"03 December 2020" Archive

Direct & Indirect Taxes Updates- November 2020

DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♣ CBDT issues a circular condoning the delay in filing of form No. 10 BB (Form for furnishing the audit report of the accounts of a fund or trust or institution or any university or other educational institution or any hospital or other medical institution)...

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Section 68 addition not justified for Share issued to other companies in lieu of shares

ITO Vs Josan Deposits & Advances Pvt. Ltd (ITAT Kolkata)

Shares at premium were issued by assessee-company to other companies in lieu of shares held by those companies and since no cash was involved in these transactions and transactions were entered into in books of assessee-company by way of journal entries, AO was not, therefore, justified in making addition under section 68....

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TDS and Tax on Salary | Section 192 | FY 2020-21 | AY 2021-22

Circular No. 20/2020 03/12/2020

CBDT issued Income Tax Circular No. 20/2020 dated 03rd December 2020 which contains provision for TDS on Salary for the Financial Year 2020-21 under Section 192 of the Income-Tax Act, 1961. Text of the Circular is as follows:- GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) CENTRAL BOARD OF DIRECT TAXES DEDUCTION OF TAX [&...

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CBIC revokes ADD on imports of Nylon Tyre Cord Fabric from China

Notification No. 45/2020-Customs (ADD) [G.S.R.752(E).] 03/12/2020

Notification No. 45/2020-Customs (ADD) – Seeks to rescind notification No. 30/2015-Customs (ADD), dated 12th June 2015 to revoke the levy of ADD on imports of Nylon Tyre Cord Fabric originating in or exported from China PR. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 45/2020-Customs (ADD) New Del...

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Anti-dumping duty on Cold-Rolled Flat Products of Stainless Steel

Notification No. 44/2020-Customs (ADD) [G.S.R. 751(E)] 03/12/2020

Seeks to amend notification No. 61/2015-Customs (ADD), dated 11th December, 2015 and notification No. 52/2017 – Customs (ADD), dated 24th October, 2017, to further extend the levy of anti-dumping duty on imports of Cold-Rolled Flat Products of Stainless Steel of width 600 mm to 1250 mm and above 1250 mm of non-bonafide usage falling und...

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CENVAT Credit eligible on Sales Commission

Federal Mogul TRP (India) Ltd Vs Commissioner of Central Tax (CESTAT Bangalore)

It has been consistently held that sales commission fall under definition of 'input service'. By following the ratio of the above said decisions, we hold that denial of CENVAT Credit on sales commission is not sustainable in law....

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ITAT allows credit of taxes paid in UK for remuneration received in UK

Kapil Dev Ranwan Vs DCIT (ITAT Delhi)

Kapil Dev Ranwan Vs DCIT (ITAT Delhi) It is pertinent to note that the assessee was working in UK for more than 183 days which was never disputed by the Revenue at any point of time. Besides this the Revenue authorities are very well aware that the assessee has paid taxes in UK for the […]...

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CBIC notifies Rate of Exchange of Foreign Currencies wef 03.12.2020

Notification No. 110/2020-Customs (N.T.) 03/12/2020

CBIC notifies Rate of Exchange of Foreign Currencies against India Rupees wef 4th December, 2020, vide Notification No. 110/2020-Customs (N.T.), Dated: 03rd November, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 110/2020–Customs (N.T.) New ...

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IRDAI informs public on revision in Health Insurance Premium

There are some reports in the media about hike in health insurance premium rates by general and health insurers. Some of the news items attributed the increase in health insurance premiums to certain recent regulatory initiatives taken by IRDAI....

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Posted Under: CA, CS, CMA |

All States except Jharkhand choose Option-1 to meet GST implementation shortfall

Release ID: 1677891 03/12/2020

Government of Chhattisgarh has communicated its acceptance of Option-1 to meet the revenue shortfall arising out of GST implementation. The number of States who have favoured Option-1 has gone up to 27. All States except Jharkhand and all the 3 Union Territories with Legislative Assembly have decided in favour of Option-1....

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