"23 October 2020" Archive

Extend Tax Audit/TP Audit/ITR due date of AY 2020-21

Direct Taxes Professionals’ Association, Kolkata has made a Request to consider extension in the dates of furnishing of Tax Audit Report under section 44AB and audit report under sec. 92E of the Income Tax Act and the due date of filing ITRs of A Y 2020-21. Ref. No. DTPA/Rep/20-21/2 Date: 22.10.2020 To, Smt. Nirmala Sitharaman […...

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Posted Under: Income Tax |

53 Associations submits representation on issues in GST

53 GST and Trade Associations, under the banner of the ‘All India Joint Representation Committee for GST’, have come together, to submit a joint representation to the Union Finance Minister, Smt.Nirmala Sitharaman, on various relaxations which are required in GST to ease the suffering of businesses as well as meet the emergent...

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Posted Under: Income Tax |

Govt issues guideline for interest waiver (1.3.2020 to 31.8.2020)

F. No. 2/12/2020-BOA.I (23/10/2020)

Central Government has approved Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). Benefits under the scheme would be routed through lending institutions....

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HC upheld validity of Seizure of cash by GST Authorities

Kanishka Matta Vs Union of India (Madhya Pradesh High Court)

Kanishka Matta Vs Union of India (Madhya Pradesh High Court) The petitioner’s contention is that the word “money” is not included in Section 67(2) of the CGST Act, 2017 and therefore, once the “money” is not included under Section 67(2) of the CGST Act, 2017 the Investigating Agency / Department is not competent to seize [&h...

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Revised Form 3CD Schema released after 21 days of Applicability

Form 3CD revised wef 01.10.2020 vide Notification No. 82/2020-Income Tax Dated: 1st October, 2020 but Schema for the same changed on 22.10.2020. Now the Question arises here is what is the status of Tax Audit Report Submitted on or after 01.10.2020 until the release of New Schema. Are they invalid Tax Audit Reports & Who […]...

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Posted Under: Income Tax | ,

Tax Audit Due Date extension- Writ Filed in Various HC – Status

1. The Rajasthan Tax Consultants Association vs. Union of India (Rajasthan High Court), D.B. Civil Writ Petition No. 12605/2020 As per sources The Rajasthan Tax Consultants Association has filed a writ with Hon’ble Rajasthan High Court on 19.10.2020 which got registered on 21.10.2020 for Granting extension of Tax Audit due date for AY 2...

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Posted Under: Income Tax |

Maharashtra permits opening of Gymnasiums from 25.10.2020

Notification No. DMU/2020/CR. 92/DisM-1 (23/10/2020)

In the entire State, Gymnasiums outside the containment zones will be allowed to function from 25th October, 2020. The SOP for the same will be issued by the Public Health Department. The Public Health Department will take into consideration the SOP issued by the Ministry of Health and Family Welfare, Government of India....

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Exemption from Non-compliance of minimum residency of Director

Exemption from Non-compliance of minimum residency of Director/Partner in India for a period of at least 182 days in FY 2020-21 for Companies and LLPs (MCA Circular no. 36/2020 dated 20th October, 2020) In order to support and enable Companies and Limited Liability Partnerships (LLPs) in India to focus on taking necessary special measures...

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Posted Under: Income Tax |

SAT Quashes SEBI’s penalty of Rs. 20 lakhs on DHFL

Dewan Housing Finance Corporation Ltd. Vs SEBI (Securities Appellate Tribunal)

Dewan Housing Finance Corporation Ltd. Vs SEBI (Securities Appellate Tribunal) 1. The present appeal has been filed questioning the legality and validity of the order dated 29th May, 2020 passed by the Adjudicating Officer under section 15-1 of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’...

