CBDT to Levy Penalty for not providing Facility to Accept Digital Payments from Feb 1st

The Central Board of Direct Taxes ( CBDT ) to levy a penalty for not providing facility to accept digital payments from February 1st, 2020. In furtherance to the declared policy objective of the Government to encourage digital economy and move towards a less-cash economy, a new provision namely Section 269SU of the Income Tax […]

The post CBDT to Levy Penalty for not providing Facility to Accept Digital Payments from Feb 1st appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2u14gYH

ICAI Overseas Campus Placement: 234 Chartered Accountants, Accountants gets Placement

The ICAI President said that 187 Chartered Accountants and 47 Accountants got Placed in ICAI Overseas Campus Placement. The ICAI Committee for Export of CA Services and WTO has organized Overseas Campus Placement for Chartered Accountants and Accountants from 12th to 14th December 2019 in Delhi, Mumbai and Chennai in physical mode and in Bangalore, […]

The post ICAI Overseas Campus Placement: 234 Chartered Accountants, Accountants gets Placement appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2QbGUs6

How to Reduce Startups Legal Risks and Costs?

In order to strive and succeed in the market, every entrepreneur has to tactfully thwart legal hurdles, its possible with the help of smart and big in house legal departments, and its affordable only for large companies. what startups can do, to resolve their disputes, and not let them escalate to litigation. Litigation is a […]

The post How to Reduce Startups Legal Risks and Costs? appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/37o1ETa

ICAI proposes Twelve New Accounting Standards for Local Bodies

The Institute of Chartered Accountants of India ( ICAI ) has proposed twelve new Accounting Standards for Local Bodies. The Institute has been formulating accrual-based Accounting Standards for Local Bodies (ASLBs) since March 2005 to improve financial reporting of Government at the third-tier of Government, i.e., Local Bodies that are moving towards accrual accounting. Moving […]

The post ICAI proposes Twelve New Accounting Standards for Local Bodies appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2Qg144d

CBIC extends Sabka Vishwas (Legacy Dispute Resolution) Scheme

The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the Sabka Vishwas (Legacy Dispute Resolution) Scheme it for a period of fifteen days, till 15th January, 2020. The Sabka Vishwas (Legacy Dispute Resolution) Scheme has received a huge response with almost 73% of the total eligible taxpayers availed the Scheme and […]

The post CBIC extends Sabka Vishwas (Legacy Dispute Resolution) Scheme appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2MLuTYb

Sabka Vikas Scheme Due Date Extended to 15.01.2020 to Pay PRE GST Tax Du...

Top 15 Tax Judgments of 2019

The Following are the important Tax Judgments delivered by the Supreme Court of India in 2019. New Delhi Muncipal Council vs. Association of Concerned Citizens of New Delhi and Others The Supreme Court of India has struck down New Delhi Municipal Council ( NDMC ) (Determination of Annual Rent) Bye-laws, 2009. The municipal body’s 2009 […]

The post Top 15 Tax Judgments of 2019 appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/39vqsKI

ICAI again extends Payment of Membership / COP Fees for the year 2019-20

The Institute of Chartered Accountants of India ( ICAI ) has extended Payment of Membership / COP Fees for the year 2019-20 is further extended to 31st January 2020. In an announcement by ICAI said that, It has been decided to extend the last date for payment of Membership /COP fee for the year 2019-20 […]

The post ICAI again extends Payment of Membership / COP Fees for the year 2019-20 appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2ZBL3J1

Taxmann's GST Refunds Book 6th Edition 2020

Income Tax Refund cannot be withheld on ground that Scrutiny Notice was Issued: Delhi HC [Read Judgment]

The Delhi High Court has held that Assessing Officer cannot withhold the Income Tax Refund by citing the reason that the scrutiny notice has been issued. The Petitioner Maple Logistics Private Limited has approached the High Court to refund the income tax amount on account of excess deduction of tax at source in respect of […]

The post Income Tax Refund cannot be withheld on ground that Scrutiny Notice was Issued: Delhi HC [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2MFJe8w

CA, CPA, ICWA vacancies in Swiss Re

The Swiss Re Group has invited applications from qualified CA, CPA, and ICWA candidates for the post of Senior Accountant. The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from […]

The post CA, CPA, ICWA vacancies in Swiss Re appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2sCAngZ

New GST Notification for Rate change from 1st January 2020 : CA Satbir S...

China’s VAT Law: All You Want to Know

China’s Ministry of Finance and State Administration published the consultation draft of its Value-added Tax Law ( China’s VAT Law ) for the legislation process of the VAT system on November 27, 2019.  Public comments for the law were open until December 26, 2019. The VAT law changes are expected to be presented to the […]

The post China’s VAT Law: All You Want to Know appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/39kSKYm

New GST Rates are not applicable to Construction of Commercial Space: AAR [Read Order]

The Authority of Advance Ruling ( AAR ) has ruled that, New Goods and Services Tax (GST) rates are not applicable to the construction of Commercial Space. In a recent case, the applicant M/S Team View Developers has filed an application for advance ruling under section 97 of CGST Act 2017 and section 97 of […]

The post New GST Rates are not applicable to Construction of Commercial Space: AAR [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2SBJ31X

More than 1.12 Lakh Crores IGST Refund paid to Exporters, says CBIC

The Central Board of Indirect Taxes and Customs (CBIC) on said that it has paid IGST refund worth over Rs 1.12 lakh crores to more than 83,500 exporters to date. The CBIC also said that, “This shows that the government’s efforts to fast track refunds under GST especially to exporters are yielding results”. In a […]

The post More than 1.12 Lakh Crores IGST Refund paid to Exporters, says CBIC appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2QauNvb

Actual Payment of Business Expenditure in the relevant Accounting Year not mandatory for claiming Deduction: Kerala HC [Read Judgment]

The Kerala High Court has ruled that, Actual Payment of Business Expenditure in the relevant Accounting Year not mandatory for claiming Deduction. The appeal is filed by the revenue before the Kerala High Court and the question in consideration is expenditure to be incurred in future in respect of a liability that accrued during the […]

The post Actual Payment of Business Expenditure in the relevant Accounting Year not mandatory for claiming Deduction: Kerala HC [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2Qatooq

GST Revision Class 6 by CA Satbir Singh

CIT has No Power to Assess Objectives of Charitable Entities u/s 11A: Chhattisgarh High Court [Read Judgment]

The Bilaspur Bench of the Chhattisgarh High Court in the case of CIT v Rishabh Foundation Trust holding in favor of the assessee upholding registration under Sections 12A refused to interfere with the order of the ITAT held that Section 12A of the Income Tax Act does not empower the CIT to assess the objects […]

The post CIT has No Power to Assess Objectives of Charitable Entities u/s 11A: Chhattisgarh High Court [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2ZC3NrK

GST: Top 30 High Court Judgments in 2019

There were a lot of changes in the Goods and Services Tax ( GST ) regime in the year 2019. Here is the top 30 High Court judgments on GST delivered in 2019.  Sheen Golden Jewels (India) Pvt. Ltd. vs. State of Kerala The Kerala High Court has upheld the constitutional validity of the VAT […]

The post GST: Top 30 High Court Judgments in 2019 appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2teyvew

CBDT again extends due date for linking of Aadhaar with PAN till March 31, 2020

The Central Board of Direct Taxes ( CBDT ) has extended the due date for linking of Aadhaar with PAN from March 31, 2020. The due date for linking of PAN with Aadhaar as specified under sub-section 2 of Section 139AA of the Income-tax Act,1961 has been extended from 31st December, 2019 to 31st March, […]

The post CBDT again extends due date for linking of Aadhaar with PAN till March 31, 2020 appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2QxRMzy

Prohibition of Benami Property Act is still in Force, not Replaced: Chhattisgarh HC [Read Judgment]

In a recent case, the Chhattisgarh High Court has held that the original Act of 1988 has not been either superseded or replaced by Amendment Act of 2016. The original Act of 1988 is still in operation and also in force, applies irrespective of the period of purchase of the Benami property. The facts of […]

The post Prohibition of Benami Property Act is still in Force, not Replaced: Chhattisgarh HC [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/356RzIU

Appeal can’t be dismissed for want of Delay if it was due to Non-Receipt of Order-in-Original: Rajasthan HC [Read Judgment]

The Rajasthan High Court held that the petitioner did not have any knowledge of the order had passed against the company but also the copy of the order-in-origin was not received by them. In such circumstances even though the appeal filed by the petitioner was time-barred, the appeal of the petitioner ought to be decided […]

