Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance: 5 Changes in Indirect Taxes

The Ministry of Finance has notified Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 yesterday. Key Changes in Indirect Taxes The last date of furnishing of the Central Excise returns due in March, April and May 2020 has been extended to 30th June,2020. Wherever the last date for filing of the appeal, refund applications […]

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Finance Ministry notifies Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020

In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the govt has brought in an Ordinance on 31.03.2020 which provides for an extension of various time limits under […]

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SEBI relaxes Debt Default Norms for default recognition by Credit Rating Agencies amidst Nationwide Lockdown

The Security and Exchange Board of India (SEBI) has relaxed the debt default norms for default recognition by Credit Rating Agency (CRA) amidst a nationwide lockdown due to COVID-19. The Security and Exchange Board of India (SEBI) issued a circular on March 30, 2020 in the name of General Manager, Surabhi Gupta; addressing all the […]

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New Circular on GST Refund Clarifications by CBIC I CA Satbir Singh

COVID-19: CBDT issues directions on Certificates for Lower Rate / Nil Deduction / Collection of TDS or TCS [Read Circular]

In the wake of the outbreak of Coronavirus (COVID-19), the Central Board of Direct Tax (CBDT) has issued the directions on regarding the issue of certificates for lower rate/ nil deduction/ collection of Tax Deducted at Source (TDS) or Tax Consultancy Service (TCS). The Central Board of Direct Tax (CBDT) issued the Order under Section […]

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No Additional Tax Demand u/s 143(1)(a) If there was No Intention to Evade Tax: Supreme Court [Read Judgment]

The Supreme Court has ruled that the additional tax under the provisions of Section 143(1)(a) cannot be imposed if there was no intention on the part of the assessee to evade tax. In a case between Rajasthan State Electricity Board, Jaipur v. The Dy. Commissioner Of Income Tax & Anr the assessee, Rajasthan State Electricity […]

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COVID-19: SEBI extends Deadline for implementation of Circular on Stewardship Code for All Mutual Funds and All Categories of AIFs

The Securities Exchange Board of India (SEBI) has Extended the deadline for implementation of the circular on Stewardship Code for all Mutual Funds and all categories of AIFs due to the CoVID– 19. SEBI, vide circular no. CIR/CFD/CMD1/168/2019 dated December 24, 2019 introduced a Stewardship Code for all Mutual Funds and all categories of AIFs, […]

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COVID-19: SEBI Temporarily eases the processing of Documents for FPIs till June 30, 2020

In the wake of Coronavirus (COVID-19), the Security and Exchange Board of India (SEBI) temporarily eases the processing of documents for Foreign Portfolio Investors (FPIs) till June 30, 2020. The Security and Exchange Board of India (SEBI) issued a circular on March 30, 2020, in the name of General Manager, Achal Singh while addressing all […]

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COVID-19: SEBI relaxes Compliance with Requirements pertaining to AIFs and VCFs

The Securities Exchange Board of India ( SEBI ) has allowed Relaxation in compliance with requirements pertaining to AIFs and VCFs. In light of recent market events due to CoVID-19 pandemic, a need has been felt to extend the due date for regulatory filings for AIFs and VCFs The SEBI has extended the due date […]

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COVID-19: MCA introduces ‘Companies Fresh Start Scheme 2020 and revised ‘LLP Settlement Scheme, 2020’ to provide relief to law abiding companies and LLPs

In pursuance of the Government of India’s efforts to provide relief to law-abiding companies and Limited Liability Partnerships (LLPs) in the wake of COVID 19, the Ministry of Corporate Affairs (MCA), has introduced the “Companies Fresh Start Scheme, 2020” and revised the “LLP Settlement Scheme, 2020” which is already in vogue to provide a first […]

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Covid-19 Disruptions: ICAI Advisory on Accounting and Assurance related issues for F.Y – 2019-20

The Institute of Chartered Accountants of India ( ICAI ) has issued an advisory on Accounting and Assurance related issues for Financial Year 2019-20. COVID-19, an infectious disease caused by a novel Coronavirus is exponentially spreading illness throughout the globe and has been recognized as a global pandemic by the WHO. The various governments are […]

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12% GST applicable on Printing and Supply of Textbooks to Government Departments: AAR [Read Order]

The Authority of Advance Ruling (AAR) held that 12% of Goods and Service Tax (GST) is applicable to printing and supply of textbooks to government departments which are registered under Goods and Service Tax (GST) Acts, 2017. The applicant, M/s Department of Printing, Stationery and Publication are a Government Press under the control and supervision […]

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5% GST applicable on Supply of Waste Paper and Transportation Services received from GTA: AAR [Read Order]

The Authority of Advance Ruling (AAR) held that 5% of Goods and Service Tax (GST) is applicable to the supply of waste paper and transportation services received from Goods Transport Agency (GTA). The applicant, M/s Department of Printing, Stationery and Publication are a Government Press under the control and supervision of the Primary and Secondary […]

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COVID-19: SEBI relaxes Compliance on Portfolio Managers

The Securities Exchange Board of India ( SEBI ) has allowed the Relaxation in compliance with requirements pertaining to Portfolio Managers. In light of the recent market events due to the CoVID-19 pandemic, a need has been felt to relax the timeline for compliance with certain requirements for Portfolio Managers. The SEBI decided to extend […]

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No Presumption of Deemed Sale on ground of Non-Payment of VAT: CESTAT [Read Order]

The Ahmedabad bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has ruled the deemed sale cannot be presumed for the purpose of imposing service tax merely on the ground that VAT was not paid on such sale. The appellants made a payment towards tanker hire charges to various foreign suppliers in foreign […]

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No Extension of the Financial Year, clarifies Finance Ministry

The Ministry of Finance has clarified that, there is no extension of the Financial Year. There is fake news circulating in some section of media that the Financial Year has been extended. A notification issued by the Government of India on 30th March 2020 with respect to some other amendments done in the Indian Stamp Act […]

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IBBI amends CIRP Regulations to provide relief in Corporate Insolvency Resolution process due to COVID-19 outbreak

To address this difficulty faced by the lockdown due to COVID-19, the Insolvency and Bankruptcy Board of India (IBBI) amended the CIRP Regulations to provide that the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes of the time-line for any activity that […]

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Chartered Accountant opening in EY

The EY GDS India LLP has opening for the post of Manager, Audit Quality Monitoring. Requirement : Qualified CA with minimum 5 years of post-qualification experience from Big 4 Country Practice Position summary At EY GDS Assurance, Audit Quality Monitoring (AQM) is a distinct service that aims to assist the engagement teams across the organization […]

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What’s in store for the Banks and Financial Institutions under the PMLA?

