"13 November 2020" Archive

Income Tax relief for Real-estate Developers and Home Buyers

Release ID: 1672636 (13/11/2020)

In order to boost demand in the real-estate sector and to enable the real-estate developers to liquidate their unsold inventory at a rate substantially lower than the circle rate and giving benefit to the home buyers, it has been decided to further increase the safe harbour from 10% to 20% under section 43CA of the Act for the period from...

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Finance Ministry seeks Suggestions for Annual Budget 2021-22

Release ID: 1672634 (13/11/2020)

Over the years, the Ministry of Finance has been holding pre-budget consultations in North Block with Industry/Commerce Associations, Trade Bodies and Experts to seek ideas for the Annual Budget. Owing to the pandemic situation, the Ministry has received suggestions from various quarters for holding pre-budget consultations in a differ...

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How to Apply for Directors’ Disqualification removal without Reviving Strike-Off Company?

The Indian economy is under severe stress due to COVID-19. The government is taking all measures to revive the economy. This is the reason they came up with Company Fresh Start Scheme 2020. Under this scheme, the owners of a company which is struck off from RoC can apply for its revival without paying heavy […]...

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Posted Under: Income Tax |

IBBI found IP guilty of accepting assignment as IRP after 31st December, 2019 without holding a valid AFA

Orders No. IBBI/DC/43/2020 (13/11/2020)

In the present matter it is observed that, Mr. Rajagopal had provided his consent to accept the assignment in Form-2 to Indian Overseas Bank on 01.03.2019 prior to the amendment made to IP regulation for CIRP of Coastal Energy Private Limited, before 31st December, 2019. However, it is observed that the date of commencement of […]...

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IBBI order IP to undergo pre-registration educational course

Order No. IBBI/DC/42/2020 (13/11/2020)

(i) Mr. Kamalesh Kumar Singhania shall undergo pre-registration educational  course from the IPA of which he is a member. (ii) Mr. Kamlesh Kumar Singhania shall not take any new assignment/ process under the Code without compliance of the above direction....

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Mistakes committed by insolvency professionals in conduct of corporate insolvency resolution process

Facilitation/005/2020 (13/11/2020)

The Insolvency and Bankruptcy Code, 2016 (Code) provides a market process, popularly known as called corporate insolvency resolution process (CIRP), for time bound revival of viable corporate debtors (CD) and closure of unviable ones....

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IBBI (Liquidation Process) (Fourth Amendment) Regulations, 2020

Notification No. IBBI/2020-21/GN/REG067 (13/11/2020)

(1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Liquidation Process) (Fourth Amendment) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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IBBI (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2020

Notification No. IBBI/2020-21/GN/REG066 (13/11/2020)

These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2020.They shall come into force on the date of their publication in the Official Gazette....

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IBBI (Information Utilities) (Amendment) Regulations, 2020

Notification No. IBBI/2020-21/GN/REG065 (13/11/2020)

(1) These regulations may be called the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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DGFT Update | MEIS for 2019-20 & 2020-21 | New DGFT Policy & Portal

Please find below synopsis of recent important updates issued by DGFT for your quick reference: ​​Office Memorandum: F. No. 605/58/2015-DBK (Pt. II) dated 12 Nov 2020: The MEIS, introduced in April 2015, will be wound up by 31 December 2020. The government has already announced the Remission of Duty or Taxes on Export Products (RoDTEP...

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Posted Under: Income Tax |

IBBI amends Regulations relating to corporate insolvency proceedings

Press Release No. IBBI/PR/2020/16 (13/11/2020)

The resolution plan usually provides payment of debts to the creditors of the CD. In the interest of transparency, the IBBI amended the Regulations to require the RP to intimate each claimant the principle or formulae for payment of debts under a resolution plan, within 15 days of the order of the AA approving such resolution plan....

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Required Information/Documents for Company Incorporation

Following details/information are required of all the subscribers. 1. Requirements to get DSC For Indian Applicant PAN-Self attested Address Proof (either Passport, Voter ID, Aadhar card, bank statement or copy of utility bill-not older than two month) – Self attested Email IDs & Mobile Numbers Two Physical Photograph of the per...

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Posted Under: Income Tax |

Tax provisions relating to receipt and forfeiture of earnest money

Introduction The provisions of section 51 of the Income-tax Act deal with advance money received for transfer of a capital asset. As per the old provisions where any capital asset was on any previous occasion the subject of negotiations for its transfer, any advance or other money received and retained by the assessee in respect […...

