"30 October 2020" Archive

Set-off & carry-forward of losses under Income-Tax Act, 1961

The Income-Tax Act, 1961, allows set-off and carry-forward of the loss incurred by any assessee subject to some restrictions Apart from other information, the new income-tax forms, ITR-1 to ITR-8, notified by the Central government seeks details on set-off of losses. Now almost every assessee has to give this information. Therefore, one h...

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Posted Under: Income Tax |

Guidebook for Faceless Assessment

Key objectives of Faceless Assessment include: i. Anonymity in assessment for reduced physical interface between trade and Customs ii. Speedier Customs clearances through efficient utilisation of manpower iii. Greater uniformity of assessment across locations iv. Promoting sector specific and functional specialisation in asses...

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Posted Under: Income Tax |

Service Tax refund cannot be denied for claim of drawback

Mittal International Vs CCE (CESTAT Chandigarh)

Mittal International Vs CCE (CESTAT Chandigarh) Refund claim was denied on the ground that the said goods have been exported and drawback is allowed on the export of goods. The case of the Revenue is that as the appellants have claimed drawback on export of the goods, therefore, they are not entitled for refund claim […]...

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Conundrum on Merger between Company and LLP

The concept of LLP in India was introduced off late in 2008 by enacting the LLP Act, 2008 thereby allowing businesses to be registered as a new and hybrid structure. It was anticipated at that time that many corporate houses would consider LLP as a vehicle to run their business operations, mainly due to lower […]...

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Posted Under: Income Tax |

Income Tax Due date chart post Recent due date extensions

With the COVID-19 pandemic playing havoc and resulting in many practical challenges, the Indian Government has come out with various relief measures and also extended different statutory deadlines. Recently, the Finance Ministry via Press Release and as per Notification No. 88/2020 issued by CBDT dated 29 October 2020 announced further ex...

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Posted Under: Income Tax | ,

Residential Status of Individual And Rate of Income Tax

RESIDENTIAL STATUS OF INDIVIDUAL AND INCOME TAX RATE OF INDIVIDUAL. RESIDENTIAL STATUS OF INDIVIDUAL The Residential Status of a Individual / HUF earning income is very much relevant for determining the tax liability of such income in his/her hands. Taxability of any Income depends on the two things, i.e. Residential Status of Individual ...

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Posted Under: Income Tax |

माल और सेवाओं की निर्यात के दौरान सप्लाई

अभिव्यक्ति (expression) “माल या सेवाओं की निर्यात के दौरान सप्लाई” में तीन चीजें महत्वपूर्ण हैं। ये तीन चीजें  निम्नप्रकार हैं:– (1) म...

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Posted Under: Income Tax |

Hostile Takeover Defences

Legislature in India is doing a decent job of protecting the companies from hostile takeovers. The government of India since the Swaraj case has been very diligent and meticulous. Takeover code is also being updated from time to time and all the amendments have been in the right direction....

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Posted Under: Income Tax |

TDS on Sale of Immovable Property – Section 194IA

As per Finance Bill of 2013, TDS is applicable on sale of immovable property wherein the sale consideration of the property exceeds or is equal to Rs. 50,00,000 (Rupees Fifty Lakhs). Section-194IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% or (  0.75% […]...

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Posted Under: Income Tax |

List of All GST Forms

Under the new taxation regime Taxpayers have to file various monthly and Quarterly Returns and Forms under the Central Goods and Service Tax Act, 2017 to comply with the provisions of the Act. Let us summarize all the returns in the one table. Forms Particulars GSTR-1 Filed by all registered taxpayers for Outward Supplies GSTR-1A [&hellip...

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Posted Under: Income Tax |

IBBI suspends registration of IP for not disclosing Pending Criminal proceeding at the time of Registration

NA (30/10/2020)

In this case, petitioner was granted registration by the Board on 22nd February, 2017. Petitioner concealed the material information about pending CBI case against him at the relevant time. Subsequent acquittal or positive remarks as claimed by him are of no consequence as the aforesaid criminal proceeding  was pending before Hon’ble ...

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SEBI (Prohibition of Insider Trading) (Second Amendment) Regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/38. (29/10/2020)

These regulations may be called the Securities and Exchange Board of India (Prohibition of Insider Trading) (Second Amendment) Regulations, 2020. They shall come into force on the date of their publication in the Official Gazette....

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Procedure for import of Potatoes, till 31.01.2021, under TRQ Scheme

Public Notice No. 29/2015-2020-DGFT (30/10/2020)

Ministry of Finance, hereby notifies the procedure for import of 10,00,000 MT of Potatoes, at in quota tariff of 10% till 31.01.2021 under HS Code 0701 of Chapter 7 of ITC (HS), 2017, Schedule–I (Import Policy) as per details below:...

