"15 December 2020" Archive

Taxability of GST on used goods supplied on a C2C Portal & applicability of TCS – A critical analysis

The C2C business model enables the customer to sell the products to other customers. The customer who is selling across these sites can sell products and services; there is no restriction upon it. C2C is often referred to as the C2C ecommerce model, which clarifies that the business takes place on the digital platform....

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GST Input Tax Credit on Construction of Immovable Property

BLOCK CREDIT: Section 17(5) of the CGST Act, 2017 provides for a list of goods and services on which input tax credit is not allowed. One of the item is mentioned in sub sec 5(c) & (d) of sec 17 of CGST ACT. The extract of the said provision is reproduced below for ease of reference: […]...

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Request to extend Due Date of filing of Tax Audit & ITR

Tax Bar Association, Bhilwara  has requested for extension of Due Date of filing of Tax Audit and Income Tax Return for Assessment Year 2020 due to COVID 19 Pandemic. Request is been made to Hon’ble Finance Minister, Smt. Nirmala Sitaraman. It is requested to further extend the due date of filing tax audit report to […]...

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Request to Extend Due dates under GST & Income Tax

A Request for extension of various due dates under Income-tax Act, 1961 for AY 2020­-21 and for filing the Annual Reconciliation Statement (GSTR-9C) along with the annual return (GSTR-9) for financial years 2018-2019 & 2019-2020 is made by Bombay Chartered Accountants’ Society, Chartered Accountants Association (Ahmedabad), Charter...

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ALP computed by adopting lending rate of banks in India is not sustainable

Bombay Rayon Holdings Ltd. Vs ITO (ITAT Mumbai)

Bombay Rayon Holdings Ltd. Vs ITO (ITAT Mumbai) Another issue in this regard for A.Y.2010-11 onwards is that the loan has been converted into share application money. In this regard, the ld. Counsel of the assessee has placed reliance upon several case laws that share application money is shareholder fund and no interest should be [&helli...

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MIPL is not a Dependent Agent PE of Mitsui & Co. Ltd

DDIT Vs Mitsui & Co. Ltd. (ITAT Delhi)

DDIT Vs Mitsui & Co. Ltd. (ITAT Delhi) Learned DR contended that MIPL is economically dependent on assessee company as major revenue of MIPL is from assessee company. We are of the view that this per se cannot be ground to hold that MIPL is a Dependent Agent. For invoking this clause, first one of […]...

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Consultation Paper on Innovators Growth platform under SEBI (ICDR) Regulations, 2018

Objective of this Consultation Paper on 'Review of framework of Innovators Growth platform (IGP) under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018' is to seek comments / views from various stakeholders including start-ups in particular, market intermediaries and the public on the framework of Innovators Growth pl...

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Waiver from UIN recording on invoices of April 2020 to March 2021

Circular No. 144/14/2020-GST (15/12/2020)

It has been decided to give waiver from recording of UIN on the invoices issued by the retailers/suppliers, pertaining to the refund claims from April 2020 to March 2021, subject to the condition that the copies of such invoices are attested by the authorized representative of the UIN entity and the same is submitted to the jurisdictional...

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Insight into conversion of a Private Company into Limited Liability Partnership (LLP)

Introduction Conversion of a Private Limited Company into LLP is allowed under the provision of Section 56 (Third Schedule) of the LLP Act, 2008. Benefit There are a large number of benefits to govern a business having LLP as legal form as compared to Private Limited Company. LLPs involve the best practices of private companies […]...

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Income Tax Department conducts searches in Pune Region

The Income Tax Department carried out search and surveyactionon 10.12.2020 in the cases of leading builders and entry operators in the Panvel region of Pune. The search and survey actions were carried out at 29 locations in Panvel and Vashi....

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March 2021