With the introduction of the Prevention of Money Laundering ( PMLA ) Act, 2002 (‘Act’), which was made effective from 01.07.2005, a number of legal issues arose, which required adjudication in various courts and competent tribunals.  One such issue which is plaguing the courts is whether the action taken by the authorities under Section 5, […]

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Commerce Ministry Relaxes Compliances to be met by Units / Developers / Co‐developers of SEZs [Read Circular]

In view of the sudden outbreak of COVID‐19 pandemic and the nation‐wide lock‐down, most government offices are closed and a few involved in emergency services etc., are functioning with skeletal staff. The Department of Commerce has therefore decided to provide suitable relaxations on compliances to be met by units/developers / co‐developers of Special Economic Zones […]

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COVID-19: All Officers and Staff of ITAT decide to contribute one day’s Salary to PM CARES Fund

In view of the ongoing pandemic of COVID-19 which has engulfed the entire world and has posed severe health and economic ramifications for our country, a public charitable trust under the name of ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)’ has been set up under the Chairmanship of the […]

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COVID-19: MCA issues Office Memorandum to clarify contribution to PM-CARES Funds as eligible CSR activity

In the wake of Coronavirus (COVID-19), the Ministry of Corporate Affairs (MCA) issued an Office Memorandum to clarify contribution to Prime Minister’s Citizen Assistance and Relief in Emergency Situation PM-CARES Funds as eligible Corporate Social Responsibility (CSR) Activity. The Ministry of Corporate Affairs (MCA) under the Government of India issued an Office Memorandum on March […]

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Amount Collected from Clients Paid to Bank on Dishonouring of Cheque is covered under Reimbursable Expenses: CESTAT [Read Order]

The Custom, Excise, Service Tax Appellate Tribunal (CESTAT) held that the amount collected from the clients and paid to the bank on dishonouring of Cheque is covered under reimbursable expenses. In the case of M/s TVS Finance and Services Ltd. vs. Commissioner of Central Excise, there was the dispute pertaining to the amount collected by […]

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COVID-19: MHA issues Standard Operating Proceedure for maintaining Supply of Essential Goods

The Ministry of Home Affairs (MHA) for the purpose of containment of Coronavirus (COVID-19) issued Standard Operating Procedure (SOP) for maintaining the supply of essential goods. The Ministry of Home Affairs under Government of India(MHA) issues an Order No. 40-3/2020 under the Disaster Management Act, 2005 issued on March 26, 2020, in the name of […]

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Input Tax can’t be denied merely because Invoice bears Handwritten Serial Number: CESTAT [Read Order]

The Ahmedabad bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that the input tax credit cannot be denied merely on the ground that the invoices bear handwritten Serial Number. On the first appeal, the authority allowed the claim of the respondents and held that as per Rules 11 of the […]

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Service Tax Refund cannot be claimed once barred by Limitation: CESTAT [Read Order]

The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Ahmedabad bench has recently held that the refund of service tax cannot be claimed once the same is barred by limitation under section 11B of the Central Excise Act, 1944. The appellants were aggrieved by the order of the service tax department rejecting the refund of […]

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CCI revises Guidance Notes to Form-I under the Green Channel [Read Guidelines]

The Competition Commission of India ( CCI ) has revised guidance notes to Form I with a view to incorporate the changes made in Green Channel. The revised Form I, under the Green Channel, will be used to file the notice under Section 6(2) of the Competition Act, 2002 (Act) and Regulation 5(2) of the […]

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COVID-19: ICAI appeals to contribute towards Relief Fund

With a view to strengthen the country’s fight against the corona virus pandemic, the Institute of Chartered Accountants of India ( ICAI ) has appealed its members to contribute towards the emergency fund. “The COVID-19 pandemic marks an unprecedented time in modern history that will require the best of humanity to overcome. Little would have […]

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New Rule for GST Refund I No Cash Refund in Full I CA Satbir Singh

COVID-19: SEBI further Relaxes Compliance Norms for Listed Firms [Read Circular]

The markets regulator, the Securities Exchange Board of India (SEBI), on Thursday, issued circular relaxing compliance norms for the listed firms to help them cope with curbs imposed by the government to contain the spread of the COVID-19 pandemic. Last week, the Board had eased the deadline for publicly traded companies to file their earnings […]

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New GST Rule for Refund of Tax Wrongly Paid I CA Satbir Singh

New GST Rule for Recovery of Refund paid by GST Officer I Exporters I CA...

Finance Ministry notifies the Finance Act 2020 [Read Act]

The Ministry of Finance has notified the Finance Act 2020amid the Corona Virus ( COVID-19 ) outbreak. Key Highlights Expenditure: The government proposes to spend Rs 30,42,230 crore in 2020-21, which is 12.7% higher than the revised estimate of 2019-20. Receipts: The receipts (other than net borrowings) are expected to increase by 16.3% to Rs […]

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ICAI issues Advisory on Impact of Coronavirus on Financial Reporting and the Auditors Consideration

The Institute of Chartered Accountants of India (ICAI) has issued an advisory today regarding the impact of coronavirus pandemic on Financial Reporting and the audit of financial statements for the period March 2020. “ICAI is concerned about the impact of Coronavirus disease (known as COVID-2019 or COVID-19) on the health of people worldwide as well […]

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Example of Losses You can Deduct from Your Income Tax

There’s no one that likes to make losses but there’s no making of profit without the risk of loss. While the certain loss is deductible, there are some that aren’t deductible. To qualify for deductions, it must be a loss that can’t be compensated by insurance and it has to be sustained during the taxable […]

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GST on Works Contract: Orissa HC directs Govt to issue Instructions for Reimbursement of differential Tax Amount [Read Order]

A two-judge bench of the Orissa High Court, last week has directed the Government administrative departments to provide instructions for the reimbursement of differential tax amounts arising out of change in tax regime from Value Added Tax (VAT) to Goods and Service Tax in connection with the works contracts. Before the Court, the petitioner challenged […]

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COVID-19 Lockdown Period shall be counted for CA Articleship: ICAI to Students

The Institute of Chartered Accountants of India (ICAI), while addressing the students concerns over the CA Articleship, clarified that such period of lockdown due to COVID-19 pandemic shall be counted as being on articleship training. In a press release, the Institute said that it has been closely watching the situation arising out of the spread […]

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GST Rule prescribing Time Limit to file TRAN-1 not Ultravires: Bombay HC [Read Judgment]

The Bombay High Court has recently held that the time limit prescribed to file TRAN-1 under Rule 117 of the Goods and Services Tax Rules is not ultra vires of the Central GST Act, 2017. The petitioner namely Nelco Ltd. is a Company incorporated under the Companies Act. It supplies and undertakes various network-related services. […]

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Govt gives relief for repayment of Loan and EMI I Interest I Working Cap...

