CBIC vide Circular No. 137/07/2020-GST has clarified on GST refund if GST has been paid but subsequently Service contract cancelled or goods supplied been returned, Date of TCS Payment, Submission Date of LUT for Financial Year 2020-21, Application for such refund of GST for which two years were expiring on 31.03.2020 etc. Circular No. 137/07/2020-GST […]
1. Important Information on Download 197 Certificate for Section 194M -Only TRACES Registered users can Download 197 Certificate for Section 194M from F.Y 2019-20 onwards. -Deductor (after login as a Taxpayer on TRACES) can download 197 certificate if request of Form-13 is approved by Assessing Officer. -Deductor can view or download 197 Certificate for Section […]
Bbooks of accounts were duly presented when the show cause notice was given to the assessee, and no discrepancy was found in the same, but non-presentation of the books of accounts at the time of survey cannot be the sole reason for rejection of the books of accounts.
Saluja and Company Vs State of Haryana and others (Punjab & Haryana High Court) Issue- Whether in facts and circumstances of the case, the Tribunal was justified in holding that the Mango Drink under the brand name “Slice” sold by the appellant, does not fall under Entry 100D of Schedule-C of the HVAT Act and […]
Sh. Apoorve Talera Vs Litecon Industries Pvt. Ltd. (NAA) It is established that the Respondent has acted in contravention of the provisions of Section 171 of the CGST Act, 2017 and has not passed on the benefit of reduction in the rate of tax to his recipients by commensurate reduction in the prices. Accordingly, the […]
General Circular No. 16/2020 File No. 16/01/2018-IEPFA (Vol. II) Investor Education and Protection Fund Authority Ministry of Corporate Affairs Government of India Ground Floor, Jeevan Vihar Building, 3, Parliament Street, New Delhi-01, Dated: 13th April, 2020 To All Stakeholders, Nodal Officers (IEPF) of Companies, All Regional Directors and Registrar of Companies Subject: Filings under section […]
The global macroeconomic outlook for current financial year 2020-21 has been adversely affected by COVID-19 pandemic which has impacted majority of countries in the world across the continents. The pandemic has cast its shadow across various economic activities with massive dislocation in global production, supply chains and trade.
An employee, having income other than the income under head profit and gains of business or profession and intending to opt for the concessional rate under section 115BAC of the Act, may intimate the deductor, being his employer, of such intention for each previous year and upon such intimation, the deductor shall compute his total income, and make TDS thereon in accordance with the provisions of section 11513AC of the Act. If such intimation is not made by the employee, the employer shall make TDS without considering the provision of section 115BAC of the Act.
Several cases have come to the notice of the Central Government wherein deductors/ collectors were held to be an assessee in default for short deduction of TDS/short collection of TCS in cases where final transaction was done before laying of the Finance (No.2) Bill, 2019 in the Parliament, i.e. 5th July, 2019.
iImport consignments, where a preferential treatment of goods under a Free Trade Agreement has been claimed but the original hard copy of CoO has not been submitted or only digitally signed copy or unsigned copy of CoO is submitted, may be assessed and cleared provisionally in terms of section 18 of the Customs Act, 1962. The final assessment may be done subsequently on submission of the original COO certificate by the importer.
