"14 January 2021" Archive

Not Available relaxations in filing GSTR 9 & 9C for FY 2019-20 & Onwards

Relaxations Not Available For FY 2019-20 And Onwards In Filing GSTR 9 And 9C Furnishing of Annual Return by Small Supplier Registered Person had the option to not to file the Annual Return GSTR 9 provided the  Aggregate Turnover does not exceed Rs. 2 crore vide Notification No- 47/2019 Central Tax dated 9th October 2019. […]...

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7 common questions on QRMP – Answers in simple words

Some common questions on QRMP – Answers in simple words Q.1 What is the key difference between QRMP scheme and regular scheme? Ans. Key difference between QRMP scheme and regular scheme is as follows: GSTR-3B Return filing GSTR-1 Return Filing Tax Payment Regular Scheme Turnover <= 1.50 crores MONTHLY QUARTERLY MONTHLY 1.50 crore...

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Property registration not must for constituting ‘Transfer’ as per pre-amended section 53A of TPA Act

Vasant Laxman Khandge Vs ITO (ITAT Pune)

Assessee had handed over possession of the property to M/s. V.S. K Associates in the year 2000 on receiving substantial part of consideration which constituted transfer u/s. 2(47)(v) read with section 53A of the TPA attracting taxability of capital gain in the A.Y. 2001-02. Thus, the same could not once again be taxed in the assessment ye...

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No TDS on discount/rebate allowed to dealers/distributors on sale of products

ASUS India Pvt. Ltd. Vs Asst.CIT (ITAT Mumbai)

Disallowance made by AO under section 40(a)(ia) for non deduction of TDS on discount/rebate allowed to dealers/distributors on sale of products was not justified as there was no element of work as defined under clause (iv) of Explanation to section 194C and AO had not brought on record any material for deduction of  TDS under section 194...

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Transhipment of Import & Export Cargo via Sri Lanka & Bangladesh-Waiver of bank guarantee

Circular No.01/2021-Customs (14/01/2021)

CBIC has decided to extend the exemption from requirement of furnishing of Bank Guarantee by the carriers for carriage of EXIM cargo for transhipment through foreign territories of Sri Lanka and Bangladesh. This relaxation would apply,if the carrier fulfils the requirement of waiver of Bank Guarantee in a like manner, as provided for by C...

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Declaration of Result of CSEET & CS Foundation on 18.01.2021

The Result of CS Executive Entrance Test (CSEET) held on 9th and 10th January, 2021 would be declared on Monday, the 18th January, 2021 at 2:00 P.M. The result along with individual candidate’s subject-wise break-up of marks will be made available on the Institute’s website: www.icsi.edu  ...

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ITAT deletes Addition for wrong entry of cash deposit in bank

ACIT Vs. Dr. Radhey Shyam Garg (ITAT Jaipur)

ACIT Vs Dr. Radhey Shyam Garg (ITAT Jaipur) During the course of assessment proceedings, the AO noted that the assessee has deposited cash of Rs. 2,90,000/- in the Central Bank of India whereas on the said date i.e. 16.11.2015 there was a negative cash balance in the cash book of Rs. 1,01,773.84. The AO accordingly […]...

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Additions for unexplained cash cannot be made solely based on section 132(4) statements

Jewels Emporium Vs ACIT (ITAT Jaipur)

Jewels Emporium Vs ACIT (ITAT Jaipur) From the record, we found that as on the date of search, the books of account of M/s Jewels Emporium were incomplete and the printouts of cash books as taken by the search team did not reflect the true and correct balance available which is made part of the […]...

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Avoid These Mistakes to Avoid Income Tax Notices

There has been a spike in the number of tax notices to Assessees because the Income tax department is now equipped with an integrated database on taxpayers which allows them to track almost all financial transactions by analyzing information through Annual Information Return (AIR), Statement of Financial Transactions (SFT), Centralized In...

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Extension of due date for filing TAR/ITR – HC declined to interfere

High Court (HC) declined to interfere in the matter of extension of the due date for filing Tax Audit Report (TAR) and Income Tax Return (ITR) The Hon’ble Gujarat High Court in All Gujarat Federation of Tax Consultants v. Union of India [R/Special Civil Application No.  13653 and 660 of 2021, dated January 13, 2021] […]...

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