COVID-19: ICAI Postpones CA Exams May 2020

The Institute of Chartered Accountants of India ( ICAI ) has postponed the CA Exams May 2020 due to COVID-19 outbreak. The ICAI in an announcement said that, In continuation to the Important Announcement dated 1st January 2020, it is hereby notified for general information that in view of the ongoing spurt of the  COVID-19 […]

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New GST Rule to link Aadhaar with GSTIN I GST Registration I Cancellatio...

Gujarat HC rejects Plea challenging the Action of Demanding Increased Enrollment Fee by Bar Council of Gujarat [Read Judgment]

The Gujarat High Court has rejected the plea challenging the action of demanding increased enrollment fee by the Bar Council of Gujarat. In the case Ramjesh Manibhai Patel vs. Bar Council of Gujarat, the High Court interpreted provisions of the Advocates Act, 1961 and the Bar Council of India Rules harmoniously and construed that the […]

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Payment by Volkswagen to a Foreign Celebrity Nicholas Cage for Appearance outside India is Taxable: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai held that the payment made by Volkswagen (Indian Company) to a Foreign Celebrity for appearance outside India is taxable. In the case of Volkswagen Finance Pvt Ltd. vs. Income Tax Officer, the tribunal observed that the income embedded in payment to the international celebrity i.e. Nicholas Cage, for […]

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Authorities undertaking Provisional Attachment beyond 1 year without Informing Bank is Contrary to Law: Calcutta HC [Read Judgment]

The Calcutta High Court held that authorities undertaking provisional attachment beyond 1 year without informing the bank is contrary to the law. In the writ petition filed by Mr Arijit Chakrabarti, Mr Nilotpal Chowdhury, Mr Prabir Bera against the Union of India. These petitions were consolidated because they raised the same issues in question. The […]

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New GST Rule for Physical Verification of Business Premises I CA Satbir...

12% GST on Composite Supply of Works Contract for Metro & Monorail: AAR [Read Order]

The Authority of Advance Ruling (AAR), West Bengal ruled that 12% of GST is applicable on the composite supply of work contract for Metro & Monorail. An application was filed by the applicant namely ABB lndia Ltd., it was observed that the composite supply of works contract, as defined under section 2(119) of the Goods […]

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‘Deemed Dividend’ provisions won’t attract for Re-Imbursement of Business Expenses of Company: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has recently held that the provisions of deemed dividend under Section 2(22)(e) of the Income Tax Act, 1961 would not attract in case of reimbursement of business expenditure. The assessing officer, while completing the proceedings against the assessee for the relevant year noted that the […]

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‘Construction of Complex’ and ‘Residential Complex’ are same, demand of Service Tax can’t be fastened: CESTAT [Read Order]

The Custom Excise Service Tax Appellate Tribunal (CESTAT) ruled that the ‘construction of complex’ and ‘residential complex’ are the same and demand for service tax can not be fastened. In the case of M/s Prakash Builders vs. Commissioner of Central Excise, Custom and Service Tax, the appellate tribunal set aside the demand of service tax […]

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CBIC clarifies on issues under GST Law for Companies under IBC [Read Circular]

The Central Board of Indirect Taxes and Customs ( CBIC ) has issued clarifications in respect of issues under GST law for companies under the Insolvency and Bankruptcy Code, 2016 (IBC) in connection with the notification issued on  Saturday. As per the Code, no coercive action can be taken against the corporate debtor for dues […]

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Govt Guidelines during Lockdown of India I CA Satbir Singh

CBIC clarifies Apportionment of ITC in cases of Business Reorganization [Read Circular]

The Central Board of Indirect Taxes and Customs ( CBIC ) has issued Clarification in respect of apportionment of ITC in cases of business reorganization (events of the merger, demerger, amalgamation or change in constitution/ownership of a business) u/s 18 (3) of CGST Act r/w Rule 18(3) of CGST Act and Rule 41(1) has been […]

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CBIC extends due dates of GSTR-1, GSTR-3B and GSTR-7 in Jammu & Kashmir [Read Notifications]

The Central Board of Indirect Tax and Customs (CBIC) has issued the notification extending the due dates of filing GSTR-1, GSTR-3B and GSTR-7 in Union Territory of Jammu and Kashmir. The Department of Revenue under the Ministry of Finance on March 23, 2020 issued notifications to amend the Notification No. 45/2019 –Central Tax; the present […]

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Aadhaar Authentication Mandatory for GST Registration from April 1, 2020: CBIC [Read Notification]

The Central Board of Indirect Tax and Customs (CBIC) notified that the Aadhaar Authentication is mandatory for Goods and Service Tax (GST) registration from April 1, 2020. The Department of Revenue under the Ministry of Finance issued the notification on March 23, 2020 in the name of Director under Government of India, Pramod Kumar. The […]

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IBC Threshold Raised to ₹ 1 Crore, Applicability of CARO 2020 extended to FY 2020-21: FM

The Finance Nirmala Sitharaman today announced that, Due to the emerging financial distress faced by most companies on account of the large-scale economic distress caused by COVID-19, it has been decided to raise the threshold of default under section 4 of the IBC 2016 to Rs 1 crore (from the existing threshold of Rs 1 […]

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Payment Date under Sabka Vishwas Scheme extended till June 30th: FM Nirmala Sitharaman

The Finance Minister Nirmala Sitharaman has announced the extension of Payment date under Sabka Vishwas Scheme shall be extended to 30th June, 2020. The Finance Minister also said that, No interest for this period shall be charged if paid by 30th June, 2020. The Sabka Vishwas (Legacy Dispute Resolution) Scheme has received a huge response […]

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Finance Ministry extends Deadline for Income Tax Returns for FY 18-19

