"20 October 2020" Archive

Extension of ad-hoc appointment of 694 Income Tax Officers

Notification No. F.No.A-32013/3/2017-Ad.VI (20/10/2020)

I am directed to refer to the abovementioned subject and to convey concurrence of the Department of Personnel & Training (DoP&T) in respect of 694 officers, as in Annexure-A, for extending the ad-hoc appointment to the grade of Income Tax Officer till 31.12.2020, made by the respective Cadre Controlling Authorities (CCAs)....

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Highlight of PM’s address to the nation with text of Speech

In a televised address to the nation, the Prime Minister Shri Narendra Modi made a fervent appeal to all the citizens to not let their guard down and become complacent, in the country’s ongoing fight against the Covid Pandemic....

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Posted Under: Income Tax |

Contactless delivery of international courier consignments -reg.

Circular No. 47/2020-Customs (20/10/2020)

Circular No. 47/2020-Customs F. No. 451/13/2020-Cus. V Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes & Customs ************ North Block, New Delhi Dated 20th October 2020 To, All Principal Chief Commissioners/Chief Commissioners of Customs Principal Directors General/Directors General of...

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Request to extend time to file GSTR-3B for September, 2020

Request for extension of time to file GST return in Form GSTR-3B for the month of September, 2020 by registered tax payers having turnover of more than Rs. 5 Crores which would include time to claim ITC of 2019-20....

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Posted Under: Income Tax | ,

Hearing on writ for Extension of due date of GSTR 9 & 9C on 27.10.2020

Confederation Of GST Professionals And Industries Vs Union Of India (Bombay High Court)

Confederation of GST Professionals and Industries Vs Union of India (Bombay High Court) CGPI had filed writ petition for extension of due date of GSTR 9 and 9C before Bombay high court and Honorable High Court has fixed next hearing on  27th October, 2020. FULL TEXT OF THE HIGH COURT ORDER /JUDGEMENT Heard learned Sr. […]...

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Benefits For Senior Citizens Under Income Tax Act 1961

In our country, great respect has been given to the Senior Citizens in all fields including under the Income Tax Act. In all modes of travelling concessional rates are provided either by Air, Train or Road, separate queue etc. Under the Income Tax Act, benefits are given to Senior Citizen and Very Senior Citizen that […]...

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Posted Under: Income Tax |

Basics of Income Escaping Assessment – Section 147 – Income Tax Act, 1961

1) Section 147 of the Income Tax Act, 1961 dealt with 'Assessment or Re-assessment of Incoming Escaping Assessment'. 2) Re-Assessment of Income is possible only in the case of Section 147 & Section 153A i.e. Reassessment in the case of search & Seizure....

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Posted Under: Income Tax |

No disallowance u/s 14A if assessee does not have tax-free income

Section 14A has been inserted in Chapter IV of the Income tax Act by the Finance Act, 2001, with retrospective effect from 1-4-1962. This Section provides for disallowance of expenditure incurred in relation to income which is not included in the total income of the assessee (i.e. exempt income). The operative part of this Section reads a...

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Posted Under: Income Tax |

TDS Return Under GST

Who is required to deduct and file GST TDS return? The registered taxpayers who deduct the TDS under section 37 of GST rules are required to file TDS return form in the GSTR 7. According to the Notification No. 33/2017 Central Tax, 15th September 2017, these entities also need to deduct TDS- 1. An authority […]...

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Posted Under: Income Tax |

GST registration application in Form GST REG-10

Provision of section 24 of the Central Goods and Services Tax Act, 2017 mandates the person engaged in supplying ‘online information and database access or retrieval services’ to obtain compulsory registration, when the services are supplied from a place outside India to a person in India (other than a registered person). Such a perso...

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Posted Under: Income Tax |

Dormant Bank Account or Inoperative Bank Account

Now-a-days many people receive mail from their banks stating that their bank account will become Inoperative/ Dormant for non-operation of Saving as well as Current Account? Many people got confused or stressed because of such mails, hence today I am writing this article to help my readers to understand and face this issue confidently....

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Posted Under: Income Tax |

Foreign Direct Investment Inflow

Foreign Direct Investment (FDI) is a major driver of economic growth and an important source of non-debt finance for the economic development of India. It has been the endeavor of the Government to put in place an enabling and investor friendly FDI policy....

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Posted Under: Income Tax |

Section 143(1) Notice for Arithmetical error – but none found

In case you received a notice u/s 143(1) saying there exist an arithmetical error in you Return probably stating that ‘In Schedule BP, Sl. No. D. Income chargeable under the head PGBP(A38+B43+C49) and the sum of amounts entered in A38+B43+C49 are inconsistent‘, you must have tried adding those figures again to just to find tha...

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Posted Under: Income Tax |

Restrictive Clauses Under GST Laws – An Overview

The word restrictive means imposing restriction on activities, which are not desirable as per the provisions of law. GST Law prescribes certain restriction in CGST Acts/CGST Rules for smooth implementation and compliance of statutory provisions of GST law to protect the Government revenue and provide to the taxpayers. The restrictive clau...

