2 Archive - 22 July 2021

"22 July 2021" Archive

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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CSR expenses incurred to make donations to Trusts eligible for deduction

JMS Mining Pvt. Ltd. Vs PCIT (ITAT Kolkata)

JMS Mining Pvt. Ltd. Vs PCIT (ITAT Kolkata) Current appeal has been filed against the order dated March 30, 2021 (Impugned order) passed by Ld. Principal Commissioner of Income-tax (Respondent) under Section 263 of Income Tax Act, 1961 (IT Act). It is challenged on the ground of the invocation of jurisdiction by the Respondent without [&h...

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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 Two concepts central to understanding insider trading are who is an insider and what is unpublished price sensitive information.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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HC set-aside Faceless assessment order passed without issuing draft assessment order

Toplight Corporate Management (P.) Ltd. Vs National faceless assessment Centre Delhi and Anr. (Delhi High Court)

Toplight Corporate Management (P.) Ltd. Vs National faceless assessment Centre Delhi (Delhi High Court) Learned counsel for the petitioner states that the impugned assessment order was passed without issuing mandatory draft assessment order along with show cause notice, as contemplated under Section 144B of the Act, resulting in denial of...

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Requirement of Form MGT-9 for Financial Year 2020-21 & Onwards

In accordance with the general practices, every company is required to prepare the extract of the annual return in Form MGT-9 and that too before the preparation of actual Annual Return in E-form MGT-7 which is submitted to ROC within 60 days of AGM. The Form MGT-9 is an extract of the annual return which […]...

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