In a video press conference conducted by Finance Minister Nirmala Sitharaman, today announced the extension of the deadline of Income Tax Returns for the Financial Year 2018-19 from 31st March, 2020 to 30th June, 2020. The Finance Minister also said that, For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, […]

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Vivad se Vishwas Scheme: No Additional 10% Amount If Payment made by June 30, says FM

The Finance Minister Nirmala Sitharaman has announced that, under Vivad se Vishwas Scheme, there will not be additional 10% amount if the payment is done by June 30th, 2020. The Finance Minister also said that, Due dates for issue of notice, intimation, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, […]

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Finance Ministry extends Aadhaar-PAN Linking Deadline

The Ministry of Finance has extended the due date for linking of Aadhaar with PAN from March 31, 2020 to June 30th 2020. Under the provisions of recently introduced Section 139AA of the Income Tax Act, 1961, with effect from 01.07.2017, all taxpayers having Aadhaar Number or Enrolment Number are required to link the same […]

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Breaking: Finance Ministry extends deadline of March, April, May 2020 GST Returns to June 30th, 2020

The Ministry of Finance today extended the deadline of the March, April, May 2020 GST Returns till 3oth June, 2020 due to Corona Virus ( COVID-19) outbreak. The Finance Minister Nirmala Sitharaman has announced that the date for filing income tax returns for the financial year 2018-19 has been extended till June 30,2020 from March […]

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Income Tax Act do not have Provisions to Condone Delay in Filing Miscellaneous Applications: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune bench, while dismissing a bunch of miscellaneous applications, held that the Income Tax Act, 1961 does not have any provisions allowing delay condonation of such applications under section 254 of the Act. The Tribunal pronounced an order on 01.02.2013. The assessee should have filed the miscellaneous applications within […]

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Area Based Exemption available to New Unit Successor to Previous Unit and Adjacent Units: CESTAT [Read Order]

The Principal Bench of CESTAT at New Delhi in the case of M/s Spring Dells v Commissioner of Central Goods & Service Tax held that area based exemption under central excise available where the new unit successor to the previous unit and to adjacent units. Appellant, a partnership firm with their factory at Roorkee developed […]

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CBIC notifies CGST (Third Amendment) Rules 2020 [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) notified the Central Goods and Service Tax (CGST Third Amendment) Rules, 2020. The Department of Revenue under the Ministry of Finance issued the notification on March 23, 2020, in the name of Director under Government of India, Pramod Kumar. The Central Goods and Service Tax (CGST) […]

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CBIC notifies due dates for Filing GSTR-1 [Read Notification]

The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the due dates of filing GSTR-1. The Notification issued by CBIC said that, the due date for furnishing the details of outward supplies in FORM GSTR-1 of the Central Goods and Services Tax Rules, 2017, by such class of registered persons having […]

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CBIC notifies Extension of Due Date for filing GST Annual Return for FY 2018-19 [Read Notification]

The Central Board of Indirect Taxes and Customs ( CBIC ) has notified the extension of due date for filing GSTR-9 (GST Annual Return) for the Financial Year 2018 – 19 till 30th June 2020. The Notification issued by CBIC said that, the time limit for furnishing of the annual return specified under section 44 […]

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Breaking: CBIC notifies Due Date for Filing GSTR-3B from April, 2020 to Sep, 2020 [Read Notification]

The Central Board of Indirect Taxes and Customs ( CBIC ) has notified the due date for filing Monthly Return GSTR-3B of the said rules for each of the months from April, 2020 to September, 2020. In a Notification issued by CBIC said that, that the due date of return in FORM GSTR-3B of the […]

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COVID-19: Spending of CSR Funds eligible under CSR Activities, says MCA [Read Circular]

The Ministry of Corporate Affairs ( MCA ) has issued clarifications on the spending of Corporate Social Responsibility (CSR) Funds for Coronavirus ( COVID-19 ) so it is a Corporate Social Responsibility (CSR) Activity. The MCA issued circular in the name of the Joint Secretary to the Government of India, Gyaneshwar Kumar Singh, addressing all […]

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‘Phytotherapy’ is not exempted under GST, Need to be registered: AAR [Read Order]

The Authority of Advance Ruling (AAR) West Bengal ruled that the ‘phytotherapy’ is not exempted under Goods and Service Tax (GST) and so it needs to be registered. On an application filed by the applicant namely OPTM Health Care Private Limited, the Authority of Advance Ruling (AAR) observed that all the health care services are […]

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No Addition on Share Premium If Shares were allotted under a Barter System: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Kolkata bench has held that the Assessing Officer cannot invoke the provisions of Section 68 of the Income Tax Act, 1961 in case of share premium amount if such shares were allotted by the Company under a barter system. While rejecting the return filed by the assessee-Company, the Assessing […]

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COVID-19: SC removes Limitation Period of Proceedings from March 15, 2020 till Further Orders [Read Order]

To overcome the pandemic disease COVID-19 the Supreme Court of India removed the limitation period from the proceedings from March 15, 2020, till further orders are passed. The Supreme Court of India consisting of the Chief Justice of India (CJI), SA Bobde; Justice L. Nageshwara Rao; and Justice Surya Kant took the suo moto cognizance […]

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CBDT extends Due date for filing Tax Audit Reports & ITRs for J&K and Ladakh [Read Order]

The Central Board of Direct Taxes ( CBDT ) has extended the due date for filing the Tax Audit Reports and Income Tax Returns (ITR) for Jammu & Kashmir till March 31st, 2020. In an Order issued by CBDT said that, under section 119 of the Income-tax Act, 1961 and in partial modification of CBDT‘s […]

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ITAT deletes Income Tax Addition against Vyapam Accused [Read Order]

The Income Tax Appellate Tribunal (ITAT), Indore bench has recently deleted an addition of around rupees 7.35 crores against one of the accused person of Vyapam case. The amount was surrendered by the assessee during the course of search proceedings. The Assessing Officer found that he is an accused of the Vyapam case and the […]

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COVID-19: Supreme Court forbids Physical Entry, Video Conferencing as a Mode of Hearing; ordered sealing of Lawyer’s Chambers

The Supreme Court of India, in the fight against Coronavirus (COVID-19), forbids the physical entry into court premises, encouraged video conferencing as the mode of hearing and ordered for the sealing of Lawyer’s chambers. The proximity card, which is issued to the advocates of the Supreme Court will become invalid until the pandemic disease called […]

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Lok Sabha passes Finance Bill 2020 without discussion amid Corona Virus Outbreak

