"22 October 2020" Archive

RTCA files writ in HC for Tax Audit Due date extension (Read Petition)

Rajasthan Tax Consultants Association  has filed a writ with Hon;ble Rajasthan High Court to direct the CBDT to decide the representation of the RTCA requesting extension  due date of filing of Tax Audit Report and Income-tax Return for the assessment year 2020-2021 till December 31, 2020. Relevant Text of the Petition is as follows:- T...

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Appellate Authorities can accept Additional Claim under Section 54

Smt. Monika Jain Vs ITO (ITAT Delhi)

Smt. Monika Jain Vs ITO (ITAT Delhi) The issue under consideration is whether the additional claim (section 54 exemption Claim) will be allowed to be presented in front of appellate authorities? ITAT states that, the Assessing Officer has been barred from accepting any new claims, but no such bar has been imposed on the appellate [&hellip...

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Amendment in Export Policy of Nitrile/NBR Gloves

Notification No. 42/2015-2020-DGFT (22/10/2020)

Export policy of Nitrile/NBR Gloves exported under above mentioned HS Codes or any other HS Code is revised from Prohibited to Restricted category....

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Changes in regulatory framework for Housing Finance Companies

RBI/2020-21/60 DOR.NBFC (HFC).CC.No.118/03.10.136/2020-21 (22/10/2020)

HFCs shall carry out securitization of standard assets and transfer of assets through direct assignment of cash flows and the underlying securities. In doing so, HFCs, among other things, shall conform to the minimum holding period (MHP) and minimum retention requirement (MRR) standards....

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Digital Payment Transactions – Streamlining QR Code infrastructure

RBI/2020-21/59 DPSS.CO.PD.No.497/02.14.003/2020-21 (22/10/2020)

i. The two interoperable QR codes in existence – UPI QR and Bharat QR – shall continue as at present. ii.  Payment System Operators (PSOs) that use proprietary QR codes shall shift to one or more interoperable QR codes; the process of migration shall be completed by March 31, 2022. iii. No new proprietary QR codes shall henceforth be...

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Graded relaxation in visa and travel restrictions

In view of the situation arising out of the COVID-19 pandemic, the Government of India had taken a series of steps to curtail the inward and outward movement of international passengers since February, 2020....

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Posted Under: Income Tax |

MEF Form for year 2020-21 extended till 6th November, 2020

Notification No. S.O. 3717(E) (21/10/2020)

The Multipurpose Empanelment Form for the year 2020-21 is live at https://meficai.org w.e.f. 23rd September 2020. The original date of submission was 12th October 2020 which was extended till 23rd October 2020....

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Posted Under: Income Tax |

Extend due date for filing Tax Audit Report & Return

All Odisha Tax Advocates Association (AOTAA) requested to consider the genuine difficulties of the Tax Payers and Tax Professionals and to extend the due date of filing of the Tax Audit Reports for the A.Y. 2020-2021 from 31st October, 2020 to 31st March, 2021 and for filing the income tax returns from 30th November, 2020 […]...

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Posted Under: Income Tax | ,

Basics of Drafting Wills and Probate

What is a will? Will means the legal declaration of the intention of a testator with respect to his property which he desires to be carried into effect after his death. [S. 2(h)]...

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Posted Under: Income Tax |

Scope of Fiduciary Duty of Directors: An Insight Into Regal (Hastings) Ltd. V Gulliver

Directors play an instrumental role in the functioning of the day to day affairs of the company. Directors are involved in certain key aspects of the management, and have a better understanding of the company’s affairs. This could also be misused in a way akin to them making secret profits or using such information for their personal be...

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Posted Under: Income Tax |

Meaning of ‘Promoter’ under Companies Act, 2013

The article is written with an objective of developing an understanding as to who is a ‘promoter’ with respect to a company. While complying with the annual compliance formalities, every company is mandated to file an Annual Return under Section 92 of the Companies Act, 2013 (‘the Act’). The Annual Return demands the details of [&...