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Exposure Draft of Interest Rate Benchmark Reform – Phase 2

Globally, many jurisdictions have been taking steps for replacing existing Interbank offered rates (IBORs) with some alternate benchmark rates as a result of recommendations of Financial Stability Board. In this regard, IASB identified two groups of accounting issues that could affect financial reporting due to the reform:...

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Posted Under: Income Tax |

Filing of a Reply in Form GST REG-18

Form GST REG-18 is a form through which the taxable person can file a reply to the show cause notice issued for cancellation of Goods and Services Tax (GST) registration. The present article briefly explains the provisions relating to filing of a reply in Form GST REG-18. Provisions governing the filing of a reply in […]...

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Posted Under: Income Tax |

Opting for lower rate of tax under Section 115BAB & getting covered under Transfer Pricing Audit

Opting for lower rate of tax under section 115BAB and getting covered under the Transfer Pricing Audit – Whether exercising the option worth the pain for compliances? 1. Background: Section 115BAB of the Income Tax Act, 1961 (hereinafter “the Act”) is applicable to a “new domestic manufacturing company” which is set up or re...

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Posted Under: Income Tax |

Covid 19: Government of India is in same boat as all of us

All those Businessmen out there, Cheer Up, Even the Union Government of India is in the same boat as all of us, in this corona pandemic. Monthly Review of Accounts of Union Government of India upto the month of September, 2020 for the Financial Year 2020-21 The Monthly Account of the Union Government of India […]...

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Posted Under: Income Tax |

LLP- 8 Due Date F.Y. 2019-20

In this editorial author discusses due date of filling of LLP-8 with Registrar of Companies for financial year 2019-20 along with date of signing of Financial Statement of LLP-8. Lots of professionals has asked us about extension in filing of e-form LLP-8 for f.y. 2019-20. Provisions of Law: As per Section 34 read with rule […]...

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Posted Under: Income Tax |

Relaxation for Companies & LLP till December 31, 2020

RELAXATION DUE TO CoVID 19 Companies Act, 2013 & LLP Act, 2008 till December 31, 2020 In this article author shall discuss about Relaxation given by MCA for Compliances under Companies Act, 2013 and LLP Act, 2008 till December 31, 2020. MCA has relaxed Due Dates for Filing of Forms, holding of Meetings etc. MCA has issued […]...

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Posted Under: Income Tax |

Everything about DPT-3

In this editorial author discusses about DPT-3. DPT-3 is annual return which is required to be filed  every year by Companies having any amount of loan or advances as on 31st March within 90 days of end of financial year i.e. upto 30th June. Q 1. What are the objectives of e-Form DPT-3? Ans. The […]...

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Posted Under: Income Tax |

Is Auditor Certificate mandatory for DPT-3

In this Article author discusses about requirement of auditor certificate for filing of e-form DPT-3. Whether auditor certificate mandatory for all the DPT-3, if not then what are the situations when certificate from auditor required for DPT-3? Point of Editorial: Is Chartered Accountant Certificate required for e-form DPT-3? This is very...

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Posted Under: Income Tax |

How to file DPT-3 In case of Loan from SHAREHOLDER?

In this Article author discusses how to file DPT-3 form when a Private Limited/ Public Limited Company having loan from shareholders (HUF, Trust, Individual etc.) As per exemption notification dated 05th June 2015 and 13th June 2017 Private Limited Companies are allowed to accept Loan from Shareholders of Company after following the proce...

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Posted Under: Income Tax |

Key Takeaways from Companies (Amendment) Bill, 2020

 Key Take Away –  THE COMPANIES (AMENDMENT) BILL, 2020 Passed by Lok Sabha & Rajya Sabha Government has passed the Companies (Amendment) Bill, 2020 as Bill No. 88 of 2020 to further amend Companies Act, 2013 on March 12, 2020. Companies (Amendment) Bill, 2020 based on CLC Committee. CLC Committee submitted its report in Novemb...

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Posted Under: Income Tax |

Interpretation of double tax avoidance agreements

The Central Government has signed with several countries, including the U.S. "Agreements for the Avoidance of Double Taxation". By this, I am given to understand that in the case of an Indian who is a perm anent resident in the U.S. (green card holder) but who may have taxable income in India, as also in the U.S., double taxation is sough...

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Posted Under: Income Tax |

Spaze Developers to Pay Rs. 2 Crore to Buyers for delay in Possession

Haryana RERA ordered Spaze Developers To Pay Rs. 2 Crore To Buyers For Delay in Possession The Haryana RERA (HRERA) has ordered a Gurgaon based developer i.e. Spaze developers to pay delay possession charges (DPC) of Rs 2 crore to homebuyers for failing to deliver flats in time. HRERA Chairman, directed Spaze Developers to pay the compe...

