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Archive: 05 February 2021

Posts in 05 February 2021

Credit cannot be denied for merely for non-filing of TRAN-1 form

February 5, 2021 2592 Views 0 comment Print

Where the petitioner instead of submitting TRAN-1 form for claiming ITC submitted GSTR-3B. The court held that the petitioner cannot be deprived of the benefit  of claiming the credit lying in its account on the stipulated date only on the basis of procedural or technical wrangles that one form TRAN-1 was not  filled by the petitioner particularly when the petitioner has reflected the said credit in its return GSTR-3B.

Director of a company arrested for non deposit of GST

February 5, 2021 3273 Views 0 comment Print

 Press Release by CGST Delhi South Commissionerate regarding arrest of a Director of a company under CGST Act, 2017 for non deposit of Rs. 24.96 crores of GST collected but not paid OFFICE OF THE PRINCIPAL. COMMISSIONER OF CENTRAL GOODS & SERVICE TAX, DELHI SOUTH COMMISSIONERATE, 3rd FLOOR, EIL ANNEXEE  BUILDING, BIKAJI  KAMA PLACE, NEW […]

Employee contribution to PF allowable on Payment before due date

February 5, 2021 7932 Views 2 comments Print

Budget 2021- Payment by employer of employee contribution to a fund on or before due date Clause (24) of section 2 of the Act provides an inclusive definition of the income. Sub-clause (x) to the said clause provide that income to include any sum received by the assessee from his employees as contribution to any […]

Fake ITC: Meerut Court refuses to grant Bail

February 5, 2021 1407 Views 0 comment Print

Vinod Kumar Vs State of U.P. ( Meerut District Court) The present bail application has been moved by accused Vinoad Kumar son of late Shri Ram Karan Garg resident of 49, Banarsi Dass Estate Timarpur, Delhi in case no. 73 of 2020 DGGI, Ghaziabad under Section 132(1)(b) 132 (1) (c) read with Section 132 (1) […]

No bail by Meerut Court in GST evasion case

February 5, 2021 1281 Views 0 comment Print

Chahya Devi Vs State of U.P. (Meerut District Court) The present bail application has been moved by accused Mrs. Chahya Devi wife of Vijay Kumar Arya, proprietor M/S. Prabhat Zarda Factory (Oversease) R/0 J­16 Sector ­11] Noida 2012301 in case no. 167 of 2020 under Section 132(1)(a) 132 (1) (b) read with Section 132 (1) […]

ETMONEY– Helping You Reduce your income tax and get financially fitter at the same time

February 5, 2021 2716 Views 0 comment Print

Wealth isn’t created in a day, it takes time and all of it begins with saving money. Hence, it’s very crucial to pursue every effort for saving your hard-earned money and the steps you choose define your overall wealth portfolio. One way to save money is using tax-saving deductions for reducing the tax burden. Lesser […]

No addition on mere statement of person if payments made through banking channel

February 5, 2021 1332 Views 0 comment Print

Since all the lender companies were regular income tax assessee’s & having PAN as well as their ROC details were brought to the notice of AO & their respective balance sheet showed that all of them had enough creditworthiness to lend the amounts in question to assessee and assessee had squared up the loan transaction with all these lenders (except 15 Lakhs) and all the payments/TDS were made & payments were made through banking channel, therefore, the addition made by AO was untenable. 

ITR 7 Guidance Note issued by CPC Bengaluru

February 5, 2021 6165 Views 0 comment Print

Dear Professional Colleague, Sub: ITR 7 Guidance Note issued by CPC Bengaluru The Centralized Processing Center, Bengaluru has conducted an exclusive Webinar on ITR-7 for A.Y 2020-21 on 17.12.2020 from 04.00 PM to 05.30 PM for the benefit of Chartered Accountants, Tax Practitioners & Taxpayers. The following topics were covered during the webinar: Guidance for filing ITR-7 for A.Y 2020-21. Common […]

GSTR-9 & GSTR-9C Reporting Requirements for FY 2019-20

February 5, 2021 132453 Views 34 comments Print

Recently financial budget 2021 has proposed to omit the provision section 35(5) and amend the section 44 of CGST Act, 2017. After acceptance of bill by president of India GST audit need not to file. Recently CBIC clarified through retweet on tweeter that ‘Section 35 and 44 of CGST Act are proposed to be amended […]

Analysis of Union Budget 2021- Direct Tax, GST, Company Law & Customs

February 5, 2021 2256 Views 0 comment Print

On 1st February 2021, the Finance Minister Nirmala Sitharaman presented the Union Budget 2021-22 in parliament. This year’s budget rests on 6- Health and Wellbeing, Physical and Financial Capital and Infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and R&D, and Minimum Government Maximum Governance. In this budget, several amendments related to direct […]

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February 2021