The post Appeal can’t be dismissed for want of Delay if it was due to Non-Receipt of Order-in-Original: Rajasthan HC [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2SCT4Mf

Assessee can Produce Third Parties before AO to dispute Documentary Evidence found during Search: ITAT [Read Order]

The Income Tax Appellate Tribunal, (ITAT) Delhi, held that when documentary evidence of managing affairs of the contractor by the personnel of the assessee is found during search action, the onus was on the assessee to produce that person before the Assessing Officer to bring the truth as on whose direction they signed document as […]

The post Assessee can Produce Third Parties before AO to dispute Documentary Evidence found during Search: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2ZC2jO0

Addition made on the basis of Presumption is not Justifiable: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) Hyderabad held that addition made on the basis of presumption is not justifiable. When the assessee had furnished the details of the payment to the Accountant towards accounting charges it cannot be simply rejected without verifying the facts. Ld. AO directs to delete the addition made for […]

The post Addition made on the basis of Presumption is not Justifiable: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/35bdkqS

Supply of Mixture and Dough of Wheat Flour, Sugar and Water, cut into specific shape, which is dried and hardened by heating attracts 28% GST: AAR [Read Order]

The West Bengal Authority of Advance Ruling ( AAR ) in an application filed by Ambo Agritec Pvt Ltd held that supply of mixture and dough of wheat flour, sugar and water, cut into a specific shape, which is dried and hardened by heating is classifiable under tariff item 1901 20 00 which will attract […]

The post Supply of Mixture and Dough of Wheat Flour, Sugar and Water, cut into specific shape, which is dried and hardened by heating attracts 28% GST: AAR [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2QtSVYJ

‘First Offenders’ won’t get relaxation in case of Customs Duty Evasion / Prohibition: Madras HC [Read Order]

The Madurai Bench of the Madras High Court in the case of Assistant Commissioner of Customs v Navaskhan held that the matter needs to be remanded back to JM for fresh consideration since the ground of being the ‘first offenders’ does not come within the ambit of Section 135(3)(1). The present petition is filed against […]

The post ‘First Offenders’ won’t get relaxation in case of Customs Duty Evasion / Prohibition: Madras HC [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2Q5uMsC

Residential Status of Beneficiaries relevant to determine Treaty Benefits of Tax Transparent Entities: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT), Mumbai ruled that when an assessee is a representative assessee of a tax transparent entity, it is the residential status of beneficiaries or constituents of tax transparent entities which are relevant for the purpose of determining treaty protection. The ruling was made by a bench constituting of Vice […]

The post Residential Status of Beneficiaries relevant to determine Treaty Benefits of Tax Transparent Entities: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2u2R2uG

Practical Guide to GST on Real Estate Industry

Companies Act Provisions on Disqualification and Vacation of Directorship can’t be applied Retrospectively: Delhi HC [Read Judgment]

In a recent case, the Delhi High Court has held that the operation of the provisos to Section 164(2) ( Disqualification ) and Section 167(1)(a) (Vacation of Directorship) of the Companies Act cannot be read to operate retrospectively. The proviso to Section 167(1) of the Act imposes a punitive measure on directors of defaulting companies.  […]

The post Companies Act Provisions on Disqualification and Vacation of Directorship can’t be applied Retrospectively: Delhi HC [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2rARrDC

SAMI LABS Ltd hiring CA, CMA for CFO

The Sami Labs Limited has invited applications from Chartered Accountants, Cost Accountants for the post of Chief Financial Officer ( CFO ). Chief Financial Officer shall be accountable for the funding, administrative, financial, treasury, risk management, investor & 3rd party relations of the company, to include the development of financial and operational strategies, metrics tied […]

The post SAMI LABS Ltd hiring CA, CMA for CFO appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2SvYNU6

Non-Filing of Return and Non-Payment of GST within due date is an Offence: Madhya Pradesh High Court denies Bail [Read Order]

The Madhya Pradesh High Court has ruled that Non-filing of Return and Non-payment of GST within the due date is an Offence. While denying the Bail Application, the Court also observed that the taxpayer has to declare their tax liability for a month in GST return (GSTR-1) by 10th day of the subsequent month. And […]

The post Non-Filing of Return and Non-Payment of GST within due date is an Offence: Madhya Pradesh High Court denies Bail [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/39ok4F6

Section 167(1)(a) Companies Act not Violative of Articles 14, 19(1)(g) of the Constitution: Madras High Court [Read Judgment]

The Madras High Court held that Section 167(1)(a) Companies Act not Violative of Articles 14, and 19(1)(g) of the Constitution of India. The judgement was rendered by the divisional bench consisting of Chief Justice A.P.Sahi and Justice Subramonium Prasad, in the case of G.Vasudevan v. Union of India. The issue raised was that the Section […]

The post Section 167(1)(a) Companies Act not Violative of Articles 14, 19(1)(g) of the Constitution: Madras High Court [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/37cXywY

GST Legal & Audit Manual 2020 Edition

Interest Paid on Borrowed Fund for Acquiring Controlling Interest in another Company allowable as Business Expenditure: Bombay High Court [Read Judgment]

The Bombay High Court in the case of PCIT v M/s Concentrix Services upheld that the interest paid on the borrowed fund for the purpose of acquiring a controlling interest in another company would be allowable business expenditure. Respondent engaged in the business of providing IT-enabled services such as Call Centres, BPO services, etc. Respondent […]

The post Interest Paid on Borrowed Fund for Acquiring Controlling Interest in another Company allowable as Business Expenditure: Bombay High Court [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/3515wb1

Deduction u/s 54 and 54F allowed where Non-Completion of Construction was not Assessee’s Fault: ITAT [Read Order]

The New Delhi bench of due Income Tax Appellate Tribunal (ITAT) in the case of Abodh Borar v ITO held that delay in developer’s delivery of possession to which the assessee could not complete the construction was not under assessee’s control, the deduction u/s 54 and 54F of the Income Tax Act shall be allowed. The […]

The post Deduction u/s 54 and 54F allowed where Non-Completion of Construction was not Assessee’s Fault: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/39mz9qU

Liability to Pay Demurrage Charges on Importer except When Malafide on part of Customs or Fault of the Custodian: Delhi HC [Read Judgment]

The Delhi High Court ruled that the liability to pay demurrage charges is that of the importer, except in rare circumstances when there is malafide on part of customs or fault of the custodian. The decision was made by a joint hearing in the case of M/S Global Impex Through Its Partner V. Manager, CELEBI […]

The post Liability to Pay Demurrage Charges on Importer except When Malafide on part of Customs or Fault of the Custodian: Delhi HC [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/37hynJY

Tax Amount to be indicated in the Tax Invoice under Sec 33: Karnataka HC [Read Judgment]

The Karnataka High Court ruled that the obligation under Section 33 of the Act provides that while raising an invoice, the amount of tax is to be indicated in the tax invoice. The ruling was made by  Justice S. Sunil Dutt Yadav, in the case of K. Ananthakrishna Shetty V. Mangalore Mahanagara Palike and Anr. […]

The post Tax Amount to be indicated in the Tax Invoice under Sec 33: Karnataka HC [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2stlPAb

CBIC directs to Constitute of Grievance Redressal Committees at Zonal / State level for Redressal of Grievances of Taxpayers on GST related issues [Read Circular]

The Central Board of Indirect Taxes and Customs ( CBIC ) has directed to constitute of Grievance Redressal Committees at Zonal/ State level for Redressal of Grievances of Taxpayers on GST related issues. The GST Council in its 38th meeting held on 18.12.2019 has decided that a structured grievance redressal mechanism should be established for […]

The post CBIC directs to Constitute of Grievance Redressal Committees at Zonal / State level for Redressal of Grievances of Taxpayers on GST related issues [Read Circular] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/39gfPvk

ICAI extends MEF Draft Panel till 2nd Jan, 2020; Members can lodge their complaints on Complaint Module of MEF Application

The Institute of Chartered Accountants of India ( ICAI ) has extended the Multipurpose Empanelment Form (MEF) draft panel till 2nd January, 2020. The Draft Bank Branch Auditors’ Panel of Chartered Accountants/firms for the year 2019-20 has been hosted at www.meficai.org for indicating the category of the applicants of Multipurpose Empanelment Form for the year 2019-20. Professional […]

The post ICAI extends MEF Draft Panel till 2nd Jan, 2020; Members can lodge their complaints on Complaint Module of MEF Application appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/365Li18

