"12 November 2020" Archive

Quarterly Return Monthly Payment (QRMP ) Scheme under GST

1. Quarterly Return Monthly Payment Scheme (QRMP) is a scheme notified by the Government allowing a registered person having aggregate turnover up to five (5) crore rupees to furnish return on a quarterly basis along with monthly payment of tax. CBIC vide circular no. 20/01/08/2020- GST dated 10 November 2020 clarified various issues rela...

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Introduction of quarterly returns & CGST Amendment Rules

The Central Board of Indirect Taxes and Customs (CBIC) has issued several Notifications on 10th November, 2020 for the below matters: 1. Introduction of Thirteenth amendment (2020) to the CGST Rules, 2017 for notification of due dates for returns 2. Granting extension of the due date for Form GST ITC 04 and notification of due […]...

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12 key announcements under AatmaNirbhar Bharat 3.0

Release ID: 1672321 (12/11/2020)

Ministry of Finance Finance Minister announces measures on AatmaNirbhar Bharat 3.0 Ø A new Scheme “Aatmanirbhar Bharat Rozgar Yojana” launched Ø Emergency Credit Line Guarantee Scheme for MSMEs, businesses, MUDRA borrowers and individuals extended till March 31, 2021 and additional credit up to 20% Ø Production Linked Incentive wor...

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A Practical Approach to TDS & TCS (Amended upto 31.10.2020)

About The Author Born in a humble middle-class family in Jalandhar (Punjab) in 1962, Ravinder, an avid academic turned every obstacle into opportunity through sheer hard work, graduated in Bachelors of Commerce from DAV College, Jalandhar. After graduation he stepped into nonetheless a rigorous course of accountancy from Institute of Char...

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Atmanirbhar Bharat Rojgar Yojana Subsidy Support for EPFO registered Companies

The Finance Minister on Thursday 12/11/2020 announced the Atmanirbhar Bharat Rojgar Yojana to incentivise job creation during Covid-19 recovery phase. This is eligible for EPFO (EPF) registered companies hiring new workers at monthly wages (Wages as per Supreme Court rule) less than Rs.15000/- per month. The scheme is as under, 1. Central...

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First Tax Audit Report or Income Tax Return or both by same due date

In this article, the author highlights the issues faced by Tax Auditor and Assessee with respect to furnishing of Tax Audit Report one month prior to submission of Income Tax Return:...

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GST updates and Compliances – November 2020

1. GST PORTAL UPDATES 1.1. Taxpayers can now see aggregate turnover of preceding financial year on GSTN portal Now Annual aggregate turnover of preceding financial year can be checked from the GSTN portal. The Goods and Service Tax Network (GSTN), recently launched many new features on the GSTN portal. One of its features is that [&hellip...

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FM Gifts ‘Aatma Nirbhar Bharat Stimulus Package 3.0’, on Occasion of Dhanteras

FM Gifts ‘Aatma Nirbhar Bharat Stimulus Package 3.0’, on the Occasion of Dhanteras The festival of ‘Dhanteras’ kickstarts the festivities of Diwali, bringing with it new hopes, aspirations, enthusiasm and vibrancy. According to Hindu mythology, on this day, Goddess Lakshmi emerged from the ocean of milk along with a pot full of Go...

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Deductions under Income Tax Act

There are different investments & expenditures which can be claimed as deduction while computing Total Income. Chapter VIA of the Income Tax Act 'Deductions to be made in computing Total Income' should must be referred before claiming any amount in Income Tax Return to ensure that the conditions mentioned therein are followed....

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Understanding (Adjusted Gross Revenue) woes

Introduction Some 25 years back on July 31 st 1995, the then CM of West Bengal Sri Jyothi Basu  dialled up Sri Sukhram the then Union Communications minister through (Modi-Telstra) Network which later took an new avatar as Spice Telecom. That time both the outgoing and incoming call were charged at Rs 16 & Rs […]...

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Inability To Do Household Work – Ground Of Cruelty For Seeking Divorce?

