"01 November 2020" Archive

Rs 1,05,155 crore of gross GST revenue collected in October 2020

Release ID: 1669239 01/11/2020

The gross GST revenue collected in the month of October, 2020 is ₹ 1,05,155crore of which CGST is ₹ 19,193 crore, SGST is ₹ 25,411 crore, IGST is ₹ 52,540 crore (including ₹ 23375crore collected on import of goods) and Cess is ₹ 8,011crore (including ₹932 crore collected on import of goods). The total number of GSTR-3B Retur...

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November-2020 CA Examinations – Admit card

In continuation to the Announcements dated 15th July, 8th,13th and 23rd October 2020 made regarding revised schedule of Chartered Accountant November 2020 Examinations and uploading of Admit Card for November2020 CA Examinations; it is hereby notified for general information that Admit Card for Chartered Accountant November 2020 Examinati...

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Order passed without giving effect to ITAT Direction been restored to AO for fresh order

Dell International Services India Pvt. Ltd. Vs JCIT (ITAT Bangalore)

Dell International Services India Pvt. Ltd. Vs JCIT (ITAT Bangalore) We find that before us, there are 3 grievances of the assessee. The first grievance is regarding assessee’s request for exclusion of comparable M/s. Comp-U-Learned Tech India Ltd. The second grievance is regarding assessee’s request for exclusion of CAT Technology Lt...

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AO cannot made additions by ignoring method of accounting

Jalarani Jagruti Developers Pvt. Ltd. Vs DCIT (ITAT Mumbai)

Jalarani Jagruti Developers Pvt. Ltd. Vs DCIT (ITAT Mumbai) It is not in dispute that receipts in question have direct nexus with the business of the assessee and represent cash receipts against sale of shops and flats. is also not in dispute that the assessee follows project completion method of revenue recognition and that project [&hel...

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No transfer in absence of performance of obligations by Assessee- sale of development rights under JV

ITO Vs Newtech (India) Developers (ITAT Mumbai)

ITO Vs Newtech (India) Developers (ITAT Mumbai) What was to be received by the assessee was from a joint venture, in which assessee itself was a participant, but, under the said arrangement, it was to be entirely funded by Shivalik Ventures Pvt Ltd. The essence of the arrangement was the performance of obligations by the […]...

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TDS / TCS Rate Chart for F.Y. 2020-21 (A.Y: 2021-22)

What is TDS? Tax Deducted at Source (TDS) is a mechanism that has been introduced by the Income Tax Department. Under this, the responsible person is supposed to deduct a certain percentage of income as tax before making the payment to the receiver. The payment includes salary, commission, professional fees, interest, rent, etc. Due to [&...

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How to determine place of supply of services under IGST Act, 2017

How to determine place of supply in various supply of services as per Section 12(1) to 12(14) under IGST Act, 2017 Today I’m going to discuss about ‘How to determine place of supply in various supply of services under GST’. Effective from 01.07.2017 many services are included under Tax Net in India. The Goods and […]...

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Due date Compliance Calendar – November-2020- Updated with Extensions

Due Date Extension Latest Update|All Compliance Calendar in Month of November 2020|GST Due Dates| Compliance Calendar under Income Tax|Due Dates under Companies Act, 2013|Compliance Calendar for ESI, PF & PT Payment. Due date Compliance Calendar for the month of November-2020 GST Due Dates Return Tax Period Turnover Due dates GSTR-1 O...

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Assessee to Offer Business Income in Year in which Stock-in-Trade was Sold

DCIT Vs Clean City Estates Pvt. Ltd. (ITAT Hyderabad)

The issue under consideration is whether in case of real estate, tax liability will be arise when land was sold or when same was contributed for development under JDA?...

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Suggestions to Simply GST return compliance & procedures

When GST was implemented, it was advertised as Good and Simple Tax, however reality is very different from what was promised to the millions of taxpayers of the country. Almost every business is spending unnecessary time and effort in order to comply with GST, even after so much efforts businesses are not able to calculate […]...

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