CCI engages with states to Boost Competition Advocacy

The Competition Commission of India (CCI) today organized a half-day training for nodal officers from eight States to sensitize them on competition assessment, compliance, enforcement and advocacy efforts of the Commission. Shri Ashok Kumar Gupta, Chairperson, CCI, pin his welcome address underlined the pivotal role of States in taking competition law deeper in the country […]

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Union BUDGET 2020 – Live Updates

  Cabinet meeting to be held at 10:15 am today in the Parliament House, ahead of the presentation of Union Budget 2020-21. #BudgetScan #Budget2020 #UnionBudget — Tax Scan (@tax_scan) February 1, 2020   Finance Minister Nirmala Sitharaman arrives at Ministry of Finance; She will present her second Budget today. #Budget2020 #BudgetScan #UnionBudget — Tax Scan […]

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Breaking: CBIC extends of due date of filing GSTR-9 and GSTR-9C

The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the Due Date for furnishing GST Annual Return and Reconciliation Statement (GSTR-9 / 9A and GSTR-9C) for FY 2017-18. The CBIC said that, Considering the difficulties being faced by taxpayers in filing GSTR-9 and GSTR-9C for FY 2017-18 it has been decided […]

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CBDT enables Digital Payment Facility for Income Tax Payers [Read Notification]

The Central Board of Direct Tax (CBDT) has enabled the Digital Payment Facility for Income Tax Payers. has issued a notification on January 29, 2020, and amended the Income Tax Rules, 1962 by introducing Income Tax (3rd Amendment) Rules, 2020 which will be enforced on the date of its publication in the Official Gazette of […]

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MCA notifies NCLT (Recruitment, Salary and other terms and conditions of services) Rules, 2020 [Read Notification]

The Ministry of Corporate Affairs (MCA) has notified National Company Law Tribunal ( NCLT (Recruitment, Salary and other terms and conditions of services) Rules, 2020. These rules pertain to a notification which consists of 17 rules and 2 schedules. In a notification published in the official gazette on January 21, 2020, consists of 14 rules […]

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Conducting Safety Training Programmes, Seminars, Workshop, Conferences are ‘Educational Activities’, Exempted from Income Tax: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) held that trust conducting safety training programmes, training seminars, workshops, conferences are educational activities and are exempted from income tax under section 11 of the Income Tax Act,1961. The assessee is a public charitable trust stated to be registered under the Bombay Public Trust Act, 1950 and is also […]

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18% GST is applicable for Fried Fryums: AAR [Read Order]

The Authority for Advance Ruling (AAR) held that 18% of Goods and Service Tax (GST) is applicable for Fried Fryums. The Applicant is a partnership firm having two Partners engaged in the manufacturing business of Papad (Fryums), Namkeens and Popcorn under the brand name of Target School Times. The applicant has filed an application seeking […]

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ICAI offers its Infrastructure to Income Tax Appellate Tribunal

The Institute of Chartered Accountants of India (ICAI) recently got into an arrangement with Income Tax Appellate Tribunal (ITAT) at New Delhi whereby ICAI has extended the facility of using ICAI infrastructure for conducting hearings of ITAT at some of ICAI branches & offices across the country including Srinagar & Ladakh. ICAI, being a true Partner […]

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Economic Survey Suggests Rationalisation of Government Intervention to Boost Economic Freedom & Wealth Creation

The Economic Survey at the very onset says that while there is a case for Government intervention when markets do not function properly, excessive intervention especially when the market can do the job of enhancing citizens welfare perfectly well, stifles economic freedom and creates ‘deadweight loss’ which is the loss created by the wasted chance […]

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India Ranks Third in Number of New Firms Created; 1,24,000 New Firms Created in 2018 Compared to 70,000 In 2014

The Union Minister of Finance &Corporate Affairs, Smt Nirmala Sitharaman presented the Economic Survey 2019-20 in Parliament today. The Survey stated that as per the World Bank’s Data on Entrepreneurship, it is seen that India ranks third in the number of new firms created. The same data shows that new firm creation has gone up […]

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Insolvency and Bankruptcy Code Improves Resolution Process: Registering a 4-Fold Decline in Resolution Time

The Economic Survey 2019-20 highlights that The Insolvency and Bankruptcy Code (IBC) has improved the resolution process in India compared to the earlier measures. The IBC proceedings take 340 days on an average compared to 4.3 years earlier and resulted in the recovery of 42.5% amount involved compared to 14.5% under the SARFAESI Act. The […]

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Key Highlights of Economic Survey 2019-20

The Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman presented the Economic Survey 2019-20 in the Parliament today. The Key Highlights of the Economic Survey 2019-20 are as follows: Wealth Creation: The Invisible Hand Supported by the Hand of Trust India’s dominance as global economic power for three-fourths of economic history manifests by […]

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India’s Share in World’s Commercial Services Exports Rise to 3.5 Per Cent in 2018: Economic Survey 2019-20

Growing in its significance, the Services Sector accounted for about 55 per cent of the economy and Gross Value Added (GVA) growth, two-thirds of total FDI inflows into India and about 38percent of the total Commercial Services Exports. This was emphasized by the Economic Survey 2019-20, tabled in the Parliament today by the Union Minister […]

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ICAI announces Empanelment of Chartered Accountants to Act as Observers at Examination Centres

The Institute of Chartered Accountants of India (ICAI) has announced the Empanelment of Members to act as observers at the Examination Centres for the Chartered Accountants Examinations May 2020. The proposal to impanel members to act as Observers for the forthcoming MAY, 2020 Chartered Accountants (CA)  Examination likely to be held from 2nd to 18 […]

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GSTN glitches: Finance Ministry summons Infosys Executives

The Ministry of Finance has reportedly summoned the Infosys executives for over the Goods and Services Tax Network (GSTN) glitches. Senior executives of Infosys has been summoned following continued glitches being faced by taxpayers and professionals while filing returns on the GST Network. Infosys senior vice president C N Raghupati and vice president V Ranganathan […]

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US against Czech on Introduction of Digital Tax

The US filed a protest against the Czech proposal of Digital Tax of 7% on digital services. If the new regime is introduced, internet companies with a global turnover of €750 million an annual turnover of €4 million will be imposed with 7% digital tax. It was already known that the introduction of digital tax […]

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Ukraine proposes 20% VAT on Digital Services

The Ukraine Tax Authorities brought in the proposal of 20% Value-Added Tax (VAT) to be levied on digital services provided by foreign companies to Ukrainian customers. The procedures for non-resident suppliers of electronic services to register for VAT purposes have not been clearly defined. The new drafted regime stated simplified procedures for the registration for […]