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Posted Under: Income Tax |

MCA relaxes residency requirement of 182 days for Director

General Circular No. 36/2020 (20/10/2020)

It is hereby clarified that non-compliance of minimum residency in India for a period of at least 182 days in a year, by at least one director in every company, under section 149 of the Companies Act, 2013 shall not be treated as non-compliance for the financial year 2020-­2021 also....

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SEBI Guidelines for Data Sharing

Data- In the context of Data Sharing policy, Data consists of all the information both structured and unstructured collected and reported in various databases of Securities and Exchange Board of India (SEBI). Data refers to raw data only. Any kind of secondary data are not to be considered as data under this policy....

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Posted Under: Income Tax |

Duty on imports of ‘Polybutadiene Rubber’ originating in Korea RP

Notification No. 37/2020-Customs [G.S.R 651(E)] (20/10/2020)

Seeks to further amend notification no. 152/2009 dated 31.12.2009, regarding the rate of duty of customs on imports of ‘Polybutadiene Rubber’ originating in Korea RP and imported under the India-Korea Comprehensive Economic Partnership Agreement. Government of India Ministry of Finance (Department of Revenue) Notification No. ...

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Farmers’ Produce Trade & Commerce (Promotion & Facilitation) Rules, 2020

Notification No. G.S.R. 650 (E) (20/10/2020)

(1) These rules may be called the Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Rules, 2020. (2) They shall come into force on the date of their publication in the official Gazette....

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Exposure Draft on IRDAI (Insurance Advertisements and Disclosure) Regulations, 2020

Notification No. F. No. IRDAI/Reg/xx/2020 (20/10/2020)

Insurance Regulatory and Development Authority of India Ref. No: 2020 Dated: 20.10.2020 Exposure Draft on Insurance Regulatory and Development Authority of India (Insurance Advertisements and Disclosure) Regulations, 2020 Background Reference is drawn to IRDA (Insurance Advertisements and Disclosure) Regulations, 2000 which were notifie...

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IFSCA introduces Framework for Regulatory Sandboxto tap into innovative FinTech solutions

The International Financial Services Centres Authority (IFSCA), with an objective to develop a world class FinTech hub at the IFSC located at GIFT City in Gandhinagar (Gujarat, India), endeavours to encourage the promotion of financial technologies (‘FinTech’) initiatives in financial products and financial services across the spectru...

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Posted Under: Income Tax |

Proportionate ITC on procurement of capital goods for power generation business can be claimed

In re Kumaran Oil Mill (GST AAR Tamilnadu)

In re Kumaran Oil Mill (GST AAR Tamilnadu) Whether proportionate claim of input tax credit for procurement of capital goods can be made for power generation business? The applicant is eligible for Proportionate claim of Input Tax Credit as per Section 17(2) of the CGST/TNGST Act read with Rule 42/Rule 43 of CGST/TNGST Rules 2017 […...

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GST on Telecommunications Works as part of main Contract of SIEMENS Ltd pertaining to metro rail project in Chennai

In re ST Engineering Electrnics Limited (GST AAR Tamilnadu)

In re ST Engineering Electrnics Limited (GST AAR Tamilnadu) Whether rate of tax at 6% CGST, available to Composite supply of works contract as defined in clause(119) of section 2 of the Central Goods and Services Tax Act, 2017 provided by way of construction, erection, commissioning, or installation of original works pertaining to Metro, ...

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Recipient of supply in question cannot seek GST advance ruling

In re Erode Infrastructures Private Limited (GST AAR Tamilnadu)

In re Erode Infrastructures Private Limited (GST AAR Tamilnadu) As per Section 95(a) by definition ‘advance ruling’ has specified that the applicant can only be seek a ruling about the supplies undertaken or proposed to be undertaken by the applicant i.e. the applicant is the supplier in the supply in question. Accordingly, al...

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GST on supply of Dress, School Bag, Boots etc to students without consideration to Govt/Govt Aided schools

In re Tamil Nadu Textbook and Educational Services Corporation (GST AAR Tamilnadu)

In re Tamil Nadu Textbook and Educational Services Corporation (GST AAR Tamilnadu) 1 & 2 Whether the supply of educational aids to students such as school bags, footwear, geometry box, wooden colour pencils, crayons, woollen sweater to government and government aided schools based on the State Government educational policy for which t...

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IIT Madras Alumni Association liable to Pay GST & Register under GST

In re IIT Madras Alumni Association (GST AAR Tamilnadu)

In re IIT Madras Alumni Association (GST AAR Tamilnadu) Q. Whether collecting money by IITMAA from its members and receiving donations/ grants/ subsidies/budgetary support from IIT, Madras to defray expenses incurred towards administering the association and other expenses related to its engagement activities initiated by members themselv...

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No GST on Supply of alcoholic liquor for human consumption by a restaurant

In re MFAR Hotels & Resorts Private Ltd. (GST AAR Tamilnadu)

In respect of Q.No.2, the applicant on rephrasing the original question has sought clarification on the taxability of alcoholic liquor for human consumption under GST when supplied in the restaurant. It is stated that they serve liquor in restaurants and room service. From the invoice furnished, it is seen that the applicant is charging o...