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Special Economic Zones (Amendment) Rules, 2020

Notification No. G.S.R. 678(E) (23/10/2020)

(1) These rules may be called the Special Economic Zones (Amendment) Rules, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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Extend SEBI Settlement Scheme, 2020 till 31.03.2021 & Relax Provisions

Direct Taxes Professionals’ Association, Kolkata has made a Representation on the Settlement Scheme-2020 introduced in terms of Regulation 26 of the SEBI (Settlement Proceedings) Regulations, 2018 vide Public Notice dated July 27, 2020. Text of the representation is as follows:- Date: 22.10.2020 To, Shri Ajay Tyagi, IAS Chairman, Securi...

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Posted Under: Income Tax |

Reopening based on mere AIR Information without Application of Mind is Invalid

Raj Kumar Maheshwari Vs ITO (ITAT Jaipur)

The issue under consideration is whether the re-opening of assessment u/s 147 by AO is justified in law? The reopening of the assessment by the AO is without application of mind and simply going by the information received as per AIR Data. Hence the reopening of the assessment is quashed being invalid....

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Section 68 Addition not Justified for Unexplained Deposit in Bank Account

Dirisala Bala Murali Vs ITO ( ITAT Visakhapatnam)

The issue under consideration is whether the AO is justified in making addition u/s 68 towards alleged unexplained deposit in the bank account in as much as a bank account is not a book of account maintained by the appellant?...

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Registration For Alternative Investment Fund (AIF)

No entity or person shall act as an Alternative Investment Fund (AIF) unless it has obtained a certificate of registration from the Board (Securities and Exchange Board of India). Alternative Investment Fund shall seek registration in one of the categories mentioned hereunder: CATEGORY CATEGORY I AIF CATEGORY II AIF CATEGORY III AIF Prima...

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Posted Under: Income Tax |

How to Calculate TDS on Salary

TDS: Tax Deducted at Source was established for collecting tax from the income sources according to the Indian Income Tax Act of 1961. TDS is helpful in minimizing tax evasion by taxing the income at the time than at an after date. The deductor who is responsible for making payment of income to the deductee […]...

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Posted Under: Income Tax |

IDFC First Bank offering 7% interest on Saving Bank Account- Inherent Risks an investor should consider

Today, we all are living in a time when interest rates on all deposits are running at a lifetime low or nearby lifetime, an investor who has limited time, lack of financial knowledge always wishes to invest in small deposit schemes of banks/governments looking to earn safe and secure interest income on such deposits/ advances […]...

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Posted Under: Income Tax |

Setting up foreign Company In India !!!- A complete Guide

INCORPORATION OF COMPANY BY FOREIGN NATIONALS? Incorporation of Company by Foreign Nationals/Non Resident Indian/Overseas Citizen Of India (OCI) is a cumbersome process and subject to Regulatory approvals. The laws which here are of concern are: 1. Companies Act, 2013 2. Foreign Exchange Management Act, 1999. FEMA PERSPECTIVE Starting poi...

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Posted Under: Income Tax |

Import of Services and treatment under GST Law

Article discusses about The Import of services and treatment under GST. Effective from 01.07.2017 many services are included under Tax Net in India. The Goods and Services Tax Act, 2017 is introduced all over India (Except Jammu and Kashmir up to 7.7.2017). In Jammu and Kashmir GST Act is been applicable from 8.7.2017. Let us […]...

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Posted Under: Income Tax |

Fast Track Insolvency Procedure

Insolvency and Bankruptcy code 2016 was introduced with the vision to ease the restructuring and insolvency resolutions of corporate person partnership firms & other specified persons. The provisions for Fast Track Insolvency Procedure are laid under Part-II, Chapter-4 of the code. The ambit of the said provision covers Small companie...

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Posted Under: Income Tax |

FAQs on Companies Fresh Start Scheme 2020 (CFSS 2020)

What is Companies Fresh Start Scheme 2020 is all about? whom it will benefit? whom it will not? What would be the effect of these schemes? There would be numerous questions that might be bothering you....

