"28 October 2020" Archive

CBIC notifies extended due date of GSTR-9, GSTR-9A, GSTR-9C

Notification No. 80/2020–Central Tax [G.S.R. 679(E)] 28/10/2020

Vide Notification No 80/2020 dated 28.10.2020 CBIC extends the due date u/s 44 of CGST Act 2017 for filing of Annual Return (FORM GSTR-9/GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) for Financial Year 2018-19 from 31st October 2020 to 31st December, 2020. Ministry Of Finance (Department Of Revenue) (Central Board of Indirect Taxes...

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No section 271(1)(b) Penalty if order was passed under section 143(3)

Jai Gopal Sondhi Vs ITO (ITAT Delhi)

Jai Gopal Sondhi Vs ITO (ITAT Delhi) We note that although the Assessing Officer has levied penalty in all the four cases for non-compliance of statutory notices, all the same he has proceeded to frame the assessment order u/s 143(3) of the Act. We also note that the CIT(A), while dismissing the assessees’ appeals has […]...

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CBDT notifies Equalisation levy (Amendment) Rules, 2020 & Forms

Notification No. 87/2020 [S.O. 3865(E)] 28/10/2020

Payment of Equalisation levy. ─ The assessee or e-commerce operator, as the case may be, who are required to deduct and pay equalisation levy, shall pay the amount of such levy, by remitting it into the Reserve Bank of India or in any branch of the State Bank of India or of any authorised Bank accompanied by an equalisation levy challan...

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Accounting of GST Transactions

In the new GST era, some major changes are introduced by the Government. One of the major changes is introduction of Electronic Ledger system of GST Portal which shows Taxpayer’s ledger in the books of government. In order to align with the same, some accounting changes are also required in the Taxpayer’s books. This would […]...

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Tips for GST audit FY 2018-19

Tips for GST Annual Return for the Financial year 2018-2019 Today we will discuss the GST annual filing return for the financial year 2018-19. GST annual return is an annual statement which contains all transactions related to outward and inward supplies in different heads. It contains the following details: 1. Outward Supplies ( Local sa...

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Synopsis of Due date for GSTR-1 October 2020 to March 2021

CBIC released Notification No. 74/2020 – Central Tax dated, the 15th October, 2020 for specifying the Due date for GSTR-1 for the months from October, 2020 to March, 2021. Following questions emerge out of this-: Is it applicable for all the Registered Persons? Yes, It is applicable for registered persons having aggregate turnover of up...

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Maharashtra Co-operative Societies (Second Amendment) Ordinance, 2020

Maharashtra Ordinance No. XVII of 2020 28/10/2020

In pursuance of clause (3) of article 348 of the Constitution of India, the following translation in English of the Maharashtra Co-operative Societies (Second Amendment) Ordinance, 2020 (Mah. Ord. XVII of 2020), is hereby published under the authority of the Governor. By order and in the name of the Governor of Maharashtra, BHUPENDRA M. G...

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GIFT IFSC prescribes framework for listing of Depository Receipts

The International Financial Services Centres Authority (IFSCA), with an objective to develop the financial products and financial services in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) has prescribed the regulatory framework for listing of Depository Receipts (DRs)....

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Clarifications in respect of the Direct Tax Vivad se Vishwas Act, 2020

Circular No. 18/2020-Income Tax 28/10/2020

Under the existing provisions of sub-section (2) of section 5 of the Vivad se Vishwas, the declarant is required to pay the amount within a period of 15 days from the date of receipt of certificate from the designated authority....

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Compounding of offence | Companies Act, 2013 | Procedure & Need

Compounding is a settlement mechanism, by which, the offender is given an option to pay money in lieu of prosecution, thereby avoiding a long and lengthy litigation proceedings. Thus, it is short cut mean to get the default tag removed by paying a sum of money. It is beneficial for both the Government and Defaulter. Government gets some r...

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