"22 July 2021" Archive

Penalty cannot be imposed merely because it is lawful to do so

Mangalore Refinery and Petrochemicals Limited vs State of Karnataka (Karnataka High Court)

The Petitioner filed petition against the order dated May 24, 2017 (Order) by the passed by the Karnataka Appellate Tribunal denying the input tax credit (ITC) in respect of capital goods and imposing penalty stating that penal provisions are mandatory....

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Annual return Filing by composition taxpayers & Negative Liability in GSTR-4

Advisory No. 491 22/07/2021

Filing of Annual returns by composition taxpayers. – Negative Liability in GSTR-4 Filing of Annual returns by composition taxpayers. – Negative Liability in GSTR-4 Instances have come to notice where taxpayers are reporting negative liability appearing in their GSTR-4. Background: Since FY 2019-20, composition taxpayers has to...

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ICAI CMA Draft guideline & FAQs for Multi-Disciplinary Partnership

Seeking comments of the members on Draft Guidelines for the Formation of Multi-Disciplinary Partnership (MDP) firms by the members of the Institute of Cost Accountants of India as per provisions of the Cost and Works Accountants Act and Regulations and Draft Frequently Asked Questions on Formation of Multi-Disciplinary Partnership (MDP) F...

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Practical Challenges in GST in India now a days

GST may be new to us but it is not new to globe, France adopted GST in 1954 and become the first nation who adopted GST to curb the tax evasion. After that Italy, Japan, Canada, Australia, South Korea, UK and China took a forward step in GST implementation in their economy. GST was adopted […]...

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Basics of Insider Trading

Insider trading is governed/prohibited by the SEBI (Prohibition of Insider Trading) Regulations, 2015 (“Regulations”). Two concepts central to understanding insider trading are who is an insider and what is unpublished price sensitive information. Regulation 2(g) defines an ‘insider’ as any person who is in possession of or has ac...

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Issued faced during assessments & in functioning of Maharashtra VAT Website

AIMTPA has written a letter to Commissioner of State Tax and brought to his attention issues being faced during assessments under the Maharashtra Value Added Tax Act, 2002 , the Central Sales Tax Act, 1956  and some issues related to the functioning of the Department’s portal viz www.mahagst.gov.in/en. Text of their letter is as follow...

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Rajasthan VAT: Request for extension of date of Rectification of Mistakes of old Assessment orders

ATMTPA has written a letter to Chief Minister of Rajasthan and requested to extend the date of Rectification of Mistakes of  old Assessment orders under section 33 of Rajasthan Value added Tax Act, 2006 to 30th Sept. 2021 so that all the taxpayers of the state can take the benefit of VAT Amnesty scheme-2021 after […]...

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ITR forms applicable for Individuals for AY 2021-22

The Deadline for filing income tax return for the AY 2021-22 is extended to September 30, 2021.The following are forms applicable for an Individual who are required to file their returns for the Previous Year 2020-21 and ITR-1 (Sahaj)- This form  is applicable for a Resident individual Having a total income upto ₹50 lakhs from [&hellip...

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Charitable Trust running medical store to give medicines without profit required to be registered under GST

Nagri Eye Research Foundation v. Union of India (Gujarat High Court)

GST : Where Charitable Trust was running a medical store, even though Charitable Trust was giving medicines to customers at a lower rate with no profit, sale of medicine by Trust would be a taxable supply of goods; aggregate turnover exceeding threshold limit, Trust would have to obtain registration...

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No penalty leviable unless the conduct of the assessee is found to be contumacious

Aanya Real Estate Pvt. Ltd. Vs DCIT (ITAT Mumbai)

Aanya Real Estate Pvt. Ltd. Vs DCIT (ITAT Mumbai) In M/s. Aanya Real Estate Pvt. Ltd. v. Deputy CIT [IT A No. 115/Mum/2020 decided on July 20, 2021] M/s. Aanya Real Estate Pvt. Ltd. (“the Appellant”) is a real estate company. During assessment, it was noted that the Petitioner had disclosed payment for Exchange Server […]...

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