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Posted Under: Income Tax |

Deemed Duty Drawback under GST

1. Deemed Exports Under Section 147 of CGST Act, 2017, it refers to those transactions in which the goods supplied do not leave the country and the payment for such supplies is received either in Indian rupees or in free foreign exchange. 2. Essential conditions of Deemed Exports i. It is applicable only for the […]...

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Posted Under: Income Tax |

Extend due date of Tax Audit, ITR Filing & Relevant compliances

Request for extension of time for submission of tax audit reports  U/S 44AB of the Income Tax Act,1961 for the A.Y.2020-21 and for extension of time for submission of income tax returns u/s 139(1) for A.Y.2020-21 and other consequential Income Tax compliances....

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Posted Under: Income Tax |

Extend due date of ITC Claim & GSTR 9, GSTR 9A, GSTR 9C

Direct Taxes Professionals’ Association requested Hon’ble Finance Minister to allow filing of GSTR 9, 9A and 9C for the F.Y. 2018-19 at least till 31st December 2020 and to waive the late fees and penalty till then, extend time limit to claim credit on the invoices pertaining to FY 2019-20 as envisaged in Section 16(4) […]...

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Posted Under: Income Tax |

Mitsui India Pvt. Ltd (MIPL) is not a DAPE of Mitsui & Co. Japan

ACIT Vs Mitsui & Co. Ltd. (ITAT Delhi)

ACIT Vs Mitsui & Co. Ltd. (ITAT Delhi) The AO asked the assessee to explain why Mitsui India Pvt. Ltd (MIPL) should not be treated Dependant Agent Permanent Establishment (DAPE) in India and also why the assessment should not be completed as per the preceding assessment year since the facts remain the same. Rejecting the […]...

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Extend Due dates of GST Annual Returns & Income Tax audit

Bhartiya Udyog Vyapar Mandal has made a representation for Extension of Due date of GST Annual Returns and Income Tax audits and compliance of Notices to Honble Union Finance Minister, Smt. Nirmala Sitharaman. Text of the Representation is as follows:- BHARTIYA UDYOG VYAPAR MANDAL Smt. Nirmala Sitharaman Honble Union Finance Minister Nort...

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Patanjali GST Profiteering Case for Supply of Detergent Powder

It is a proven fact that anti-profiteering provisions actually work and section 171 of the CGST Act, 2017 provides protection to the customers against illegal, inappropriate and excessive profiteering resorted by suppliers of goods and services. It becomes quite clear when rates are not reduced at all or commensurate with reduction in GST...

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Posted Under: Income Tax |

Income Tax on Sale & Purchase of Motor Vehicle In India

Motor Vehicle includes Cars, buses, motorcycles, off-road vehicles, light trucks and regular trucks. In India there are more than 300 million operating vehicles. In this modern era everyone wants to be travel fast overcoming the hindrance of traffic and motor vehicles allows you to travel fast comfortably. India has 22 cars per 1000 indiv...

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Posted Under: Income Tax |

Foreign Exchange Management (Margin for Derivative Contracts) Regulations, 2020

Notification No. FEMA. 399/RB-2020. (23/10/2020)

i) These regulations may be called the Foreign Exchange Management (Margin for Derivative Contracts) Regulations, 2020. ii) They shall come into force from the date of their publication in the Gazette of India....

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Abuse of power by taxmen and remedies

Pavan Ved  Abuse of power by taxmen is common both in direct and indirect taxes. Many times the taxpayers feel they have no remedy and they have to suffer such harassment. This article is an attempt to make taxpayers aware as to the remedies which they have against such taxmen who abuse their powers. Read […]...

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Posted Under: Income Tax |

No section 194C TDS on Reimbursement of Freight Charges to C&F Agents

Zephyr Biomedicals Vs JCIT (High Court of Bombay at Goa)

The issue under consideration is whether the payments made to C & F agents which is outright reimbursement of freight charges having no element of profit is liable to deduct tax at source under Section 194C of IT Act?...