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Dividend derived from Shares held as Stock in Trade can’t be disallowed: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) in the case of Gajanan Enterprises vs. ACIT held that the dividend which is derived from the Shares which are ‘stock in shares’ will not be computed in the total income and disallowance under Section 14A of Income Tax is sustainable. The facts of the case is that the […]

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To Compound Tax Evasion Offences, Assessee should pay the Whole Tax Amount Evaded: Gujarat HC [Read Judgment]

The Gujarat High Court held that 100% of tax sought to be evaded is to be paid for compounding of a tax evasion offences under Section 276C (1) of the Income Tax Act, 1961, and not 100% of the amount sought on offence pertains to willful attempt to evade tax. The petitioner was a partnership […]

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GST Tribunal to deal with matters relating to Interest also: Punjab & Haryana HC

The Punjab and Haryana High Court has clarified that Goods and Service Tax Tribunal (GST Tribunal) will handle all disputes regarding interest on GST and their appeal. The petitioner (Bhagat Cars Pvt Ltd) from September 2018- March 2019, had purchased motor vehicles on payment of GST. At the end of every month, the petitioner was […]

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No Service Tax on Charging License Fee for Quick Heal Antivirus software: CESTAT [Read Order]

The Customs Excise Service Tax Appellate Tribunal (CESTAT) held that the Quick Heal Antivirus software is deemed goods but whether the transaction would be sale or service, would be depending upon the terms of the agreement. The Appellant is engaged in the business of Research and Development of Antivirus Software under the brand name ―Quick […]

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Delhi HC stays Restriction that Refund Period can’t be Spread across Two Financial Years and to be filed in Chronological Order [Read Order]

The Delhi High Court has stayed the Paragraph 8 of Circular No. 125/44/2019-GST dated 18.11.2019 which restricted that Refund Period can’t be spread across Two Financial Years and to be filed in Chronological Order. The Petitioner Pitambra Books, who is engaged in the business of manufacturing and trading of books The business involves procuring raw […]

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DGFT invites appropriate Suggestions on Misclassification of Goods under ‘ Others’ Category [Read Circular]

The Directorate General of Foreign Trade (DGFT) has invited appropriate suggestions on misclassification of goods under the ‘others’ category at the time import registration. The members of the Trade and Industry were advised to suggest appropriate HS codes for goods they are importing under the ‘Others’ category where the existing HS codes are not sufficient. […]

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No TDS on payment of External Development Charges not made out of any Statutory and Contractual Liability: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT), held that the assessee was not required to deduct TDS as the payment of External Development Charges (EDC) was not made out of any statutory and contractual liability to HUDA with whom the assessee has no privity of contract. The Appellant, M/s. Santur Infrastructure Pvt. […]

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IT Assessment Order against Deepak Kochhar put on hold and Ordered to move First Appellate Authority: Bombay HC [Read Order]

The Bombay High Court while presiding over the question of the Assessment Order in the case of Deepak Kochhar passed an order that the Income Tax (IT) Assessment Order pertaining to the Assessment Year 2012-13 which was passed against Deepak Kochhar was put on hold and the High Court ordered to move to the First […]

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GST not applicable to Labour Contract Services for Construction of Flats under PMAY: AAR [Read Order]

The Rajasthan Authority of Advance Ruling (AAR) held that Goods and Services Tax (GST) not applicable to labour contract service for construction of flats under Pradhan Mantri Awas Yojana (PMAY). M/s Sunrise Construction Company (Party A) entered into an agreement with Government of Rajasthan for construction of 270 flats under affordable housing scheme under Pradhan […]

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Italy Passes New Value-Added Tax Measures

The Italy Government has passed the New Value Added Tax (VAT) Measures. VAT measures which include: Postponement of VAT rate increase: Standard VAT of 22% and reduced VAT rate of 4%, 5% and will continue to prevail the year 2020. The rates are expected to increase from 2021 where the ordinary rate will rise to […]

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Clubbing of Income: ITAT allows a claim for Set-off of Loss by Husband invested in Wife’s Business [Read Order]

The Income Tax Appellate Tribunal (ITAT) in the case of Uday Gopal Bhaskarwar vs ACIT allowed the appeal against CIT(A) and held that the losses which are incurred in the wife’s business are, which was operated by the gift of the husband as the consideration to start the business will clubbing of income into the […]

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RBI imposes Penalty on HDFC Bank

The Reserve Bank of India (RBI) has, by an order dated January 29, 2020, imposed a monetary penalty of ₹ 1 crore on HDFC Bank Limited for non-compliance with Master Direction on Know Your Customer dated February 25, 2016 (updated as on December 08, 2016) (Direction). The penalty has been imposed in exercise of powers vested in […]

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Late Night hearings by CIT (Appeals) Reduces Working Efficiency, Resulting into Misleading Order: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT)  in the case of Shri Shanmugam Senthilkumar vs. The Income Tax Officer ordered Commissioner of Income Tax (Appeals)  to elaborate on the reasons for the late-night hearing which was considered as a breach of onerous duty as it reduces working efficiency and as a consequence passing of a misleading […]

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‘Ancillary Services’ provided to Tour Operators, covered under ‘Support Service’, 18% GST applicable: AAR [Read Order]

The Rajasthan Authority for Advance Ruling (AAR) on an application made by M/s Crown Tours and Travels while addressing the issue ruled that the services provided to the tour operators are covered within the ambit of ‘Support Service’ and as a result 18% Goods and Service Tax (GST) is applicable. In the present application, the […]

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GST Evasion: Two Persons Arrested for Fake Invoices Racket worth Rs. 211 cr

The Officers of Anti-Evasion wing of CGST CX Delhi East Commissionerate has arrested two persons namely Sh. Naresh Goel and Sh. Anil Kumar Yadav residents of New Delhi who were found involved in fake invoices racket having a taxable value of goods to the tune of Rs. 211 crore and fraudulently passing/ availing Input Tax […]

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Fortified Rice Kernels and Fortified Milk, classified as ‘otherwise prepared’, 18% GST Applicable: AAR [Read Order]

The Rajasthan Authority for Advance Ruling (AAR), in its advance ruling, ruled that the Fortified Rice Kernels (FRK) and Fortified milk are classified as ‘other’ and it doesn’t fall under the purview of Chapter 10 of GST tariff therefore 18% GST wherein the rate of 18% GST is divided into 9% of Central Goods and […]

