"27 October 2020" Archive

Govt. extends cut-off/payment date date under Vivad se Vishwas 

Notification No. 85/2020-Income Tax [S.O. 3847(E)] (27/10/2020)

Govt. notifies December 31st as the cut-off date for filing declaration under the Vivad se Vishwas Act, 2020; Also, extends timeline from December 31st, 2020 to March 31st, 2021 for making payment without additional amount. MINISTRY OF FINANCE (Department of Revenue) New Delhi Notification No. 85/2020-Income Tax Dated: 27th October, 2020 ...

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Order of amendment of GST registration in Form GST REG-15

Amendment of some of the specified fields of GST registration requires the approval of the proper officer. On receipt of the amendment application in Form GST REG-14, and after due verification, if satisfied, the proper officer will issue an order amending the GST registration in Form GST REG-15. In nut-shell, Form GST REG-15 is an [&hell...

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Posted Under: Income Tax |

ICAI denies false news of postponement of Examination

A fake announcement of 27.10.2020 is doing rounds on social media, making false assertion of postponement of ICAI Examination schedule. It is clarified that the examination schedule, as already announced, shall commence....

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Posted Under: Income Tax |

Income Tax Department conducts searches in Delhi- NCR, Haryana, Punjab, Uttarakhand & Goa

The Income tax Department has carried out a search and seizure action on 26.10.2020 on a large network of individuals running the racket of entry operation and generation of huge cash through fake billing. The search operations have been conducted on 42 premises across Delhi- NCR, Haryana, Punjab, Uttarakhand and Goa....

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Posted Under: Income Tax |

CBIC clarifies on Job work in bonded warehouses by Section 65 unit

Circular No. 48/2020-Customs (27/10/2020)

Trade has sought clarity on the goods eligible to be sent for job work and the procedure to be followed for removal of goods for job work by a Section 65 unit....

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7.1% Interest on Deposit under non-government PF, superannuation & gratuity

F. No. 5(2)-B(PD)/2020 (27/10/2020)

Govt notifies 7.1% interest rate on Deposit made under non-government PF, superannuation and gratuity w.e.f. 1st October, 2020. Revised GPF Interest Rate is applicable for the period from 1st October, 2020 to 31st December, 2020 and is applicable on following funds- i) The General Provident Fund (Central Services); ii) The Contributory Pr...

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Anti-Dumping duty on Fluoroelastomers extended till 27.11.2020

Notification No. 33/2020-Customs (ADD) [G.S.R. 672(E)] (27/10/2020)

Seeks to further amend notification No. 6/2019-Customs (ADD) dated 28th January, 2019 to extend the levy of Anti-Dumping duty on Fluoroelastomers (FKM) originating in or exported from China PR up to and inclusive of 27th November, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 33/2020-Customs (ADD) ...

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Procedure & Criteria for applications for export of Nitrile/NBR Gloves

Trade Notice No.: 31/2020-21 (27/10/2020)

2. The procedure to apply for the export license under this Quota is outlined below: I. Export of Nitrile/NBR Gloves as per the export quota fixed above will be allowed for the period of October and November, 2020....

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FSSAI Registration process for Dairy Units including Milk chilling units

What is FSSAI registration / License? FSSAI: Food Safety and Standards Authority of India is an autonomous body which works under the Ministry of Health & Family Welfare, GOI. FSSAI Registration or License is responsible for protecting and promoting public health through the regulation and supervision of food safety. FSSAI Registrati...

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Posted Under: Income Tax |

GST implications on Goods Transport Agency

Goods transport agency is subject matter of complex taxation. First time taxability of Goods transport agency has been brought in service tax regime which brought a lot of hues and cues in the market as they are not habitual to collect and deposit the Indirect taxes....

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Posted Under: Income Tax |

Significant Income Tax Benefits for Senior Citizens

Every individual who has annual income above the minimum exemption limit or has received any income on which tax was deducted at source (TDS), needs to file their Income Tax Return (ITR) every year. However, Income Tax Act pampers senior citizens and very senior citizens with several tax benefits. A person between 60 years and […]...

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Posted Under: Income Tax |

New provisions of TCS w.e.f. 1.10.2020

New provisions of TCS on remittance abroad under LRS and on purchase of overseas tour programme package and on sale of goods w.e.f. 1.10.2020 As per newly inserted provisions by the Finance Act, 2020 TCS is to be collected u/s 206C(1G) on sale of foreign exchange by foreign exchange dealer an also by a seller […]...

