"08 March 2021" Archive

GST e-Invoicing turnover limit reduced to ₹ 50 Crores wef 01.04.2021

Notification No. 05/2021–Central Tax [G.S.R. 160(E).] 08/03/2021

Now taxpayers having turnover exceeding Rs 50 Crores will have to generate e Invoices effective April 1, 2021. Notification No. 05/2021–Central Tax Dated 8th March, 2021...

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ITAT upheld disallowance for unreconciled accommodation entries

ACIT Vs Darshanam Life Space Pvt. Ltd. (ITAT Ahmedabad)

Where  AO had estimated value of accommodation entries devoid of any documentary evidences or material, the same could not be sustained. Since in the case of the assessee the payment of Rs.6,43,406/- was considered as accommodation entries and it was noticed that assessee had not reconciled this payment with outstanding amount of Rs.7,91...

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Section 54 amendment restricting deduction to One Residential House is prospective

Dinesh Chandra Dutta Bhargava Vs DCIT (ITAT Agra)

Dinesh Chandra Dutta Bhargava Vs DCIT (ITAT Agra) The only question to be adjudicated in the instant case is whether the assessee is entitled for deduction u/s. 54/54F of the Act in the attending circumstances of the case or not and whether the changed legal position of section 54, as noted by ld. CIT(A), is […]...

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Inspection, Search, Seizure, Arrest & Other Stringent Provisions under GST Regime

Dear Friends, now approximately 4 years completing implementation of GST Act, 2017 gradually Compliance period is over for Three Cycles after initial Implementation of GST Act in India that was started from 1st July 2017 and ended on 31st March 2020 (covering after effect/corrections/claims up to 28th February, 2021) by filing Annual Retu...

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Details of Central Taxes collected by Union Govt for FY 2020-21

The Minister further gave the tax-wise target for Central taxes to be collected from 1st April, 2020 to 31st March, 2021, tax-wise is as under:-...

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VSV Scheme: Rs. 98328 crore disputes resolved till 01.03.2021

A total of 1,28,733 Declarations have been filed in Form 1 till 1st March, 2021 by taxpayers. These include 1,393 declarations by Central PSUs and 833 declarations by State PSUs/ boards. Declarations have been filed by taxpayers for resolution of Tax disputes amounting to Rs. 98,328 crore till 1st March 2021. Payment of Rs. 53,346 crore...

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Form MGT-7A For Small Companies & One Person Companies

Recently the ministry of corporate affairs has notified a separate form for small companies and one person companies (OPC) under section 92 read with sub rule (1) rule 11 of the companies management and administration rules. This move is aimed at reducing the compliance burden on the small companies and OPC’s and rectify some practical ...

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‘Fasting’ for Stranded Resident Indians & ‘A Half-Baked Cookie’ for NRIs!!

As per section 6(1) of the Income Tax Act, 1961, a person is considered as a resident in India for a particular financial year if his/her stay in India in that financial year is 182 days or more, or if his/her stay in that financial year is 60 days or more and 365 days or more in immediately preceding four financial years....

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New definition of Small Company under Companies Act, 2013

The Hon’ble Finance Minister Mrs. Nirmala Sitharaman had presented the Union Budget 2021 on 1st February, 2021. The Hon’ble Finance Minister Mrs. Nirmala Sitharaman had proposed to revise the definition of small companies by enhancing the paid-up capital base from the existing limit of Rs 50 lakh to Rs. 2 crores. The move is likely t...

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OVAT Act: Penalty in Turnover escaping Assessment was not Automatic

National Alumini Vs Dy. Commissioner (Orissa High Court)

National Alumini Vs Dy. Commissioner (Orissa High Court) It is seen under Section 43 (2) of the OVAT Act the levy of penalty in the event of turnover escaping assessment, or under assessement, is not automatic. The AO has to be satisfied that escapement or under assessment of tax “is without reasonable cause”. Further upon […]...

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