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MCA notifies Companies (Winding Up) Rules 2020, effective from April 1, 2020 [Read Notification]

The Ministry of Corporate Affairs (MCA) through a notification dated January 24, 2020, notifies the Companies (Winding Up) Rules, 2020 will be effective from April 1, 2020, which consists of Rule 1 to 191 and Forms WIN 1 to WIN 95, which pertains to the winding up of a company under the Companies Act, 2020. […]

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CBIC issues Advisory on Error showing While uploading GSTR-9C JSON file

The Central Board of Indirect Taxes and Customs ( CBIC ) has issued an advisory on error showing while uploading GSTR-9C JSON file, error showing, Error occurred and there is no error report. The CBIC said that, In the case of ‘Error occurred’ please ensure:-1. The user is not putting ‘0’ (Zero) in the format […]

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Power to Pass Provisional Attachments Order under GST cant be delegated to Assistant Commissioner: Gujarat HC [Read Judgment]

The Gujarat High Court has held that the Commissioner ought not to have delegated his powers of provisional attachments under Section 83 of the CGST Act to the Assistant Commissioner. The ruling was made by a division bench comprising of members Justice J.B.Pardiwala and Justice Bhargav D. Karia in the case of Enprocon Enterprise Ltd. […]

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Are Casino Winnings Taxable in India?

A casino is a public room where gambling is being held. In India, the Public Gambling Act of 1867 prohibits running or being in charge of a public gaming house or a ‘Casino’. The penalty for breaking this specific law is a fine of up to  Rs.200 or imprisonment of up to 3 months. Additionally, this […]

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No Service Tax on Notice Pay Recovery by Employer from Employee: Madras HC [Read Judgment]

The Madras High Court has ruled that the amount received by an employee from the employer on premature termination of the contract/notice pay recovery of employment will not be chargeable to Service Tax. The petitioner is a dealer assessed to service tax by the respondent. The terms of employment of the petitioner company include a […]

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CBIC simplifies filing of GSTR-9C ahead of deadline

The Central Board of Indirect Taxes and Customs ( CBIC ) has made simplification in the filing of GSTR-9C ahead of the deadline. The CBIC said that,  It’s not mandatory to attach cash flow statement. Instead of ‘True & Correct’ opinion Auditor required to give ‘True & Fair’ opinion. The CBIC also saidf that, Table […]

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Lawyer Fee can be deducted from Taxable Income: Gujarat High Court [Read Order]

The Gujarat High Court has held that the lawyer fee / legal assistance expenditure taken by the assessee on day to day basis for the purpose of business can be treated as revenue expenditure, deductable from Taxable Income. According to the facts, the disallowance towards interest expenditure was worked out to Rs.2,77,28,566/- by applying the […]

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CBIC implements Automated Customs Clearance on Pilot Basis in Two Ports [Read Circular]

The Central Board of Indirect Tax and Customs (CBIC) has implemented automated customs clearance on a pilot basis in two ports. In a Circular issued by CBIC said that, using the electronic clearance of bills of entry with the help of advanced technology of Custom Automated Clearance on the pilot basis in two ports. The […]

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Co-Operative Society registered under Karnataka Souharda Sahakari Act eligible of Tax Deduction: Karnataka HC [Read Judgment]

The Karnataka High court held that the entity registered under the Karnataka Souharda Sahakari Act 1997 fits into the definition of “co-operative society” as enacted by sec. 2(19) of the Income Tax Act, 1961 for the purpose of tax deduction under Section 80P(1). The Petitioner is a Credit Cooperative, registered under the Karnataka Souharda Sahakari […]

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No Provisional Attachment under CGST Act when there is no Pendency of any Specific Proceedings: Bombay HC [Read Judgment]

The Bombay High Court has held that no provisional attachment under Section 83 of the CGST Act can be made in absence of any specific proceedings pending against such taxable persons. In the recent case i.e. Kaish Impex Private Limited v. Union of India and ors., The Petitioner- Kaish Impex Private Limited is a Company […]

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CBIC has Big Role in India’s rise in Ease of Doing Business Rankings: MoS Anurag Singh Thakur

The Union Minister of State for Finance & Corporate Affairs, Shri Anurag Singh Thakur has expressed confidence that with concerted efforts of the Central Board of Indirect Taxes & Customs (CBIC), India would further improve its position in ranking for Ease of Doing Business. While addressing at Investiture Ceremony & International Customs Day 2020 here […]

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Retailers entitled to claim Bad Debt Refunds on defaulted Private Label Credit card Payment: Supreme Court of Washington

The Supreme Court of Washington reversed the earlier ruling of the Appellate Court by affirming that now the retailers are entitled to claim refunds of the bad debts on default Private Label Credit Card Payment (PLCCP). Prior to this order passed by the Supreme Court of Washington, the ruling of the appellate court was that […]

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ITAT allows Depreciation on Goodwill resulting from Acquisition of Business Unit [Read Order]

The Income Tax Appellate Tribunal (ITAT) allowed depreciation on goodwill resulting from the acquisition of Business Unit of Lee & Muirhead Pvt. Ltd. The assessee during the relevant previous year had purchased the business of Lee and Muirhead P. Ltd. for a total consideration of 181,50,05,880. The purchase consideration has been apportioned between the movable […]

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GST Portal New Update I GST Refund I CA Satbir Singh

Pre-Sales Marketing Services by Indian Subsidiary to Foreign Parent Company is Intermediary Services: AAAR [Read Order]

The Karnataka Appellant Authority for Advance Ruling (AAAR) ruled that Pre-sale and Marketing Services by Indian Subsidiary to Foreign Parent Company is Intermediary services. The Appellant is a 100% Export Oriented Unit under the STP1 scheme and is a wholly-owned subsidiary of Infinera Corporation, The Appellant is predominantly engaged in software development services for the […]

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Non-Availability of PAN of Deductee is not an excuse escape from filing TDS: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Cuttack held that the none-availability of PAN of the deductee is not an excuse to escape from filing TDS. The assessee filed the quarterly statements of TDS in Form Nos.24Q and 26Q of different quarters for the financial year 2007-2008. Since there was no reasonable explanation for the huge […]

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Madras HC denies Exemption benefit on Imports made prior to Registration under Customs Rules [Read Judgment]

The Madras High Court has denied the exemption benefit on imports made before the registration under customs rules. The Assessee M/s.Medreich Sterilab Limited holding that Rules 3 and 4 of the Customs (Import of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 1996 were only procedural in nature and therefore, though […]

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Philippines expands the Coverage of Sin Tax