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Posted Under: Income Tax |

Draft Code on Social Security (Central) Rules, 2020

G.S.R. 713 (E). (13/11/2020)

The following Draft Code on Social Security (Central) Rules, 2020, which the Central Government proposes to make in exercise of the powers conferred by sections 154, 155 and 158 of the Code on Social Security, 2020 (36 of 2020) read with section 24 of the General Clauses Act, 1897 (10 of 1897) and in supersession of the –...

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SOP for Grievance Redressal Mechanism for Complaints related to CRC

Stakeholder/professionals can raise a complaint on MCA website through link http://www.mca.gov.in/mcafoportal/userComplaintDetails.do A complaint number (ticket number) would be issued to the complainant and it would be resolved within 3 working days....

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Posted Under: Income Tax |

Transfer/postings of 643 officers in Grade of CIT

Office Order No. 220 of 2020 (12/11/2020)

F.No. A-22011/6/2020-Ad-VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block, New Delhi -110 001 Dated: 12.11.2020 Office Order No. 220 of 2020 Consequent upon diversion of posts of Commissioner of Income Tax (Appeal) to the newly created National Appellate Faceless Centre (NFAC), De...

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Amount Determined by Adjudicating Authority in Original Order is Eligible for SVLDR Scheme

Jyoti Plastic Works Pvt. Ltd. Vs Union of India and others (Bombay High Court)

The issue under consideration is whether in SVLDR scheme we need to show the amount mentioned in the show cause-cum-demand notice or the amount determined by the adjudicating authority in the original order?...

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SEBI prescribes uniform fines for non-compliance with continuous disclosure requirements

Circular No. SEBI/HO/DDHS/DDHS/CIR/P/2020/231 (13/11/2020)

In order to ensure effective enforcement of continuous disclosure obligations by issuers of listed Non-Convertible Debt Securities or NCRPS or Commercial Papers, it has been decided to lay down a similar uniform structure for imposing fines for non-compliance with continuous disclosure requirements after discussion with market participant...

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Income from Amenities forming Part & Parcel of Building taxable as House Property Income

Nirmala Zaverchand Shah Vs DCIT (ITAT Mumbai) 

The issue under consideration is whether amenities being part and parcel of building will be tax under head 'Income from house property’ or ‘Income from other sources’?...

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Interest expense having nexus with earned interest income allowable

Ravi Mohan Gehi Vs DCIT (ITAT Mumbai)

Ravi Mohan Gehi Vs DCIT (ITAT Mumbai) Conclusion: Assessee was into arranging funds and earned interest income by refinancing to the other parties and the difference in the rates in refinancing was the income of assessee. It was the nature of the business and all the expenditure incurred in earning the income was allowable expenditure. [&...

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Department cannot force Assessee to Reverse Credit Merely for non-Intimation made under rule 6 of CCR

Rockey Marketing (Chennai) Pvt. Ltd. Vs Commissioner of Service Tax (CESTAT Chennai)

The issue under consideration is whether department cannot force upon the assessee to reverse credit under Rule 6(3)(i) merely for the reason that no intimation under Rule 6 of CCR?...

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Conditions of Rule 18DA(8A) can be Looked into Only by Prescribed Authority & Not by the AO

CIT Vs M/S Quintiles Research (India) Private Limited (Karnataka High Court)

The issue under consideration is whether the Tribunal is right in holding that the conditions of Rule 18DA(8A) can be looked into only by the prescribed authority and not by the Assessing Officer?...

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Container Freight Station Constitutes Inland Port Hence Eligible for Deduction u/s 80IA(4)

PCIT Vs Sanco Trans (Madras High Court)

The issue under consideration whether deduction under section 80IA(4) can be claimed on Container Freight Station (CFS) as it constitutes an ‘inland port’? Container Freight Station Constitutes as Inland Port Hence Eligible for Deduction u/s 80IA(4)....

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GST: HC Directed to Released Provisional Attachment of 5 Bank Accounts

Jay Ambey Filament Pvt. Ltd Vs Union of India (Gujarat High Court)

HC are of the view that none of the above referred conditions are fulfilled in the present case. In the result, this writ application stands allowed. The order of provisional attachment of the five bank accounts of the writ applicant under Section 83 of the Act is quashed and set aside. ...