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Posted Under: Income Tax |

Types of GST Audit under CGST Act 2017

Normal Audit u/s 35(5) As per section 35(5) of CGST Act 2017, every registered person whose turnover during a financial year exceeds the prescribed limit (2 cr.) shall get his accounts audited by a chartered accountant or cost accountant and shall submit a copy of audited annual accounts, the reconciliation statement under sub section (2)...

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Posted Under: Income Tax |

IND-AS 115, IFRS 15, ‘Revenue From Contracts With Customers’

Each Accounting Standard offers wide variety of practical applications to the stakeholders in respect of full disclosure and transparency. Therefore, I hereby  try to summarize various dimensions with regard to the following Accounting Standard. 1. The Accounting Standards related with “Revenue From Contracts With Customers.” A. Ind ...

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Posted Under: Income Tax |

MSME Ministry alerts about unauthorized activities of MSME Export Promotion Council

Ministry of Micro,Small & Medium Enterprises PRESS NOTE Ministry of MSME alerts the public at large about unauthorized and ill-intentioned activities of MSME Export Promotion Council Ministry takes strong note of mischievous activities of this organization projecting itself as part of the MSME Ministry Ministry denies its role or auth...

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Posted Under: Income Tax |

GST Newsletter- GST Council- September 2020

GST Revenue for September, 2020 In the month of September 2020, gross GST revenue was Rs. 95,480 crore, comprising CGST Rs. 17,741 crore, SGST Rs. 23,131 crore, IGST Rs. 47,484 crore (including Rs. 22,442 crore collected on import of goods) and Cess of Rs. 7,124 crore (including Rs. 788 crore collected on import of goods). […]...

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Posted Under: Income Tax |

Income Tax Department carries out searches in Bihar

The Income Tax Department carried out searches on 19.10.2020 in the cases of two Government contractors having premises in Purnea, Katihar and Saharasa and a silk trader in Bhagalpur in Bihar. The searches were based on intelligence gathered, which indicated that large scale unaccounted cash was being generated and used for various purpos...

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Posted Under: Income Tax |

What are the Documents/Information needed to Form an Indian Company?

Article explains Documents/Information needed to Form an Indian Company under Companies Act, 2013 and same includes Documents required from client’s end, Document required In case of Body Corporate/Company acting as Subscriber cum shareholders in Indian Company and Documents that require to be drafted and filed as per Laws in India towa...

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Posted Under: Income Tax |

Order granting temporary registration/Suo-moto registration under GST

The provisions of section 25(8) of the Central Goods and Services Tax Act, 2017 empowers the proper officer to Suo-moto register the person who is liable to obtain GST registration, however, fails to obtain the same. Order granting such Suo-moto registration is issued by the proper officer in Form GST REG-12. The procedure for Suo-moto [&...

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Posted Under: Income Tax |

HC Refused to Grant Bail in alleged GST Tax Evasion case

CGST Vs Amit Kumar Jain (Patiala House Court, New Delhi)

In the instant case the petition has filed petition for seeking bail against order for tax evasion by creating fake and non-existent firms. Considering the seriousness of allegations and crucial stage of investigation, HC is of the opinion that applicant/accused is not entitled for grant of bail....

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CESTAT allows ITC which was disallowed under wrong impression

Entertainment world Developers Private Ltd. Vs Commissioner, Customs, Central Excise and Service Tax (CESTAT Delhi)

The issue under consideration is whether the disallowance of input tax credit against service is justified in law? The said demand is also not tenable as the said demand was prima facie raised under the impression that the appellant is not entitled to cenvat credit....

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Income from bandwidth services provided outside India cannot be taxed as ‘Royalty’ under India-Singapore DTAA

Telstra Singapore Pte. Ltd. Vs DCIT (International Taxation) (ITAT Delhi)

Income received on providing bandwidth services outside India was not taxable as ‘Royalty’ under India-Singapore Double Taxation Avoidance Agreement (DTAA) as mere receipt of service using equipment under the control, possession and operation of service provider would only be considered as transaction of a service and not to 'use or r...