The Lower House of the Parliament, the Lok Sabha has passed the Finance Bill 2020 without the discussion amid the Corona Virus ( COVID-19 ) outbreak. Expenditure: The government proposes to spend Rs 30,42,230 crore in 2020-21, which is 12.7% higher than the revised estimate of 2019-20. Receipts: The receipts (other than net borrowings) are […]

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COVID-19: NCLT benches to remain close till March 31, 2020; Chennai NCLT to take up urgent cases on intimation through Email [Read Circular]

In order to curb the outbreak of Coronavirus ( COVID-19 ), all the benches of the National Company Law Tribunal  (NCLT ) will remain closed till March 31, 2020. The Chennai bench of National Company Law Tribunal (NCLT) will take up only urgent cases on intimation through Email. In the view of the lockdown announced […]

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COVID-19: Gujarat HC introduces E-Filings and Video Conferencing as a way of Arguments [Read Circular]

The Gujarat High Court with a view to curb the spread of Coronavirus ( COVID-19 ) has introduced the E-Filings and video conferencing as a way of arguments. The Chief Justice of High Court of Gujarat after the consultation of the Members of the Standing Committee, learned Advocate General, learned Public Prosecutor, learned Government Pleader, […]

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ITAT quashes CIT(A) Order granting Relief to Assessee since AO was denied of Opportunity to Re-consider Evidence [Read Order]

The Pune bench of the Income Tax Appellate Tribunal (ITAT) has recently ruled that the Commissioner of Income Tax (Appeals) cannot delete an assessment order without granting an opportunity to the Assessing Officer to re-consider the evidence based on which such relief was granted to the assessee. The Assessing Officer made an addition against the […]

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Digital Evaluations: ICAI invites CAs for empanelment as Examiners for Chartered Accountants Examinations

The Institute of Chartered Accountants of India (ICAI) has invited CAs for empanelment as Examiners for Chartered Accountants Examinations to conduct digital evaluations. The Applications are invited from eligible members of the Institute and other professionals including academicians of reputed educational institutions, tax and legal practitioners etc., having a flair for academic activities including valuation […]

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Undervaluation of Goods in Invoice is No Ground for Detention of Goods u/s 129 of CGST: Chhattisgarh HC

The Chhattisgarh High Court has held that undervaluation of goods in the invoice can not be the ground for the detention of goods under Section 129 of the Central Goods and Service Tax (CGST) Act, 2017. In the case of K.P. Sugandh Ltd. vs. State Of Chhattisgarh set aside the impugned order passed by the […]

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No Service Tax on ‘Evacuation of Ash Pond” and its Transportation: CESTAT [Read Order]

The Kolkata bench of the Customs Excise and Service Tax Appellate Tribunal (CESTAT) has held that the removal of fly ash from the pond cannot be termed as “Cleaning activity” under Section 65 (24b) of the Finance Act, and accordingly, no Service Tax would be attracted. The assessee M/s. Blue Star Civil Engineering Co. Pvt. […]

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GST Evasion: Firm busted for claiming bogus Input Tax Credit worth Rs 281 Crores

The Central Goods and Services Tax ( CGST ), Meerut has busted firm for claiming the bogus Input Tax Credit ( ITC ) worth Rs. 281 crores. In an investigation led by CGST Meerut team has prima facie revealed issuance of GST invoices of Rs. 1,708 crores from a chain fake firms/companies operating from Delhi, […]

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ATM is Computer: ITAT allows 60% Depreciation [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that the Automated Teller Machines ( ATM ) would be eligible for the higher rate of depreciation as these machines can be treated as “Computers” for the purpose of Section 32 of the Income Tax Act, 1961. The assessee is engaged in the […]

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COVID-19: Govt notifies Regulating Prices of Masks and Hand Sanitizers under Essential Commodities Act

The Government of India issued an order regulating the prices of the masks and hand sanitizers under Essential Commodities Act, 1955 in the run to curb the outbreak of Coronavirus (COVID-19). The Department of Consumer Affairs under the Ministry of Consumer Affairs, Food and Public Distribution issued an order on March 21, 2020, in the […]

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CA Vacancy in Kotak Life Insurance

Kotak Life Insurance has invited interested candidates for the vacancy of Chartered Accountant with 2-4 years of experience at their Mumbai Branch. They are offering upto 10 Lakh per annum depending upon the attempts and years of experience for the associate level post. The Kotak Mahindra Group was founded in 1985 as a provider of […]

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Vivad se Vishwas Scheme: Declarants shall pay Tax Arrears within 15 Days of receipt of Certificate, says CBDT [Read Notification]

The Central Board of Direct Taxes (CBDT), has amended the rules for the ‘Vivad se Vishwas’ scheme wherein the Board amended the time period for paying the tax arrears under the scheme. Earlier, the declarant has to make the payment of tax arrears within thirty days from the date of receipt of this certificate. As […]

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CBIC waives GSTR-1 for Persons who couldn’t Opt for Composition Scheme [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification waiving GSTR-1 for Persons who could not opt for Composition Scheme till 7th March 2019. As per the 39th GST Council meeting, it was decided that the requirement of furnishing FORM GSTR-1 for 2019-20 should be waived for taxpayers who could not […]

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CBIC notifies Special Procedure for recently Merged Union Territories [Read Notification]

Following the merger of two union territories, Dadra and Nagar Haveli & Daman and Diu, the Central Board of Indirect Taxes and Customs ( CBIC ) has notified a special procedure for the registered persons in these places during the transition period. These union territories were merged w.e.f. 26.01.2020 and the transition to be completed […]

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CBIC notifies Special Procedure for Corporate Debtors under IBC [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) has laid down the special procedure to be followed in case of Corporate Debtors under the Insolvency and Bankruptcy Code (IBC). This is according to the GST Council’s decision on 14th March where the members decided to introduce a special procedure for registered persons who are […]

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E-Invoice Implementation extended to 1st October 2020 [Read Notification]

As per the decision of the GST Council on 14th March, the Central Board of Indirect Taxes and Customs (CBIC) has notified that the e-invoice and QR Code would be mandatory for the taxpayers from 1st October, 2020 under the GST regime. The Government has implemented the e-invoice option from 1st January where the businesses […]

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Profit Element embedded in Purchases would be subjected to Tax, not the entire Amount: Bombay HC

