"05 May 2021" Archive

Circular cannot stand in the way of a benefit offered under statutory provisions

Chaizup Beverages LLP Vs Assistant Commissioner & Ors. (Madras High Court)

HC directed the Authorities to refund the sanctioned amount. Held that, circular cannot stand in way of a benefit under a statutory scheme and is contrary to the statutory provisions of Section 54(3) of the Central Goods and Services Tax Act, 2017....

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Section 194Q – Tax deduction on the purchase of goods

The Finance Act, 2021 has introduced new section 194Q which is effective from 1st July 2021. The provisions of new section 194Q require the specified buyer to deduct TDS on the purchase of goods from the resident seller. The present article covers briefing of provisions of section 194Q; explanation of the term ‘buyer’; time of [&helli...

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Creation of infrastructure for COVID care is eligible CSR Activity

General Circular No. 09/2021 05/05/2021

CSR funds for ‘creating health infrastructure for COVID care’, ‘establishment of medical oxygen generation and storage plants’, ‘manufacturing and supply of Oxygen concentrators, ventilators, cylinders and other medical equipment for countering COVID-19’ or similar such activities are eligible CSR ̵...

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Disputes between CA Firms partners not governed by CA Act but by Partnership Act: Kerala HC

Disputes between the partners of a chartered accountants firm are not governed by the Chartered Accountants Act but by the Indian Partnership Act - High Court of Kerala...

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Delhi HC admits plea for extension of Compliance under Tax & Labour Laws

Society For Tax Analysis And Research Vs Union of India & Ors. (Delhi High Court)

This is a petition seeking various reliefs in terms of extensions for filing compliances under various Acts, including the Income Tax Act, 1961, the Goods and Services Tax Act, 2017, the Employees Provident Fund & Miscellaneous Provisions Act, 1952, the Employees State Insurance Act, 1948 and other Labour Laws, owing to the second wave of...

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5 New GST Return Functionalities on GST Portal (April, 2021)

New Functionalities made available for Taxpayers on GST Portal (April, 2021) New Functionalities pertaining to modules GST Return module and are related to Auto Generation of Form GSTR-2B, for the taxpayers under QRMP scheme, Use of Matching Offline Tool by the taxpayers under QRMP scheme, Auto-population in Form GSTR-3B of ITC, for taxpa...

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CBDT notifies Threshold for Significant Economic Presence

Section 9(1)(i) of the Income Tax Act, 1961 was amended vide Finance Act 2018 to bring in the concept of “Significant Economic Presence” (‘SEP’) for establishing a business connection in India of a non-resident. According to the said Section, “significant economic presence” for this purpose shall mean: “transaction i...

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Form 10A for Section 12AB Registration causing hardship

Ongoing through the form 10A, it is noticed that various financial information have been required to be filled pertaining to different date and period which is causing hardship to submit the same at this pandemic period where almost all offices have remained  closed in month of April, 2021 and also continue to be closed at present....

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Section 55 | Income Tax Act, 1961 | Acquisition & Improvement Cost

Short Notes on Section 55 of Income tax act 1961. (Opting for benefit of Section 55 ) 1. Cost of acquisition of capital assets becoming property of the assessee before 01.04.1981/01.04.2001. Where the capital assets has become property of the assessee before 01.04.1981, then the cost of acquisition of such an asset will be the […]...

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File Belated & Revised Return for AY 2020-21 till 31st May, 2021

Belated Return and Revised Return for the Assessment Year 2020-21 may be filed on or before 31st May, 2021 In view of the adverse circumstances arising due to the severe Covid-19 pandemic, the CBDT, in exercise of its powers under Section 119 of the Income Tax Act, 1961 (‘the IT Act’), has issued a Circular […]...

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May 2021