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GST on body building activity on a truck chassis made available by a customer

In re Tube Investments of India Ltd (GST AAR Tamilnadu)

In re Tube Investments of India Ltd (GST AAR Tamilnadu) Q. Whether the activity undertaken by the applicant amounts to supply of goods or supply of services. Whether the activity of building and mounting of the body on the chassis made available by the customers will result in supply of goods or supply of services. A. […]...

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GST on leasing of pathway to a person to her/his dwelling unit

In re Chennai Metro Rail Ltd. Ltd. (GST AAR Tamilnadu)

In re Chennai Metro Rail Ltd. Ltd. (GST AAR Tamilnadu) Whether leasing of pathway to a person to her/his dwelling unit by CMRL is taxable under GST? In the case at hand, the applicant owns the pathway but has agreed through an MOU with the individual to permit her to use the pathway to access […]...

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GST on Services related to testing of chemicals in fresh table grapes

In re SGS India Private Limited (GST AAR Tamilnadu)

In re SGS India Private Limited (GST AAR Tamilnadu) Whether the supply of “inspection and testing services” on fresh table grapes is classifiable under entry 9986 of Notification no.11/2017-Central Tax Rate) dated June 28 2017– “Support services to agriculture, forestry, fishing, animal husbandry” chargeable to NIL rate of t...

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GST on printing of content provided by customer on poly vinyl chloride banners

In re Macro Media Digital Imaging Private Limited (GST AAR Tamilnadu)

In re Macro Media Digital Imaging Private Limited (GST AAR Tamilnadu) Q1.Whether the transaction of printing of content provided by the customer, on poly vinyl chloride banners and supply of such printed trade advertisement material is supply of goods.? A1. The printing of content provided by the recipient on the PVC materials of the appl...

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GST on reimbursement of expenses to holding company located outside India

In re ICU Medical India LLP (GST AAR Tamilnadu)

In re ICU Medical India LLP (GST AAR Tamilnadu) Q1.Whether GST is leviable on the reimbursement of expenses from the Subsidiary Company to its ultimate holding company located in a foreign territory outside India. A1. The applicant is liable to pay IGST on the Wellsone Commercial Card’ expenses paid by the applicant to its Ultimate ...

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GST on Pre-mix popcorn maize (com kernels) packed with edible oil & salt

In re Gourmet Popcornica LLP (GST AAR Tamilnadu)

In re Gourmet Popcornica LLP (GST AAR Tamilnadu) Q1.What would be the accurate HSN code and consequently, the rate off GST applicable on pre-mix popcorn maize packed with edible oil and salt? Whether the same can be classified under HSN Heading 2008 and whether the same shall be chargeable to tax at the rate of […]...

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ICMAI to conduct Intermediate & Final exam in Online Mode

Institute of Cost Accountants of India has decided to conduct the Intermediate and Final Examinations in December, 2020 in Online Mode. This is the merged examination of both June, 2020 term and December, 2020 term....

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Posted Under: Income Tax |

Related Party Transactions – A Case Study of A Unlisted Public Company

Related party Transactions (RPT) in the Companies Act, 2013 is a subject of great importance. This gains further importance in the case of Listed Companies, wherein the Regulation 23 of SEBI (LODR) further lays down the compliance requirement for RPTs. While preparing the Audit Report under CARO, 2016 and verifying the disclosures in the ...

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Posted Under: Income Tax |

Limitation of interest deduction- section 94B – Thin Capitalization

Many countries limit the amount of interest expenses of multinational companies (MNC). An enterprise who has borrowed capital in form of loan from its associate enterprises can claim deduction of interest paid and payable to associated enterprises. Foreign companies have several models to infuse capital in its associated company situated ...

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Posted Under: Income Tax |

Representation on GST Audit, Notices, ITC, Late Fees issues & Solution

AIMTPA has made a representation to Smt. Nirmala Sitharaman, Finance Minister and discussed prevailing Issues in GST and their probable solutions that can be acceptable to all. They discussed the issue of GST Late Fees, The unanswered question of section 16(4), Issues related to Departmental Audit under section 65 and Rule 36(4) issues. R...

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Posted Under: Income Tax | ,

Secretarial Standard on Meetings of Board of Directors

This Standard prescribes a set of principles for convening and conducting Meetings of the Board of Directors. This Standard is applicable to the Meetings of Board of Directors of all companies incorporated under the Act except One Person Company (OPC) in which there is only one Director on its Board and a company licensed under […]...

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Posted Under: Income Tax |

DSC Token not appearing (Select your USB Token Certificate List) -RESOLVED

You certainly lose your spirit after spending a long time to prepare a return just to see, or to say more aptly ‘not to see’ the DSC users name in the utility for signing the document. Then you conclude that somehow your PC does not support the facility to sign using a DSC. This just […]...

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Posted Under: Income Tax |

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