The Philippines Government has amended the National Internal Revenue Code (NIRC) which expanded the coverage of Value-Added Tax (VAT) on vape, tobacco, and liquor. This is primarily seen as a cost-effective measure of improving health and reducing non-communicable diseases. Secondly, this will bring in additional revenue that can benefit the underserved. Vape products will be […]

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New York Tax Tribunal denies Sales Tax Refund to Apple

The New York Tax Appeal Tribunal in an appeal by the Apple INC denied the sales tax refund on device sales in gift card promotion. In this case, the petitioner is the Apple INC, which is a corporation engaged in designing and marketing of the software, electronics, and personal computers, further it also deals in […]

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Mere use of word ‘Principle to Principle’ basis can’t be termed as Franchise Service, not Taxable: CESTAT [Read Order]

The Customs Excise and Services Tax Appellate Tribunal (CESTAT) held that mere use of word ‘principle to principle’ cannot be a basis for the service fee which is taxable under the category of ‘Franchise Service’ as defined under Section 65 (47) of the Finance Act, 1944. The appellant M/s Easy Bill Ltd. is engaged in […]

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Bahrain announces Guidance on VAT Treatments

The National Bureau for Revenue (NBR) of Bahrain announced guidance on Value-Added Tax treatment in certain areas. Most significant of them included simplified annual value-added tax (VAT for small businesses, updated guidance on the Bahrain VAT treatment of educational supplies and the instructions on the apportionment of input VAT for financial institutions. Value of Related […]

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Spain Govt doubles VAT on ‘Unhealthy Food’ to prevent Obesity amongst Spanish Population

Alberto Garzon a newly appointed Minister of consumption in the country of Spain has announced that double Value Added Tax (VAT) will be applicable to all the ‘unhealthy food’ or junk food. The prominent reason for introducing such a norm is to prevent the population of Spain to consume more healthy food so as to […]

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Commission Agents introducing Potential Customers is ‘Service’, Claim of Commission eligible for Deduction: Gujarat HC [Read Judgment]

The Gujarat High Court in the matter pertaining to revenue held that commission agents who are introducing potential consumers will be regarded as ‘Service’ therefore the claim of the commission is eligible for deduction under the law of the land. In the case of Principal Commissioner of Income Tax vs. Vishal Engineering and Galvanisers, the […]

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Taxable Event and Supply in GST I CA Satbir Singh

GSTAct Amended Merger ot UT I Dadra and Nagar Haveli I Daman and Diu ha

New GST Potal Update I GST Refund I CA Satbir Singh I Money

CBIC issues Advisory on Error while uploading Balance Sheet and Profit & Loss Statement while filing GSTR-9C

The Central Board of Indirect Taxes and Customs (CBIC) has issued an advisory on Error while uploading Balance Sheet and Profit & Loss Statement while filing GSTR-9C. The CBIC has said that the Balance sheet and Profit & loss statement/income & Expenditure Statement keywords used in office network firewall/content security filter firewall to deny upload […]

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Singapore affirms the Implementation of Overseas Vendor Registor Regime

Singapore has issued the Overseas Vendor Registration Regime (OVR) 2020 guide. With effect from 1 January 2020, overseas suppliers with a global turnover exceeding SGD1 million and also the ones that make B2C supplies (supplies made to individuals and businesses that are not registered for GST in Singapore) are required to register under the regime. […]

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Income Tax Searches lead to Detection of Undisclosed Foreign Assets of more than Rs. 1000 crore

Taking forward the mission of the Government against black money, particularly undisclosed foreign assets, the Income Tax Department conducted searches on 19th January 2020, on a group that has been on their radar for having substantial undisclosed foreign assets. The operation covered 13 premises in NCR. The group is a leading member of the hospitality […]

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Income Tax Department conducts Search in group running renowned Educational Institutions in Tamil Nadu

The Income Tax Department mounted a search on a group operating leading educational institutions having a large number of schools and colleges in Chennai and Madurai region. The search was conducted at the office of the Trust, residences of the trustees and key employees of the group. The charitable trusts are running a medical college […]

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IILM Business School liable to pay Service Tax on MBA, PGP programme as they are not falling under excluded category: CESTAT [Read Order]

The Central Excise and Service Tax Tribunal (CESTAT) Ahmedabad, held that if the service provided by IILM Business School are not falling under category excluded from the definition of Commercial Coaching and Training and are liable to pay service tax. The appellants are engaged in imparting courses such as MBA, PGP programs (industry integrated). A […]

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Non-Compliance of Provisions of SEBI Regulations will attract Procedure for Revocation and Suspension of Trading of Securities: SEBI [Read Circular]

The Security Exchange Board of India (SEBI) issued a circular dated January 22, 2020, stating that if in case the recognized stock exchange and depositors do not comply with the provisions of SEBI Regulations, 2015 then as a consequence the process of revocation and suspension of trading of securities would be attracted. The TVVPS Chakravarti […]

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Exporters ought to follow Standard Operating Proceedure to avoid Fraudulent ITC grant to Exporters based on Fake Invoices: CBIC [Read Circular]

The circular dated January 23, 2020, on the subject matter pertaining to avoid fraud and malpractices Government of India (GOI) stated in the notice that the exporters are ought to follow Standard Operating Procedure (SOP) so as to avoid fraudulent Input Tax Credit ( ITC ) grant to exporters based on fake invoices. Yogesh Garg, […]

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New GST Ciruclar SOP for GST Refund I Exporter I CA Satbir Singh

No Disallowance of Incentives paid to Employees u/s 40(a)(ia) If Payments are in Nature of Salaries: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) held that incentives paid to employees under section 40(a)(ia) in the nature of salaries cannot be disallowed. The assessee is in wholesale distribution of mobile handsets. For the assessment year 2014-15, the assessee filed the return of income on 22.09.2014 admitting a total income of Rs.10,86,820/-. The case was […]

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SEBI issues Guidelines for process of Right issue

The Security Exchange Board of India (SEBI) issues a circle within which it streamlined the process of the right issue wherein the special emphasis was laid on the dematerializing Rights Entitlements (REs) of the shareholders. The circular was issued on January 22, 2020, to all the recognized Stock Exchanges, Depositors, Registered Stock Brokers, Registered Merchant […]

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Allahabad HC expresses displeasure over long delay of setting up of GSTAT [Read Order]

The Allahabad High Court has expressed displeasure for the long delay of not setting up of Goods and Services Tax Appellate Tribunal (GSTAT). A pharmaceutical company filed a petition and sought to constitute the tribunal. The court had sought answers from the central and state government. The State Government submitted that they had sent a […]

