"02 November 2020" Archive

Cleaning & Maintenance of Books of Accounts on the occasion of Diwali!

Krishna, the festival of Diwali is arriving. Housewives (Gruhlaxmi) are busy in cleaning and decorating homes. Businessmen are also busy in the market. Accordingly please explain, what should be done of old records of Books of accounts under various Act, so that cleaning of business places can be done....

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Posted Under: Finance |

GST compensation: Govt facilitated loans of Rs 12,000 crore to States/UTs

Release ID: 1669467 (02/11/2020)

Central Government releases Rs 6,000 crore as second tranche to 16 states and 3 Union Territories on account of GST compensation under Special Borrowing Window. Ministry of Finance has facilitated loans of Rs 12,000 crore till date under the Special Window to States/UTs...

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November-2020 CA Exam – Admit card – Issues- Helpline

Students who may have any concern related to above stated admit card for containment zone may submit the same at the below link for the attention of Examination Department. It is also directed that only students may fill up these details and any pseudo-unauthorised use will attract severe action for any impersonation....

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Posted Under: Finance |

Loans of more than Rs. 2 lakh crore sanctioned under ECLGS

Release ID: 1669449 (02/11/2020)

The Union Government has extended the Emergency Credit Line Guarantee Scheme (ECLGS) by one month till November 30th, 2020, or till such time that an amount of Rs. 3 lakh crore is sanctioned under the Scheme, whichever is earlier, in view of the opening up of various sectors in the economy and the expected increase in demand during the on...

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No cancellation of registration u/s 12AA(3) since inception in absence of cogent material

Gian Sagar Educational & Charitable Trust Vs ACIT (ITAT Delhi)

Order of the PCIT cancelling the registration since inception, u/s 12AA(3) was legally not valid as no material was being referred by PCIT and its applicability to any of the provisions of Section 2(15) and/or Section 12AA(3) while revoking the registration. ...

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Liability to pay custom duty in case delay beyond the period of 12 months for re-export of imported goods

Lahari Impex Pvt. Ltd. Vs Commissioner of Customs (Madras High Court)

Lahari Impex Pvt. Ltd. Vs Commissioner of Customs (Madras High Court) Conclusion: Where the goods re-imported for repair/reconditioning of the goods, when again re-exported beyond the prescribed period of one year including the extension of six months permitted in the Notification, assessee/ importer definitely became liable to pay the cu...

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Before its too late-Make your Will

A Will is a very important document for anyone’s life. The death is certain in one’s life, yet people tend to avoid making a Will due to certain self-made reasons- viz. I am too young, I have nothing to give, I will do it later, its too complicated to make a Will, my everything will […]...

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Posted Under: Finance |

Detection of evasion of customs duty by exporter on export of Iron Ore Fines

On the basis of specific intelligence, under the direction of the Commissioner of Customs (Preventive), Bhubaneswar Shri Debashish Sahu, investigation was initiated and relevant business premises of Exporter and Customs House Agent at various places was searched....

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Posted Under: Finance |

Tax Compliance Calendar for November 2020

Article compliance dye date under Income Tax Law, GST Law and Labour Laws. Same includes due date for filing of Form GSTR-3B, GSTR-7, GSTR-8, GSTR-1, GSTR-6, GST CMP 08, GSTR-5, GSTR-5A (OIDAR Service Provider), GSTR 9, GSTR 9C, GSTR-4 and due of Furnishing Tax Audit Report for A/Y 2020-21. It further include due date of […]...

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Posted Under: Finance |

Weekly newsletter from Chairman, CBIC dated 02/11/2020

D.O.No.39/CH(IC)/2020 (02/11/2020)

The month of November has commenced on a very heartening note. Gross GST revenue for the month of October, 2020, has touched Rs. 1,05,155 crore which is 10% higher than the GST revenue in the same month last year....