The Bombay High court held that the profit element embedded in purchases would be subjected to tax and not to the entire amount. The division bench comprising Justices Milind N Jadhav and Ujjal Bhuyan was considering an appeal filed by the department against the order of the Mumbai ITAT. Assessee is a company which is […]

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CESTAT quashes Service Tax Demand on Sale of Banking Software to Banks [Read Order]

In a recent order passed by the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), has quashed Service Tax demand on sale of banking software to banks. The appeal was filed by Infrasoft Tech India Ltd challenging the order of the Commissioner of Central Excise, which was to recover Rs. 3,11,95,070/-, along with interest thereon, […]

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Service Tax can’t be levied for Independent Buildings having One Residential Unit: CESTAT

The Delhi Bench of Customs, Excise and Service Tax Appellate Tribunal ( CESTAT) ruled that Service Tax cannot be levied under Construction of Complexes or Residential Complexes of Finance Act on the construction of independent buildings having one residential unit. The appellant, Prakash Wadhwani was engaged in civil construction and undertook the works for the Bhopal […]

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Expenses incurred on Demise / Birthday Greetings / Congratulating some politicians not allowable as Business Expenditure: ITAT [Read Order]

The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the expenses incurred on the demise, birthday greetings and congratulating some politicians are not eligible for a tax deduction as business expenditure under section 37 of the Income Tax Act, 1961. The assessee, for the relevant year, has made an expenditure of […]

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Companies and LLPs to file web-based form ‘CAR’ for confirming their readiness towards COVID-19: MCA

The Ministry of Corporate Affairs ( MCA ) is in the process of developing and deploying a simple web form named CAR (Company Affirmation of Readiness towards COVID-19) for companies/LLPs to confirm their readiness to deal with the COVID-19 threat. Since the wake of the Novel Coronavirus(COVID-19) affecting over 110 countries including India, the WHO […]

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MCA mandates Time Frame for Filing Declaration in Form NDH-4 by Nidhi Companies

The Ministry of Corporate Affairs (MCA) has mandated the Time frame for filing declaration in form NDH-4 by Nidhi Companies in order to make the regulatory regime more effective and also to accomplish the objectives of transparency & investor friendliness in a corporate environment of the country. Nidhi is a company which has been incorporated […]

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CA Examinations May 2020: ICAI reopens Online Facility for seeking Change of Examination Centre / Group / Medium for Appearing

The Institute of Chartered Accountants of India ( ICAI ) has reopened the online facility for seeking a change of examination centre/group / Medium for appearing CA Examinations May 2020. In view of the ongoing spurt of the COVID-19 virus and in the interest of the well-being of students who have already submitted online examination […]

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Income Tax Department designates Income tax Authority before whom particulars of parent entity and alternate reporting entity to file Country-by-Country Report would be notified

The Income Tax Department has designated Income Tax Authority before whom particulars of the parent entity and alternate reporting entity to file Country-by-Country Report would be notified. In order to ensure that a multinational enterprise would report its profit correctly where it is earned, the Organisation for Economic Cooperation and Development (OECD) had developed an […]

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Rajasthan HC denies Transitional Credit due to Non-Attempt to File GST TRAN-1 [Read Order]

While rejecting the petition filed by Shree Motors, the Rajasthan High Court has denied transitional credit due to non-attempt to file GST Tran-1. The petitioners had purchased goods prior to the appointed date, 01.07.2017, which were held in stock on the appointed date. The CGST Act provides for transitional provision for the transition of credit […]

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SC stays Orders of Allahabad and Kerala High Courts restraining Govt from Recovery of Tax due COVID-19 Ourbreak

The Supreme Court has stayed the orders of the High Court of Allahabad and Kerala restraining the government from the recovery of Tax on the account of the outbreak of COVID-19. The Special Leave Petition (SLP) was filed by the Ministry of Finance questioning the jurisdiction of the High courts of the Allahbad and Kerala […]

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Provision including Trade Discounts / Incentives in Sale and Determination of Taxable Turnover is Ultra Vires: Jharkhand HC [Read Judgment]

The Jharkhand High Court has ruled that the provision including the Trade Discounts or Incentives in Sale and Determination of Taxable Turnover is Ultra vires. The Tata Motors Ltd has challenged the vires of Section 9 (5) of the Jharkhand Value Added Tax Act, 2005, which was subsequently brought, by way of amendment, made in […]

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Tax Report and Payment Deadlines Extended in Response to Corona

Considering the corona pandemic emergency, countries have extended the dates for tax return submissions and payments. ITALY In response to the need and urgency due to corona having a negative effect on the socio-economic conditions, Italy has brought into force the provision that suspends all tax compliances except Tax payments due in the period 08/03/2020 […]

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COVID-19: Calcutta HC prevents Income Tax Authority from Distribution of Seized Jewellery [Read Order]

The Calcutta High Court has prevented the Income Tax Authority from the distribution of seized jewellery in the Corona Virus  COVID-19 outbreak. The outbreak of the deadly virus COVID-19 led to the restricted functioning of the court, the High Court of Calcutta has recently requested the Income Tax Authority to refrain from distributing the seized […]

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CCI allows Pre-Filing Consultation through Video-Conferencing

The Competition Commission of India (CCI) has allowed pre-filing consultation (PFC) to Parties seeking informal guidance interalia on (i) determining filing related requirement (s) (ii) information to be given in the notice to be filed for a proposed combination (iii) Green Channel. In order to avoid travel from Mumbai to Delhi for Pre-Filing Consultation, the CCI has […]

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Finance Commission constitutes Committee to Review Fiscal Consolidation Roadmap of the General Government

The Chairman of the Fifteenth Finance Commission has constituted a Committee to review the fiscal consolidation roadmap of the general government. The Terms of Reference of the Committee are – The Committee shall make recommendations on the definition of deficit and debt for the Central government, overall states, the General Government and public sector enterprises […]

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Company Secretary Fresher vacancy in IICA

The Indian Institute of Corporate Affairs (IICA), Gurgaon has invited interested and eligible candidates to submit applications for the position of Company Secretary, purely on a contractual basis. A walk-in Interview is being conducted on 18th, 25th March 2020. The reporting time is 10.30 AM. The Indian Institute of Corporate Affairs (IICA) is a subordinate […]

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Accountancy must leave Spreadsheet Comfort Zone’: ACCA report reveals Challenges and Opportunities for Digital Accountants [Read Report]