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South Africa broadeds Scope of VAT by Digitalisation, Applicable on Foreign Businesses, Non-Compliance will attract Penalties

The country of South Africa claimed that it will broaden the scope of Value Added Tax (VAT) by April 1, 2020, by digitizing the transactions made by the foreign digital company and if the company does not register for the same and the non-compliance of the norms under Value Added Tax (VAT) Act, then the […]

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RBI reopens Allotment of Investments Limit under Revised Voluntary Retention Route for Investments by Foreign Portfolio Investors

The Reserve Bank of India (RBI) introduced the Voluntary Retention Route (VRR) for Investments by Foreign Portfolio Investors (FPIs) on March 01, 2019. An amount of ₹ 75, 000 crores was offered for investments in two tranches so far. As of December 31, 2019, around ₹ 54,300 crores have already been invested under the scheme. […]

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RBI issues Revised Guidelines for Merchanting Trade Transactions

The Reserve Bank of India (RBI) has issued the revised guidelines for Merchanting Trade Transactions (MTT). The Following are the changes:          I. For a trade to be classified as merchanting trade, goods acquired shall not enter the Domestic Tariff Area.         II. Considering that in some cases, the […]

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RBI issues directions for permitting Rupee derivatives to be traded in IFSCs

The Reserve Bank of India (RBI) has released directions u/s 45 W of the Reserve Bank of India Act,1934 permitting Rupee derivatives (with settlement in foreign currency) to be traded in International Financial Services Centres (IFSCs). An announcement to this effect was made in Para 2 of the Statement on Developmental and Regulatory Policies dated October 04, […]

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Odomos is Mosquito Repellent, not Medicine, 18% GST applicable: Allahabad High Court [Read Judgment]

While upholding the ruling Appellate Authority Advance Ruling (AAR) the Allahabad High Court has held that odomos is not a medicine, it is a mosquito repellant hence 18% Goods and Services Tax (GST) applicable. The petitioners pitched the product in their sale material and advertisements as a mosquito repellent. Various mosquito repelling qualities are identified […]

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Notification demanding IGST on Ocean Freight is ultra vires: Gujarat High Court [Read Judgment]

The Gujarat High Court has ruled that, the notification demanding Integrated Goods and Services Tax (IGST) on Ocean Freight is ultra vires. A bunch of petitioners has challenged the levy of the IGST on the estimated component of the Ocean Freight paid for the transportation of the goods by the foreign seller as sought to […]

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Accounting Senior Advisor – Indirect Taxation Opening in Dell

The Dell has invited application for the post of Accounting Senior Advisor – Indirect Taxation from qualified Chartered Accountant (CA)  with 6 -8 years of experience. Dell is a Technology driven company with a unique Dell Direct model. Dell Information Technology department (Dell IT) plays a key role in enabling the Dell Direct model by […]

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Input Tax Credits can be claimed on Leased Goods Transport Vehicle: AAR [Read Order]

The West Bengal Authority for Advance Ruling (AAR) ruled that Input Tax Credits can be claimed in accordance with the law on the goods transport vehicle so leased out. The Applicant intends to lease trucks or tankers without an operator to goods transport agencies or any other persons. The Applicant seeks a ruling whether the […]

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No Penalty can be Imposed on Partners, If Penalty has been imposed on Partnership Firm: CESTAT [Read Order]

The Ahmedabad bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has reduced the penalty on account of ‘no monetary benefits’ to Appellant and has held that when penalty is imposed on partnership firm, penalty cannot be imposed on partnership firm, citing the decision of Hon’ble High Court of Gujarat. The appeals have […]

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ICAI opens Online Facility for changing Centre / Group / Medium for Students appearing in CA Examinations

The Institute of Chartered Accountants of India (ICAI) has opened an online facility for changing center/group/medium for students appearing in CA Examinations. The ICAI said that some candidates while filling the examination application form does not exercise reasonable care and commit errors and seek a change of Centre/Group/Medium, on account of errors committed by them […]

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Zambia publishes Tax Amendment Act 2020

The Zambia Government has published the Tax Amendment Act 2020 heeding the decree of the National Budget 2020. The amendments include: Corporate Income Tax: “Farming” in Section 2 of the Income Tax Act (ITA) was amended and redefined as “the cultivation of crops and plants, raising of livestock or poultry, beekeeping and rearing fish but […]

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No Service Tax on ‘Club or Association Service’, and ‘Convention Service’ If Received Amount wholly Transmitted: CESTAT [Read Order]

While setting aside the order passed by Commissioner of Central GST and Central Excise, the Mumbai bench of the Customs Excise and Service Tax Appellate Tribunal (CESTAT) held that department cannot levy Service Tax on amounts received by the Appellant for providing ‘club or association service’ and also on ‘convention service’ when it does not […]

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Substantial Rights can’t be Deprived on Ground of Technical Lapses: Kerala HC [Read Judgment]

The Kerala High Court has held that the substantial rights available to petitioners under the GST Act cannot be deprived solely on account of a technical lapse that was occasioned at the instance of the GST Council. The petitioners in both Writ Petitions were assessing under the Kerala Value Added Tax (KVAT) Act, 2003, who […]

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Cabinet approves Amendments/Extension/Repeal in Acts dealing with GST, VAT and Excise Duty in view of merger of Dadra & Nagar Haveli and Daman & Diu

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved amendments/extension/repeal in the following Acts and Regulations dealing with Goods and Services Tax (GST), Value Added Tax (VAT) and State Excise, and for designation of Daman as Headquarter: the Central Goods and Service Tax Act, 2017 (No.12 of 2017) to be amended […]

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GSTR 3B New Due dates Notified I Press Release I CA Satbir Singh

Finance Ministry announces 3 Due Dates for filing GSTR-3B for different categories of Taxpayers

The Finance Ministry has announced the three due dates for filing GSTR-3B for different categories of Taxpayers. The Finance Ministry today said that now GST taxpayers can file their GSTR-3B returns in a staggered manner. Considering the difficulties faced by trade and industry in the filing of returns, the government has decided to introduce several measures […]

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ICAI to conduct 51st Campus Placement Program in the month of Feb-March, 2020

The Institute of Chartered Accountants of India (ICAI) will be conducting the 51st Campus placement program for Newly Qualified Chartered Accountants (CAs) in the month of February-March, 2020. The Committee for Members in Industry & Business (CMI&B) of the Institute of Chartered Accountants of India (ICAI) is an initiative to that effect remains the Campus […]

