Factoring Regulation (Amendment) Bill, 2020, inter alia, seeks to— (i) amend the definitions of ‘assignment’, ‘factoring business’ and ‘receivables’, so as to bring them in consonance with international definitions and also to insert a new definition of ‘Trade Receivables Discounting System’ in section 2; (ii) amend section 3 to widen the scope of financiers and […]
DCIT Vs Jugal Kishore Garg (Derewala) (ITAT Jaipur) The ld. CIT(A) observed that it is evident that the surplus being referred to by the Ld. AO is not profit from the projects but the receipts of ‘on money’ credited to the capital accounts of the partners which has been considered in the additional income offered […]
Shri. T. R. Ramnani has been appointed as member of Advance Ruling Authority in place of Shri. A. A. Chahure. FINANCE DEPARTMENT Madam Cama Marg, Hutatma Rajguru Chowk, Mantralaya, Mumbai 400 032, dated the 14th September 2020. NOTIFICATION MAHARASHTRA GOODS AND SERVICES TAX ACT, 2017. No. GST.1020/C.R.84/Taxation-1.— In exercise of the powers conferred by section […]
Identification of Customs site performing Faceless Assessment within each Zone of a National Assessment Centre (NAC) :- Board has decided to constitute total eleven (11) National Assessment Centres (NACs) for performing Faceless Assessment.
Taxpayers whose aggregate turnover during the financial year 2019-20 exceeds Rupees five hundred crore (Rs. 500 crore) are required to upload the Invoice details on the Government Invoice Registration Portal (IRP) w.e.f. 01st October 2020 Join us to know how to + Register the Invoice + Generate IRN for the supplies + Upload in e-Invoice […]
As a facilitation measure, all the taxpayers who were having aggregate turnover of Rs. 500 Cr. (from 2017-18 onwards) were enabled on e-invoice portal https://einvoice1.gst.gov.in/. The listing is based on GSTR-3B data, as available in GST System.
Request for permitting availment of input tax credit under GST pertaining to Financial Year 2019-20 and correction in GSTR- 1 till March, 2021. Institute of Charted Accountant of India ICAI/IDTC/2020-21/Rep/16 10th September, 2020 Shri S.K Rahman Joint Secretary, Goods and Services Tax Council, 56′ Floor, Tower II, Jeevan Bharti Building, Janpath Road, Connaught Place, New […]
It is suggested to devise a mechanism for receiving part payment of taxes till the industry recover and stabilises from the effect of Covid-19, which could be a win-win situation for both the Government, as they will receive early payment of taxes and at the same time taxpayers will not be required to pay interest on the part payment made by them.
The Insolvency and Bankruptcy Code, 2016 (Code) consolidates and amends the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of the value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders.
Resale Price Method (RPM) is a GP margin based method. It is a traditional transaction method. It primarily compares controlled and uncontrolled transactions. Under RPM we can tolerate slight differences in the products distributed by the two types of distributors as long as the broad category of products distributed is the same.
