"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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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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Date of initiation of search assessment has to be reckoned from date of receiving books of account

DCIT Vs Paresh K. Shah (ITAT Mumbai)

DCIT Vs Paresh K. Shah (ITAT Mumbai) Conclusion: Since the date of initiation of search u/s 132 for the purpose of an assessment u/s 153C had to be construed as the date of receiving the books of account by the AO having jurisdiction over such other person, from the A.O. of the searched person, the […]...

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No Addition on Royalty for Database Access License as per Indo-Swiss Tax Treaty


The issue under consideration is whether AO is correct in making addition for royalty on account of alleged royalty taxable under section 9 (l)(vi) of the Income Tax Act, 1961 read with Article 12(3) of India Switzerland Double Taxation Avoidance Agreement (DTAA)?...

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No Addition u/s 14A for Non Consideration of  Share Application Money as Investment Yielding Exempt Income

Kumar Urban Development Ltd Vs ITO (ITAT Pune)

The issue under consideration is whether the addition made by AO u/s 14A read with rule 8D is justified in law? Respectfully following the precedent, ITAT set-aside the impugned order on this score and order to delete the disallowance....

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Section 37: Mark to Market Loss due to Foreign Exchange Allowed

Kesoram Industries Ltd. Vs DCIT (ITAT Kolkata)

The issue under consideration is whether the addition of ‘Mark to market’ Loss made by AO on account of disallowance of loss on foreign exchange forward contract loss is justified in law?...

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No Addition u/s 41(1) Merely Because Liability Outstanding for Long Period

PCIT Vs Adani Agro (P.) Ltd. (Gujarat High Court)

PCIT Vs Adani Agro (P.) Ltd. (Gujarat High Court) The issue under consideration is whether the addition made by AO under Section 41(1) of the Act on account of cessation of liability is justified in law? High Court states that, once assessee had continued to show admitted amounts as liabilities in its balance sheet, the […]...

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ITAT Restricted Addition made by AO to 2% of Bogus Purchases

Surana Enterprises Vs ITO (ITAT Delhi)

Surana Enterprises Vs ITO (ITAT Delhi) The issue under consideration is whether the addition made by AO u/s 69C by considering the purchases as Bogus Purchase is justified in law? ITAT states that, in present case, the assessee has shown sales of the goods, or otherwise the goods are lying in the closing stock. If […]...

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New Tax Rates for Companies in brief

TAX RATES APPLICABLE FOR CERTAIN DOMESTIC COMPANIES (SECTION.115BAA) & FOR CERTAIN NEW MANUFACTURING COMPANIES (SECTION.115BAB) key changes to corporate tax rates in the income tax act, 1961: In Brief: > Existing domestic companies have been provided an option to pay tax at a concessional @22%, > New domestic companies set up on...

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Import Substitution Nationalism in the Interests of the Nation – Not Protectionism

‘Import Substitution’ (IS) generally refers to a Trade & Economic Policy that that advocates Replacing or Eliminating or Minimizing the Importation of the commodity and Encourage for the Production in the Domestic Market. It is based on the Premise that a Country should attempt to Reduce its Foreign Dependency through the ...

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The Big Picture behind No Cost EMI

Everything we buy from E-commerce to Fashion; from Interest-free Insurance payments to our Dream vacations; from Online Courses to Gym memberships, often the seller of the product (or service) offers Equated Monthly Installments (EMI) as one of the payment options. EMI is a periodic payment made by a borrower to a lender towards a loan [&...

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MCA extends terms of Judicial Members & officiating Chairperson of NCLAT

Notification No. S.O. 3855(E), S.O. 3856(E) (28/10/2020)

Term of office of Justice (Retd.) Shri Bansi Lal Bhat and Justice (Retd.) Shri A.I.S. Cheema as Judicial Member, National Company Law Appellate Tribunal is extended up to 31.12.2020....

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Linking/ Registration of IECs in new revamped DGFT Online environment

Trade Notice No. 33/2020-21-DGFT (28/10/2020)

i. The new platform is accessible through user-based IDs for applying online. All IEC holders are encouraged to create login IDs through an online registration process preferably well before the roll out of next phase of the platform in the 2-3 weeks. ii. For user ID creation, mobile number/email ids will be a mandatorily required. The...

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CBDT designates Court U/s. 280A of Income-tax Act, 1961

Notification No. 86/2020-Income Tax [S.O. 3854(E).] (28/10/2020)

Central Government, in consultation with the Chief Justice of the Gauhati High Court, hereby designates the Court of Munsiff No. 3-cum-Judicial Magistrate, 1st Class, Kamrup (M), Guwahati as the Special Court for the States of Assam, Nagaland, Mizoram and Arunachal Pradesh for the purposes of the said sub-section....

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Section 80E: Tax benefit for Interest on Loan taken for Higher Education

Section 80E- Deduction for Interest on Loan taken for Higher Education If you have taken a loan for higher studies (even though pursuing in abroad) and are repaying the same, then the interest paid on that education loan is allowed as deduction u/s 80E. However, the deduction is only available for the interest part of […]...

