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Archive: 14 January 2021

Posts in 14 January 2021

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

January 14, 2021 21360 Views 4 comments Print

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. […]

HC allows continued Attachment of Bank Accounts until objections under CGST Rule 159(5) filed

January 14, 2021 693 Views 0 comment Print

Ramakrishna Electro Components Pvt Ltd Vs Union of India & Anr. (Delhi High Court) We have heard the counsel for the respondents on the aforesaid aspect. The respondents cannot have any claim to further overdraft, if any, availed of by the petitioner in the overdraft account with the SBI. We thus deem it apposite to, […]

7 common questions on QRMP – Answers in simple words

January 14, 2021 3621 Views 6 comments Print

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 < Turnover […]

No TDS to be deducted by Indian Newspaper Society on payment of lease premium

January 14, 2021 1743 Views 0 comment Print

Indian Newspaper Society was not required to deduct tax at source (TDS) under section 194I in respect of lease premium paid on following the orders dated 27.01.2014 and 20.06.2013 of Co-ordinate Benches of ITAT, Delhi in assessee’s own case; and after due consideration of CBDT Circular dated 13-10-2016 which took into account the orders of High Court in assessee’s own case

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

January 14, 2021 747 Views 0 comment Print

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 Circular No. 45/2005-Customs, dated 24.11.2005.

Declaration of Result of CSEET & CS Foundation on 18.01.2021

January 14, 2021 552 Views 0 comment Print

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:  

Avoid These Mistakes to Avoid Income Tax Notices

January 14, 2021 15585 Views 1 comment Print

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 Information Branch (CIB), TDS/TCS Statement, Securities Transaction Tax (STT), exchange of information with various entities having MOU with CBDT etc.

Certificate under section 65B of Indian Evidence Act required when reliance is placed on Whatsapp messages

January 14, 2021 4722 Views 1 comment Print

Rakesh Kumar Singla Vs Union of India (Punjab & Haryana High Court) Learned counsel for the NCB has also placed reliance on Whatsapp messages by which the petitioner could be implicated. However, on the asking of this Court, whether a certificate under Section 65B of the Indian Evidence Act is available at the present moment […]

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

January 14, 2021 24120 Views 9 comments Print

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] […]

KYC data of Institution / Legal Entity to be uploaded to CKYCR from April 2021

January 14, 2021 5418 Views 0 comment Print

KYC data of Institution / Legal Entity to be uploaded to CKYCR from April 2021 In terms of the provisions of Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, as amended from time to time by the Government of India, Financial Establishments such as, Banks, NBFCs etc. [hereinafter […]

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January 2021