this (Date ——...

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Posted Under: Income Tax |

HC: Interest payable on delayed Income Tax Refund Interest

CIT Vs Syndicate Bank (Karnataka High Court)

CIT Vs Syndicate Bank (Karnataka High Court) Conclusion: When an order of refund was issued, the same should include interest payable on the amount, which was refunded. If the refund did not include interest due payable on the amount refunded, the revenue would be liable to pay interest on the short fall. This did not […]...

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Exchange fluctuation loss related to acquiring of fixed asset was capital loss

Continuum Wind Energe (India) Pvt. Ltd. Vs DCIT (Madras High Court)

Continuum Wind Energe (India) Pvt. Ltd. Vs DCIT (Madras High Court) Conclusion: Amount paid towards the premium for hedging foreign exchange fluctuations was capital loss as exchange difference was required to be capitalized because liability had been incurred by assessee for the purpose of acquiring fixed asset namely plant and machinery...

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Amount paid as compensation to related company in respect of vacation of property was allowable business expenditure.

Peerless General Finance & Investment Co. Ltd. Vs DCIT (ITAT Kolkata)

Peerless General Finance & Investment Co. Ltd. Vs DCIT (ITAT Kolkata) Conclusion: Amount paid as compensation by assessee to related company in respect of vacation of property occupied by that company was made after much negotiation and it was thus in accordance with business of assessee and therefore, the same was allowable. Held:  ...

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GST Registration Application in Form GST REG-09

Form GST REG-09 is an application form for GST registration of Non-Resident taxable person. As per section 24 of the Central Goods and Services Tax Act, 2017, any non-resident taxable person engaged in providing taxable supply is compulsorily required to obtain GST registration. In order to obtain GST registration, the non-resident taxabl...

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Posted Under: Income Tax |

Going Concern?  Hey Auditor, aren’t you concerned? Observe closely!

Hello auditors! As the romantic rainy season is over and rosy winter season stepping in closer day by day, the festival season is all over upon us. While this is the general atmosphere for all of us, you, the company auditors have the audit season before you in full swing, thoroughly busy, and except for […]...

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Posted Under: Income Tax |

Can Input Tax Credit for FY 2019-20 be claimed after September 2020? YES, YOU MAY

Can Input Tax Credit for FY 2019-20 be claimed after September 2020..? YES, YOU MAY Few days ago, I came to know that Confederation of GST Professionals and Industries filed a writ petition before the Hon’ble Bombay High Court for the extension of due date of GSTR-9 / GSTR-9C to 31st December 2020....

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Posted Under: Income Tax | ,

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