Delhi HC holds Circular dated 25.09.2019 not in violative of Sabka Vishwas Scheme, 2019 nor any relevant Act [Read Judgment]

The Delhi High Court held that the Circular issued by the respondents dated 25.09.2019 (Annexure P-1 to the Judgement) prima facie is not violative of the provisions of the Sabka Vishwas scheme (Legacy Dispute Resolution) 2019 nor of the relevant Act. The Judgment was rendered in a Public Interest Litigation filed by Nidhi Gupta against […]

The post Delhi HC holds Circular dated 25.09.2019 not in violative of Sabka Vishwas Scheme, 2019 nor any relevant Act [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/39iSaKO

CBDT directs dispose of Pending Appeals for more than 5 years by March 31st 2020 [Read Circular]

The Central Board of Direct Taxes ( CBDT ) has directed to communicate that all the CsIT(A) in respective regions be directed that all such pending appeals for more than 5 years as on 1st April, 2019 must be disposed of without fail by 31st March, 2020. As per data provided by ITBA, it is […]

The post CBDT directs dispose of Pending Appeals for more than 5 years by March 31st 2020 [Read Circular] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2EZFQBd

CBIC notifies Extension of due date of filing GSTR-9 and GSTR-9C [Read Order]

The Central Board of Indirect Taxes and Customs ( CBIC ) has notified the extension of the Due Date for furnishing GST Annual Return and Reconciliation Statement (GSTR-9 / 9A and GSTR-9C) for FY 2017-18 to January 31st 2020. GSTR 9 is an annual return to be filed yearly by taxpayers registered under GST. It […]

The post CBIC notifies Extension of due date of filing GSTR-9 and GSTR-9C [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/39rMZs6

CBIC extends due date for filing GSTR-3B and GSTR-7 in Assam, Manipur, Meghalaya or Tripura [Read Notification]

The Central Board of Indirect Taxes and Customs ( CBIC ) has extended due date for filing the return in FORM GSTR-3B and GSTR-7 for registered persons in Assam, Manipur, Meghalaya or Tripura for the month of November, 2019. In a Notification issued by the CBIC said that, “Provided also that the return in FORM […]

The post CBIC extends due date for filing GSTR-3B and GSTR-7 in Assam, Manipur, Meghalaya or Tripura [Read Notification] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2SzqmMb

GST Annual Return FY 2017-18 update on GST Portal

CBIC notifies Extension of due date of Furnishing Form GSTR-1 in Assam, Manipur and Tripura [Read Notification]

The Central Board of Indirect Taxes and Customs ( CBIC ) has notified extension of the due date of Furnishing Form GSTR-1 in Assam, Manipur and Tripura for registered persons having aggregate turnover more than 1.5 crore­­­ rupees for the month of November, 2019. In a Notification issued by the CBIC said that, “Provided that […]

The post CBIC notifies Extension of due date of Furnishing Form GSTR-1 in Assam, Manipur and Tripura [Read Notification] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/354Ukdr

GSTN issues clarification on Auditor’s Certificate issued in Part-B(ii) of GSTR-9

The Goods and Services Tax Network ( GSTN ) has issued a clarification on Auditor’s Certificate issued in Part-B(ii) of GSTR-9 (Annual Return). In a Statement issued by GSTN said that, A minor issue has come to notice in auditor’s certificate issued in Part-B(ii). The issue will be fixed shortly. In the meantime, where Part-B(ii) […]

The post GSTN issues clarification on Auditor’s Certificate issued in Part-B(ii) of GSTR-9 appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2EZCLRH

CBIC notifies waiver of Late Fee of all Pending Form GSTR-1 from July 2017 to Nov 2019 [Read Notification]

The Central Board of Indirect Taxes and Customs ( CBIC ) has notified the waiver of late fees of all pending Form GSTR-1 from July 2017 to November 2019. In the 38th meeting of the GST Council meeting waived of a late fee to be given all taxpayers in respect of all pending Form GSTR-1 […]

The post CBIC notifies waiver of Late Fee of all Pending Form GSTR-1 from July 2017 to Nov 2019 [Read Notification] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/356akw9

M/s Caroa Properties LLP held Guilty of Profiteering for the Project ‘Godrej City Panvel Phase-I’ [Read Order]

The National Anti Profiteering Authority ( NAA ) in a case filed against M/s Caroa Properties LLP held that the respondent had denied the benefit of ITC to the buyers of the flats and the shops being constructed by him in his Project ‘Godrej City Panvel Phase-I’ in contravention of Section 171 (1). Applicant No. […]

The post M/s Caroa Properties LLP held Guilty of Profiteering for the Project ‘Godrej City Panvel Phase-I’ [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2Q3aMaa

DGGI Chennai unearths GST Fraud involving rupees Rs.900 Cr

In a major operation, sleuths of DGGI, the Chennai Zonal unit carried searches lasting two days during the 19th to 20th of December at several premises and unearthed a GST fraud involving rupees Rs.900 Crores, wherein several firms were created using identity documents for gullible people. GST fraud  and GST registrations were obtained for issuing […]

The post DGGI Chennai unearths GST Fraud involving rupees Rs.900 Cr appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2Qhehs8

Breaking News I ITC Block New Rule 86A and New GST Notifications issued...

Digital Payments: RBI Introduces New Type of Semi-Closed Prepaid Payment Instrument upto Rs.10k

The Reserve Bank of India ( RBI ) has introduced a new type of semi-closed Prepaid Payment Instrument (PPI) – PPIs up to Rs. 10,000/- with loading only from the bank account to promote Digital Payments. In a communication issued by the RBI said that, To give impetus to small value digital payments and for […]

The post Digital Payments: RBI Introduces New Type of Semi-Closed Prepaid Payment Instrument upto Rs.10k appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2rs3cMy

GST Evasion: CGST Vadodara unearths Fraudulent Claim of IGST Refunds on Exports made by Surat based Firms

Acting on Intelligence received from Chief Commissioner’s Office, CGST Vadodara, Central GST & Central Excise, Surat Commissionerate has unearthed a case of a fraudulent claim of IGST refunds on exports made by Surat-based 03 firms, namely M/s Bluemoon Textiles, M/s Classic Industries and M/s F.S. Textiles. Preliminary investigation reveals that these firms received only invoices […]

The post GST Evasion: CGST Vadodara unearths Fraudulent Claim of IGST Refunds on Exports made by Surat based Firms appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/376Kf18

Supply of a Bundle of Services at a Single Price, If not Composite, then Mixed Supply under Sec 2(74): AAR [Read Order]

The West Bengal Authority for Advance Ruling ( AAR ) has ruled that  Supply of a bundle of services at a single price if it does not constitute a composite supply, is a mixed supply within the meaning of section 2 (74) of the GST Act. The court further elaborated that such a supply should […]

The post Supply of a Bundle of Services at a Single Price, If not Composite, then Mixed Supply under Sec 2(74): AAR [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2rrRYYq

GST Evasion: CGST Delhi South Commissionerate busts Racket of creating Bogus Firms, issuing Fake Invoices and bogus E-Way Bills encash Tax Credits

Anti Evasion wing of CGST Delhi South Commissionerate headed by Dr Tej Pal Singh has discovered yet another case of fake invoices and GST fraud alongside a novel modus operandi of defrauding the exchequer by exploiting the facility of refunds given for inverted duty structure. The investigations have unearthed a well-organized racket of creating bogus […]

The post GST Evasion: CGST Delhi South Commissionerate busts Racket of creating Bogus Firms, issuing Fake Invoices and bogus E-Way Bills encash Tax Credits appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2tU4tgn

M/s Johnson & Johnson Pvt Ltd held Guilty of Profiteering [Read Order]

The DGAP in a complaint against M/s Johnson & Johnson Pvt Ltd held them liable of profiteering directing them to reduce his prices commensurately. The Respondent has been alleged of not passing on the benefit of reduction in the rate of GST on the products being supplied by him when the rate of GST on […]

The post M/s Johnson & Johnson Pvt Ltd held Guilty of Profiteering [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2EV3KO8

CBDT extends due date of Filing Tax Audit Reports and ITRs in Jammu & Kashmir and Ladakh [Read Order]

The Central Board of Direct Taxes ( CBDT ) has extended the due date of filing Tax Audit Reports and Income Tax Returns in Jammu & Kashmir and Ladakh to January 31st 2020. The CBDT has further extended the due date for filing of TARs & ITRs to January 31, 2020 for all categories of […]

The post CBDT extends due date of Filing Tax Audit Reports and ITRs in Jammu & Kashmir and Ladakh [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2PXHnOs

