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Archive: December, 2020

Posts in December, 2020

Goods And Service Tax: A Procedure-Oriented Law

December 31, 2020 3720 Views 0 comment Print

Goods and service tax is an indirect tax which has been designed as single tax on the supply of the goods and services or both. A person who is liable to pay tax is bound to follow the number of procedures in complying with provisions of the GST laws. If there is any breach of the procedures than heavy number of penalties can be imposed on them.

CAs for engagement as Young Professional in ROC (WR) & ROC (Mumbai)

December 31, 2020 2166 Views 0 comment Print

Ministry of Corporate Affairs is inviting application from CAs for engagement as Young Professional in ROC (WR) and ROC (Mumbai) Dear Member, Through this mail communication sharing with you that Ministry of Corporate Affairs (MCA) invites application from Experienced Chartered Accountants (CAs). The selected candidates will be engaged under young professional scheme for assisting in time bound work […]

Interest rates for Small Savings Schemes w.e.f. 01.01.2021

December 31, 2020 4119 Views 0 comment Print

Rate of interest on various Small Savings Schemes (National Savings Schemes) for the fourth quarter of financial year 2020-21 (starting from 1st January, 2021 and ending on 31th March, 2021) shall remain unchanged from those notified for the third quarter of Financial Year 2020-21

GST annual returns due date for FY 2019-20 extended till 28.02.2021

December 30, 2020 29115 Views 0 comment Print

CBIC hereby extends the time limit for furnishing of the annual return specified under section 44 of the said Act read with rule 80 of the said rules, electronically through the common portal, for the financial year 2019-20 till 28.02.2021.

Companies (Meetings of Board and its Powers) Fourth Amendment Rules, 2020

December 30, 2020 9978 Views 0 comment Print

These rules may be called the Companies (Meetings of Board and its Powers) Fourth Amendment Rules, 2020. They shall come into force on the date of their publication in the Official Gazette.

Govt extend due dates of Tax Audit/ITR/VSV Scheme/GSTR 9/9A/9C

December 30, 2020 62946 Views 25 comments Print

In view of the continued challenges faced by taxpayers in meeting statutory compliances due to outbreak of COVID-19, the Govt further extends the dates for various compliances. Due date for filing ITR (Non tax audit) extended till 10/01/2021. Due date for filing Tax Audit and TP Audit Report extended till 15/01/2021. Due date for filing […]

Providing of accommodation & food & beverages by Trust not constitutes commercial activities

December 30, 2020 1002 Views 0 comment Print

ACIT(E) Vs India International Centre (ITAT Delhi) ITAT held that activities of the Trust of providing accommodation and food and beverages etc. does not constitute commercial activities and activities of the Trust are not hit by any proviso to section 2(15) of the Act. FULL TEXT OF THE ORDER OF ITAT DELHI Challenging the orders of […]

Small Savings Scheme Interest rates- January 2021 to March 2021

December 30, 2020 6540 Views 0 comment Print

Rate of interest w.e.f 1st January, 2021 and ending on 31st March, 2021 on Small Savings Scheme i.e. Post Office Savings Account, 1,2,3,5 Year Time Deposit, 5 Year Recurring Deposit Scheme, Senior Citizen Savings Scheme, Monthly Income Account, National Savings Certificate (VIII Issue), Public Provident Fund Scheme, Kisan Vikas Patra and Sukanya Samriddhi Account scheme. […]

Courier Imports and Exports (Electronic Declaration and Processing) Amendment Regulations, 2020

December 30, 2020 1440 Views 0 comment Print

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 115/2020-Customs (N.T.) New Delhi, the 30th December, 2020 G.S.R. 808(E).—In exercise of the powers conferred by section 157 read with section 84 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes […]

Section 234B interest cannot be levied when entire income is subject to TDS

December 30, 2020 1518 Views 0 comment Print

NGC Network Asia LLC Vs DDIT- International Tax (ITAT Mumbai) One of The ground raised by the assessee is with regard to charging of interest u/s.234B of the Act. We find that assessee is a non-resident whose entire income is subject to deduction of tax at source u/s.195 of the Act. Accordingly, the assessee had […]

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