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No denial of Credits to recipient even If the Duty was Legally not payable by Supplier: CESTAT [Read Order]

The Customs Excise and Service Tax Appellate Tribunal (CESTAT) held that Input tax credits cannot be denied to the recipient even if the duty was legally not payable by the supplier The appellant is engaged in the manufacture of M. S. Ingots and M. S. Billets on which central excise duty is being paid. The […]

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ITAT deletes Addition since Transaction of Rendering Marketing Services of Channel Placement Rights with Broadcasters was Deductible under Domestic Transfer Pricing provisions [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) in the case of Hathway Cable and Datacom Ltd v DCIT deletes addition on the ground that transaction of rendering marketing services of channel placement rights with broadcasters was deductible under Domestic Transfer pricing provisions Assessee company operates as a ‘multi-system operator’ in the distribution of […]

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Activity of Fabrication of Body Building on Tippers, Trailers attracts 18% GST: AAR [Read Order]

The Authority for Advance Ruling (AAR) in Karnataka on the filing of an application by the M/s SLN Tech-Fabs (Bengaluru) Pvt. Ltd. ordered that activity of fabrication of Body Building on Tippers, Trailers attracts 18% GST. In the application the assessee who is M/s SLN Tech-Fabs (Bengaluru) Pvt. Ltd., engaged in the activity of providing […]

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Goods Imported as Gifts can be allowed Import Free on payment of Full Applicable Fees: DGFT [Read Circular]

The Directorate General of Foreign Trade (DGFT) clarified that the goods imported as gifts can be allowed import free (i.e. without prohibition) on payment of full applicable duties. Since the goods imported as gifts would be personal imports, the full applicable duties will be as follows  (a) Basic Customs Duty at the applicable tariff rate […]

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KPMG hiring CA Fresher for Audit Executive

The KPMG Global Services Private Limited has invited applications from qualified Chartered Accountant (CA) for the post of Audit Executive. Job description KPMG are recruiting for an Executive in the Audit team. Working as an Executive in this team, your responsibilities will include: Leading and managing a team of up to 3-4 people comprising of […]

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No ITC available for Supply of Goods and Services carrying out for Civil Work and External Development Work: AAR

The Authority for Advance Ruling(AAR), Rajasthan held that Input Tax Credit (ITC) is not available for supply of goods and services which are used for carrying out civil work and external development work. The Applicant M/s Indag Rubber Limited manufactures pre-cured tread rubber, un-vulcanized rubber strip gum, universal spray cement and tire envelopes for the […]

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Facility of Beneficiary Uploading Documents through e-SANCHIT will be deactivated from Jan 31st: CBIC

The Central Board of Indirect Taxes and Customs (CBIC) said that the facility of beneficiary uploading these documents through e-SANCHIT will be deactivated from 31.01.2020. ‘e-SANCHIT’ application is successfully in operation since 01.04.2018. The objective of the application is to further reduce the physical interface between Customs/regulatory agencies and the trade and also to increase […]

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Madras HC stays Special Court hearing in Tax Evasion case against Karti Chidambaram, wife

The Madras High Court has stayed the Special Court hearing in the Tax Evasion case against Karti Chidambaram and his wife Srinidhi Karti Chidambaram. The Court on Tuesday stayed all further proceedings in an alleged tax evasion case prosecuted by the Income Tax department. The issue was related to payment of tax following the sale […]

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Collection of VAT in Hotels, Restaurants and Event Centres is Unconstitutional: Nigerian Federal Court

The Nigerian Federal Court held that it is unconstitutional in the perspective of the Constitution of the Federal Republic of Nigeria to collect Value-Added Tax (VAT) in hotels, restaurants and event centres. Trustees of Hotel Owners and Managers Association of Lagos approached the court with an issue regarding the provision of the Value-Added Tax (VAT) […]

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Central Government Notifies National Startup Advisory Council

The Central Government has notified the structure of the National Startup Advisory Council to advise the Government on measures needed to build a strong ecosystem for nurturing innovation and startups in the country to drive sustainable economic growth and generate large scale employment opportunities. The individual names will be notified later. The Council will suggest […]

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Petition in Calcutta HC challenges denial of ITC to buyer for default of Supplier of Goods or Services [Read Petition]

A Petition has been filed in the Calcutta High Court has challenged the constitutional validity of Section 16(2)(c) of the CGST Act/WBGST Act, which seeks to deny ITC to a buyer of goods or services, if the tax charged in respect of supply of goods or services has not been actually paid to the Government […]

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Pharmaceutical Reference Standards is not a Diagonostic Reagent, attracts 18% IGST: AAR [Read Order]

The Authority on Advance Ruling (AAR) Karnataka, ruled that Pharmaceutical Reference Standards (PRS) is not a diagnostic reagent and attracts 18% of IGST. The applicant states that they are a science-based organization conceptualized to cater to the growing analytical and regulatory requirements of the Pharmaceutical Industries and to provide solutions to the new challenges in […]

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Activity in relation to any function entrusted to a Panchayat or Municipality are Exempted from GST: AAR

The Authority for Advance Ruling (AAR) in Goa held that activities in relation to any function entrusted to a Panchayat or Municipality are exempted from Central Goods and Services Tax (CGST) Act. The applicant shall be responsible for the overall management of all components of the project on technical, financial and contractual matters during the […]

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Dealers eligible for ITC on Demo Cars: AAR [Read Order]

The Maharashtra Authority for Advance Ruling (AAR) held that Input tax credit (ITC) charged on inward supply of demo cars which is used for Demonstration purpose in the course of business of supply of Motor Vehicle as an input tax credit (ITC) on capital goods and the same can be utilized for payment of output […]

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Normal Business Advances which are not in the nature of ‘Loan’ is not Deemed Dividend: ITAT

The Income Tax Appellate Tribunal (ITAT) of Delhi bench held that the transaction where received in advance in the normal course of business and which is not taken as a loan cannot be considered as Deemed Dividend. The order of the ld. CIT(A), the record of the revenue and the paper book filed. The AO, […]

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GST New Returns How to Meet Your Obligations I Taxmann 2020 I Buy

No Input Tax Restriction for Real Estate Limited Partnership Fund: UK Tribunal

The UK Tribunal has allowed the appeal by the general partner of Melford Special Situations LP (the Fund), concerning the recovery of input tax. The case was regarding the full deduction of VAT on Set-up Costs and the Operating Costs as input tax by the appellant. The appellant holds shares in Hyde Park Hayes Ltd […]