The Digital Accountant, produced by the Association of Chartered Certified Accountants ( ACCA ), surveyed more than 4,200 accountants globally. The report explores the digital challenges accountants face and how they can maximize opportunities by becoming a digital citizen. Continuous learning and reacting to digital transformation investment could help accountants define their digital skills and […]

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Kerala HC stays All Revenue Recovery proceedings due to COVID-19 Outbreak [Read Order]

The Kerala High Court has stayed the revenue recovery proceedings to curb the spread of Corona Virus (COVID-19). Justice Amit Rawal, a judge at High Court of Kerala issued a stay after considering a total of 81 cases seeking a stay on coercive proceedings following outstanding loans and taxes. When the cases came up for […]

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Allahabad HC restrains Govt not to Initiate any Recoveries / Coercive Actions till April 6, 2020 to abate spread of COVID-19 [Read Order]

The Allahabad High Court has restrained the government not to initiate any recoveries or coercive actions till April 6, 2020, so as to abate the spread of Corona Virus (COVID-19). In accordance with the initiative undertaken by the Ministry of Health under the Government of India issued an elaborate advisory on social distancing measures in […]

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CESTAT denies Service Tax Refund to Adani Power [Read Order]

The West Zonal Bench of Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ) has denied a refund of Service Tax to Adani Power. The Adani Power had set up a power plant for the generation of electricity in SEZ at Mundra but the electricity generated by the said power plants was supplied in […]

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ICSI establishes Auditing Standards on Secretarial Audit from 1st April Onwards

The Institute of Company Secretaries India gives out guidelines on Auditing Standards on Secretarial Audit. The mandatory application on the Auditing Standard will be carried out on 1st April 2020 onwards. Auditing Standard on Secretarial Audit deals with basis and manner for carrying out the Secretarial Audit u/s 204 of the Companies Act, 2013 and […]

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Delhi HC directs Commissioner of Income Tax to examine Claims and Grant Refunds to Ericsson [Read Judgment]

The Delhi High Court has directed the Commissioner of Income Tax to examine the claims and grant refunds to Ericsson. The Court also held that the entire amount, with the approval of the Principal Commissioner of Income Tax to the withholding of the refund amount, should be completed within the period of six weeks and […]

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Big GST Input Tax Credit Fraud Busted Rs 24 crore

CA / CMA / CS vacancy at IBM

IBM, Gurugram is recruiting CA/CMA/CS qualifiers for the vacancy of Financial and Accounting Operations. The minimum experience of 14-16 years is preferred. The International Business Machines Corporation (IBM) is an American multinational technology company headquartered in Armonk, New York, with operations in over 170 countries, including India. IBM India Private Limited is the Indian subsidiary […]

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COVID-19: SEBI relaxes Quarterly Compliances [Read Circular]

In the light of the pandemic COVID-19, Securities Exchange Board of India (SEBI) has decided to relax yearly, half-yearly and quarterly compliance stipulations specified under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) to listed entities.  It provides for an extension of timings for filing and relaxation of time gap between two board […]

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New GST Circular and GST Appeal Time I CA Satbir Singh

CA / CMA Vacancy at Sony India

The Sony India Private Limited is recruiting CA/CMA qualifiers in a fulltime, permanent post at their Guwahati branch. Candidates with 6 to 10 years of experience are preferred. They are offering a pay band of around 3,50,000 – 5,50,000 P.A. Sony India Pvt. Ltd., based in New Delhi, is the Indian subsidiary of Japan’s Sony […]

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CBDT notifies the ‘Designated Authorities’ for Accepting Applications under DTVSV Act [Read Notification]

The Central Board of Direct Taxes(CBDT) has notified the jurisdictional Commissioners of Income-tax as ‘Designated Authority’ under the Direct Tax Vivad Se Vishwas Act ( DTVSV Act ). According to DTVSV Act, a ‘Designated Authority’ means an officer not below the rank of a Commissioner of Income-tax notified by the Principal Chief Commissioner for the […]

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Texas Franchise Tax Amendment: All You Need to Know

The Comptroller of Public Accounts amended the Texas franchise tax, making foreign taxable entities subject to Texas franchise tax if the entity has a gross receipt of $500,000 or above. A foreign entity that does not have a physical existence in Texas will also be liable for franchise tax as per the amendment and will […]

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GST Appellate Tribunal: CBIC prescribes Timelimit for Appeals [Read Circular]

The Central Board of Indirect Taxes and Customs ( CBIC ) has issued a clarification on appeal in regard to the non-constitution of the GST Appellate Tribunal. The Concerns raised across the field formations in respect of the appropriate procedure to be followed in absence of appellate tribunal for the appeal to be made under section 112 […]

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GSTR3B Date Extension for Feb 2020 I CA Satbir Singh

NAA directs Patanjali Ayurveda to Deposit Profiteered Amount with 18% interest in Consumer Welfare Fund [Read Order]

The National Anti-profiteering Authority (NAA), New Delhi has directed Patanjali Ayurveda to deposit 75 Crore Rupees the profiteered amount by the company with 18 percentage in specified Consumer Welfare Fund(CWF). The DGAP in his report had stated that the Respondent did not pass on the benefit of the reduction in the tax rates to his […]

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CA/ICWA/CFA Freshers vacancies in Deutsche Bank

The Deutsche Bank is recruiting CA/ICWA/CFA qualifiers in the post of FINREG Analyst at Mumbai, Maharashtra branch. Experience of 0-2 years in the core accounting function of an organization would be an advantage. Deutsche Bank AG is a global multinational investment bank and financial services company headquartered in Frankfurt, Germany and dual-listed in New York […]

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Direct Tax Vivad se Vishwas Rules and Forms notified [Read Notification]

The Ministry of Finance has notified Direct Tax Vivad se Vishwas Rules and Forms for the purpose of effectively resolving disputes regarding Direct Taxes. The Vivad se Vishwas Rules defined ‘dispute’ as any appeal, writ or special leave petition filed or appeal or special leave petition to be filed by the declarant or the income-tax […]

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GST Evasion: CGST Delhi East busts Firms utilizing Fraudulent ITC worth Rs. 24 cr

Officers of Anti-Evasion, Central GST Commissionerate, Delhi East, have unravelled an operation involving availing of fraudulent Input Tax Credit on the basis of fake invoices and evasion of GST by utilizing the said fraudulent ITC to the tune of Rs. 24 crores approx. by M/s Shub Conductors LLP. An investigation was initiated against M/s Shub […]

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Auditing Standard on Auditing Engagement Mandatory from April 1st Onwards: ICSI