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Guidelines for online e-hearing before GST AAR Maharashtra

Trade Circular ARA-01T of 2020 (02/11/2020)

The Authority for Advance Ruling under Maharashtra Goods and Services Tax Act, 2017 will be conducting physical hearing of all applicants from its establishment at Mumbai, in respect of Advance Ruling Application filed by the said applicants....

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RBI direction on Opening of Current A/cs – Bank to comply by 15.12.2020

RBI/2020-21/62 DOR.No.BP.BC.27/21.04.048/2020-21 (02/11/2020)

We have since received several references from banks seeking clarifications on operational issues regarding maintenance of current accounts already opened by the banks. These references are being examined by the Reserve Bank and will be clarified separately by means of a FAQ....

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CBDT notifies ‘MIC Redwood 1 RSC Limited’ U/s. 10(23FE)(b)(vi)

Notification No. 89/2020 [S.O. 3952(E)] (02/11/2020)

Section 10(23FE)(b)(vi)- CBDT hereby specifies the sovereign wealth fund, namely, MIC Redwood 1 RSC Limited, Abu Dhabi, United Arab Emirates, as the specified person...

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Filing Requirement For LLP

INTRODUCTION In the year 2003, when Naresh Chandra committee, submitted its report entitling “Report of the Committee on Regulation of Private Companies and Partnerships” and subsequently in the year 2005 when Dr Jamshed J. Irani committee came up with its report on Company Law, they both felt the need for the development of some kind...

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Posted Under: Finance |

Order dropping cancellation of GST registration in Form GST REG-20

Form GST REG-20 is an order issued by the proper officer dropping the cancellation of GST registration. Issuance of order in Form GST REG-20 is governed by the provisions of rule 22(4) of the Central Goods and Services Tax Rules, 2017. The current article briefly explains the initiation of cancellation proceedings by the proper officer; [...

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Posted Under: Finance |

Expression of Interest to Act as an IRP, Liquidator, RP and BT

File No. IP-12011/1/2020-IBBI (02/11/2020)

IBBI had prepared and shared a panel of IPs with Adjudicating Authority (NCLT and DRT) in June 2020 which was applicable for appointment of IPs as IRPs, Liquidators, RPs and BTs, from July 1, 2020 to November 25, 2020. The aforesaid panel is expiring on November 25, 2020 and the Board has to submit fresh panel to Adjudicating Authority (N...

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Top 15 Case Laws related to GST for October 2020

1. Supply of goods and supply of service made form different registration of the same taxpayer is neither a works contract nor composite supply? Maharashtra Appellate Authority for Advance Ruling in the case of Vertiv Energy Pvt Ltd has ruled when the goods are supplied from one registration and the installation of such goods has [&hellip...

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Guidelines on settlement of Life Insurance Claims to victims of Heavy rainfall/Flood

Circular No: IRDA/LIFE/GDL/MISC/265/11/2020 (02/11/2020)

As a result of recent havoc created by heavy rainfall and floods there are reports of loss of human lives and loss of belongings in the affected Districts of primarily the states of Andhra Pradesh, Telangana, Maharashtra and Karnataka. In order to extend every possible facilitation for quick and timely settlement of life insurance claims,...

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Independent Directors – Companies Act, 2013 & SEBI (LODR) Regulations, 2015

Independent Directors – Companies Act, 2013 and SEBI (LODR) Regulations, 2015 Independent Directors are non-executive Directors who do not have any material or pecuniary relationship with the Company. The Provisions pertaining to Independent Directors as specified under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosur...

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Posted Under: Finance |

Due Date Compliance Calendar November 2020

Article compiles due dates of compliance related to GST, Income Tax, ESI, PF Acts which includes compliance related to GSTR-1, GSTR-3B, ITC-04, GSTR-5 & 5A, GSTR-6, GSTR-7, GSTR-8,  RFD-10, Due dates for payment of TDS / TCS, Dues date for Payment of Advance Tax, Due date for Issue of TDS/ TCS Certificates, Due date for […]...

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