A women’s place in the marriage has been the cause of many matrimonial disputes. What is expected of a wife/daughter-in-law poses a problem in maintaining a healthy marriage. With the passage of time, the norms of society have changed and women no longer belong in the households only....

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DGGI, Mumbai, arrests 2 persons in fictitious ITC case

Release ID: 1672299 (12/11/2020)

Mumbai Zonal Unit of the Directorate General of GST Intelligence, CBIC has arrested Mr. Sunil Ratnakar Gutte, Director of M/s. Sunil Hitech Engineering Ltd., on charges of having fraudulently availed, utilized, as well as passed on fictitious Input Tax Credit, today, 12th November 2020....

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Firm busted for availing benefit from bogus invoices of around Rs 685 crore

Release ID: 1672143 (12/11/2020)

On the basis of specific intelligence as well as further data mining/analysis on GSTN and E way bill portals, the officers of CGST Delhi South Commissionerate, have busted a syndicate of firms involved in availing invoices/E-way bills issued on the GSTIN of fake/dummy firms and getting Refund of IGST on the strength of such fake Invoices....

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Undisclosed income of more than Rs. 500 crore unearthed

Release ID: 1672235 (12/11/2020)

The Income Tax Department conducted searches on 10/11/2020 in the case of a leading wholesale bullion and Gold Jewellery dealer doing business from Chennai. The search operation was carried out at 32 premises located in Chennai, Mumbai, Kolkata, Coimbatore, Salem, Trichy, Madurai and Tirunelveli....

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Atmanirbhar Bharat Package 3.0

Release ID: 1672260 (12/11/2020)

Ministry of Finance Presentation of details under Aatmanirbhar Bharat Package 3.0 to support Indian economy in fight against COVID-19 as announced by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman Posted On: 12 NOV 2020 12th November 2020 Ministry of Finance State of Economy – Strong Recovery COVID active cases d...

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Deduction Claimed as R&D Expense For Development on Mechanism to Produce Customised Products Allowed

Harsha Engineers Ltd. Vs DCIT (ITAT Ahmedabad)

The issue under consideration is whether deduction can be claimed under Research and Development (R&D) for Amount incurred towards development on a mechanism to produce customised products?...

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Income From Land Sale by Assessee Engaged in Property Development Taxable as Business Income

Ashok Kumar Chouta Vs DCIT (ITATBangalore)

The issue under consideration is whether land sold by assessee engaged in property development taxable as capital gains or business income?...

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Sale of Agricultural Land after Conversion is Taxable as Capital Gain

Ramesh Raj Bohra Vs DCIT (ITAT Jodhpur)

The issue under consideration is whether sale of agricultural land after conversion taxing under capital gain or under business income? ITAT direct the A.O. to treat the property on sale of land as capital gains and given the benefit of exemption claimed by the assessee U/s 54F of the Act....

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Employee Joined as Trainee is Eligible for Gratuity

Chairman-Cum-Managing Vs Controlling Authority (Orissa High Court)

The issue under consideration is whether the employee joined as a trainee is eligible for gratuity as per Payment of Gratuity Act, 1972?...

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Adjudication Order Considered as Vague if Show Cause Notice Traverses beyond its Scope

R. Ramadas Vs Joint Commissioner of Central Excise (Madras High Court)

The issue under consideration is whether the show cause notice indicate the exact amount of service demanded in the respective services under Service Tax? An adjudication order without a proposal and made in pursuant of a vague show cause notice cannot be sustained....

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Section 68 Addition Justified for Unexplained Gifts Received from Non-Related Donor

Meenu Jain Vs ITO (ITAT Delhi)

The issue under consideration is whether the CIT (Appeals) has grossly erred in confirming the addition as made by the Assessing Officer (AO) on account of gifts u/s 68? Addition u/s 68 Justified for Unexplained Gifts Received from Non Related Donor....

