New GST Notification for E-Invoice in GST I Applicability I CA Satbir Singh

ITAT rescues NRI holding $3 Million in his Swiss Account [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench while rescuing the NRI, Kamal Galani who is a holder of USD 3 Million in his swiss account held that a Swiss checking account was opened as “unaccounted earnings” within the palms of a person, who at that time of time was a non-resident. The assessee, Kamal […]

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Govt. to levy 5% Customs Duty on open cell for LED / LCD TV panels from Oct 1 [Read Notification]

The Government notified the levy of 5% Customs Duty on open cell for LED/LCD TV panels from October 1. The Ministry of Finance empowered under section 25(1) of the Customs Act, 1962; section 3(12) of the Customs Tariff Act, 1975 on being satisfied that it is necessary for the public interest so to do, amended […]

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CBIC allows one-month grace period for those not yet ready for GST E-Invoice

The Central Board of Indirect Taxes and Customs ( CBIC ) has allowed one month grace period for those who are not yet ready for GST E-Invoice. The Government had in December 2019 prescribed that the GST Taxpayers having aggregate annual turnover more than Rs. 100 crores in any preceding Financial Year will be required […]

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GST Exemption to Export Freight Extended I New Notification 30.09.2020 ...

CBIC defers facility of Dynamic QR Code on B2C invoices to 1st December

The Central Board of Indirect Taxes and Customs ( CBIC ) has deferred the facility of Dynamic QR Code on B2C invoices to 1st December, 2020. A certain class of registered persons (insurance company, banking company, financial institution, non-banking financial institution, GTA, passenger transportation service, etc.) to be exempted from issuing e-invoices or capturing dynamic […]

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TCS shall be applicable only on the amount received on or after 1st October, 2020: Finance Ministry issues Clarifications

The Ministry of Finance has issued clarification on the applicability of Tax Collection at Source on newly introduced provisions relating to Tax Collection at Source (TCS) on certain goods introduced vide Finance Act, 2020. The Finance Ministry said that, There are reports in certain sections of media wherein certain doubts have been raised regarding the […]

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GST E-Invoicing is applicable if the Turnover is more than 500 cr in any of the last three Financial Years: CBIC [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) notified the Goods and Service Tax(GST) E-invoicing is applicable if the turnover is more than 500 crores in any of the last three Financial Years. The CBIC also clarified that, E-Invoicing is also applicable for Export Invoices. The Board amended the notification No. 13/2020 Central Tax, […]

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CBIC extends Time Limit for Central Excise, Service Tax, and Customs till Dec 31, 2020 [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) notified the extension of the time limit for Central Excise, Service Tax, and Customs till December  31, 2020. The Board empowered under section 6 of the Taxation and Other Laws (Relaxation and amendment of Certain Provisions) Act, 2020, specified that the 30 December, 2020 shall be […]

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GST Return Date Extended I Notification Issued 30.09.2020 I CA Satbir Singh

CBDT again extends due date for the filing of Income Tax Return for AY 2019-20 [Read Notification]

The Central Board of Direct Taxes (CBDT) has extended the last date for filing Income Tax Return (ITR) for Assessment Year 2019-20. The date has been extended from September 30, 2020 to 30th November,2020. The Board after consideration of difficulties being faced by the taxpayers due to COVID-19 pandemic, the due date for filing ITR […]

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CBDT authorizes Director General of Income Tax to Upload GST Return Information in Form 26AS [Read Order]

The Central Board of Direct Taxes (CBDT) authorized the Principal Director General of Income-tax (Systems) or Director General of Income-tax  (Systems) to Upload GST Return Information in Form 26AS. “In exercise of powers conferred under section 119 of the Income-tax Act,1961 read with sub-rule (2) of Rule 114-I of the Income-tax Rules 1962, the Central […]

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CA Exams Nov 2020: Students’ urge ICAI to postpone November Session

In the wake of the COVID-19 pandemic, the students have demanded postponement of the Institute of Chartered Accountant of India (ICAI) CA exams. The ICAI is set to conduct the November session of exams through offline mode. However, On Tuesday, students took to social media and expressed their unwillingness to appear in the offline exams, […]

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Supreme Court saves Importers from 200% enhanced Customs Duty on Pakistan imports post-Pulwama attack [Read Judgment]

The Supreme Court rescued importers who were required to pay an elevated customs duty of 200% on import of products from Pakistan due to the Centre’s unexpected tariff enhancement on imports after the 2019 Pulwama terror attack and directed them to pay the duty on import below the older tariff. The case before the Court […]

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GSTR 9 and 9C date Extended for FY 2018 19 CA satbir singh

[Breaking] CBIC extends Due Date for filing GSTR-9 and GSTR-9C

The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the due date for filing GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for the Financial Year 2018 – 19 to be extended to 31st October 2020. GSTR-9 is an annual return to be filed yearly by taxpayers registered under GST. It consists […]