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Various Type of Assessment & amp; Study of Best Judgement Assessment

Self assessment - The assessee is required to make a self assessment and pay the tax on the basis of the returns furnished. Any tax paid by the assessee under self assessment is deemed to have been paid towards regular assessment. Regular assessment - On the basis of thereturn of income chargeable to tax furnished by the assessee an intim...

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Posted Under: Income Tax |

Conditions Precedent for Reopening of Assessment beyond 4 Year- Section 147

In view of the Proviso to s. 147, merely having a reason to believe that income had escaped assessment is not sufficient to reopen assessments but it must be specifically alleged by the AO in the recorded reasons that the escapement was on account of the failure of the assessee to make a full and true disclosure of material facts. In the ...

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Posted Under: Income Tax |

Income Tax Refund and Right to Information Act (RTI)

If there is one area in the income-tax administration which has remained perennially incurable, it is the Refunds, we shows you an easy way to solve the problem. In a Press Release dated April 19, 2007, the Central Board of Direct Taxes stated: “It has been reported in some sections of the media that a large number of taxpayers are awai...

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Posted Under: Income Tax |

Analysis of Section 172 applicable on Profit of foreign Shipping Company

Section 172 of income tax act is a special provision which deals with levy and recovery tax from foreign shipping companies. It specifies that every foreign shipping company has to declare a certain percentage of profit on its freight income and pay tax on it....

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Posted Under: Income Tax |

Processing of applications for registrations of AIFs & launch of schemes

Circular No. SEBI/HO/IMD/DF6/CIR/P/2020/209 (22/10/2020)

While processing applications for registration of AIFs and launch of new schemes, it has been observed that the Manager of AIF often proposes to set up an Investment Committee with the mandate to provide investment recommendations or advice to the Manager....

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Handling of SCORES complaints by stock exchanges- Reg.

Notification No. SEBI/HO/OIAE/IGRD/CIR/P/2020/208 (22/10/2020)

Clarification on SEBI Circular SEBI/HO/OIAE/IGRD/CIR/P/2020/152 dated 13 August, 2020 on Investor grievances redressal mechanism – Handling of SCORES complaints by stock exchanges and Standard Operating Procedure for non-redressal of grievances by listed companies....

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Contribution by Issuers of listed or proposed to be listed debt securities towards creation of Recovery Expense Fund

Circular No. SEBI/HO/MIRSD/CRADT/CIR/P/2020/207 (22/10/2020)

In order to enable the Debenture Trustee(s) to take prompt action for enforcement of security in case of ‘default’ in listed debt securities, a ‘Recovery Expense Fund’ (REF) shall be created which shall be used in the manner as decided in the meeting of the holders of debt securities....

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Regulatory measures to continue till November 26, 2020

Press Releases No. 56/2020 (22/10/2020)

It has been decided that the regulatory measures introduced vide SEBI Press Release dated March 20, 2020 shall continue to be in force till November 26, 2020....

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Framework for Recognition of a Self-Regulatory Organisation for Payment System Operators

RBI/2020-21/58 DPSS.CO.PD.No.503/02.12.004/2020-21 (22/10/2020)

The Reserve Bank of India (RBI), as the regulator of payment and settlement systems in the country, sets the necessary regulatory framework, through a consultative process, to ensure that different types of payment systems operate in the country to meet the various payment needs in the economy. Over time, a bouquet of payment instruments ...

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Power to Seize Cash – Section 67(2) of CGST Act 2017

As per section 67(2) of CGST Act 2017, an officer, not below the rank of Joint Commissioner may authorize (in writing ) any officer or may himself conduct search and seizer of goods, documents or books or things if he has reason to believe (either pursuant to an inspection carried out or otherwise ) that […]...