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Concessional Basic customs duty rate on potato imports till 31.01.2021

Notification No. 40/2020-Customs [G.S.R.681(E).] (28/10/2020)

CBIC prescribes concessional Basic customs duty rate on potato imports with the prescribed quota (TRQ) till the 31st January, 2021 – – Notification No. 40/2020-Customs dated 28th October, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 40/2020-Customs New Delhi, the 28th October, 2020 G.S...

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Concessional Basic Customs Duty on Lentils (Mosur) extended till 31.12.2020

Notification No. 39/2020-Customs [G.S.R.680(E).] (28/10/2020)

CBIC further amends notification No. 50/2017-Customs dated 30.06.2017 so as to extend the concessional Basic Customs Duty on Lentils (Mosur) till 31st December 2020- Notification No. 39/2020-Customs dated 28th October, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 39/2020-Customs New Delhi, the 28t...

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Form INC-22A Active – Procedure / Steps / Applicability

Every company incorporated on or before the 31st December, 2017 shall file the particulars of the Company and its registered office details, in e-Form ACTIVE (INC-22A). e-Form INC-22A is required to be filed on or before 25th April, 2019. e-Form INC-22A is required to be filed only after e-Form AOC-4 and e-Form MGT-7 for financial [&helli...

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Submission of data to RoDTEP Committee

Trade Notices No. 32/2020-2021-DGFT (28/10/2020)

Members of trade are already aware that a new Scheme, Remission of Duties and Taxes on Exported Products (RoDTEP) has been approved for introduction by the Government....

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FAQ on To Opt Composition Scheme (Explained under GST)

Q.1 How to opt for the Composition Scheme in GST? Ans: You can opt for the Composition Levy under GST if you are a regular taxpayer with an aggregate annual domestic PAN-based turnover as specified from time to time. However, you cannot opt for the Composition Levy if you are/you make: – any supply of […]...

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Provisional Assessment and Release of Security under GST

A. FAQs on Provisional Assessment and Release of Security under GST Q.1 What is Provisional Assessment? Ans: If taxpayer is unable to determine either the value or tax rate or both for the goods/ services dealt in by him/her, then he/ she can file an application for provisional assessment to the Tax Official. Q.2 What […]...

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How to reply GST DRC 06 issued for GST collected but not paid

A. FAQs on Filing reply to Form GST DRC-06 against proceedings initiated for tax collected but not deposited with Government Q.1 How can a Tax Official initiate action on a person who has collected tax but not deposited with the Government? Ans:Any person whether registered or unregistered, who had collected any amount representing tax, f...

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How to file GST DRC 06 against GST Determination Proceedings

A. FAQs on Filing FORM GST DRC-06 against Proceedings initiated by Tax Officer under section 73 and 74 Related to Determination of Tax Q.1 What is Section 73 & 74? Ans: Section 73: Covers determination of tax not paid or short paid or erroneously refunded or ITC availed wrongly or utilized for any reason other […]...

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Application for Rectification of Order under GST with FAQs

A. FAQs on Filing Application for Rectification or Taking Action in the  Subsequent Proceedings under section 161 Conducted by Tax Officer Q.1 How can Rectification of errors in decision, Orders, notice or certificate or any other document be done? Ans: Rectification of errors, which is apparent on the face of record in such decision, or...

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Filing reply for GST proceedings initiated for Remanded Cases

Remanded Cases and Appeal Effects Q.1 What are Remanded Cases and Appeal Effects? Ans: Remanded Cases are those cases that are initiated by the Assessment and Adjudicating Authority (A/A) or Appellate authority, in compliance to the “Remand Instructions” issued by the Appellate Tribunal/ High Court/ Supreme Court, in the appea...

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Actions during GST Assessment Proceedings against Unregistered Persons

A. FAQs on Taking Actions during Assessment Proceedings under section 63 of Central Goods & Services Tax Act, 2017 against Unregistered Persons General Q.1 Who all fall under “Unregistered Persons” category? Ans: Following persons will fall under “Unregistered Persons” category: 1. Taxable persons who are not r...

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How to reply GST Return scrutiny notice in Form GST ASMT-11

FAQs on Filing reply in Form GST ASMT-11 to the notice issued against scrutiny of Returns and Manual on Filing reply in Form GST ASMT-11 to the notice issued against scrutiny of Returns...

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GST Enforcement Case Proceedings- How to Respond

FAQs on Accessing and Responding to Communications Received as part of Enforcement Case Proceedings General Q.1 What are Enforcement Case Proceedings? Ans. The entire gamut of actions undertaken by tax officials to curb tax evasion is generally referred as ‘Enforcement’. The process mainly involves steps such as gathering intelligence...