The Institute of Company Secretaries of India (ICSI) gives out guidelines on Auditing Standards. The standard will be mandatorily applied for Auditing Engagement accepted by the Auditor on 1st April 2020 onwards. The Auditing Standard on Audit Engagement deals with the Auditor’s role and responsibilities with respect to an Audit Engagement and the process of […]

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Odisha notifies Odisha Goods and Service Tax (Second Amendment) Rules, 2020 [Read Notification]

The Government of Odisha has notified the Goods and Service Tax (Second Amendment) Rules, 2020. The Finance Department of the State of Odisha issued a notification on March 12, 2020, in the name of Deputy Secretary of the Government so as to amend the Principal Act namely Odisha Goods and Service Tax Rules, 2017. The […]

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Video Conferencing an alternative way for AGM to avoid the spread of COVID-19: MCA

The Ministry of Corporate Affairs ( MCA ) has notified that the video conferencing is an alternative way for the Annual General Meetings (AGM) of the company in order to avoid the spread of COVID-19. The spread of coronavirus (COVID-19) is interfering with the normal functioning of businesses over the globe, including in the form […]

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Staff Secondment: European Court of Justice ruled on VAT treatment

The European Court of Justice issued a landmark judgment on the Value Added Tax (VAT) treatment of the staff secondment. The Italian Supreme Court requested the European Court of Justice to rule on the point of compatibility between national legislation (legislation of Italy) concerning the Value Added Tax (VAT) treatment applicable to staff secondment without […]

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Service Tax Audit under GST is permissible: Delhi HC [Read Judgment]

The Delhi High Court has ruled that the Service Tax Audit under Goods and Service Tax (GST) is permissible. The petition was filed by Aargus Global Logistics Pvt. Ltd on the ground that Section 174(2)(e) of the Central Goods and Service Tax (CGST) Act, 2017, which specifically empowers the authorities to institute any inquiry, investigation, […]

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CA Vacancy in Pacific Industries Ltd

The Pacific Industries Ltd (Geetanjali Group) is hiring Chartered Accountants for the posts in Accounts. Pacific Industries Ltd (Geetanjali Group) was established in the year 1989 as a 100% export oriented unit. They are one of the leading quarry owners and processors of natural stones. With products like slabs, tiles, cut to size they are […]

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RBI issues guidelines on regulation of Payment Aggregators and Gateways [Read Circular]

The Reserve Bank of India (RBI) has issued guidelines on the regulation of Payment Aggregators and Gateways. The RBI also issued directions for opening and operation of accounts and settlement of payments for electronic payment transactions involving intermediaries. Earlier RBI had passed a circular and taking into account the important functions of these intermediaries in […]

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Taxpayer can Opt a Method resulting in Lowest Tax Liability, When Two Alternatives are Available: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT), in an assessee-friendly ruling, held that if there exist two methods for tax payment, the assessee can opt the method which would result in the lowest tax liability. The Tribunal opined that in such cases, it cannot be treated as a device to escape from […]

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Moneygram entitled to avail CENVAT Credit on Event Management Service: CESTAT [Read Order]

In a recent order, the Customs, Excise & Service Tax Appellate Tribunal (CESTAT), Mumbai held that Moneygram India Private Limited is entitled to avail CENVAT credit on input services viz. Event Management services. The Appellant Moneygram filed an appeal against the order passed by the Commissioner of CGST & CX, Mumbai. In the impugned order, […]

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Mis-declaration of POS, MPOS Devices: Tribunal asks Customs Dept to Investigate on System Failure [Read Order]

In a recent ruling, the Central Excise and Service Tax Appellate Tribunal (CESTAT) Delhi has asked the Customs department to start an investigation on the system failure which leads to misdeclaration of goods and evasion of customs duty. The Tribunal was confirming the penalty imposed on a Company for intentional misdeclaration of Mobile Point of […]

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NCLAT finds AMMA liable for the violation of the Anti-Competitive Conduct [Read Order]

In a recent judgment, the National Company Law Appellate Tribunal(NCLAT) dismissed the appeal filed by ‘Association of Malayalam Movie Artistes’ (AMMA), Film Employees Federation of Kerala’ (FEFKA), ‘FEFKA Director’s Union’ and ‘FEFKA Production Executive’s Union’ and their office bearers were found to be liable under Section 48 for anti-competitive conduct. The appellants, AMMA and Others […]

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Delhi Goods and Services Tax (Third Amendment) Rules, 2019 notified

The Governor of the National Capital, Delhi has notified the Delhi Goods and Services Tax (Third Amendment) Rules, 2019. The notification was issued by the Finance (Revenue-1) Department in the name of the Lt. Governor of the National Capital of Delhi. The notification seeks to amend the principal legislature namely Delhi Goods and Service Tax […]

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Govt reconstitutes Advisory Board of COFEPOSA

The Government of India has reconstituted the Advisory Board of COFEPOSA for the period of one year and the Advisory board will be headed by then Chief Justice D.N. Patel as the chairperson. The Department of Revenue under the Ministry of Finance issued a notification in the Official Gazette of India on March 17, 2020, […]

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TRAN 1 revision allowed for Clerical Errors I CA Satbir Singh

EY hiring CA, CPA, ACCA qualifiers

EY is hiring ICAI, CPA, ACCA qualifiers for the vacancy of GDS Assurance Senior. EY (India) LLP is a Limited Liability Partnership firm incorporated on 05 April 2018. It is registered at Registrar of Companies, Bangalore. Its total obligation of contribution is Rs. 132,820,752. Designated Partners of Eygbs (India) LLPs are Velliyur Nott Srinivasa Rao […]

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ITC on Construction Expenses – A Macro Outlook on Bones of Contention !!!

‘The strictest law sometimes becomes the severest injustice – By Benjamin Franklin’ Every Indirect Taxation system contains a credit/set-off mechanism to avoid the cascading effect of taxes incurred at the previous stage. The credit mechanism which should be smoothest for the taxpayers has been the most debated topic in Indian Indirect Tax laws. The credit […]

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Delhi HC exempts Indian Medical Association from Service Tax Net [Read Judgment]

In a recent ruling, the Delhi High Court exempted the Indian Medical Association from the Service tax net. While dismissing the appeal filed by the Customs Excise & Service Tax Appellate Tribunal (CESTAT), the Delhi High Court validated that any incorporated clubs or associations or prior to 1st July 2020 are not included in the […]

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