"November, 2020" Archive

Light!! Camera!! Action!! – Bad Debts Dichotomy

Happy to present before all of you, my article on Light!! Camera!! Action!! – Bad Debts Dichotomy correlated with Article 14 of Constitution of India to decipher the Principle of Equality before law and Equal protection to all within the territory of India. Suggestion to improve upon the article are welcomed with folded hands....

Read More

Impact of GST on Advances/Security Deposits/Retention Money etc.

Goods and Services Tax Act, 2017 (GST) has brought concept of “One Nation, One Tax”, and has simplified method of collecting and calculating Indirect taxes all over India. There is no cascading affects and ambiguities, while dealing with provisions of GST Act, 2017. We know that for Sale Goods or Supply of Services, the most […...

Read More

Can buyer claim ITC if supplier has not paid his tax under GST?

Can buyer claim ITC if supplier has not paid his tax ??? ⇓ As per Section 16(2)(c) of CGST Act, the recipient of goods and services can avail ITC only if supplier has deposited the tax with government either in cash or through utilisation of input tax credit. ⇓  After reading this section we can […]...

Read More

Importing Audio-Visual licenses from Japan: Understanding GATS & CEPA

This article attempts to clearly lay out the implications of the Comprehensive Economic Partnership Agreement (CEPA) for parties interested in bringing Japanese Animation titles to Indian markets. CEPA is a Free Trade Agreement (FTA) entered between India-Japan, which came into effect in August 2011....

Read More

Section 206CC Mandatory Requirement of Furnishing PAN

Disallowance of Tax Deducted at Source 1. What is Section 40(a)(i)? Section 40(a)(i)- Non compliance of Provisions of TDS where payment is made to Non Resident Notwithstanding anything to the contrary in sections 30 to 38, the following amounts shall not be deducted in computing the income chargeable under the head “Profits and gain...

Read More

Constitute National Tribunals Commission to supervise appointments & functioning of Tribunals: SC to UOI

Madras Bar Association Vs Union of India & Anr. (Supreme Court of India)

Madras Bar Association Vs Union of India & Anr. (Supreme Court of India) (i) The Union of India shall constitute a National Tribunals Commission which shall act as an independent body to supervise the appointments and functioning of Tribunals, as well as to conduct disciplinary proceedings against members of Tribunals and to take care...

Read More

Section 206C Tax Collection at Source (TCS) under Income Tax Act, 1961

a) Applicability and Rate [Section 206C(1)/(1C)/(1F)] Section 206 C(1) Sr. No. Nature of goods Rate of TCS (upto 13.05.2020) Rate of TCS (w.e.f 14.05.2020 to 31.03.2021) i. Alcoholic   Liquor for human consumption 1%   1% *(no change)  ii. Tendu Leaves 5% 3.75%  iii. Timber           obtained under a forest lease 2.5% &...

Read More

Section 206AA Mandatory Requirement of Furnishing PAN-TDS

1) What is Section 206AA? Section 206AA has been inserted to provide that any person whose receipts are subject to deduction of tax at source i.e. the deductee, shall mandatorily furnish his PAN to the deductor failing which the deductor shall deduct tax at source at higher of the following rates a. applicable rate of […]...

Read More

15 Important Points of GST in Income Tax Audit to be Taken Care off!

After the relief of Corona now tax audit season is approaching. 31st December 2020 is the due date of the audit of Income-tax audit for AY 2020-21. Further assesses  who are not under audit also need to file their Income tax returns before 31st Dec to avoid late fees.  Also, 31st December 2020 is the due date for filing of GST Audit and...

Read More

Implications of Unauthorised Collection of Tax & Non Payment of Tax Collected under Section 32 & 76 of CGST Act

Implications of Unauthorised Collection of Tax & Non Payment of Tax Collected under Section 32 & 76 of CGST Act Section 32 of CGST ACT prohibit to persons to collect unauthorised  collection of tax . Section 76 mandates  that every persons  should pay  any amount collected  by person as tax to the the Government forthwith [&h...

Read More

Search Posts by Date

March 2021
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031