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Viewing Pre-GST Demand Uploaded by Tax Official

A. FAQs on Viewing Pre-GST Demand Uploaded by Tax Official (Form GST DRC-07A & Form GST DRC-08A) General Q.1 What is Form GST DRC-07A? Ans. If any demand (Tax, interest, penalty, fees or any other dues) was created under Pre-GST laws (e.g. State VAT / CST / Central Excise / Service Tax etc.) and is […]...

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Filing reply to GST DRC-22: Proceedings initiated for recovery of taxes

A. FAQs on Filing reply to Form GST DRC-22, against proceedings initiated for Recovery of Taxes Q.1 When recovery process in GST Portal/ law is initiated? Ans. Recovery process in GST Portal is initiated under following conditions: Demand ID is created under Assessment, Enforcement, Appeal, Refund or any other module and is reflected in t...

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How to file Form GST DRC-20

FAQs on Applying for Deferred Payment or Payment in Instalments (FORM GST DRC – 20) Q.1 What is the purpose of FORM GST DRC – 20? Ans. FORM GST DRC – 20 is an application form that can be filed by any taxpayer to apply for one of the following two options available to him […]...

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Procedure for intimation of voluntary payment- FORM GST DRC 03

Form GST DRC-03 now available on GST Portal for making voluntary payments by a taxpayer Form DRC-03 enables a taxpayer to make voluntary payments, before issue of notice u/s 73 or 74 of the CGST Act, 2017 or within 30 days of issue of show cause notice (SCN). Facility to intimate payment made voluntarily or […]...

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GST: Filing Reply & Rectification Request during Proceedings & Order of First Appeal

A. FAQs on Filing Reply and Rectification Request During First Appeal Proceedings General Q.1 What are the steps involved in Proceedings & Order of First Appeal? Ans. All the Appeals submitted by the Appellant’s (Taxpayer/ Tax Official) will land on the First Appellate Authority’s Dashboard. The First Appellate Authority after ver...

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Following-up & Taking Action in GST Revision Order Proceedings

A. FAQs on Following-up and Taking Action in Revision Order Proceedings General Q.1 What are Revision Order Proceedings and when are they conducted? Ans. Revision Order Proceedings are related to proceedings conducted by a Revisional Authority (RA) to revise an impugned Order, originally issued to the taxpayer by an Adjudicating Authority...

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Filing an Appeal against GST Demand Order- FAQs & User Manual

A. FAQs > Filing an Appeal against Demand Order (FORM GST APL-01) Q.1 Who can file an appeal to the Appellate Authority? Ans. Any taxpayer or an unregistered person aggrieved by any decision or order passed against him by an adjudicating authority, may appeal to the Appellate Authority, within three months from the date on […]...

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FAQs on Login, DSC Registration, E-Sign and EVC on GST Portal

I have completed all the steps for the first-time login and I have been directed to a new credentials page. What should I do? You need to create your username and password to login to the GST Portal. For subsequent logins, you will use the username created now....

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GST Problems – What our Government Should do Now

By extending the dates of GST and tax audit, the government has given clear indication that the government is not only sensitive about the real problems of taxpayers at this time but is also taking timely action. See, these dates had to be extended later because the covid-19 pandemic has not ended yet but there […]...

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SEBI imposes Rs. 5 Lakh Penalty for non-genuine trading in Illiquid Stock Options

In respect of Pradeep Kumar Kayan (SEBI)

SEBI conducted an investigation into the trading activities of certain entities in Illiquid Stock Options at BSE  for the period April 1, 2014 to September 30, 2015. It was observed that during the investigation period, total 2,91,643 trades comprising substantial 81.38% of all the trades executed in Stock Options Segment of BSE were fou...

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Impact of Decisions of European Court of Justice on Concept of Composite Supply In India

Composite supply under GST is a topic that is worth discussing considering the plethora of Advance Rulings that we have had ever since introduction of GST. Many of these advance rulings on the concept in question have also been contradictory leading to differing opinions on the subject....

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Updated Due Date Chart of Income Tax Compliance

Due to COVID-19 pandemic and challenges faced by taxpayers, the Government has extended due dates for Filing of Income Tax Return For A.Y. 2020-21, Filing of Income Tax Return Assessment Year 2019-20, Fling of Tax Audit Report for AY 2020-21, Filing of Transfer Pricing Audit for AY 2020-21 and for Filing of Other Audit Reports […]...

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Tax Audit under Section 44AB- ICAI Checklist (Download)

Approach To Tax Audit Under Section 44AB Of The Income Tax Act, 1961 (Checklist) This document is a joint effort of the Direct Taxes Committee and the Taxation Audit Quality Review Board of ICAI. This checklist is designed to assist the members in enhancing the quality of tax audit under section 44AB of the Income […]...

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ICSI announces date for CSEET Jan 2021 Examination

It is hereby informed that the registration for the Company Secretary Executive Entrance Test (CSEET), January, 2021 session is scheduled to commence from 28th October 2020. The last date for registration is 15th December, 2020. ...

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