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Posted Under: Income Tax |

Advance Ruling for Unregistered Dealers (FORM GST ARA-01)

FAQs on Advance Ruling for Unregistered Dealers (FORM GST ARA-01) Q.1 Who can I apply for Advance Ruling? Ans: Application for Advance Ruling can be filed by any person who is registered or is desirous of obtaining registration under this Act on the matters prescribed under the GST Act with payment of the prescribed fee. […]...

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Posted Under: Income Tax |

GST Advance Ruling filing & Tracking / Taking Action in Subsequent Proceedings

A. FAQs on Filing Applications Related to Advance Ruling and Tracking or Taking Action in the Subsequent Proceedings Filing an application (FORM GST ARA-01) for seeking Advance Ruling by Registered Taxpayers Q.1 Who can apply for Advance Ruling? Ans: An application for Advance Ruling can be made by any person who is registered or is [&hel...

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Posted Under: Income Tax |

Registration of GST Practitioner- All you want to know

GST Practitioner is a tax professional who can prepare returns and perform other activities on the basis of the information furnished to him by a taxable person. However, the legal responsibility of such filings remains with the Taxpayer....

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Posted Under: Income Tax |

Download admit card for ICAI Practical Training Assessment Test

ICAI- BoS Practical Training Assessment Notes for Information and Guidance for Applicants -Online Application Form Starts at : 12:00 noon on Saturday, 03rd October 2020. -Last Date : Friday, 9th October, 2020 midnight. If a candidate had registered for the practical training assessment scheduled on March 22, 2020, he/ she will not have to...

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Posted Under: Income Tax |

CBDT amends Rule 67- Investment of fund moneys by Recognised Provident Funds

Notification No. 84/2020-Income Tax [G.S.R. 664(E)] (22/10/2020)

CBDT amends Income Tax Rule 67 related to Investment of fund moneys by Recognised Provident Funds and allowed investment of Funds in Securities having Single Rate ‘A’ or above. Earlier Investment were allowed in Securities having sible Rate of ‘AA’ and above. Notification No. 84/2020-Income Tax Dated: 22nd October,...

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Division Bench of Madras HC disallowed Cess transition into GST

Whether the Respondent is entitled to carry forward the accumulated unutilized amount of EC, SHEC and KKC to be utilized against the output GST tax liability?...

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Posted Under: Income Tax |

PIL against Mobile Gaming Apps- HC ask govt to treat PIL as representation

Tarun Chandiok Vs Union of India & Anr. (Delhi High Court)

The instant PIL is related to some of the mobile gaming apps, which allegedly facilitate online gambling, that have been referred to in the petition such as Adda52 Poker, PokerStars, Zynga Poker, Teen Patti Gold, Poker Rummy and Texas Hold’em Poker....

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Membership Fees Paid to Stock Exchange Allowed as Capital Expenditure

BGSE Financials Ltd. Vs DCIT (ITAT Banglore)

The issue under consideration is whether the sum of admission fees paid to stock exchange will be allowed as capital expenditure? In light of Hon’ble Supreme Court judgement in the case of Techno Shares and Stocks Limited (supra) membership of stock exchange is to be treated as a capital asset....

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Management & compliance requirements to be met by an E-commerce business

Whether you own an e-commerce portal or you are a seller on portals like Amazon, Flipkart etc. In order to start selling and to meet the compliance requirements, one need to take care of various compliances like GST Return Filing, ITR filing, trademarks, TCS and TDS applicability, etc. All these processes have been discussed below. [&hell...

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Posted Under: Income Tax |

Rate wise output from Tally for Table 9 of GSTR 9C

Table 9 of GSTR 9C requires the auditor to bifurcate the entire turnover based on the rate of tax applicable. This article shares an straight forward way to get the same from Tally software. The required data can be extracted from the Tally by utilising GST Return features of the software. Access GSTR 1 in […]...

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Posted Under: Income Tax |

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