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Posted Under: Income Tax |

Draft Format of Form 3CEB with Annexures for AY 2020-21

Draft Format of Form 3CEB for AY 2020-21 amended vide Notification No. 82/2020 dated 1st October, 2020 in Excel /Word Format As Form No. 3CEB (Transfer Pricing Audit Report) has been amended recently vide Notification No. 82/2020 dated 1st October, 2020. However, the utility is yet to be updated. So, sharing the updated draft of […...

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Posted Under: Income Tax |

जीएसटी से जुडी परेशानियों को लेकर अब सरकार को क्या करना चाहिए

 जीएसटी और टैक्स ऑडिट की तारीखें बढ़ा कर सरकार ने स्पष्ट संकेत दिए हैं कि सरकार करदाताओं की वास्तविक समस्याओं को लेकर इस समय ना सिर...

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Posted Under: Income Tax |

Payment Date Extended for Vivad se Vishwas Scheme

NA (27/10/2020)

In order to provide further relief to the taxpayers desirous of settling disputes under Vivad se Vishwas Scheme, the Government today further extended the date for making payment without additional amount from 31st December 2020 to 31st March 2021. The last date for making declaration under the Scheme has also been notified as 31st Decemb...

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Residual action by CGST Commissionerates in respect of Adverse Orders of HCs

F.No.276/262/2015-CX.8A (Pt. III) (27/10/2020)

References have been received in the Board regarding the action required to be taken by CGST Commissionerates in respect of adverse orders of Hon’ble High Courts, wherein the taxpayer is assigned to the respective State tax administration....

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How filing of Income Tax Returns regularly & within time, can be beneficial?

Tax on incomes, earnings and gains is levied by the Income Tax Act, 1961 (‘Act’) in India and the same is enforced and administered by the Income Tax Department. Income tax is either collected directly from the taxpayer in the form of advance tax and self-assessment, or they are collected indirectly through the persons paying income o...

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Posted Under: Income Tax |

Companies (Amendment) Act, 2020 – Brief Note on Important Provisions

The Companies (Amendment) Bill, 2020 received President’s assent on 28th September, 2020. The Companies (Amendment) Act, 2020 seeks to amend the Companies Act, 2013 and contains 66 clauses. It shall come into force on such dates as the Central Government may, by notification in the Official Gazette, appoint. A. Key Highlights of the Com...

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Posted Under: Income Tax |

Change in Registered Office Address within Local Limits Change of Registered Office Address within local limits of City, town or village

Registered office address of the Company is the Address which is visible on Master Data of the Company. As per Section 12 and other applicable provisions of Companies Act, 2013, it is mandatory to have a Registered Office address for the Company registered with Ministry of Corporate Affairs. Even, if registered Office address for Correspo...

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Posted Under: Income Tax |

How to file Letter of Undertaking- LUT (FORM GST RFD-11)

A. FAQs on Filing of Letter of Undertaking for Export of Goods or Services (FORM GST RFD-11) Q.1 Who has to furnish a Letter of Undertaking? Ans: Any registered person availing the option to supply goods or services for export /SEZs without payment of integrated tax has to furnish, prior to export/SEZs supply, a Letter […]...

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Posted Under: Income Tax |

Submitting Intimation on Account of GST Refund Not Received: FAQs

Q.1 What is the purpose of  ‘Submitting intimation on account of refund not received’ functionality? Ans: This functionality is made available to taxpayers to intimate about a case, for which they have not received refund amount, on any of the refund application filed through Form GST RFD-01A. Q.2 I have filed a refund applic...

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Posted Under: Income Tax |

How to Track GST Refund Status- Procedure & FAQs

Article contains FAQs on Tracking GST Refund Status, Manual on Track Refund Status Post-Login, Manual on Track GST Refund Status  Pre-Login and Manual to Track Refund Status for IGST paid on account of Export of Goods. It also explains different status types of refund application for IGST and Cess paid on account of Export of […]...

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Posted Under: Income Tax |

Manufacture & Other Operations in Customs Warehouse- FAQs

F. No. 484/03/2015-LC (Pt) (27/10/2020)

CBIC) have launched a revamped and streamlined program to attract investments into India and strengthen Make in India. This program is based upon Section 65 of the Customs Act, 1962, which enables conduct of manufacture and other operations in a Customs bonded warehouse....