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Compensation Paid for setting up of SEZ will be considered as ‘Supply of Services’, GST payable: AAR [Read Order]

The Goa Authority for Advance Ruling (AAR) held that compensation paid for setting up of Special Economic Zone (SEZ) unit will be considered as a ‘supply of services’ under Goods and Service Tax (GST) Act and GST will be payable. The applicant, in this case, is the M/s Goa Industrial Development Corporation (GIDC), which in […]

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18% GST applicable on Entry Fee and Amusement Facility in Public Park: AAR [Read Order]

The Rajasthan Authority for Advance Ruling (AAR) ruled that 18% of GST applicable to the entry fee and amusement facility in the public park. The applicant was a contractor, who was given a contract for the purpose of operation, maintenance, and management of a park named Subhash Udhyan which was a Municipal Park situated in […]

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Job Work under GST I CA Satbir Singh

CA Final MCQs on Corporate and Economic Allied Laws 2020 Exam Book Taxmann

ICSI to conduct Certificate Course on Data Analytics in association with IBM

The Institute of Company Secretaries of India ( ICSI ) to conduct a certificate course on data analytics in association with IBM. Data is redefining the way we conduct business today and driving business decisions across all industries. Realizing the need to build the capacity of our members in the area of data analytics, the […]

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Students Guide To Income Tax including GST I 62nd Edition 2020-21 I Taxm...

Printing process for Budget 2020 commences with Halwa Ceremony

The Halwa ceremony, marking the commencement of the Budget printing process for Union General Budget 2020-21, was held here in North Block today morning in the presence of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. Union General Budget 2020-21 is to be presented on 1st February 2020. To maintain the secrecy of […]

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Chartered Accountant vacancy in Intel

The Intel Business Group has invited applications for the post of Senior Accountant/Senior Finance Analyst from qualified or semi-qualified Chartered Accountants. As members of the Finance team, employees act as full partners in making and supporting business decisions that are aimed at maximizing shareholder value. Intel Finance has a strong focus on facilitating change and […]

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CBDT issues Norms for Computation of Income under the Head ’Salaries’

The Central Board of Direct Taxation (CBDT) issued norms regarding computation of income which is chargeable under the head’ Salaries’. The Income shall be chargeable to income-tax under the head “Salaries” : (a) Any salary due from an employer or a former employer to an assessee in the previous year, whether paid or not; (b) […]

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ICSI to issue Guidance on Scale of Fee for Professional Services

In a significant move, the Council of the ICSI at its meeting held on 9th January 2020 has decided to issue Guidance on Scale of Fee for Professional Services. To harmonize the diverse practices followed by PCS while charging professional fees for rendering such services and to provide the guiding principles for fixing the fee […]

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Non-Compliance and Misclassification of Imported Goods under ‘Others’ Category may shift such items from ‘Free’ to ‘Restricted’ Category: DGFT [Read Circular]

The Directorate General of Foreign Trade (DGFT) issued the notice stating that Non-Compliance and Misclassification of Imported Imported Goods under ‘Others’ Category may shift such items from ‘Free’ to ‘Restricted’ Category. On January 17, 2020, Rajbir Sharma, the Directorate General of Foreign Trade in the Department of Commerce under the Ministry of Commerce and Industry […]

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CS Foundation Examination: ICSI announces date of Results

The Institute of Company Secretaries of India (ICSI) has announced the dates of results of the CS Foundation Programme Examination. The Result of CS Foundation Programme examination held on 28th and 29th December 2019 would be declared on Saturday, the 25th January 2020 at 11:00 A.M. The result along with individual candidate’s subject-wise break-up of […]

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GST New Returns with e Invoicing I Taxmann 2020 Edition Book I Buy I C...

ICSI approves to authorize the Company Secretary in Practice for appointment as Authorized Collection Centre for E-Stamping

The Institute of Company Secretaries of India ( ICSI ) has approved to authorize the Company Secretary in Practice for appointment as authorized collection center of e-stamping. The Gujarat Government vide notification dt.2310812019 has amended Rulel3 of the Gujarat Stamp (Payment of Duty by means of E-Stamping) Rules, 2014. According to ICSI this amendment apart […]

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Bhutan Mandates Regional Tourists to Pay Sustainable Development Fee

Bhutan’s Finance Minister Namgay Tshering issued a bill at the National Assembly amending the Tourism Levy Exemption Act 2018 that made it mandatory for all tourists visiting Bhutan from the neighboring countries to pay Sustainable Development Fee (SDF) of INR 1000 (25% OF USD65). The proposed amendment expects to generate additional revenue along with a […]

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Building Completion and Finishing Services is Single Service, attracts 18% GST: AAR [Read Order]

The Maharashtra Authority for Advance Ruling (AAR) on filing an application by the applicant Shapoorji Pallonji and Company Private Limited address the issues and held that building completion and finishing services will be regarded as a single service and not the separate services and 18% GST will be applicable. The application is filed by the […]

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Greece publishes Ruling on Adjusting Input VAT Deductions Relating to Unused Capital Goods

With respect to the decision from Supreme Administrative Court, Greece ’s Independent Authority of Public Revenue (IAPR) published the rulings related to VAT incurred on capital goods that are not used within five years of its purchase or construction. As per the rulings, if the capital goods are not utilized within five years from its […]

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RBI allows Financial Institutions to Conduct Business in Indian National Rupee in IFSC [Read Notification]

The Reserve Bank of India (RBI) has allowed the Financial Institutions to conduct businesses in Indian National Rupees in International Financial Services Centres (IFSC). The RBI has issued notification On January 7, 2020, added a new proviso to Foreign Exchange Management (International Financial Services Centre) Regulations to incorporate this change. The Newly added proviso reads […]

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GST Mumbai Commissionerate unearths Multi Crore Tax Evasion Racket by Jewellers

The GST Mumbai Commissionerate has unearthed the Multi Crore Tax Evasion Racket by Jewellers with Unique Modus Operandi. Specific intelligence was received that certain Jewellers situated in various cities of India such as Hyderabad, Chennai, Delhi, Kolkata etc were supplying goods namely Gold and Gold Jewellery studded with precious stones or without precious stones to […]

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Service Tax Refund can be claimed on the basis of monthly consolidated STTG Certificate issued by Indian Railways: CESTAT [Read Order]

The Customs Excise and Service Tax Appellate Tribunal  (CESTAT) Kolkatta, ruled that Service Tax Refund can be claimed on the basis of monthly consolidated Service Tax Certificate for Transportation of goods (STTG Certificate) issued by the Indian Railways.  The appellant is engaged in the manufacture of various petroleum products classifiable under Chapter27 of the schedule […]

