"09 December 2020" Archive

Advocates Vs. Goods And Services Tax (GST) | GST on Legal Services in India

I would like to submit that I had various meeting with various Advocates (Practice in Civil, Criminal and/or Tax), but all they are confused to understand whether they are covered under any exemption notification or they will have to pay the tax liability under Forward Charge Mechanism (‘FCM’) or Reverse Charge Mechanism (‘RCM’). ...

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Analysis of ITC Utilization in DRC-03 for GSTR-9 & GSTR-9C

We are at the flag end of filing the annual return and audit certification (GSTR 9 & 9C) For FY 2018-19 (courtesy of multiple extensions) i.e. on 31st December 2020. Taxpayers have an option to pay additional liability not declared in GSTR-1 or GSTR-3B, in GSTR-9 through Form DRC-03 based on Para 4 of GSTR-9 […]...

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9 States successfully completed One Nation One Ration Card Reform

Release ID: 1679265 (09/12/2020)

So far nine States have successfully completed reforms in PDS and implemented One Nation One Ration System.  These States are : Andhra Pradesh, Goa, Haryana, Karnataka, Kerala, Telangana, Tripura and Uttar Pradesh.  On completion of reforms, additional borrowing permission of Rs.23,523 crore has been issued to them. ...

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CBDT issues FAQs on UDIN

Q.1 What is Unique Document Identification Number (UDIN)? The Institute of Chartered Accountants of India, on noticing about the fake certifications by Non-CAs misrepresenting themselves as Chartered Accountants which misled the authorities and stakeholders, pioneered in conceptualizing a unique concept which is called “Unique Docum...

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Regularization of Firms & Professional Immunity to Chartered Accountants

In India, majority of business class population comes from middle class and what business they do is of no relevance here but how they do is of utmost relevance. We all know the concept of sole proprietorship and partnership firms and yes this “firm” is the way in which how majority people work. Did you […]...

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GST compensation shortfall – 6th Instalment of Rs.6000 crore released

Release ID: 1679433 (09/12/2020)

The Ministry of Finance has released the weekly instalment of Rs. 6,000 crore to the States to meet the GST compensation shortfall.  Out of this, an amount of Rs. 5,516.60 crore has been released to 23 States...

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Detection of fake ITC to the tune of Rs. 154 Crores

F. No. IV/16-02/CIU/2020 (09/12/2020)

Detection of availment and passing of fake ITC to the tune of Rs.154 Crores by issuance of fake invoices to the tune of Rs.1101 Crores by 206 units sprawling all over India—Regarding....

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Interest on FDRs taxable as Income from Other Sources unless Assessee proves business nexus

Quippo Telecom Infrastructure Pvt. Ltd Vs ACIT (ITAT Delhi)

Quippo Telecom Infrastructure Pvt. Ltd Vs ACIT (ITAT Delhi) Ground number five of the appeal of treating the interest income from fixed deposit receipts of Rs. 2982000/- as income from other sources, we also do not find any infirmity in the order of the lower authorities as assessee has merely placed fixed deposits with the […]...

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Registration Cum Membership Certificate (RCMC) IN ESC

Registration-Cum-Membership Certificate (RCMC) is a certificate that validates an exporter dealing with products registered with an agency/ organization that are authorised by the Indian Government. Applicability Any person applying for 1. An authorisation to import/export on restricted items 2. Any other benefits or concession under Fore...

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RBI releases Draft Circular on Declaration of Dividend by NBFCs

Press Release: 2020-2021/750 (09/12/2020)

Reserve Bank of India has released today the Draft Circular on Declaration of Dividend by NBFCs. Comments on the Draft Circular are invited from NBFCs, industry participants and other interested parties by December 24, 2020....

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