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SEBI: Monitoring & Disclosures by Debenture Trustee(s)

Circular No. SEBI/HO/MIRSD/CRADT/CIR/P/2020/230 (12/11/2020)

Debenture trustee shall incorporate the terms and conditions of periodical monitoring in the debenture trust deed wherein listed entity shall be liable to provide relevant documents/ information, as applicable, to enable the debenture trustee(s) to submit the following reports/ certification to Stock Exchange(s) within the timelines menti...

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NOC against Advance Authorization Can be Issued only After Compliance with Section 149 of Customs Act

Parayil Food Products Pvt. Ltd. Vs Union of India (Kerala High Court)

The issue under consideration is whether the rejection of advance authorization against the shipments for fulfillment of export obligations is justified in law?...

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GST: Non-Registration of Consignor can’t be ground for detention

Mohammed Shereef Vs State of Kerala (Kerala HIgh Court)

The issue under consideration is whether non-registration of the consignor or the alleged mis-classification of the goods under transportation can be a ground for detention under Section 129 of the GST Act?...

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CBIC notifies Rate of Exchange of ‘Turkish Lira’ wef 6.11.2020

Notification No. 106/2020 - Customs (N.T.) (12/11/2020)

Exchange rate Notification No. 106/2020-Cus (NT) dated 12.11.2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 106/2020 – Customs (N.T.) New Delhi, dated the 12th November, 2020 21 Kartika 1942 (SAKA) In exercise of the powers conferred by secti...

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A Trainee Cannot Excluded from Definition of Term ‘Employee’ under Gratuity Act

Irel (India) Limited Vs P. N. Raghava Panicker (Kerala High Court)

The issue under consideration is whether a trainee is excluded from the definition of the term 'employee' under the Gratuity Act? A trainee is not excluded from the definition of the term 'employee' under the Gratuity Act. What is excluded is an 'apprentice'....

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Migration of AA/EPCG/DFIA Online modules to new IT environment

Trade Notice No. 35/2020-21-DGFT (12/11/2020)

Trade Notice No. 35/2020-21 Migration of AA/EPCG/DFIA Online modules to the new IT environment from 1st December 2020 and non-availability of licence amendment services from 20th November 2020 to 30th November 2020 -reg...

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New Foreign Trade Policy – DGFT Invite Suggestions

Trade Notice No. 34/2020-21-DGFT (12/11/2020)

The Foreign Trade Policy (2015-2020), was extended for a year till 31 March 2021. In order to prepare a new five year Foreign Trade Policy, suggestions/inputs are invited from various stakeholders....

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Guide on Dispensing with physical signatures on Insurance proposal forms

Ref. No:IRDAI/Life/Cir/Misc/274/11/2020 (12/11/2020)

Vide IRDAI/Life/Cir/Misc/208/08/2020 dated 5th August, 2020, instructions have been issued on the above subject allowing authentication of proposals in respect of pure risk products with OTP for the sales made by Insurance Agents and Insurance Intermediaries, for the period up to 31st December, 2020. ...

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Option for Govt. employees to on-board NPS through eNPS

CIR No.: PFRDA/2020/49/SUP-CRA/20 (12/11/2020)

e-NPS is the online NPS on boarding portal hosted by the Central Record Keeping Agency (CRA) wherein a Subscriber can register and contribute online into NPS. Through eNPS, a Subscriber can register under NPS, generate a Permanent Retirement Account Number (PRAN) under All Citizens of India and Corporate Sectors....

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Booking fees received from Airlines is business income: ITAT Delhi

Amadeus IT Group SA Vs Asstt. DIT (ITAT Delhi)

Amadeus IT Group SA Vs Asstt. DIT (ITAT Delhi) The AO has held that the income received by the assessee with respect to bookings arising from India is also taxable as royalty income. The AO observed that the assessee supplies/ licenses its proprietary products free of charge to Amadeus India for distribution to the Subscribers. […]...