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Employees’ State Insurance (Central) Amendment Rules, 2020

Notification No. G.S.R. 675(E). / Notification No. G.S.R. 676(E). (27/10/2020)

(1) These rules may be called the Employees’ State Insurance (Central) Amendment rules, 2020. (2) They shall come into force on the date of their final publication in the Official Gazette....

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Writ admitted for examining validity of provisions restricting ITC on construction of building for letting out on rent

Bagmane Developers Vs Union of India (Karnataka High Court)

Bagmane Developers Vs Union of India (Karnataka High Court) The Hon’ble HC, Karnataka in Bagmane Developers v. Union of India [W.P. No. 9430/2020 dated October 22, 2020] stayed demand of Rs. 62 crore in a writ petition challenging credit restriction under Section 17(5)(c) and (d) of Central Goods and Services Tax Act, 2017 (CGST Act) [&...

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Analysis of Job Work under GST

‘Job work’ is a very significant part of our country’s industry and a much talked about subject among the tax fraternity. A lot of manufactures send the inputs or semi finished goods out for processing and treatment and receive back finished goods after paying labour charges to the job workers....

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Posted Under: Income Tax |

Investments options for Senior Citizens

One of my journalist friends, who retired after completing 60 years, called me to seek my opinion about safe investment avenues with relatively better returns available for senior citizens. And this is how the idea germinated about this article. Let us discuss the safe investment avenues with better returns which are available to senior c...

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Posted Under: Income Tax |

Can person with zero credit score get a home loan

My nephew who wanted to take a home loan and whom I had advised to obtain his CIBIL report, called me to express his shock when he found 0 credit score in his CIBIL report. He was worried that with 0 score, which he perceived to be negative rating, he would not be able to […]...

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Posted Under: Income Tax |

Don’t lose your GST refund due to errors!!! Resolve It.

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 |

GSTR 3B and GST Annual Return

It has been more than 3 years since the implementation of GST, Goods and Services Tax and there are still a lot to fix. Probably with ever-changing provisions, GST is the most dynamic Act. This article is going to be short as it focuses only one aspect which is: claiming of ITC in GSTR 3B. […]...

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Posted Under: Income Tax |

Synopsis of Due date for GSTR-3B October 2020 to March 2021

CBIC released Notification No. 76/2020 – Central Tax dated, Dated 15th October, 2020 for specifying the Due date for GSTR-3B for the months from October, 2020 to March, 2021. Following questions emerge out of this-: ♣ To whom Due date of Form GSTR 3B notified by Notification No. 76/2020 – Central Tax dated, Dated 15th […]...

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Posted Under: Income Tax | ,

Challenges faced in leverage buyout model by Private Equity firms in India

Private Equity investments have played a major role in corporate growth on a global level. Private Equity firms (PE firms) have usually invested in companies through the financial strategy of Leverage Buyout. However, these firms have to adopt a hybridised and customised model to deal with the ubiquitous role of complex investment regulat...

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Posted Under: Income Tax |

Rajasthan VAT: Extend due dates of statutory Forms & Declarations

We request your good self to provide appropriate relaxation to the registered person and extend the due dates of all compliances which were due to be complied by the current due date of 30th Sept 2020 to 31st March 2021....

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Posted Under: Income Tax |

Exemption from Non-compliance of minimum residency of Director/Partner

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 u/s 149(3) In order to support and enable Companies and Limited Liability Partnerships (LLPs) in India to focus on taking necessary special measures to address the COVID-19 threat, includin...

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Posted Under: Income Tax |

Capital Gain on Land, Building or Both

CAPITAL GAIN (LAND & BUILDING) Capital Assets [Section 2(14)] (a) Property of any kind held by assesse, whether or not connected with business or profession. (b) Any securities held by Foreign Institutional Investor (FII) which has invested in such securities as per SEBI regulations but does not include: 1. Any stock-in-trade [other t...

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Posted Under: Income Tax |

Section 68 – Meaning of Satisfactory explanation with respect to unexplained income!

This article aims at highlighting the meaning of Satisfactory Explanation to Assessing Officers with respect to Section 68 of the Income Tax Act, 1961....

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Posted Under: Income Tax |

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