Negligence without ill intent held not to be ‘Misconduct’: Bombay HC [Read Judgment]

The Bombay High Court in a writ petition in the name of Satyendra Singh Gurjar v Union of India before it held that an act on the part of the petitioner as a result of negligence and carelessness falls short of ‘misconduct’ The petitioner in the present case is recruiter as an Appraiser (Customs) in […]

The post Negligence without ill intent held not to be ‘Misconduct’: Bombay HC [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2ERHNzz

Form-29B is not at all Significant for Processing of the Return: Kerala HC [Read Judgment]

In a recent case, the Kerala High Court observed that Form-29B is not at all significant for processing of the return as is seen from the facts of the case which indicate that such processing having been done far earlier to the filing of such statement. The facts of the case are the original return […]

The post Form-29B is not at all Significant for Processing of the Return: Kerala HC [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/39di3LQ

Special CBI Court convicts a Chartered Accountant and Six Others for TDS Fraud [Read Judgment]

A Special Court for CBI at Greater Bombay has convicted Chartered Accountant Devendra Chaturvedi and six others named Hoor C. hurani, Sayaji L. Sangle, G. Chokkalingam, Ajit Meghnath Chachad, Ashok Patel and John R. Soares in a TDS (tax deducted at source) fraud committed 20 years ago. The key accused CA Devendra Chaturvedi and others […]

The post Special CBI Court convicts a Chartered Accountant and Six Others for TDS Fraud [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2MsUJAc

Pendency of Representation Filed by Assessee not a bar to issuing Pre-revision Notices by Department: Madras HC [Read Judgment]

The Madras High Court in its case of Tvl Sri Kumaran Mills v Assistant Commissioner held that where a representation had been filed by the taxpayer before the relevant authority by the assessee and notices were issued during the pendency of the same by the Department, the pre-revision notices are liable to be quashed. The […]

The post Pendency of Representation Filed by Assessee not a bar to issuing Pre-revision Notices by Department: Madras HC [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/39b0eNz

Accrued Tax Credits could not be Denied on Account of Procedural Defect: Kerala HC allows to upload Form GST TRAN-1 [Read Order]

The Kerala High Court has allowed the petitioner to upload the Form GST TRAN-1 despite having attempted to do so on 27.12.2017. The Petitioner, who was registered under the erstwhile tax regime was eligible to avail certain transitional credit under section 140 of the CGST/ KSGST Act. Owing to a systemic failure, the Petitioner was […]

The post Accrued Tax Credits could not be Denied on Account of Procedural Defect: Kerala HC allows to upload Form GST TRAN-1 [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2ER2USB

Professional Misconduct: ICAI removes Name of Three Chartered Accountants, Imposes Fine [Read Notification]

The Institute of Chartered Accountants of India ( ICAI ) has removed the name of three Chartered Accountants (CA) for the professional misconduct. The ICAI has also imposed fine to CA. Punit Godawat. The Notification said that, Section 21B(3) of the Chartered Accountants Act, 1949 read with Rules 18(17) and 19(1) of the Chartered Accountants […]

The post Professional Misconduct: ICAI removes Name of Three Chartered Accountants, Imposes Fine [Read Notification] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2SswwxE

CBDT extends Time Limit of response to notices issued under E-assessment Scheme [Read Circular]

The Central Board of Direct Taxes ( CBDT ) has extended the time limit for filing of the response to notices issued under section 142(1) of the Income Tax Act, 1961 under the E-assessment Scheme. In a Communication issued by National E-assessment Centre, Delhi said that, “With a view to provide relief to the taxpayers […]

The post CBDT extends Time Limit of response to notices issued under E-assessment Scheme [Read Circular] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2Mrj1u6

Amazon hiring Tax Analyst

The Amazon India is hiring Chartered Accountants or CPA for the post of Tax Analyst. Amazon is seeking a Tax Analyst to work in its Indirect Tax Compliance team in Bangalore, India. The Amazon Tax Department is a fast-paced, team-focused, and dynamic environment. This position will be responsible (as part of a larger team) for […]

The post Amazon hiring Tax Analyst appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2SmYbQA

Denying Opportunity to Cross-Examining the Parties is Violation of Natural Justice: Madras HC [Read Judgment]

The Madras High Court has held that an opportunity of cross-examining the representatives of the co-operative societies upon whose statement reliance is intended to be placed should be granted at the request of the assessee for determination of assessment of income. The petitioner National Handloom Development Corporation Ltd. (NHDCL) has challenged assessments for the periods […]

The post Denying Opportunity to Cross-Examining the Parties is Violation of Natural Justice: Madras HC [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2PSKqrg

Non Filer of GST Return I New SOP I New Circular 129/2019 of CBIC I CA S...

CS Exams: ICSI announces Revised Dates of Postponed Exams

The Institute of Company Secretaries of India ( ICSI ) has announced the revised dates for CS Exams which were postponed at all Centres across the Country and Abroad. The ICSI said that, the exams scheduled on 20th, 21st, 23rd and 24th December, 2019 will now be held on 31st December, 2019, 1st, 2nd and […]

The post CS Exams: ICSI announces Revised Dates of Postponed Exams appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/376LIoh

CBIC issues Standard Operating Procedure to be followed in case of Non-Filers of GST Returns [Read Circular]

The Central Board of Indirect Taxes and Customs ( CBIC ) has issued Standard Operating Procedure to be followed in case of Non-Filers of GST Returns. In the 38th meeting of the GST Council meeting under the Chairmanship of the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman had decided to issue Standard […]

The post CBIC issues Standard Operating Procedure to be followed in case of Non-Filers of GST Returns [Read Circular] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2ERett8

Penalty u/s 112 Can’t be imposed unless Evidences to Show Prior Knowledge of Fraud and Wrongful Intent: CESTAT [Read Order]

In a recent case the Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ), Kolkata held that it is a settled law that penalty under Section 112 of the Customs Act, 1962 cannot be imposed unless the evidence is adduced to show prior knowledge of fraud and wrongful intent. On the basis of specific […]

The post Penalty u/s 112 Can’t be imposed unless Evidences to Show Prior Knowledge of Fraud and Wrongful Intent: CESTAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2PRa8wg

No Charge on the Property for Alleged Dues of the Erstwhile Owners: Gujarat High Court [Read Judgment]

The Gujarat High Court has held that as the property had already been purchased by the petitioners, no charge could be entered on the property for alleged dues of the erstwhile owners. The ruling was made by a division bench constituting of  Justice Harsha Devani and Justice Sangeeta K. Vishen, in the case of Chokshi […]

The post No Charge on the Property for Alleged Dues of the Erstwhile Owners: Gujarat High Court [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/3721eBN

New GST Circular : DIN Mandatory : CA Satbir Singh

Finally CBIC enables New Changes in GSTR-9C – v1.5

After a long waiting, the Central Board of Indirect Taxes and Customs ( CBIC ) has enabled the new changes in GSTR-9C (Reconciliation Statement). The excel based GSTR-9C offline utility is designed to help the taxpayer to prepare the GSTR-9 return offline. The utility can be downloaded from this link. To use the tool efficiently, […]

The post Finally CBIC enables New Changes in GSTR-9C – v1.5 appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2ZlqpfO

CBIC expands DIN mandatory for All Communications including E-Mails sent to Taxpayers and Other Concerned Persons [Read Circular]

The Central Board of Indirect Taxes and Customs ( CBIC ) has expanded the scope of Document Identification Number ( DIN ). In a Circular issued by CBIC said that, Generation and quoting of Document Identification Number (DIN) mandatory on any communication issued by the officers of the Central Board of Indirect Taxes and Customs […]

The post CBIC expands DIN mandatory for All Communications including E-Mails sent to Taxpayers and Other Concerned Persons [Read Circular] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2Mog1il

CA Exam GST Revision Class part III by CA Satbir Singh

Denial of Benefit of ITC to Buyers of Flats would amount to Profiteering: NAA [Read Order]

In a recent case, the National Anti-Profiteering Authority held that if the respondent has denied the benefit of ITC to the buyers, then provisions of Section 171 of the CGST Act, 2017 have been contravened by him as he has profiteered an amount and liable to be punished under this Act. The brief facts of […]

The post Denial of Benefit of ITC to Buyers of Flats would amount to Profiteering: NAA [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2MnRKZF

