"03 March 2021" Archive

Recent Updates in GST till 2nd March 2021

01/01/1970

India’s Q3 economic numbers were released by CSO last week hinting that the Indian economy / GDP will contract by 8% in 2021-21, a little higher than the estimated contraction of 7.7%. This would mean that GDP may contract in current quarter too. There is a recovery in private consumption in Q3. Government’s capital expenditure [&hell...

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CBDT clarifies on Residential status & Issues new NR Form

Circular No. 2 of 2021 03/03/2021

OECD as well as most of the countries have clarified that in view of the provisions of the domestic income tax law read with the DTAAs, there does not appear a possibility of the double taxation of the income for FY 2020-21, As explained above, the possibility of double taxation does not exist as per the provisions of the Income-tax Act, ...

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Procedure for suspension of GST registration based on return comparison

01/01/1970

The present article covers the provisions relating to suspension of GST registration on the basis of discrepancies found while comparing various returns filed by the taxpayer. The article also covers the procedure according to which the suspension will be carried out. Suspension of registration based on return comparison- Rule 21A of the ...

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Advisory on tracking of Legacy Arrears using Form GST DRC-07A & Form GST DRC-08A

Advisory No. 02/2021 03/03/2021

Either Inspector or Superintendent has the credentials to create FORM DRC-07A ((Menu>DISPUTE SETTLEMENT AND RESOLUTION>ARREARS>Issue DRC­07A>Create New DRC-07A). After creating the form, the officer selects the GSTIN and enters the details of demand order:...

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LTC Exemption of Rs. 36000 per family member For FY 2020-21 also available to non-Government Employees

01/01/1970

Income Tax Exemption of Rs. 36,000 per family member to a Salaried person for the Financial year 2020-2021 (also available to Private Sector Employees) Many Salaried employees get Leave Travel Concession (LTC) from their Employers which is exempt to the extent it is actually spent on travelling. LTC which could not be spent is taxable [&h...

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RfP For Concurrent Audit of Operations of Branch Office, SIDBI

01/01/1970

Request for Proposal (RfP) For Concurrent Audit of Operations of Branch Office, SIDBI i.e Small Industries Development Bank of India...

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Supreme Court ruling backs taxpayers in software royalty case

01/01/1970

1. There have been a lot of ambiguities have arisen regarding the payment made to a non-resident entity for the grant of the use of computer software by a businessman in India for internal business purposes. 2. The Income Tax Department has been treating such payments as royalty and accordingly, bringing the same to tax in India....

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GST QRMP Scheme

01/01/1970

All registered assessee having turnover up to INR 5 crores in the preceding financial year. Scheme can be availed GSTIN based, i.e. assessee having multiple registrations under same PAN have option to avail the QRMP scheme for one GSTIN and Regular filing for other registration....

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ICAI: Case Study Digest at CA Final level

01/01/1970

In the six elective papers at the Final level, the assessment is open book and case-study based. The question paper comprises of five case studies of 25 marks each, out of which candidates have to attempt any four within four hours. Each case study of 25 marks comprises of MCQs for 10 marks (5 MCQs of 2 marks each) and descriptive questio...

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Solution To Haryana’s Local Employment Reservation Law

01/01/1970

Haryana has notified the much criticized law for reserving 75% of new jobs in private sector for domiciles of the state i.e. candidates who were either born in Haryana or have been living in Haryana for at least 15 years. The bill called the Haryana State Employment of Local Candidates bill, 2020 was given assent […]...

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