"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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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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No Bail to person accused of floating bogus firms in alleged GST Evasion case

Director General of GST Intelligence Vs Vikas Jain (Rohtak District Court)

Director General of GST Intelligence Vs Vikas Jain (Rohtak District Court)  The allegations against the present applicant/accused are that he and co-accused Satender are the persons responsible for floating bogus firms in the name of various persons and he was involved in the issuing of invoice without the actual movement of the goods. T...

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Private financial institutions performing public duties cannot be treated as ‘State’

Kailashi Devi Vs Branch Manager And Another (Allahabad High Court)

Kailashi Devi Vs Branch Manager And Another (Allahabad High Court) Private financial institutions, carrying of business or commercial activity, may be performing public duties, but cannot be considered to be covered under the definition of “State” under Article 12 of the Constitution of India, the writ petition against such en...

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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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Assessment u/s 153C cannot be made in absence of incriminating documents discovered during search

PCIT Vs S.R.Trust (Madras High Court)

PCIT Vs S.R.Trust (Madras High Court) Conclusion: In the absence of any incriminating documents or evidence discovered during the course of search under Section 132 in the case of searched person against the assessee, the jurisdiction under the provisions of Section 153C could not be assumed. Held:  Assessee was a charitable trust regist...

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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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