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No presumption of delay in approaching the Court is always deliberate: Telangana HC quashes ITAT’s order rejecting condonation of delay [Read Judgment]

The Telangana High court while quashing the order passed by the Income Tax Appellate Tribunal (ITAT) rejecting condonation of delay held that no presumption of delay in approaching the Court is always deliberate. The appellant submitted that after the receipt of the consequential order passed by the Assessing Officer on December 31, 2015 and he […]

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President gives assent to The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 [Read Notification]

The President of India has given his assent to The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020. The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 was promulgated on March 31, 2020.  The Ordinance provides certain relaxations related to compliance, such as the extension of the time limit […]

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CBDT issues Guidelines for TDS on Payment by E-Commerce Operator [Read Circular]

The Central Board of Direct Taxes (CBDT) has issued the guidelines for TDS on Payment by e-commerce operator, under section 194-O with effect from October 1, 2020. The guidelines issued by the Boards deals with the applicability of transactions carried through various exchanges; applicability on payment gateway; applicability on an insurance agent or insurance aggregators; […]

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Upsurge in the Demand of Chartered Accountants by 37% in spite of COVID in ICAI Campus Placement Programme

While the world is grappling with the economic impact of lockdown due to the COVID-19 pandemic and various sectors of the economy are facing challenges, there is some silver lining to cheer for. The Institute of Chartered Accountants of India (ICAI), the premier accounting body regulating the profession of Chartered Accountancy, has reported an increase of […]

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ICAI extends last date for payment of Membership/ COP fee

The Institute of Chartered Accountants of India (ICAI)  has extended its last date of payment of membership/COP fees till 30th November, 2020. “The Council of ICAI considering the request from Members at large has decided to extend the last date for payment of Membership/ COP fee from 30th September, 2020 to 30th November, 2020,” the […]

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ICAI notifies Advanced ICITSS or Advance Information Technology Test will be conducted through Computer Based Mode

The Institute of Chartered Accountants of India (ICAI) has announced that the Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) and Advance Information Technology Test will be conducted through  Computer Based Mode. The ICAI has decided to conduct Advanced ICITSS/ Adv. IT Test in Computer Based Mode on Thursday, the 22nd October, […]

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Assessee entitled for claim of Interest paid on Borrowed Capital: ITAT deletes Addition

The Income Tax Appellate Tribunal (ITAT), Delhi Bench while deleting the addition made by AO ruled that the assessee is entitled for claim of interest paid on borrowed capital. The assessee, M/s ACB (India) Power Ltd. company is engaged in the business of production, generation, storage, transmission, distribution and supply of electricity and power and […]

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Telangana High Court directs Authority to Refund amount paid towards GST and Penalty on pretext of illegality in Transport of Goods [Read Order]

The Telangana High Court directed the respondent authority to  refund the amount paid towards GST and penalty on the pretext of illegality in the transport of goods. The petitioner is engaged in the business of manufacture and sales of tractors and their spares. The petitioner dispatched 4 tractors to its Depot at Hyderabad under consignment […]

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Madhya Pradesh HC grants Anticipatory Bail to person accused of GST Evasion on furnishing the bond of Rs.10 Lakhs [Read Order]

The Madhya Pradesh High Court granted anticipatory bail to a person accused of GST Evasion on furnishing the bond of Rs.10 Lakhs. The petitioner, Nitesh Wadhwani has filed the application under section 438 of the Cr.P.C. seeking anticipatory bail in crime registered under section 132(1)(a)(i) of the Goods and Services Tax Act. The petitioner submitted […]

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Public Servants prohibited from accepting any Foreign Contributions: Govt. notifies FCRA Amendment, 2020 [Read Notification]

The Central Government has notified the Foreign Contribution (Regulation) Amendment Act, 2020 for prohibiting to accept any Foreign Contribution for election candidates, editor or publisher of a newspaper, judges, government servants, members of any legislature, and political parties, among others.  The Act regulates the acceptance and utilization of foreign contribution by individuals, associations, and companies.  […]

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MCA extends time limit to Independent Directors for inclusion of Name in Data Bank [Read Notification]

The Ministry of Corporate Affairs ( MCA ) has extended three months to Independent Directors for the inclusion of Name in Data Bank. The MCA has notified the Companies (Appointment and Qualification of Directors) Fourth Amendment Rules, 2020 whereby Rule 6 has been amended and provide extra 3 months to independent director for passing online […]

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18% GST is leviable on Sale of TDR and FSI received as consideration for surrendering the Joint Rights in Land: AAAR [Read Order]

The Maharashtra Appellate Authority of Advance Ruling (AAAR) affirmed the AAR’s ruling and held that 18% GST is leviable on sale of Transferable Development Rights (TDR) or Floor Space Index (FSI) received as consideration for surrendering the joint rights. The Applicant, Mr. Vilas Chandanmal Gandhi, was an owner of the land situated within the limits […]