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Difference between purchase price of land vis-a-vis Jantri Value could not be treated as assessee’s income

Jamanbhai D. Kalaria Vs DCIT (ITAT Rajkot)

AO was not justified in treating assessee's transaction of purchase of agricultural land from his wife as colorable device to avoid the legitimate payment of tax on mere difference between purchase price declared by assessee vis-a-vis Jantri Value as assessee had discharged his primary onus by furnishing the necessary details to justify t...

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Income from product distribution taxable as ‘business income’ not ‘Royalty’

Turner Broadcasting System Asia Pacific Inc. Vs DDIT (ITAT Delhi)

Since distributor of the products did not have any right to change the content hence, the revenue derived on account of distribution of the products was business income and under no circumstance, could be held to be royalty. Assessee had already offered income as business income in terms of the MAP, therefore, the income as declared by as...

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Additions made without issuing show cause notice were invalid

Lal Construction Company Vs DCIT (ITAT Hyderabad)

Lal Construction Company Vs DCIT (ITAT Hyderabad) During the assessment proceedings u/s.143(3) of the of the Income Tax Act [Act], the Assessing Officer (AO) noticed that there is a difference between the total receipts offered to tax by the assessee and the receipts reflected in Form-26AS. The AO after hearing the assessee, considered th...

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Bail Granted to Person Accused of Fraudulently availing ITC

DGGI Vs Sudhir Gulati (Patiala House Court, New Delhi)

The present petition is file to seek bail to the person accused of fraudulently availing Input Tax Credit (ITC) and allegedly involved in the tax evasion? The Court has admitted bail on furnishing bail bond in the sum of Rs.1 Lakh with one surety of like amount subject to the conditions....

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No section 68 Addition for URD Purchase supported with Strong Evidences

Baser Ahmed Sisodia Vs ITO (Supreme Court)

The issue under consideration is whether claim to purchase of goods by the assessee could be dealt with u/s 68 of the Income Tax as a cash credit, by placing burden upon the assessee to explain that the purchase price does not represent his income from the disclosed sources?...

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AO cannot Pass Order in Hasty Manner without considering the material produced by an assessee,

IY TEE CEE Trading Company Vs ACIT (Kerala High Court)

The issue under consideration is whether the petitioner firm had correctly accounted for the deposits made in its account during demonetization?...

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ITAT Restored Case to AO Regarding TDS Applicability u/s 194A on Financial Charges Paid for Car Loan

Samir Synthetics Mills Vs DCIT (ITAT Ahmedabad)

The issue under consideration is whether the disallowance u/s 40(a)(ia) is justified for non deduction of TDS u/s 194A on financial charges paid for car loan?...

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Whether a BRLM can share bidding data available on website of stock exchanges for IPO?

CFD/DI L-1/OW/2020/17828/1 (23/10/2020)

i. Whether a BRLM can share the standalone or aggregate bidding data available on the website of the stock exchanges for IPO, Rights issue, and FPO of specified securities and units with the investors, during the bidding period; ii. Whether a BRLM can share the standalone or aggregate bidding data available on the website of the stock...

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SC explains Infraction of principles of natural justice & Validity of orders passed

State of U.P. Vs Sudhir Kumar Singh And Ors. (Supreme Court)

State of U.P. Vs Sudhir Kumar Singh and Ors. (Supreme Court) (1) Natural justice is a flexible tool in the hands of the judiciary to reach out in fit cases to remedy injustice. The breach of the audi alteram partem rule cannot by itself, without more, lead to the conclusion that prejudice is thereby caused. […]...

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Form GST REG-13- Application for grant of Unique Identification Number

Section 25(9) read with rule 17 of the Central Goods and Services Tax Rules, 2017 covers the provisions of granting of Unique Identification Number. For obtaining the Unique Identification Number, the applicant is required to file an application in Form GST REG-13. The provisions are explained in detail under the current article. Categori...

