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Archive: 22 December 2020

Posts in 22 December 2020

E-Invoicing under GST – Provisions & FAQs

December 22, 2020 42024 Views 5 comments Print

E-Invoicing The Government of India has made E-invoicing compulsory for taxpayers having turnover greater than `500 Cr w.e.f. 1st October, 2020 vide N/No. 61/2020 – CT dated 30th July, 2020. Further, another notification namely, N/No. 88/2020 – CT dated 10th November, 2020, has made E-Invoicing compulsory for taxpayers having turnover greater than `100 Cr w.e.f. […]

Request to extend Kerala Amnesty Scheme, 2020

December 22, 2020 1569 Views 0 comment Print

Tax Consultant & Practitioners Association of Kerala has requested  for extending the option for availing Amnesty Scheme – 2020 till 31st January 2021.  The scheme applies to the outstanding dues under following Statutes such as: Kerala Value Added Tax Act, Central Sales Tax Act,Tax on Luxuries Act,Kerala Surcharges Act, Kerala Agriculture Income Tax Act, and […]

Extend due of ITR, GSTR 9, 9A & 9C for FY 2018-19 & 2019-20

December 22, 2020 27816 Views 7 comments Print

Tax Consultant & Practitioners Association of Kerala has made a request for the extension of due date of ITR for AY 2020-21 and GSTR 9, 9A & 9C for FY 2018-19 & 2019-20. They requested for extension of due date of Filing Income Tax Return,  GSTR9, 9A & 9C for the FY 2018-19 & 2019-20 […]

Revised Guidance Notes on ICSI Auditing Standards (CSAS-1 to 4)

December 22, 2020 1947 Views 0 comment Print

GUIDANCE NOTES ON ICSI AUDITING STANDARDS December, 2020 Price : Rs. 200/- (excluding postage) Issued by : THE INSTITUTE OF COMPANY SECRETARIES OF INDIA ICSI House, 22, Institutional Area, Lodi Road, New Delhi 110 003 Phones : 011-4534 1000, 4150 4444 • Fax +91-11-2462 6727 E-mail info@icsi.edu • Website www.icsi.edu PREFACE ICSI Auditing Standards aims […]

ICSI Clarification/Announcement on “Opt-Out Facility”

December 22, 2020 1203 Views 0 comment Print

ICSI has received various queries from students regarding “Opt-Out Facility” given to carry forward from Dec 2020 to June 2021 exam session vide Announcement issued dated 20th December 2020.

Expression ‘for use’ means intended for use: HC

December 22, 2020 2112 Views 0 comment Print

Ratnagiri Impex Pvt. Ltd. Vs Commissioner of Customs (Karnataka High Court) The Supreme Court in Dalmia Dadri Cement Ltd. supra while considering the expression ‘for use’ in Section 5(2)(a)(v) of the Punjab General Sales Tax Act held that the aforesaid expression means intended for use. It was further held that inability to prove the actual […]

Master Circular on Scheme of Arrangement by Listed Entities & Relaxation under SCRR, 1957

December 22, 2020 3879 Views 0 comment Print

SEBI, from time to time, has been issuing various circulars/directions which lay down the detailed requirements to be complied by listed entities while undertaking schemes of arrangements.

Despite addition no penalty when Assessee has already disclosed all facts

December 22, 2020 3345 Views 0 comment Print

ACIT Vs Kishangarh Hi Tech Textile Park Ltd. (ITAT Jaipur) Since the assessee has disclosed entire facts in the Balance Sheet with regard to the subsidy of Rs. 36.00 crores received by it and the depreciation at 80% on the entire windmill as a whole has been claimed on the basis of various decisions of […]

AO cannot disallow interest in section 80IA deduction working when same already been disallowed by Assessee

December 22, 2020 2430 Views 0 comment Print

GVK Jaipur Expressway Private Limited Vs. DCIT (ITAT Jaipur) It was submitted that the assessee on review of the appeal documentation noticed that it has suo-moto disallowed the interest receipts while computing book profits for the purposes of deduction u/s 80IA of the Act and the said fact has inadvertently escaped its attention at the […]

CESTAT set aside service tax demand on Liquidated Damages/EMD Forfeiture etc.

December 22, 2020 7533 Views 0 comment Print

South Eastern Coalfields Ltd. Vs Commissioner of Central Excise and Service Tax (CESTAT Delhi) The Principal Bench of Hon’ble CESTAT set aside the Service Tax demand of Rs. 32.76 Crores approx., plus equal penalty and applicable interest, on the amount of Liquidated Damages / Forfeiture of EMD / Penalty recovered from the various contractors & […]

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