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No Sales Tax on Supply of Goods from Mumbai to Delhi for Works Contract: SC dismisses Revenue’s Appeal [Read Order]

The Supreme Court has dismissed an appeal by Delhi Sales Tax Authorities and upheld the final judgment and order passed by the High Court Of Delhi that sales tax cannot be imposed on the basis of work contract of supply of goods from Mumbai to Delhi The Assessee is engaged in the business of supply, […]

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Senior Financial Analyst Vacancy in Mastercard

The Mastercard has invited applications for the post of Senior Financial Analyst from qualified CA/CPA/MBA Finance. Mastercard is the global technology company behind the world’s fastest payments processing network. Mastercard is a vehicle for commerce, a connection to financial systems for the previously excluded, a technology innovation lab, and the home of Priceless. Job Title […]

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Aggrieved GST Payees in Chandigarh now Empowered to File Revision Petition [Read Notification]

Like every other law which provides the aggrieved to file review, revision, and appeal against the decision of any other authority, the GST payee in Chandigarh is also empowered to file a revision petition against the order passed by any GST officer. On 13th January 2020, the Union government through the official notification introduced the […]

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Vietnam issues Draft Pronouncement on Tax Administration, Transfer Pricing, Minimum Basic Wage and Personal Income Tax

The Vietnam Ministry of Finance has issued the draft pronouncement amending certain tax rulings. Some of the main aspects of the draft include: Transfer pricing and Tax Administration of related party transactions: The transfer pricing system of Vietnam is marked by a cap on the deductibility of interest. This limits the deductibility of interest to […]

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Refund of Unutilised Credit can’t be denied If Assessee Voluntarily Debits Credit amount in Form GSTR-3B: CESTAT [Read Order]

The Bangalore Regional Bench of Customs Excise and Service Tax Appellate Tribunal (CESTAT) in the case of M/s. JMT Consultant Detailing Pvt. Ltd. vs. Commissioner of Central Tax, Bangaluru East has held that the refund of unutilized credit can’t be denied if assessee voluntarily debits or credit amount in Form GSTR-3B. The appellant is engaged […]

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Blocking of ITC started against Fake Invoice on GST Portal I CA Satbir S...

Extension of GSTR 1 Late Fees Waiver I CBIC Clarification I CA Satbir Singh

Govt Timber Depots are not Government Department and shall collect GST and issue invoice: AAR [Read Order]

The Authority of Advance Ruling(AAR) of Karnataka ruled that the Government Timber Depots are not Government Department then the transaction would not be covered and such reverse charge mechanism shall not be applicable and the Government Timber Depot shall collect the GST and issue the invoice. Tata Coffee Limited is a registered company under the […]

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CBDT explains Broad Scheme of TDS from Salaries

The Central Board of Direct Taxes (CBDT) has explained broad scheme of Tax deduction at Source (TDS) from of persons who is responsible for paying any income chargeable under the head “Salaries” The income-tax is required to be calculated on the basis of the rates subjected to the provisions related to the requirement to furnish […]

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No Bar for Goods Transport Agency from Renting Vehicles to another GTA: AAR [Read Order]

The Karnataka Authority for Advance Ruling (AAR) has ruled that there is no restriction for the Goods Transport Agency from renting a vehicle to another GTA for rendering transportation services. The applicant Sri Saravana who was desirous to register his GTA. Apart from rendering the transport services the applicant also wanted to give the vehicles […]

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Emails and Electronic Evidence can’t be relied upon to Prove Undervaluation: CESTAT [Read Order]

The CESTAT New Delhi held that Emails and other electronic evidence cannot be relied upon to prove undervaluation. The charge of undervaluation cannot be made out on mere assumptions and presumptions. The ruling was made by a division bench comprising of members Judicial Member Anil Choudhary and Technical Member Bijay Kumar in the case of […]

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Capital Gain Deduction allowed for DDA allotted Flats: Delhi HC

The Delhi High Court has held that CBDT in its circulars No. 672 dated 16.12.1993 has made it clear that the acquisition of flat through allotment by DDA has to be treated as construction of flat and deduction capital gains under Section 54 of the Act is allowed. The ruling was made by a division […]

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DGGI directs to Block disputed Input Tax Credit against Fake Invoices, Invoices without Receipt of Goods or Services [Read Letter]

The Directorate General of GST Intelligence ( DGGI ) has issued directions to all Zonal Chief Commissioners on Blocking of Input Tax Credit under rule 86A(1)(a) of CGST Rules. Rule 86A. Conditions of use of amount available in electronic credit ledger.- (1) The Commissioner or an officer authorised by him in this behalf, not below […]

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No Marginal Relief in case of Health and Education Cess: CBDT [Read Circular]

The Central Board of Direct Taxes (CBDT) has clarified that no marginal relief shall be available in Health Cess (HC) and Education Cess (EC). EC is an additional levy on the basic tax liability. The government uses the collected money from cess to improve the structure of education in the country. Also, the government does […]

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Bulgaria Publishes Turnover Calculation Rule for VAT Registration

The National Revenue Agency of Bulgaria has announced the changes to be applied to the calculation of turnover for the VAT registration threshold. The new rules are applicable to the homogeneous transactions or activities between both related and unrelated parties in an agreement. If two or more of the following are same or identical, it […]

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Romania withdraws VAT Split Payment System

The Romania is abolishing its VAT split payment mechanism from 1 February 2020. The cancellation was following the warning from the EU commission that the regime infringes the EU VAT rules and the freedom to provide services (Article 56 TEFU). Romania requested for a derogation from the pertaining Directive but was rejected by the commission. […]

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IBBI amends Voluntary Liquidation Process Regulations, 2017 [Read Notification]

The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (IBBI) ( Voluntary Liquidation Process ) (Amendment) Regulations, 2020 on 15th January. 2020. The aforesaid amendment provides that a Liquidator shall deposit the number of unclaimed dividends if any, and undistributed proceeds, if any, in liquidation processes along […]

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CBDT issues detailed circular on TDS from Salaries for FY 2019-20 [Read Circular]

The Central Board of Direct Taxes (CBDT) has issued a detailed circular for deduction of tax at source ( TDS ) from salaries under Section 192 of the Income Tax Act, 1961. Section 192 of the Income Tax Act, 1961 deals with tax deducted at source (TDS) on salary. Your employer will deduct TDS from […]

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