"03 March 2021" Archive

Recent Updates in GST till 2nd March 2021

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...

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, ...

Procedure for suspension of GST registration based on return comparison

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 ...

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:...

ITAT directs AO to follow rule of Consistency while disallowing expenses

Travancore Textiles P. Ltd. Vs ITO (ITAT Chennai)

Travancore Textiles P. Ltd. Vs ITO (ITAT Chennai) The Assessing Officer has assessed interest income under the head income from other sources and further disallowed total expenditure incurred at Head Office on the ground that said expenditure is relatable to agricultural operations of the assesse. We find that the Assessing Officer is fol...

RfP For Concurrent Audit of Operations of Branch Office, SIDBI

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

Supreme Court ruling backs taxpayers in software royalty case

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....

GST QRMP Scheme

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....

ICAI: Case Study Digest at CA Final level

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...

Solution To Haryana’s Local Employment Reservation Law

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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