American Express hiring Financial Analysis Manager

The American Express has invited applications from qualified M.com, ACA, ACCA, CPA for the post of Financial Analysis Manager. American Express is a global services company that provides consumers and businesses with exceptional access to products, insights and experiences that enrich lives and build business success. Function Description: The Global Treasury Controllership (GTC) is part […]

The post American Express hiring Financial Analysis Manager appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/34RP9h0

Conscious Act of Contravention of Provisions of Section 171 (1) of CGST Act Leads to Penalty: NAA [Read Order]

In a recent case, the National Anti-Profiteering Authority ( NAA ) held that if the respondent has denied the benefit of ITC to the buyers, then provisions of Section 171 of the CGST Act, 2017 have been contravened by him as he has profiteered an amount and liable to be punished under this Act. The […]

The post Conscious Act of Contravention of Provisions of Section 171 (1) of CGST Act Leads to Penalty: NAA [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2sYrKNu

Madhya Pradesh HC upholds Retrospective Application of the Benami Law [Read Judgment]

The Madhya Pradesh High Court in W.P. No. 3957/2019 declined to interfere with the Show-Cause Notices (SCNs) issued and upheld the retrospective application of the Benami Law. The petitioners have called in question the legality, validity and propriety of the impugned SCN dated 10.01.2019 and Provisional Attachment Order. It has been contended that during the […]

The post Madhya Pradesh HC upholds Retrospective Application of the Benami Law [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/35PPDpi

ITAT allows Disallowance of Sum for Non-Submission of Documents and Non-Deduction of TDS on Reimbursements [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) Delhi, in an appeal by the assessee against the order of the Commissioner of Income-tax (Appeals), held that disallowance of a sum for non-submission of documents and non-deduction of TDS on reimbursements made on account of Petrol, Drivers’ Salary and Mobile Expenses are sustainable. Facts of the […]

The post ITAT allows Disallowance of Sum for Non-Submission of Documents and Non-Deduction of TDS on Reimbursements [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/393RhW9

Refund directed where TRAN-1 Credit wasn’t Granted: Delhi HC [Read Order]

The Delhi High Court in the case of Vision Distribution Pvt. Ltd. while allowing the refund of TRAN-1 credit held that the Petitioner cannot be made to suffer on account of failure on the part of the Respondents in devising smooth transition to GST regime w.e.f. 01.07.2017, from the erstwhile indirect taxation structure. The grievance […]

The post Refund directed where TRAN-1 Credit wasn’t Granted: Delhi HC [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2MjzT60

Rights Accrued under Benami Transactions (Prohibition) Act, 1988 were not taken away by the 2016 Amendment: Calcutta HC [Read Judgment]

In a recent case, the Calcutta High Court held that the rights which had accrued to the appellant could not, in the absence of an express provision be extinguished by the amending Act of 2016. The Ganpati Dealcom Pvt. Ltd., the appellant has purchased the property. The sellers were diverse individuals. Prior to the purchase […]

The post Rights Accrued under Benami Transactions (Prohibition) Act, 1988 were not taken away by the 2016 Amendment: Calcutta HC [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2QoJNVx

Revised Return can be Filed Belatedly by the Companies Incorporated under Schemes of Arrangement and Amalgamation: Supreme Court [Read Judgment]

In a significant ruling, the Supreme Court of India held that the companies incorporated under Schemes of Arrangement and Amalgamation can file revised return after the due date because delay occurred on account of the time taken to obtain the sanction of the Schemes of Arrangement and Amalgamation from the NCLT. The Appellants M/S Dalmia […]

The post Revised Return can be Filed Belatedly by the Companies Incorporated under Schemes of Arrangement and Amalgamation: Supreme Court [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2EJgxmX

Company is Entitled to avail ITC on Activities Performed by their Contractors: CESTAT [Read Order]

In recent case the Customs, Excise & Service Tax Appellate Tribunal ( CESTAT ), Chennai held that the maintenance of PDFACS systems by the contractors of the appellants in terms of thermal power station is undoubtedly under round the clock collection and supply of fly ash, so the appellants are entitled to avail the input […]

The post Company is Entitled to avail ITC on Activities Performed by their Contractors: CESTAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2PKuCGR

ICSI again postpones CS Exams scheduled on 23rd and 24th December

The Institute of Company Secretaries of India ( ICSI ) has again postponed the CS Exams scheduled on 20th and 21st December 2019. The ICSI has said that, Revised dates of the exam in respect of above-mentioned papers as well as papers scheduled for 20th and 21st December, 2019 will be announced later on. However, […]

The post ICSI again postpones CS Exams scheduled on 23rd and 24th December appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2sf7yan

Patiala House Courts grants Bail in alleged evasion of GST via bogus Input Tax Credit [Read Order]

The Patiala House Courts have granted bail in alleged evasion of GST via bogus Input Tax Credit. In a recent case, the bail application was filed by the applicant before the Patiala House Courts, Delhi seeking bail for the offence of evasion of tax by fraudulently passing on inadmissible ITC on the strength of the […]

The post Patiala House Courts grants Bail in alleged evasion of GST via bogus Input Tax Credit [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/38ZmNF3

ICAI releases Draft Bank Branch Auditors’ Panel of Chartered Accountants / Firms for the year 2019-20

The Institute of Chartered Accountants of India ( ICAI ) has released the draft bank branch Auditor ’s Panel of Chartered Accountants / Firms for the year 2019-20. The ICAI has said that, the Draft Bank Branch Auditors’ Panel of Chartered Accountants/firms for the year 2019-20 has been hosted at www.meficai.org for indicating the category of the […]

The post ICAI releases Draft Bank Branch Auditors’ Panel of Chartered Accountants / Firms for the year 2019-20 appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/35NbD47

M/s Adani M2K Projects LLP held Guilty of Profiteering by NAA [Read Order]

The National Anti-Profiteering Authority ( NAA ) in a complaint filed against M/s Adani M2K Projects LLP held them to be guilty of profiteering with the amount so profiteered as computed by the DGAP in absence of challenge to the computation. The applicant alleged that the Respondent had not passed on the benefit of ITC […]

The post M/s Adani M2K Projects LLP held Guilty of Profiteering by NAA [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2EHGZxh

CST not leviable merely on Assumption of Pre-Existing Contract implicating Branch Transfer: Madras HC [Read Judgment]

The Madras High Court in its case M/s Advance Paints (P) Ltd. v Commercial Tax Officer held that no liability to pay CST arises merely on the assumption of pre-existing contract implicating branch transfer. The present Court has been approached by way of its writ jurisdiction wherein the assessee has been aggrieved by the order […]

The post CST not leviable merely on Assumption of Pre-Existing Contract implicating Branch Transfer: Madras HC [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/39cJ56i

Signature Builders held Guilty of Profiteering [Read Order]

The National Anti-Profiteering Authority ( NAA ) in the complaint filed against M/s Signature Builders Pvt Ltd held them to be guilty of profiteering. The Haryana State Screening Committee on Anti-Profiteering observed that there was the lesser burden of tax in the GST regime due to availability of ITC, which the respondent should have passed […]

The post Signature Builders held Guilty of Profiteering [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2Zd7d3Y

CA / ICWA vacancies in Gujarat Metro Rail Corporation Limited

The Gujarat Metro Rail Corporation Limited has invited applications from qualified Chartered Accountants or Cost Accountants for the post of Manager (Finance & Accounts), Assistant Manager (Finance & Accounts). Gujarat Metro Rail Corporation (GMRC) Limited, a 50:50 Special Purpose Vehicle (SPV) jointly owned by Government of India and Government of Gujarat is entrusted with the […]

The post CA / ICWA vacancies in Gujarat Metro Rail Corporation Limited appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/35MJx99

No Re-Opening of Assessments under Section 42(3) that were Completed Years ago: Kerala High Court [Read Judgment]

The Kerala High Court has upheld the constitutional validity of Section 42(3) of the Kerala Value Added Tax Act, 2005 which retrospective effect of the said provision to re-open assessments that have already become final under the KVAT Act. The Court also ruled that, the retrospective operation of Section 42(3) would entail the re-opening of […]

The post No Re-Opening of Assessments under Section 42(3) that were Completed Years ago: Kerala High Court [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2tHkbLK

GSTR 3B date Exteded for Nov 2019

4 CA / ICWA Freshers vacancies in ONGC Mangalore Petrochemicals Limited

The ONGC Mangalore Petrochemicals Limited has invited applications from Chartered Accountants / Cost Accountants for the post of Executives (Finance). ONGC Mangalore Petrochemicals Limited (OMPL) is a Government of India Enterprise, jointly promoted by Oil and Natural Gas Corporation Limited (ONGC) and Mangalore Refinery and Petrochemicals Limited (MRPL) located strategically in MSEZ Mangalore, is engaged […]