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Posted Under: Income Tax |

e-TAX Payment of Taxes – Frequently Asked Questions

1. What is e-tax payment? Ans. This is a facility provided to the taxpayers to make income tax payments through internet using net-banking facility. 2. Can I use this facility to pay income tax? Ans. You can, if; a) You have a bank account with net-banking facility, and b) Your bank is amongst the banks that provide the e-tax payment fac...

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Posted Under: Income Tax |

Introduction to U.S. Tax Returns

Just as we have different tax return forms for different purposes, The United States of America is no exception. U.S. also prescribes different types of tax returns for different purposes. The tax returns are differentiated on the basis of the income on which one is liable to pay taxes. This is similar to filing of […]...

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Posted Under: Income Tax |

AMP expenditure do not constitute an international transaction

Bacardi India Pvt. Ltd. Vs ACIT (ITAT Delhi)

Bacardi India Pvt. Ltd. Vs ACIT (ITAT Delhi) Under Sections 92B to 92F, the pre-requisite for commencing the TP exercise is to show the existence of an international transaction. The next step is to determine the price of such transaction. The third step would be to determine the ALP by applying one of the five […]...

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For filing Form-27, patentees would get 6 months, instead of current 3 months

Patents (Amendment) Rules, 2020- streamlining of the requirements related to filing of Form 27 and submission of verified English translation of priority documents. Patentee would get flexibility to file a single Form-27 in respect of a single or multiple related patents. This will ease compliance burden & boost innovation...

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Posted Under: Income Tax |

Import of potatoes without license from Bhutan allowed till 31.01.2021

Notification No. 44/2015-2020-DGFT (30/10/2020)

Import of potatoes under Exim Code 07019000, is allowed for import from Bhutan without license up to 31st January 2021. Notification No. 44/2015-2020-DGFT...

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GSTR-9 Offline Utility – Updated FAQs and Manual

In these article we will read the detailed analysis of FAQ’s related to the offline utility of GSTR-9. The following FAQ’s are About GSTR-9 Offline Utility, How to Download GSTR-9 Offline Utility, How to Download the Generated JSON File of GSTR-9, Worksheet Tabs in GSTR-9 Offline Utility, Entering and Validating Details in Offline, Up...

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Posted Under: Income Tax |

FAQs and User Manual – GSTR-4 Offline Tool

How can I download and open the GSTR4 Offline Tool in my system from the GST Portal? 1. Login to the GST Portal www.gst.gov.in .2. Go to Downloads > Offline tools > GSTR4 Offline Tool > Download 3. Unzip the downloaded Zip file which contain GSTR4 Offline Tool, User Manual, Read Me.txt, Release Note. 4. Open the GSTR4_Excel_Utility_...

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Posted Under: Income Tax |

‘Matching Offline Tool’ for matching GSTR 2B with purchase register

‘Matching Offline Tool’ for matching GSTR 2B with purchase register- FAQs & User Manual (A) About Matching Offline Tool Matching Offline Tool is an offline tool to view Form GSTR-2B and match the auto-drafted details in the said form with the purchase register. The Taxpayer needs to install Matching Tool from the GST Portal, and [...

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Posted Under: Income Tax |

Suo Moto GST Registration Cancellation

FAQs on Suo Moto Cancellation of GST registration Q.1 Under which circumstances can a Tax Official initiate for cancellation of GST registration? Ans: Suo Moto Cancellation of registration may be initiated by the Tax Official for various situations as mentioned in the provisions of GST law like: – Any Taxpayer other than composition...

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Posted Under: Income Tax |

How to amend Core & Non-Core Fields of GST Registration with FAQs

Once the applicant is registered under GST, the need for amendments in registration may arise due to several factors such as a change in address, change in contact number, change in business details and so on. In order to amend any information post registration, the taxpayer needs to file an Application for Amendment of Registration....

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Posted Under: Income Tax |

How to Opt for GST Composition Levy with FAQs

You can opt for the Composition Levy if you are a regular taxpayer with an aggregate annual domestic PAN-based turnover as specified time to time....

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Posted Under: Income Tax |

Registration as TDS Deductor under GST- FAQs & How to apply

A. FAQs on Registration as Tax Deductor at Source Q.1 Who needs to register under GST as a Tax Deducted at Source (TDS)? Ans: All Department or establishment of Centre / State Government, Local Authority, Government Agencies & Persons or category of persons notified by Central / State Government, where the total value of such [&hellip...

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Posted Under: Income Tax |

GST Registration of UN Body/Embassy/Other Notified Persons & FAQs

Article contains FAQs on Grant of UINs Under GST Regime, Manual on Applying for Registration as a UN Body, Manual on Applying for Registration as an Embassy and Manual on Applying for Registration as Other Notified Person. A. FAQs on Grant of UINs Under GST Regime Q.1 What does UIN stand for? Ans: UIN stands […]...

