"26 December 2020" Archive

Extend Income Tax, GST, LLP, Company Law due dates

BJP Economic Cell, Rajasthan  has requested Hon’ble Union Finance Mister to extend due dates of ITR for person (Non-Audit) (FY 2019-20), Tax Audit Reports (FY 2019-20), ITR for other persons (FY 2019-20), GST Annual Return GSTR9/9C/4 (FY 2018-19), GST Annual Return GSTR9/9C/4 (FY 2019-20), Vivad Se Vishwas Scheme, 2020, Companies F...

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Posted Under: Income Tax | ,

Consultancy service provided by Japan based company, having fixed establishment in India is not liable for RCM under  ‘import of service’

The Hon’ble AAR Odisha, in the matter of Tokyo Electric Power Co. [Order No.02/Odisha-AARJ2020-21 dated November 19, 2020] held that supply of consultancy service to an Indian entity Odisha Power Transmission Corporation Limited (OPTCL) is not import of service in terms of Section 2(11) of the Integrated Goods and Services Tax Act, 2017...

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Posted Under: Income Tax |

GST Insights- New Year Amendments

Article explains recent amendments related to  Revision in time limits for granting GST registration, Additional Grounds for Cancellation of GSTIN, Suspension of registration without opportunity of personal hearing,   Restrictions on filing GSTR-1 in case of non-filing of GSTR-3B, Blocking of E-Way Bill Portal in case of suspension of G...

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Posted Under: Income Tax |

Understanding Impacts of Table 8A of GSTR 9

The GSTN recently introduced downloading Excel file of back up data pertaining to GSTR9’s Table 8A. This comes after several requests where assesses are not able to reconcile GSTR2A with the Values populated in GSTR9. Background: As per GSTR9, the value Auto-populated in Table 8A has to be justified with break up details by the [&hellip...

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Posted Under: Income Tax |

Extend Due date under GST and Income Tax

Hyderabad Chartered Accountants’ Society has requested 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. Full text of their representation to finance minister is...

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Posted Under: Income Tax | ,

Advertisement, Marketing & Promotion (AMP) expense / Market Intangibles

Over the past few years issue of Advertisement, Marketing and Promotion (‘AMP’) expenses has become very prominent in Transfer Pricing Assessments in India, wherein Indian subsidiaries which are engaged in business activities using brand name of global multi-national enterprises (‘MNEs’). Indian Revenue Authorities (IRA) argues th...

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Posted Under: Income Tax |

New Rule 9A For Name Reservation under Companies Act 2013

MCA on 24th of December, 2020 inserted the new rule 9A. The rule provides the extension in the time limit for the reservation of name. Before moving further with the new rule I am encapsulating the existing provision related to reservation of the name. Currently, we are incorporating company through SPIC+ integrated system of company [&he...

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Posted Under: Income Tax |

Income Tax Department conducts searches in Guwahati

Income Tax Department started a Search and Survey action on 22.12.2020 in the cases of three leading contractors of North Eastern India. One of the groups is also into Hospitality business. The Search and Survey actions are being carried out at 14 locations in Guwahati, Delhi, Silapathar and Pathsala (Assam)....

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Posted Under: Income Tax |

Reassessment proceedings under non-existent Section is Invalid

Maheshwari Roller Flour Mills Pvt. Ltd. Vs ITO (ITAT Delhi)

Maheshwari Roller Flour Mills Pvt. Ltd. Vs ITO (ITAT Delhi) Learned Counsel submitted that initiation under section 147 of the I.T. Act have been done by mentioning the wrong Section 147(b) of the I.T. Act which is deleted from the Income Tax Act w.e.f. 01.04.1989, therefore, reopening is done under non-existent Section in a mechanical [&...

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Cess allowable in computation of Income from Business or Profession

Overseas Polymers Private Limited Vs ACIT (ITAT Mumbai)

Overseas Polymers Private Limited Vs ACIT (ITAT Mumbai) Legislature in Sec. 40(a)(ii) has though provided that ‘any rate or tax levied’ on ‘profits and gains of business or profession’ shall not be deducted in computing the income chargeable under the head ‘profits and gains of business or profession’, ...

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