"29 November 2020" Archive

Section 142(1) obliges SCN under GST to be uploaded on website: HC

Ram Prasad Sharma Vs. Chief Commissioner and another (Madhya Pradesh High Court)

Ram Prasad Sharma Vs. Chief Commissioner and another (Madhya Pradesh High Court) petitioner has drawn the attention of this Court to the provision of Rule 142(1) of CGST Act to contend that the said provision statutarily obliges the revenue department to communicate show-cause notice/order by uploading the same on the website of revenue s...

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CBIC waives Penalty for non compliance to GST Invoice QR code provisions

Notification No. 89/2020–Central Tax [G.S.R. 745(E)] (29/11/2020)

CBIC has vide Notification No 89/2020 dated 29.11.2020 waived Penalty for non compliance to QR code provisions if complied by April 01, 2021 for default during the period December 1,2020 to March 31,2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi, Notification No. 89/2020–Central...

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Whether GST Liability can be paid in Monthly Installments?

Petitioner is a private limited company and registered under GST Act, 2017 as a service provider and has admitted Tax arrears for Nov’2018 to March’19 of Rs. 4,00,000/- which it intendeds to pay in monthly installment along with the applicable interest and late fees. As the business of the petitioner has been severely affected by the ...

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93% of Registered Persons in GST: Be alert of crucial date of 30.11.2020

93% of Registered Persons in GST: Be Alert of the Crucial Date of 30th November, 2020. In India, at present about 93% of the total Registered Persons under GST are having their annual turnover of up to Rs. 5 crores, and the tomorrow’s date of 30.11.2020 is very significant and crucial for all such registered […]...

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Rotation of Directors-Section 152(6) – Companies Act, 2013

Applicability: Public companies( not applicable to Government companies and its subsidiaries) if the articles of association provided for retirement of all directors in the annual general meeting, then all the directors are liable to directors. According to sec 152(6) of the companies act,2013 2/3 of the total directors(*) are liable to r...

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Best judgment assessment U/s. 62 not a substitute for recovery of GST

Section 62 of the Act is resorted only in the cases where return is not filed and assessment cannot be done without relying upon prudence of the assessing officer. Once the facts and figures of the liability is before the assessing officer then any assessment based upon his prudence will not only belie the express statutory provisions but...

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Section 203 TDS Certificate

Issue of TDS Certificate Every person deducting tax at source is required as per Section 203 to furnish a certificate to the payee to the effect that tax has been deducted along with certain other particulars.This certificate is usually called the TDS certificate. Even the banks deducting tax at the time of payment of pension […]...

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Section 200(3) Forms & Time Limit for Submitting Quarterly TDS Returns

Section 200(3) Forms & Time Limit For Submitting Quarterly Statement of Tax Deduction (TDS Returns) Forms for quarterly statement of tax deduction Any person deducting any sum in accordance with the foregoing provisions of this Chapter shall pay within the prescribed time, the sum so deducted to the credit of the Central Government or...

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Section 206C(1H) TCS on sale of goods W.E.F. 01-10-2020

Explanation of TCS u/s 206C(1H) of Income Tax Act on sale of goods with effect from 01-10-2020 The Government of India in the Finance Bill, 2020 introduced a new sub section (1H) to section 206C of the Income Tax Act, 1961 (IT Act) widening the scope of tax collection at source. Provision of the Income […]...

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Section 148 Notice to Legal heirs after expiry of limitation period is invalid

Sh. Shambhu Dayal, Ravi Dutt, Gori Shankar Rajesh Rohit L/h Late Sh. Jhabar Mal (ITAT Jaipur)

Sh. Shambhu Dayal, Ravi Dutt, Gori Shankar Rajesh Rohit L/h Late Sh. Jhabar Mal (ITAT Jaipur) The undisputed facts are that the assessee, Shri Jhabar Mal Kumawat had expired on 10.10.2015 as noted by the AO in the assessment order. Thereafter, the reasons for reopening the assessment u/s 147 were recorded and after seeking approval [&hell...

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January 2021