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Posted Under: Income Tax |

FAQs & Manual on Filing for Registration by provider of OIDAR

A. FAQs on Filing for Registration by provider of OIDAR (Online Information and Data Base Access or Retrieval Services) / FAQ’s and Manual on Non-Resident Online Services Provider Q.1 What are OIDAR Services? Ans: Online information and database access or retrieval services means services provided by the means of Information Technol...

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Posted Under: Income Tax |

FAQs for GST Registration by Non-Resident Taxable Person

Q.1 Are there any preconditions before I can apply for Registration as a Non-Resident Taxable Person? Ans: A Non-Resident Taxable Person must fulfill following conditions so that he/she can register on the GST Portal: 1. Applicant has authorized signatory in India with valid details 2. Authorized Signatory has valid Permanent Account Numb...

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Posted Under: Income Tax |

FAQs on Submission of Online GST Registration Application

I am on the landing page of the New Registration Application and there are two radio buttons – New Registration and Temporary Reference Number (TRN). Which one do I need to select? -Select the New Registration Application to begin applying for GST Registration . If you have already filled Part A of the Registration Application and have ...

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Posted Under: Income Tax |

A Simple Guide to Instant Personal Loans in India

Instant personal loans are one of the most sought after loans in India. They are available to both salaried and self-employed people. Upon showing proof of income, personal loan is disbursed. An instant personal loan is not a burden if utilized properly. It can be taken when there is a shortage of money. But care […]...

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Posted Under: Income Tax |

Here’s Why 30’s Is the Perfect Time to Buy Health Insurance Plans in India

A medical emergency can heavily impact your emotional as well as financial life. Hence, it is prudent that you buy a health insurance plan early in life. You should even consider buying critical illness insurance and personal accident insurance for specific coverage. Moreover, when you buy health insurance plans in your early 30s, you get...

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Posted Under: Income Tax |

Concern with extraordinary event cannot be comparable in year of amalgamation

American Express Services India Private Ltd. Vs DCIT (ITAT Delhi)

American Express Services India Private Ltd. Vs DCIT (ITAT Delhi) The assessee is aggrieved by the inclusion of the Accentia Technologies Ltd. in the final set of comparables. The plea of the assessee before us is that the said concern is engaged in diversified services which includes HRCM (using SaaS model), also is KPO and […]...

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HC Remand Back the case to AO for Detailed Enquiry of Disallowance u/s 36(1)(iii)

CIT Vs Asian Peroxides Ltd. (Madras High Court)

The issue under consideration is whether disallowance made u/s 36(1)(iii) is to be allowed when the Assessee has diverted interest bearing funds to its sister concern without charging any interest?...

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ITAT Remand Back Case to CIT(A) for analysis of Nature of Service

Adadyn Technologies Private Limited Vs DCIT - International Taxation (ITAT Bangalore)

The issue under consideration is whether assessee engaged in business relating to online advertising is considered as technical services or royalty Section 9(1)(vii) of the Income Tax Act, 1961?...

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Frame Video Conferencing Rules: SC direct High Courts

In Re Guidelines For Court Functioning Through Video Conferencing (Supreme Court)

SC has directed those HC that have not framed Video Conferencing Rules, shall do so having regard to the circumstances prevailing in the State. Till such Rules are framed, the HC may adopt the model Video Conferencing Rules provided by the E-Committee, SC of India to all the Chief Justices of the HC....

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Entry Tax: After Granting Exemption same can’t be rejected for Technicalities

SRF Ltd. Vs State of Madhya Pradesh And Others (Madhya Pradesh High Court)

The issue under consideration is whether the petitioner is eligible for exemption from payment of entry tax based on certificates granted under Madhya Pradesh Udyog Nivesh Samvardhan Sahayta Yojna?...

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TPA is required to Deduct TDS u/s 194J on Payments to Hospitals

CIT Vs TTK Healthcare TPA Pvt. Ltd. (Karnataka High Court)

The issue under consideration is whether Third Party Administrator (TPA) is required to deduct tax at source (TDS) on payments made to hospitals under Section 194J of the Income Tax Act?...

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Mere use of brand name or logo owned by AEs by assessee cannot be construed as expenses incurred for AMP

Xerox India Ltd. Vs DCIT (ITAT Delhi)

Expenditure incurred on Advertisement, Marketing and Promotion (AMP) for creating market intangibles including brand value in favour of Associated Enterprises was not  considered as an international transaction as mere use of brand name or logo owned by the AEs by assessee would not automatically lead to influence that any expenses that ...

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