The post 4 CA / ICWA Freshers vacancies in ONGC Mangalore Petrochemicals Limited appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2tAOLGI

CBIC extends due date of filing of GSTR-3B for the month of November 2019

The Central Board of Indirect Taxes and Customs ( CBIC ) has extended due date for filing of GSTR-3B for the month of November 2019 has been extended to December 23rd, 2019. GSTR-3B is a monthly return. All regular taxpayers need to file this return till June 2018. Taxpayers can file their return on GST […]

The post CBIC extends due date of filing of GSTR-3B for the month of November 2019 appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/392CFqg

GST Evasion: Rajasthan HC denies Bail in issuing Fake GST Invoices [Read Order]

The Rajasthan High Court has rejected bail application filed by Mohammed Yunus for allegedly issuing Fake GST Invoices. The Petitioner contended that, He is the proprietor of M/s Sophiera. The firm by name APN India belongs to his brother. Petitioner has not committed any offence under Section 132 Sub-Clause (b) and (c) of the Act. […]

The post GST Evasion: Rajasthan HC denies Bail in issuing Fake GST Invoices [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2Mk2BnA

Claiming Credit of VAT Paid on the Inputs, But Not Discharged Any Output VAT Liability Amounts to Profiteering: NAA [Read Order]

In a recent case, the National Anti-Profiteering Authority held that the Respondent had claimed credit of VAT paid on the inputs, but he had not discharged any output VAT liability would amount to profiteering. It orders under Rule 133 (3) (a) of the CGST Rules, 2017 that the Respondent shall reduce the prices to be […]

The post Claiming Credit of VAT Paid on the Inputs, But Not Discharged Any Output VAT Liability Amounts to Profiteering: NAA [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/34N16V3

No Jurisdiction of PCIT to Enquire u/s 263 Where Assessee had already Commenced his Business: ITAT [Read Order]

The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) in the case of Brahma Center Development Pvt Ltd v PCIT held that where after an enquiry the AO took the view that interest amount is not taxable, the contention of the revenue that no such enquiry has been made fails. The PCIT in […]

The post No Jurisdiction of PCIT to Enquire u/s 263 Where Assessee had already Commenced his Business: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2s5VDeT

Grant Thornton hiring CA for Direct Taxation

The Grant Thornton has invited applications for qualified Chartered Accountants ( CA ) for the post of Direct Taxation. Grant Thornton India LLP is one of the largest assurance, tax, and advisory firms in India. With over 3,000 professional staff across 14 offices, the firm provides robust compliance services and growth navigation solutions on complex […]

The post Grant Thornton hiring CA for Direct Taxation appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2PGdbqP

Nicotine Polacriliex Lozenge, a preparation intended to assist Smoker Quit Smoking attracts 18% GST: AAR [Read Order]

The Authority on Advance Rulings (AAR ) in Karnataka ruled that Nicotine Polacriliex Lozenge is rightly classifiable under the heading 38.24. Accordingly, the product is covered under Serial number 97 of Schedule III to Notification No. 01/2017-Central Tax (Rate) dated 28.06,2017 and attracts GST at the rate of 18% (9% CGST, 9% SCST). The ruling […]

The post Nicotine Polacriliex Lozenge, a preparation intended to assist Smoker Quit Smoking attracts 18% GST: AAR [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/36UYQgg

Non Furnishing of Full Details of Income required by Assessing Officer Leads to Penalty: ITAT [Read Order]

In a recent case, the Income Tax Appellate Tribunal (ITAT), Ahmedabad held that if the assessee failed to furnish full details of income required by Assessing Officer, by virtue of Section 271(1)(c) of the Income Tax Act, the penalty will be imposed upon the assessee. Brief facts are the case of the assessee was selected […]

The post Non Furnishing of Full Details of Income required by Assessing Officer Leads to Penalty: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/34L8z7r

Contractual Responsibility of Bidder for Payment of Sales Tax as per Rules from Time to Time includes Payment of GST: Kerala HC [Read Judgment]

In a recent case, the Kerala High Court held that, there is a stipulation contained under clause 44 of tender notice that, the Sales Tax as per Rules from time to time is liable to be paid by the petitioner. So after the introduction of CGST Act 2017, the petitioner is liable to pay GST. […]

The post Contractual Responsibility of Bidder for Payment of Sales Tax as per Rules from Time to Time includes Payment of GST: Kerala HC [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2rbWTNb

Tripura gets its first SEZ

The Ministry of Commerce and Industry has notified the setting up of the first-ever Special Economic Zone ( SEZ ) in Tripura on December 16, 2019. The SEZ is being set-up at Paschim Jalefa, Sabroom, South Tripura District, which is 130 km away from Agartala. It will be a Sector-Specific Economic Zone for Agro-Based Food […]

The post Tripura gets its first SEZ appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2sHzfIS

ICSI Postpones CS Exams scheduled on 20th and 21st Dec

The Institute of Company Secretaries of India ( ICSI ) has postponed the CS Exams scheduled on 20th and 21st December 2019. The ICSI said that, Revised dates of the exam in respect of above-mentioned papers will be announced later on. However, it is clarified that the exams will be held as per regular schedule […]

The post ICSI Postpones CS Exams scheduled on 20th and 21st Dec appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/38X6jwO

New GST Changes in ITC , Late Fees ,Return by 38th GST Council Meeting ...

New GST Rates from 1Jan 2020 by 38th GST Council Meeting

Direction to Assessee to exclude 6 comparables and thereafter Compute ALP: ITAT [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) in the case of Evalueserve.com Pvt Ltd v DCIT holding in favor of the assessee directed the AO to exclude the 6 comparables and thereafter compute the ALP. According to the facts of the case, the assessee company is a wholly-owned subsidiary of E-valueserve Ltd. […]

The post Direction to Assessee to exclude 6 comparables and thereafter Compute ALP: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2EwZBjj

GST Evasion: Patiala House Courts allows Bail on Fraudulent Utilization of ITC amounting to Rs 33.75 cr [Read Order]

The Patiala House Courts in the case of CGST v Sanjay Jaglan allowed bail application on fraudulent utilization of ITC amounting to more than Rs 33.75 crores. He present order has been made against the bail application filed by the applicant accused of providing/ supplying the manpower supply service, housekeeping service, and security service. Further, […]

The post GST Evasion: Patiala House Courts allows Bail on Fraudulent Utilization of ITC amounting to Rs 33.75 cr [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/34xnOAt

Mistake Committed by Chartered Accountant in filing VAT Form 240 not a mistake to attract Section 69[1] of the VAT Act: Karnataka HC [Read Judgment]

The Karnataka High Court has ruled that any mistake said to have been committed by the learned Chartered Accountant in filing VAT Form 240 would not be construed as the mistake apparent from the record to attract Section 69[1] of the Act. The ruling was pronounced by Justice S. Sujatha, in the case of M/S. […]

The post Mistake Committed by Chartered Accountant in filing VAT Form 240 not a mistake to attract Section 69[1] of the VAT Act: Karnataka HC [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/35CMAka

Goods Receipt is Valid in Pre-Implementation of E-Way Bill: Allahabad HC quashes Seizure Order [Read Judgment]

The Allahabad High Court has ruled that, Goods receipt or bilty is valid in the pre-implementation period of E-Way Bill. The Court also said that, State Government has no authority to issue an e-way bill in respect to such transactions, therefore, he says that the seizure as also penalty imposed is not sustainable in law. […]

The post Goods Receipt is Valid in Pre-Implementation of E-Way Bill: Allahabad HC quashes Seizure Order [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2Z4V9lk

GST Council decides issue Standard Operating Procedure for Tax Officers to take action against Non-Filing of GSTR-3B

The 38th meeting of the GST Council met under the Chairmanship of the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman has decided to issue Standard Operating Procedure for Tax Officers to take action against Non-Filing of GSTR-3B. The GSTR 3B is the tax return form introduced by the Central Government for every month. […]

The post GST Council decides issue Standard Operating Procedure for Tax Officers to take action against Non-Filing of GSTR-3B appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/34CJnQn

Form GSTR-2A shall be restricted to 10% instead of 20% of the eligible ITC: GST Council

The 38th meeting of the GST Council met under the Chairmanship of the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman has decided that, Form GSTR-2A shall be restricted to 10% instead of 20% of the eligible Input Tax Credit. The Input tax credit to the recipient in respect of invoices or debit […]