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Maintenance Awarded Must Be Reasonable & Realistic: SC

The Supreme Court held that Maintenance Awarded Must Be Reasonable and Realistic The Supreme Court had stated that the main purpose of granting temporary/permanent alimony or maintenance is to make sure that the dependant partner is not reduced to destitution or homelessness because of the failure of the marriage, and not as a punishmen...

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New Food Safety Compliance Platform of FSSAI will be operational across India from November

The Food regulator FSSAI recently had stated that its Food Safety Compliance System (FoSCoS) shall become operational in the entire country from 1st November 2020. The system is already functioning in 9 States/UTs since June which includes Tamil Nadu, Delhi, Gujarat, Odisha, Chandigarh, Goa, Manipur, Puducherry, and Ladakh. The state...

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CA exams will be conducted as per notified schedule: ICAI

The forthcoming CA examinations are scheduled to commence from 21st November 2020 to 14th December 2020 and it is once again reiterated and clarified that the examinations will be conducted as per notified schedule....

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SEBI Consultation Paper on Applicability & role of Risk Management Committee

Considering the multitude of risks faced by listed entities, risk management has emerged as a very important function of the board. The Covid-19 pandemic has also reinforced the need for a robust risk management framework....

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Retired employee can file his case at the place where he belongs or was getting pension

Shanti Devi Alias Shanti Mishra Vs Union of India & Ors. (Supreme Court of India)

Shanti Devi Alias Shanti Mishra Vs Union of India & Ors. (Supreme Court of India) A retired employee can prosecute his case at the place where he belonged to and was getting pension The deceased petitioner was continuously receiving pension for the last 08 years in his saving bank account in State Bank of India, […]...

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Order blacklisting beyond 3 years or maximum of 5 years was disproportionate

Vetindia Pharmaceuticals Limited Vs State of Uttar Pradesh and Another (Supreme Court)

Vetindia Pharmaceuticals Limited Vs State of Uttar Pradesh and Another (Supreme Court of India) An order of blacklisting operates to the prejudice of a commercial person not only in praesenti but also puts a taint which attaches far beyond and may well spell the death knell of the organisation/institution for all times to come described [...

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No reopening of Assessment after 4 Year if no failure of Assessee in disclosing relevant facts

CIT Vs Sterling Tree Magnum India Ltd. (Madras High Court)

CIT Vs Sterling Tree Magnum India Ltd. (Madras High Court) Learned Tribunal has categorically held that there was no failure on the part of the assessee, but disclosed the relevant facts and therefore, merely on the basis of the audit objection or change of opinion and re-assessment under Sections 147 & 148 of the Income […]...

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Goods & Vehicle cannot be ordered to release as confiscation proceedings is pending: HC

Rajesh Kiran D Vs. Joint Commissioner of State Tax (Gujarat High Court)

Rajesh Kiran D Vs. Joint Commissioner Of State Tax (Gujarat High Court) The matter, as on date, is at the stage of Form GST MOV-10. Thus, the writ applicant has been called upon to show-cause as to why the goods and the vehicle should not be confiscated under Section 130 of the Act. The writ […]...

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Leave Travel Concession – Income Tax Exemption

Government has recently made an announcement on 29th October, 2020 in continuation to an earlier announcement made vide Office memorandum F.No. 12(2) /2020-EII (A) dated 12th October, 2020, that all non-central government employees will be eligible for income tax exemption for the entire leave travel concession amount maximum up to Rs 36,...

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K V Kamath Committee Report – Decoding

Loan Restructuring Scheme For COVID-19 Hit Stressed Borrowers. Synopsis : COVID -19 left a destructive mark on the World Economy including India, so the Government of India along with the Ministry of Finance & Reserve Bank Of India announced several Stimulus Shots to revive the Indian economy, so the Governor of RBI , Sri Sakthikantha...

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Prevention of Money Laundering Act, 2002

In the past when you had to open a Simple Bank account in any branch of PSU / Private Sector Bank in India, apart from filling all the particulars in the Account opening form, you had to fill a space wherein somebody known to you personally had to introduce you to bank and to sign […]...

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November 2020