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Archive: 10 January 2021

Posts in 10 January 2021

Request to permit utilization of accumulated funds for other purposes- section 11(2)

January 10, 2021 2250 Views 0 comment Print

KSCAA has requested to permit utilization of accumulated funds for purposes other than the purpose for which it is so accumulated under section 11(2) of the Income-tax Act, 1961.

Digital lending apps – What to be aware of?

January 10, 2021 1611 Views 0 comment Print

The market share of lending through traditional channels is increasingly being ceded to new age digital lending channels like p2p platforms, digital lending apps etc.

Why returns of index funds vary from its index & Other similar funds

January 10, 2021 8145 Views 0 comment Print

Index Mutual Funds invests in stocks resembling underlying indexes. For example, a Nifty 50 index fund invests in stocks in the same proportion of its underlying index. Here one may conclude that returns of all index funds underlying the same index should be the same.

What constitutes ‘receive’ for the purposes of claiming ITC

January 10, 2021 3363 Views 0 comment Print

Whether transfer of title in goods by filing the bill of entry on payment of IGST and import duty, without the physical receipt of the goods by the customer tantamount to receipt of goods for the purpose of claiming input tax credit as contemplated under section 16(2) (b) of CGST Act, 2017 – What constitutes […]

White Collar Crime: Social, Economic and Legal Aspects

January 10, 2021 5127 Views 6 comments Print

The basic concept of white-collar crime is basically to derive attention towards vast area of criminal behavioural aspects which are generally overlooked and they are seldom brought within the scope of the theories of criminal behaviour, and such concepts and aspects, when are included, demands for modification in the prevalent theories of criminal behaviour. The […]

Analysis of Fourteenth Amendment to CGST Rule 2020

January 10, 2021 2724 Views 0 comment Print

Fourteenth Amendment to CGST Rule, 2020 The CBIC has issued Notification 94/2020-Central Tax on 22.12.2020 whereby the CGST Rules, 2017 were further amended vide Fourteenth Amendment. This brings in many changes in provisions of GST Registration, Cancellation, Provisional ITC claim, GSTR-1 blocking, E-way bill validity, etc, which are briefly summarized below: Aadhaar authentication for Registration […]

Take appropriate decision on extension of due date of filing ITR & TAR by 12.01.2021: Gujarat HC to CBDT

January 10, 2021 4251 Views 2 comments Print

The Hon’ble High Court, Gujarat in the All Gujarat Federation of Tax Consultants v. Union of India [R/Special Civil Application No. 13653 of 2020 dated January 8, 2021] directed CBDT to take an appropriate decision for extension of the due date of filing income tax return (ITR) and Tax audit report (TAR) by January 12, […]

What if you do not file your ITR for year ended 31st March 2020 by 10th January 2021

January 10, 2021 12765 Views 0 comment Print

The due date for filing of the Income Tax Return (ITR) for the financial year 2019-2020 i.e. assessment year 2020-2021 for general category of taxpayers and which covers all salaried was 31st July 2020 and  has since been extended till 10th January 2021 as of now. What happens in case you miss the bus and […]

Unblocking of a-way bill & Steps for online unblocking

January 10, 2021 1518 Views 0 comment Print

Unblocking of a-way bill E-way bill generation facility would be automatically unblocked on the portal when the taxpayer files GST return and the default in return filing reduces to less than two tax periods. In case, the blocked taxpayer has filed the return on the GST Common Portal, the next day morning his GSTIN is […]

What if Due Date for filing ROI on 10th January 2021 falls on a Sunday?

January 10, 2021 29139 Views 1 comment Print

10th January 2021, the last date of filing of ROI u/s 139(1), falls on Sunday. In such a case what should be the due date ROI u/s 139(1)? 10th January 2021 or 11th January 2021? Opinions varies. An analysis of the provisions affecting the Due Date may perhaps clarify the issue. General Clauses Act 1977: […]

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