The post Form GSTR-2A shall be restricted to 10% instead of 20% of the eligible ITC: GST Council appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/34zEEil

CA Exam GST Revision 1 for (May and Nov 2020 Exam) I CA Satbir Singh

GST Council decides to constitute Grievance Redressal Committees to address GST Issues

The 38th meeting of the GST Council met under the Chairmanship of the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman has decided to constitute Grievance Redressal Committees in Zonal / State level to address the issues of technical glitches. The Grievance Redressal Committees (GRC) will be constituted at Zonal/State level with both CGST […]

The post GST Council decides to constitute Grievance Redressal Committees to address GST Issues appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2S7cnx5

GST Council waives of Late Fee of all Pending Form GSTR-1 from July 2017 to Nov 2019

The 38th meeting of the GST Council met under the Chairmanship of the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman today waived of a late fee to be given all taxpayers in respect pf all pending Form GSTR-1 from July 2017 to November 2019, if the same is filed by January 10th, […]

The post GST Council waives of Late Fee of all Pending Form GSTR-1 from July 2017 to Nov 2019 appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2ty5x9B

GST Council’s decisions on Rate Changes

The 38th meeting of the GST Council met under the Chairmanship of the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman here today. The meeting was also attended by the Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of […]

The post GST Council’s decisions on Rate Changes appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2Ewxzo1

38th GST Council meeting decisions

GST Council extends due date of filing GSTR-9 and GSTR-9C

The GST Council in its meeting today has extended the Due Date for furnishing GST Annual Return and Reconciliation Statement (GSTR-9 / 9A and GSTR-9C) for FY 2017-18 to January 31st 2020. GSTR 9 is an annual return to be filed yearly by taxpayers registered under GST. It consists of details regarding the outward and […]

The post GST Council extends due date of filing GSTR-9 and GSTR-9C appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2Ma4e77

Income held to be ‘Revenue Receipt’ on the Basis of Statement by Appellant that his post in Trust was not Lifetime: SC [Read Order]

The Supreme Court of India in a matter between H.S. Ramchandra Rao v CIT on the basis of statement-admission by the appellant that he was holding the impugned post in the Trust until 1996 by virtue of which the amount was received, it to be treated as revenue receipt. The issue before the Hon’ble Court […]

The post Income held to be ‘Revenue Receipt’ on the Basis of Statement by Appellant that his post in Trust was not Lifetime: SC [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/35uwjxA

Writ Court can’t direct Refund of duty while an Investigation for Breach of Provisions under the Customs Act going on: Delhi HC [Read Judgment]

The Delhi High Court has observed that, Writ Court cannot direct refund of duty while an investigation for breach of the provisions under the Customs Act, 1962 is going on. In a recent case, the petitioner Ambay Industrial Corporations filed a writ petition before the High Court of Delhi for Issuing a direction to the […]

The post Writ Court can’t direct Refund of duty while an Investigation for Breach of Provisions under the Customs Act going on: Delhi HC [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2S33Mva

GST: Assam Government suspends E-Way Bill Generation amid Ongoing Protest against CAA

The Assam State Government has suspended E-Way Bill generation amidst the ongoing protest against Citizenship Amendment Bill, 2019. The Citizenship (Amendment) Act, 2019, is legislation passed by the Parliament of India on 11 December 2019. It amends the Citizenship Act of 1955 by providing a path to Indian citizenship for religious minorities. E-Way Bill is an Electronic Waybill for movement of goods to be […]

The post GST: Assam Government suspends E-Way Bill Generation amid Ongoing Protest against CAA appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2PRZzI4

GST Evasion: DGGI Mumbai busts major IGST Refund Racket, Arrests one

The Directorate General of Goods and Services Tax Intelligence -Mumbai Zonal Unit (DGGI-MZU) has arrested one Shri Tejas Desai on Saturday (December 14, 2019) for fraudulently availing input tax credit of Rs. 41.15 crores without any supply of goods and services and only on the strength of bogus invoices. The arrested person had claimed Rs. […]

The post GST Evasion: DGGI Mumbai busts major IGST Refund Racket, Arrests one appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2M6TF4V

Rebate Claim under Section 11B of the Central Excise to be filed within 1 year from Date of Export of Goods: Delhi HC [Read Judgment]

The Delhi High Court in the case of Orient Micro Abrasives Ltd v. Union of India held that a rebate claim under Section 11B of Central Excise Act is required to be filed within one year of the export of goods, contrary to the views expressed by Gujarat and Rajasthan High Court which rule the […]

The post Rebate Claim under Section 11B of the Central Excise to be filed within 1 year from Date of Export of Goods: Delhi HC [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2Eu8x93

No Levy Charges on Fund Transfers made via NEFT System: RBI directs to Bank

The Reserve Bank of India (RBI) has directed banks participating in the NEFT system not to levy charges from their savings bank account holders for funds transfers done through NEFT system which is initiated online. In a Circular issued by the RBI said that, “In order to give further impetus to digital retail payments, it […]

The post No Levy Charges on Fund Transfers made via NEFT System: RBI directs to Bank appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2YVjslw

No Extension of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 after Dec 31, 2019: CBIC [Read Circular]

The Central Board of Indirect Taxes and Customs (CBIC) has said that, there no extension of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 after December 31st 2019. In a Circular issued by CBIC said that, this is the last opportunity for all the potential declarants to avail the benefit of the scheme and finalize their […]

The post No Extension of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 after Dec 31, 2019: CBIC [Read Circular] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2RZsGf5

No NEFT Charges on Money Transfer I 24 hours*7 days Availability

CBDT extends due date for making Tax Payment under Income Declaration Scheme to Jan 31st [Read Notification]

The Central Board of Direct Taxes (CBDT) has extended the last date for making tax payment under the Income Declaration Scheme, 2016 till 31-01-2020. However, the declarants have to pay interest at the rate of 1% for every month or part of the month. Under the Income Declaration Scheme, 2016 (IDS), declarants were required to […]

The post CBDT extends due date for making Tax Payment under Income Declaration Scheme to Jan 31st [Read Notification] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/38WO7DQ

Transportation of Goods involving Loading and Unloading of Tipper at Railway Siding which can’t be Taxed under Cargo Handling Service: CESTAT [Read Order]

The Kolkata bench of the Customs, Excise And Service Tax Appellate Tribunal (CESTAT) has ruled that, the transportation of goods which incidentally involving loading of tipper/unloading of tipper at Railway Track head/Railway Siding which cannot be taxed under the category of Cargo Handling Service simply because rates for loading of tipper at Dump Yard and […]

The post Transportation of Goods involving Loading and Unloading of Tipper at Railway Siding which can’t be Taxed under Cargo Handling Service: CESTAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/38N7Sxv

Is the Betting Money Taxable in India?

Betting is taken into account to be a variety of gambling Whether it is Offline Betting or online betting sites, a lot of exactly, betting is all concerning predicting the result of a future event and putting a wager on its outcome. Officially, betting is known as an organized commercial activity between 2 parties, in […]

The post Is the Betting Money Taxable in India? appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2M2novv

Assistant Manager – Direct Taxation vacancy in Larsen Tourbo Limited

The Larsen Toubro Limited has invited applications from Chartered Accountants for the post of Assistant Manager – Direct Taxation. Job description Independent handling of finalization of income tax-returns for L&T and its S&A companies Handling of transfer pricing matters including assessments Handling various advisory services, analysis of case laws Tax audit, tax returns, tax assessments […]

The post Assistant Manager – Direct Taxation vacancy in Larsen Tourbo Limited appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2YWmsyj

CBIC further extends enabling New Changes in GSTR-9 and GSTR-9C to Dec 21

The Central Board of Indirect Taxes and Customs ( CBIC ) has further extended the enabling new changes in Annual Return (GSTR-9) and the Reconciliation Statement ( GSTR-9C ) to December 21st, 2019. Recently, the Central Government has made some changes in the forms of Annual Return (GSTR-9) and the Reconciliation Statement (GSTR-9C) vide Notification […]

The post CBIC further extends enabling New Changes in GSTR-9 and GSTR-9C to Dec 21 appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/38KeBIv

No Disallowance of Expenditure for Non-Deduction of Tax on Services and Payments Made Outside of India: ITAT [Read Order]

The Jaipur bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled that, No Disallowance of Expenditure for Non-Deduction of Tax on Services and Payments Made Outside of India. The ITAT has also said that in the instant case payments have been made outside of India, there was no liability to deduct tax […]