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Posted Under: Income Tax |

Section 40A(3) of Income Tax Act, 1961 read with Rule 6DD

Article explains Section 40A(3) of Income Tax Act, 1961 read with Rule 6DD i.e. Cash Payment in excess of Rs. 10,000 to single person in a single day, Exception to Section 40A(3) of Income Tax Act, 1961 (Rule 6DD), Clauses omitted by the Income-tax (3rd Amendment) Rules, 2020 and Important Notes related to Section 40A(3) […]...

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Posted Under: Income Tax |

Is your GST Refund struck due to SB005?

When the exporters have declared properly paid IGST on export supplies in their Form GSTR - 3B and the same matches with the liability declared in Form GSTR-1, then the data will be transmitted to the Customs system wherein the GST return data is matched with the shipping bill data....

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Posted Under: Income Tax |

CBIC appoints Customs Authority for Advance Rulings, at Delhi & Mumbai

Notification No. 102/2020-Customs [S.O. 3777 (E).] (23/10/2020)

CBIC appoints-Commissioner (Customs Authority for Advance Rulings), Delhi; and Commissioner (Customs Authority for Advance Rulings), Mumbai, to function as Customs Authority for Advance Rulings, at Delhi and Mumbai, respectively. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi, the 23rd ...

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Tax Planning, Tax Evasion, Tax Avoidance & Tax Management

All about different terms under Income Tax Act, 1961 Tax Planning, Tax Evasion, Tax Avoidance & Tax Management Very Simple analysis of different terms under Income Tax Act, 1961 Tax Planning, Tax Evasion, Tax Avoidance & Tax Management is as under:- 1) Tax Planning Tax Planning means reducing tax liability by taking advantage of t...

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Posted Under: Income Tax |

Retirement Saving – National Pension System (NPS)

NATIONAL PENSION SYSTEM (N.P.S.) BACKGROUND The National Pension System is a defined contribution scheme launched by Pension Fund Regulatory & Development Authority (P.F.R.D.A) in 2004 for government employees & subsequently in 2009 for all citizen. The eligible subscribers are allotted a 12 digit unique Permanent Retirement Accou...

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Posted Under: Income Tax |

Unlisted Public Limited Company and its Compliance

Unlisted Public Limited Company and its Compliance Section 2(71) of the Companies Act, 2013 explained a Public Company. A Public Company is a company that offers shares to the general public and has Limited Liability with a minimum of 3 Directors and minimum of 7 members. Features of Unlisted Company: The shares of the Unlisted Public [&...

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Posted Under: Income Tax |

Extension for FY 2020-21 of residency requirement for directors in India – Section 149 – Companies Act, 2013

[MCA General Circular No. 36/2020 dated 20th October, 2020 – Special Measures under the Companies Act, 2013 and Limited Liability Partnership Act, 2008 in view of COVID-19 outbreak- Extension-reg.]  Looking at continuous widespread of COVID-19, pandemic, Ministry of Corporate Affairs (‘MCA’) has further issued General Circular No. ...

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Posted Under: Income Tax |

ICMAI extends time for submission of online Exam Form

ICMAI extends time for submission of online Examination Application Form for Foundation, Intermediate, and Final Course for December 2020 term of Examinations....

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Posted Under: Income Tax |

Uploading of Admit Card & Options to opt out from November 2020 attempt

1. Uploading of Admit Card: Admit Card for Chartered Accountant November 2020 Examinations will be uploaded on November, 2020. 2. Options to opt out from November 2020 attempt for all: Opt out window will open on 7. November, 2020...

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Posted Under: Income Tax |

Accounting by infrastructure companies

In the absence of sufficient elaboration, many companies executing BOT contracts have treated infrastructure as fixed asset rather than as an intangible or financial asset.Infrastructure not only forms a significant component of India's economic activity but is also a major thrust area that can provide the necessary impetus for the double...

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Posted Under: Income Tax |

Taxability of Interest subsidy or Interest Free loan received by an employee from his employer

Now-a -days most of the employers, especially the companies have been providing loans to their employees for the purpose of purchase / construction of a houses or purchase of vehicles. Such loans are either interest-free or at concessional rate of interest. These loans are being advanced in order to make the salary package more attractive...

