"07 November 2020" Archive

Request to relax Tax Audit Limit from 60 to 90 as one time measure for A.Y. 2020-21

You are requested to relax the said general guidelines as a onetime measure to enhance it further to 90 for A Y 2010-21 due to the Covid-19 restrictions of travelling, maintaining social distance etc. This one-time measure will surely helpful to the members to complete their tasks with comfort....

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Posted Under: Income Tax |

Application for enrollment of existing taxpayer in Form GST REG-26

As per provisions of rule 24(2) of the Central Goods and Services Tax Rules, 2017, every person who is granted provisional GST registration can submit an application in Form GST REG-26 for grant of final GST registration. In short, Form GST REG-26 is an application form to be furnished by the person having provisional registration [&helli...

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Posted Under: Income Tax |

Incorporation of private limited company through spice

Introduction: – According to section 2(68) of Companies Act, 2013, Private Company means ‘A company having a minimum paid-up share capital as may be prescribed, and which by its articles, i. restricts the right to transfer its shares; ii. except in case of One Person Company, limits the number of its members to two hundred [&h...

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Posted Under: Income Tax |

HC Grants Permission to resubmit  GST return

The Hon’ble Madras High Court in case of M/S.SUN DYE CHEM  Vs. The Commissioner of State Tax, State of Tamil Nadu permitted the petitioner to resubmit the GST Returns Brief Facts of the Case:- The petitioner is a partnership firm, a registered dealer, and files regular returns, computing the tax payable after setting off Input [&he...

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Posted Under: Income Tax |

HC directs Petitioner to submit Representation to commissioner with All Judgments Cited for Filing GST TRAN-1

Gurukrupa Lubricants Vs Union of India (Madhya Pradesh High Court)

The instant petition is regarding seeking permission for revision of Form GST TRAN - 1 in conformity with the returns filed under the existing laws that stand repealed by the Central Goods and Service Tax Act 2017 ("CGST")...

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What is Will (Testament)

Object of preparing a WILL is to create an apt awareness amongst general public. What are the advantages of making a WILL and what are the disadvantages of not making a WILL, we will discuss. There are many hurdles and hassles in not making a WILL, at the time of transferring the estate of a deceased person....

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Posted Under: Income Tax |

Income Tax Department searches at Chennai based IT Infra group

Release ID: 1670941 (07/11/2020)

The Income Tax Department has carried out searches at 5 locations in Chennai and Madurai on 4.11.2020 in the case of a Chennai based group operating in IT Infra sector....

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ICAI announces Procedure & details for availing OPT–OUT facility

In case the student appears for some of the papers in a particular group and subsequently he/she opts out for any of the reasons as mentioned in (a) to (c) above, then he/she has to appear for all papers of the Group in the next examination cycle i.e. shifting of some of the paper(s) of the same Group is not allowed;...

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Posted Under: Income Tax |

Wind up of six Mutual Fund Schemes by Fanklin should be with consent of unit-holders: HC

SEBI Vs Franklin Templeton Trustees Services Pvt. Ltd (Karnataka High Court)

SEBI Vs Franklin Templeton Trustees Services Pvt. Ltd (Karnataka High Court) i) We hold that no interference is called for in the decision of the Trustees taken on 23rd April 2020 of winding up the said six Schemes; ii) We hold and declare that the decision of the Trustees (the Franklin Templeton Trustee Services private […]...

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Section 14A disallowance cannot exceed amount of exempt Income

Brindavan Beverages Pvt.Ltd. Vs DCIT (ITAT Banglore)

The issue under consideration is whether the disallowance u/s 14A can exceed the amount of exempt income? In the light of the order of M/s.Century Real Estate Holdings Pvt. Ltd. v. ACIT (supra), ITAT hold that the disallowance u/s 14A of the I.T.Act cannot exceed the exempt income....

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How to change password on GST Portal

How do I change my password? To change your password, you need to perform the following steps: Note: You need to change the password mandatorily after 120 days.  1. Access the URL https://www.gst.gov.in/. The GST Home page is displayed. 2. Login to the GST Portal using valid credentials. 3. The Dashboard is displayed. Click the Change [...

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Posted Under: Income Tax |

How to update DSC with GST Portal

Manual > Update DSC I have renewed my DSC. How can I update my DSC with the GST Portal? To update your DSC with the GST Portal, perform the following steps:  1. Access the https://www.gst.gov.in/ URL. The GST Home page is displayed. 2. Login to the GST Portal with the valid credentials. 3. Go to […]...

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Posted Under: Income Tax |

Pre-deposit in appeals relating to Central Excise, Service Tax – Refund to be granted in Cash

Pre-deposit in appeals relating to Central Excise, Service Tax – Refund to be granted in Cash 1. Most of the assesses have pending appeals relating to Central Excise and Service Tax as on 01.07.2017 i.e., the date of introduction of GST and they must have made pre-deposit of 7.5% or 10% of the disputed tax […]...

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Posted Under: Income Tax |

Integration of e-Invoicing & e-Way Bill under GST

1. The E-Invoice System and E Way Bill System are seamlessly integrated. The Credentials of E Way Bill System work on E-Invoice System and Invoice Reference Portal (IRP) can be used to generate E-way bills. 2. E-waybill system is directly integrated with the E-invoicing system. It is totally upon the choice of the taxpayers if […]...

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Posted Under: Income Tax |

Faceless Assessments & Appeals: Missing Out on that Odd Cup of Tea with AO/CIT(Appeals) for a Far More Rewarding TEA of Transparency, Efficiency & Accountability!!!

Faceless Assessments & Appeals: Missing Out on that Odd Cup of Tea with AO/CIT(Appeals) for a Far More Rewarding TEA of Transparency, Efficiency & Accountability!!! Friends let me begin with an interesting question…. “What comes across your mind when you hear these terms and phrases- artificial intelligence, machine l...

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Posted Under: Income Tax |

Madras HC permits re-submission of Form GSTR-3B

Sun Dye Chem Vs The Assistant Commissioner (ST) (Madras High Court)

Sun Dye Chem Vs Assistant Commissioner (ST) (Madras High Court) A registered person who files a return under Section 39(1) involving intra-State outward supply is to indicate the collection of taxes customer-wise in monthly return in Form GSTR-1 and the details of tax payment therein are auto populated in Form GSTR -2-A of the buyers. [&h...

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CREDAI’s recommendations on GST November 2020

CREDAI has issued its recommendations on following 15  issues related to GST- 1. Affordable Housing 2. Works Contract 3. GST on Inputs for Housing 4. GST on land and land related benefits 5. Slum Rehabilitation Projects 6. Removing Input Tax Credit (ITC) restrictions 7. GST on development rights for commercial development 8. GST on elect...

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Posted Under: Income Tax |

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