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Atmanirbhar Bharat Package 3.0 – Summarised Highlights

Introduction The Indian Economy has suffered heavily due to COVID-19 Pandemic, The Government had provided stimulus package in form of ATMANIRBHAR BHARAT PACKAGE 1.0 and ATMANIRBHAR BHARAT PACKAGE 2.0 in order to review the industry. The government on 12th November 2020 announced Atmanirbhar Bharat 3.0 packages to provide further relief t...

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Posted Under: Income Tax |

Corrigendum to Notification No. 86/2020–Central Tax

Corrigendum to Notification No. 86/2020–Central Tax/G.S.R. 712(E) (13/11/2020)

CBIC issues CORRIGENDUM to Notification No. 86/2020–Central Tax [G.S.R. 702(E)] which related to rescinding of notification by which Due dates of GST were notified earlier. Vide CORRIGENDUM CBIC has corrected the use of word to “Central Government” instead of “Commissioner”. at one place in Notification No. 86/20...

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Corrigendum to Notification No. 82/2020–Central Tax

Corrigendum to Notification No. 82/2020–Central Tax/G.S.R. 711(E) (13/11/2020)

CBIC issues CORRIGENDUM to Notification No. 82/2020–Central Tax [G.S.R. 698(E)] which relates to New rules for Inward/Outward Supplies, GST Returns & New form GSTR 2B. Vide CORRIGENDUM CBIC has corrected the wrong reference to notification No. 72/2020-Central Tax, dated the 30th September, 2020 instead of nnotification No. 79/2020-C...

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Expense on Microsoft EAS licence renewal of AXABS software: ITAT remands case back to CIT(A)

AXA Business Services Pvt. Ltd. Vs DCIT (ITAT Bangalore)

AXA Business Services Pvt. Ltd. Vs DCIT (ITAT Bangalore) We have considered the rival submissions. We find that despite all the details having been filed by the assessee before the CIT(Appeals), the CIT(Appeals) has not considered those submissions with regard to the sum disallowed by the AO, except the sum of Rs.81,52,209 which was incur...

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Tariff Notification No. 107/2020-Customs (N.T.), Dated: 13.11.2020

Notification No. 107/2020-Customs (N.T.)/S.O. 4092 (E) (13/11/2020)

Tariff Notification No. 107/2020-Customs (N.T.), Dated: 13.11.2020 with subject as Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver -reg. Ministry of Finance (Department Of Revenue) (Central Board of Indirect Taxes and Customs) New Delhi, Notification No. 107/2...

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100% Addition for Bogus Purchase not sustainable if Sales were accepted by AO

ITO Vs Vipul K Sheth (ITAT Mumbai)

ITO Vs Vipul K Sheth (ITAT Mumbai) In the present case the AO has not doubted the sales. The assessee could not establish the genuineness of the transaction to the satisfaction of the AO during assessment proceedings. Hence, from the facts of the case it can be concluded that assessee had made purchases from grey […]...

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New Income Tax relief for Developers & Home Buyers

Income Tax relief for Developers & Home Buyers in Atmanirbhar Bharat Package 3.0 Differential between circle rate and agreement value in real estate income tax under Section 43 CA of IT Act has been increased from 10% to 20%. This is for primary sale of residential units up to ₹ 2 Crore (from date of […]...

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Posted Under: Income Tax |

Should you invest in tax-free bonds?

One of my friends,  who had already decided to invest his retirement savings in such a way so that he does not have to pay any tax after his retirement and so wanted to invest in tax free bonds,  had called me to know about the tax-free bonds available. I discussed the matter threadbare with […]...

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Posted Under: Income Tax |

Auto-population of e-invoice details into GSTR-1

NA (13/11/2020)

1. Certain notified taxpayers have to prepare and issue their invoices by obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoices’). 2. Upon successful generation of IRN, details of such e-invoices will be auto-populated in respective tables of GSTR-1. The details of e-invoices...

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Due dates to file Form GSTR-3B – October 2020 to March 2021

Due dates for filing of Form GSTR-3B for the Tax Periods from October, 2020 till March, 2021 1. Government of India, Ministry of Finance (Department of Revenue), CBIC, vide Notification No. 82/2020 – Central Tax, dated 28th October, 2020 , has added sub rule (6) to Rule 61 of the Central Goods and Services Tax Rules, […]...

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Posted Under: Income Tax | ,

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