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Posted Under: Income Tax |

Permanent Account Number for NRI’s

PAN card may be issued based on the copy of the NRI’s passport as ID proof and copy of passport/copy of bank account in the country of residence as the requisite address proof. As per the new guidelines, an applicant who is:a) A citizen of India but residing outside India at the time of making the application; or ) A foreign citizen; or...

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Posted Under: Income Tax |

How to View User Profile on GST Portal

A. FAQs on My Account – View User Profile Q.1 How can I view details of my profile? Ans: The View User Profile is a post login functionality that allows you to view your profile details as registered with the GST System. Q.2 How can I check the status of the field visit conducted at […]...

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Posted Under: Income Tax |

International taxation has become complex

Complex tax laws pose problems both in interpretation and implementation. Which is why tax legislation and treaties should be simple and understandable to the common man and those in trade, reasoned Chief Justice Swatanter Kumar of the Bombay High Court when speaking at the International Tax Conference, organised by IFA (International Fis...

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Posted Under: Income Tax |

FAQs on View & Download Accounting & Billing Software

General Q.1. What is Accounting and Billing Software on the GST Portal? Ans: Accounting and Billing Software download functionality is made available for the Micro, Small and Medium Enterprises (MSMEs) having turnover less than Rs. 1.5 crores. This software allows a taxpayer to run his daily business by providing day to day billing and ac...

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Posted Under: Income Tax |

Anti-Dumping Investigation concerning imports of LDPE

Notification No. Case No. AD (OI) 25/2020 (23/10/2020)

Initiation of Anti-Dumping Investigation concerning imports of Low Density Polyethylene (LDPE) from Qatar, Saudi Arabia, Singapore, Thailand, United Arab Emirates and United States of America....

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5 Best Ways to Learn Stock Market for Beginners

In this blog, we have covered a few most effective ways to learn the stock market for beginners. FinnovationZ is one of India’s leading platforms that answers all your doubts about investment and trading....

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Posted Under: Income Tax |

Transfer Pricing: Functionally dissimilar comparable cannot be adopted

M/s. Blue Yonder India Private Limited, (Formerly JDA Software India Private Limited) Vs DCIT (ITAT Bangalore)

M/s. Blue Yonder India Private Limited, (Formerly JDA Software India Private Limited) Vs DCIT (ITAT Bangalore) E-INFOCHIPS LIMITED- The Annual Report of e-Zest Solutions Limited for assessment year 2010-2011 (placed at page 527 to 534 of the paper book) clearly demonstrates that it is engaged in end to end product development, including p...

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Why the EMI Card is the more preferred payment option during a crisis

Managing one’s finances during a crisis can be a daunting task and it often teaches us a few things about being better at managing our finances. The good news is that today we have many tools at our disposal which allow us to get going during trying times. One such tool is the Bajaj Finserv […]...

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Posted Under: Income Tax |

Assessee can take a stand contrary to their TP study

LSI India Research & Development India Private Limited, [Erstwhile Broadcom Communications Technologies Private Ltd. since merged] Vs DCIT (ITAT Bangalore)

It is open to the parties in Transfer Pricing cases to take a stand contrary to their TP study, if they contend that the stand taken in the TP study is contrary to facts or was erroneous. Such a claim cannot be disregarded only on the basis that it is contrary to Assessee’s own stand in the TP study....

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No Tax on Interest accrued/ received by Indian PE from its HO/ overseas branches

MUFG Bank Ltd. Vs ACIT (International Taxation) (ITAT Delhi)

MUFG Bank Ltd. Vs ACIT (International Taxation) (ITAT Delhi) With respect to the addition on account of the interest received by Indian branches from head office and other overseas branches amounting to ₹ 3,499,476/–. During the year , assessee has received an interest of ₹ 3,499,476 from its head office and overseas branches. The a...

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