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Archive: 22 January 2021

Posts in 22 January 2021

Form CFSS- 2020, Application for issue of Immunity Certificate

January 22, 2021 6825 Views 0 comment Print

A company can seek immunity in respect of belated documents filed under the Scheme E form CFSS-2020 after closure of the CFSS Scheme and after the documents are taken on file, or on record or approved by the Designated authority. Note: The E form cannot be filed after the expiry of six (06) months from […]

How Can Family Help You Save Taxes?

January 22, 2021 5673 Views 2 comments Print

INTRODUCTION: ‘Families Are That Compass That Guide Us, Inspire Us and Comfort us When We Falter’ But additionally, as family members we can save money and grow together. Let’s dive into the article to understand how to take family route for saving taxes. WAYS OF PLANNING TAXES THROUGH FAMILY MEMBERS: IN CASE OF HOME LOAN: […]

Impact of GST on hospital

January 22, 2021 13062 Views 2 comments Print

Health Care has become one of the India’s Largest Sector, both in terms of Revenue and Employment. Health Care Industry comprises of Hospitals, Medical Devices, Clinical Trials, Outsourcing, Telemedicine, Medical Tourism, Health Insurance, Medical Equipment and several other facets. The Indian Health Care sector is growing at a brisk pace due to its strong and […]

Battle between ITC-02 and Inter-state transfer of ITC

January 22, 2021 34650 Views 6 comments Print

Why do we need Advance Authority Rulings under GST? We need them because only after reaching out to an AAR, we understand that there is an underlying problem that needs our attention. Thanks to the plenteous AAR decisions, now we have great precedents from judicial forums and Interpretations available with the legal fraternity that the […]

Gold smiths & Real estate agents on Radar of Enforcement directorate

January 22, 2021 1938 Views 2 comments Print

Gold consumption in India The World Gold Council (WGC), which tracks wholesale gold trade, had a forecast of gold consumption in India in 2020 to the extent of 700 tonnes-800 tonnes, compared to 690 tonnes imported in 2019. According to the Ministry of Commerce, imports in 2019-20 stood at $ 28 billion, 14% less than […]

New tax regime vs old tax regime under Income Tax

January 22, 2021 10437 Views 0 comment Print

Should you choose the new tax regime or stick to the old one? Understand the difference in income tax rates and deductions to make an informed decision.

Validity of tax-Recovery just after passing of order of Appellate Authority

January 22, 2021 1275 Views 0 comment Print

H.M. Leisure Vs State of West Bengal (Calcutta  High Court) It is trite law that when an appeal provision has been provided under the statute, the Authorities are not allowed to recover the amount payable unless there are extenuating circumstances. In the present case the dispute is with regard to classification issue, and therefore, I […]

Exports – How to optimize GST?

January 22, 2021 2229 Views 0 comment Print

One of the fundamental principle to make exports competitive in the international market is that taxes should not be exported. Hence exports to destinations outside India as well as supplies to SEZ have been “zero rated”. Under GST, either exports can be made with LUT (without payment of tax) or it can be made without […]

ITC availment right not ‘indefeasible’- Gujarat HC upheld DGGSTI’s action under Rule 86A

January 22, 2021 5574 Views 0 comment Print

Court held that it would be too much for this court at this stage to stall a legitimate investigation into the allegations of fraudulent transactions and permit the writ applicants to avail the ITC of a huge amount in exercise of its writ jurisdiction.

Section 35CCD Deduction towards expenditure incurred on skill development project

January 22, 2021 17934 Views 0 comment Print

Section 35CCD of the Income Tax Act provides deduction towards expenditure incurred on the skill development project. Whereas, rule 6AAF of the Income Tax Rules provides the guidelines to be followed by the company in order to notify the skill development project. Further, rule 6AAG provides the conditions to be satisfied by the skill development […]

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January 2021