The post No Disallowance of Expenditure for Non-Deduction of Tax on Services and Payments Made Outside of India: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2PriEls

CBDT extends date for Third Instalment of Advance Tax for FY 2019-20 in North Eastern States

The Central Board of Direct Taxes ( CBDT ) has extended the date of Direct Tax payment in respect of the third instalment of Advance Tax for FY 2019-20 in the North Eastern States. Considering the large-scale disruption of Internet Services in the North Eastern States-Assam, Tripura, Arunachal Pradesh, Meghalaya, Nagaland, Manipur and Mizoram,  the […]

The post CBDT extends date for Third Instalment of Advance Tax for FY 2019-20 in North Eastern States appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2Erc7Rf

GST Audit and Assessment online Class

38th GST Council Meeting Date Announced : CA Satbir Singh

No Penalty even If Some Discrepancies found during Survey Once the Assessee already declared the Income in Return: ITAT [Read Order]

In recent case Income Tax Appellate Tribunal ( ITAT ), Jaipur held that even if some discrepancies were found during the survey resulting in surrender of income by the assessee, once the assessee has declared the said income in the return of income filed under Section 139(1) of the Income Tax Act, then the penalty […]

The post No Penalty even If Some Discrepancies found during Survey Once the Assessee already declared the Income in Return: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/36DmQEj

GST: Section 73(1) Show-Cause Notice mandatory in cases Where Tax was not Paid for Any Reason other than Fraud, says Jharkhand HC [Read Judgment]

The Jharkhand High Court has ruled that show-cause notice issued under Section 73(1) of the CGST Act must be issued in all cases where the tax was not paid for any reason other than fraud. The judgement was pronounced by the Jharkhand High Court in Godavari Commodities Ltd. v. The Union of India through the […]

The post GST: Section 73(1) Show-Cause Notice mandatory in cases Where Tax was not Paid for Any Reason other than Fraud, says Jharkhand HC [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2sqZJyb

How to Write in Exam : By CA Satbir Singh

18% GST applicable on Supply of Construction Service to the Land Owner in in lieu of Transfer of Development Rights to the Promoters: AAR [Read Order]

The Authority of Advance Ruling (AAR) in Karnataka has ruled that, 18% Goods and Services Tax (GST) applicable on Supply of Construction Service to the Land Owner in lieu of Transfer of Development Rights to the Promoters. In a recent case, the applicant M/S Team View Developers has filed an application for advance ruling under […]

The post 18% GST applicable on Supply of Construction Service to the Land Owner in in lieu of Transfer of Development Rights to the Promoters: AAR [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2YZuVkl

Myntra hiring CA Fresher for Finance Associate

The Myntra Jabong is hiring CA Fresher for the post of Associate – Finance. Roles And Responsibilities Monthly Balance sheet and P&L expense variance analysis Finalization of financial statements Preparation of financial statement along with cash flows under Ind AS quarterly and annually Communication with various stakeholders during the month and annual close for collecting […]

The post Myntra hiring CA Fresher for Finance Associate appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/34om10L

Forms available on GST Portal for Taxpayer and GST Officers

Supreme Court stays Gujarat HC Ruling which partly strikes down Press Release extending Last Date to avail ITC in respect of Invoices or Debit Notes [Read Order]

The Supreme Court of India has recently stayed Gujarat High Court ruling which strikes down Press Release extending the Last Date to avail Input Tax Credit in respect of Invoices or Debit Notes. A two bench of the Gujarat High Court comprising Justices J B Pardiwala and A C Rao has set aside the press […]

The post Supreme Court stays Gujarat HC Ruling which partly strikes down Press Release extending Last Date to avail ITC in respect of Invoices or Debit Notes [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2PqCZr7

CA Exam I One Day Left to join Online Course with Rs 499

67 CA, ICWA, LLB and B.Com vacancies in Delhi Metro

The Delhi Metro Rail Corporation Limited ( DMRC ) has invited applications from Chartered Accountants, Cost Accountants, Law Graduates and B.Com graduates for the post of Assistant Manager- Finance, Assistant Manager-Legal, Legal Assistant and Accounts Assistant. The Delhi Metro is a rapid transit system serving Delhi and its satellite cities of Ghaziabad, Faridabad, Gurgaon, Noida, […]

The post 67 CA, ICWA, LLB and B.Com vacancies in Delhi Metro appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2qW5T96

GST E-Invoice Mandatory I Notifications Issued I Breaking News I CA Sat...

Central Government notifies The Taxation Laws (Amendment) Act, 2019 [Read Notification]

The President of India, Ram Nath Kovind has given assent to the Taxation Laws (Amendment) Act, 2019. The Act shall be deemed to have come into force on the 20th day of September 2019 Economic developments after the enactment of the Finance (No. 2) Act, 2019 (Finance Act) along with the reduction of the rate […]

The post Central Government notifies The Taxation Laws (Amendment) Act, 2019 [Read Notification] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2PJ8n2T

GST: CBIC notifies E-Invoice System, Mandatory for Businesses with Rs 100cr Turnover from April 1, 2020 [Read Notifications]

The Central Board of Indirect Taxes and Customs ( CBIC ) has notified E-Invoice System mandatory for business with Rs. 100 crores turnover from April 1st, 2020. The E-invoice will be mandatory for both these businesses categories. For businesses having turnover less than 100 Crore, it would remain voluntary and on trial basis from 1st […]

The post GST: CBIC notifies E-Invoice System, Mandatory for Businesses with Rs 100cr Turnover from April 1, 2020 [Read Notifications] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2qMwjtE

CBIC extends due date of GSTR-3B, GSTR-7 and GSTR-1 in Jammu and Kashmir [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) has extended due date for filing GSTR-3B, GSTR-7 and GSTR-1 in Jammu and Kashmir. The Notification issued by the CBIC said that, “Provided that for registered persons whose principal place of business is in the State of Jammu and Kashmir, the time limit for furnishing the […]

The post CBIC extends due date of GSTR-3B, GSTR-7 and GSTR-1 in Jammu and Kashmir [Read Notification] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2LTKNPU

GST TDS and TCS Online Free Course by CA Satbir Singh

4 New GST Notifications and 1 circular issued

GST E Invoice from 01.01.2020 , No Eway Bill ! Breaking News

Delay in Receiving Export Promotion Copy No Ground for Extension of Time in Rebate Claims: Delhi HC [Read Judgment]

The Delhi High Court has held that the delay in receiving Export Promotion (EP) copy of the Shipping Bills is not a ground for extension of time in rebate claims.  The court further reaffirmed that any claim for rebate must be submitted within one year of export of the goods. The Orient Micro Abrasives Limited […]

The post Delay in Receiving Export Promotion Copy No Ground for Extension of Time in Rebate Claims: Delhi HC [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2snwlsB

Baked Food having 20% above Meat is classifiable under HSN 1601: AAR [Read Order]

The Authority of Advance Ruling ( AAR ) in West Bengal ruled that baked food having more than 20% meat is classifiable under HSN 1601. The Applicant is stated to be a manufacturer of confectionery products like cakes, rusks etc. Some of its products contain portions of cooked chicken, fish or egg. It seeks a […]

The post Baked Food having 20% above Meat is classifiable under HSN 1601: AAR [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/34mXtW0

Interest Income of Co-Operative Society from Co-operative Bank entitled for Deduction under Sec 80P (2)(d): ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) held that interest income derived by a co-operative society from its investments held with a co-operative bank would be entitled to claim of deduction under Sec.80P(2)(d) of the Act. The ruling was made by the Tribunal in the case of M/s Solitaire CHS Ltd. v. Principal Commissioner of Income-tax. […]

The post Interest Income of Co-Operative Society from Co-operative Bank entitled for Deduction under Sec 80P (2)(d): ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2YHz4ZX

NFRA issues Audit Quality Review report of Statutory Audit for 2017-18 of IL&FS Financial Services Limited [Read Report]

The National Financial Reporting Authority ( NFRA ) has issued the Audit Quality Review (AQR) report of the statutory audit for the year 2017-18 of IL&FS Financial Services Limited (IFIN). The statutory auditor for this engagement was Deloitte Haskins and Sells LLP (DHS). This is the first AQR report of NFRA since its constitution on […]

The post NFRA issues Audit Quality Review report of Statutory Audit for 2017-18 of IL&FS Financial Services Limited [Read Report] appeared first on Taxscan | Simplifying Tax Laws.

from Taxscan | Simplifying Tax Laws https://ift.tt/2LNEXiZ