"19 December 2020" Archive

Ignore prompt on liability for inward supplies attracting reverse charge in Table-3.1 (d)

Ignore prompt on liability for inward supplies attracting reverse charge in Table-3.1 (d) The system has started providing auto-populated GSTR-3B on the basis of GSTR-1 & GSTR-2B from the tax period of November 2020 onwards. In this auto-populated GSTR-3B, liability on account of inward supplies attracting reverse charge auto-popula...

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Extend Due Dates for Tax Audit and Income Tax Return Filing

Chartered Accountants Association, Jalandhar has made a representation to the FM and requested for extension of Due Dates for Tax Audi and Income Tax Return Filing for the Assessment Year 2020-21. Full text of the representation is as follows:- Chartered Accountants Association (C R Building, Model Town Road, Jalandhar) For correspondence...

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Extension of AGM, CFSS & Filing of Financial Statements & Annual Returns- Clarification

Clarification And Impact Regarding Extension of AGM, CFSS And Filing of Financial Statements & Annual Returns In order to provide relaxation in compliance of various provisions of the Companies Act, 2013 due to the outbreak of Coronavirus, the Ministry of Corporate Affairs had extended the Companies Fresh Start Scheme, 2020 and the LL...

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GSTN Introduces Auto Populated details in Form GSTR 3B from Form GSTR 1 & GSTR 2B

Note on Auto Population of details in Form GSTR 3B from Form GSTR 1 and GSTR 2B Recently GSTN introduced a facility to auto-populate system computed details in Form GSTR-3B for taxpayers (filing their Form GSTR-1 on monthly basis), from November 2020 Tax Period onwards. The mechanism of such auto population shall be as under: […]...

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GST on Discounts & Incentives In Automobile Industry

Introduction The retail sale of various motor vehicles, which include two wheelers, three wheelers, four wheelers, various types of passenger cars, commercial vehicles and tractors etc. is done in India through a large network of automobile dealers. The retail sale of vehicles is done by dealers on a principal to principal basis by engagi...

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ITAT Allows Foreign Tax Credit under Indo-Japanese Tax Treaty to Law Firm

Amarchand & Mangaldas & Suresh A Shroff & Co Vs ACIT (ITAT Mumbai)

Amarchand & Mangaldas & Suresh A Shroff & Co Vs ACIT (ITAT Mumbai) The short issue that we are required to adjudicate in this appeal is whether or not the authorities below were justified in declining tax credit under article 23(2) of India Japan Double Taxation Avoidance Agreement [‘Indo Japanese tax treaty’, in s...

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Mobilization advance is not an advance towards provision of services

Gammon India Ltd. Vs Commissioner of Service Tax (CESTAT Mumbai)

Gammon India Ltd. Vs Commissioner of Service Tax (CESTAT Mumbai) Mobilization advance is not an advance towards the provision of service and in the nature of loan facility. The ‘mobilization advance’ is adjusted against the final payment due and is not linked to the work but as a pledge of the contract between the appellant […]...

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Share application money constitutes ‘Capital Asset’ within the meaning of Section 2(14)

DCIT Vs Morarjee Realities Ltd. (ITAT Delhi)

DCIT Vs Morarjee Realities Ltd. (ITAT Delhi) ‘Capital Asset’ as defined in Sec.2(14) would mean property of any kind held by an assessee, whether or not connected with his business or profession’, except those which are specifically excluded in the said section. The only exclusion is only for stock in trade, consumables or raw m...

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Emsigner Error in GST Portal- Resolution

EMSIGNER ERROR IN GST PORTAL:- Failed to Establish Connection to the Server. Kindly Restart the Emsigner when your are filing your GST Return or While Registering your DSC in GST Portal you may face this kind of error. This kind of error may occur in the following situations/cases, i) When you are filing your GST return ii) When [&hell...

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Depreciation cannot be claimed on non-compete fee as it cannot be termed as intangible asset

ACIT Vs Fortis Hospitals Ltd. (ITAT Delhi)

ACIT Vs Fortis Hospitals Ltd. (ITAT Delhi) Non compete fee did not confer any exclusive right to carry-on the primary business activity. The right is restricted only to the particular party or individual and does not have the exclusivity over the rest of the world. Thus, non-compete fee cannot be termed as intangible asset. The […]...

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