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ICAI removes name of four Chartered Accountants for Professional Misconduct [Read Notifications]

The Institute of Chartered Accountants of India (ICAI) has removed the name of four Chartered Accountants (CA) namely CA Amit Vasant Chheda; CA Shailendra Srivastava; CA. Hemant Tulsidas Merchant and CA. Sujit Kumar Bhattacharyya. The Disciplinary Committee has held CA. Amit Vasant Chheda, Laud Bhuvan, Road No. 24-A, Jain Society, Sion West, Mumbai-400 022, guilty […]

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No ITC can be claimed on Lift Installation Charges: AAAR [Read Order]

The Maharashtra Appellate Authority of Advance Ruling (AAAR) ruled that no Input Tax Credit (ITC) can be claimed on lift installation charges. The applicant, M/s. Las Palmas Co-operative Housing Society Limited situated is a Co-operative Housing Society. Appellant is recovering an amount, from each of the society members under various heads such as Service Charges. […]

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Finance Ministry notifies Companies (Amendment) Act, 2020 [Read Notification]

The Finance Ministry has notified the Companies (Amendment) Act, 2020 which seeks to amend the Companies Act, 2013. The notification seeks to amend clause (52) of section 2 which elaborates on Definition of Listed company. The amendment seeks to insert a new proviso that enables the Central Government to exclude certain class of companies, which […]

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CBDT authorizes ACIT/DCIT (NEAC) for issuing 143(2) Notice [Read Notification]

The Central Board of Direct Taxes (CBDT) authorized the Assistant Commissioner/Deputy Commissioner of Income-tax (National e-Assessment Centre, NEAC) for the purpose of issuance of notice under sub-section (2) of section 143 of the Income Tax Act. The notification shall come into effect retrospectively from August 13, 2020, it is the date when the Faceless Assessment […]

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AAAR affirms applicant can’t charge 12% GST under Forward Charge Mechanism as a GTA [Read Order]

The Maharashtra Appellate Authority of Advance Ruling (AAAR) affirmed the AAR’s ruling and held that the applicant can not charge GST at the rate of 12% under Forward Charge mechanism as a Goods Transport Agency (GTA). The Applicant, M/s Liberty Translines, owner of various goods transport vehicles, is in the business of Road Transportation and […]

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No GST applicable on Prize Money / stakes in absence of Supply: AAAR [Read Order]

The Maharashtra Appellate Authority of Advance Ruling (AAAR) while rejecting the AAR ruling held that no GST applicable on Prize Money/ stakes in absence of supply. The applicant Vijay B. Shirke is duly registered with the Goods and Service Tax Department. The Applicant owns horses. The horses owned by the applicant participate in races organized […]

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CBDT notifies Setting up of NFAC and RFAC under Faceless Appellate Scheme, 2020 [Read Notification]

The Central Board of Direct Taxes (CBDT) notified the setting up of the National Faceless Appeal Centre (NFAC) and Regional Faceless Appeal Centres (RFAC) under Faceless Appellate Scheme, 2020. The NFAC and of the RFAC which shall exercise the powers and perform functions in order to facilitate the conduct of Faceless Appeal Proceedings in respect […]

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MCA extends Time for conducting EGMs through Video Conferencing [Read Circulars]

The Ministry of Corporate Affairs ( MCA ) has extended the time for conducting Extra Ordinary General Meetings through Video Conferencing till December 31st, 2020. The Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 and the time for conducting EGMs through Video Conference […]

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MCA extends Companies Fresh Start Scheme, 2020, and LLP Settlement Scheme [Read Circulars]

The Ministry of Corporate Affairs ( MCA ) has extended the Companies Fresh Start Scheme, 2020 till December 31st 2020 due to the COVID-19 pandemic. The MCA also extended the LLP Settlement Scheme, 2020 till December 31st 2020. The Ministry of Corporate Affairs had introduced a new scheme known as the Companies Fresh Start Scheme, […]

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Madhya Pradesh High Court grants Bail to person accused of GST Offence [Read Order]

The Madhya Pradesh High Court granted bail to the person accused of Goods and Service Tax (GST) offenses punishable under Section 132(1)(a) read with section 132(1)(i) of the Central Goods and Service Tax Act, 2017. The applicant, Jagdish Arora and Ajay Kumar Arora filed bail application under Section 439 of the Code of Criminal Procedure, […]

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Staff Accountant vacancy in Amazon

The Amazon has invited applications for the post of Senior Staff Accountant. The Senior Staff Accountant will partner with the Global Payments Finance teams (based in the US) to support in launching, operationalizing and maintaining its payments infrastructure across entities, platforms and marketplaces. This is an exciting opportunity to join a fast-paced business at Amazon. […]

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Chartered Accountant vacancy in Amazon

The Amazon has invited applications from qualified Chartered Accountants for the post of Senior Financial Analyst. DESCRIPTION Key Responsibilities:· Build financial analysis models driving operational decisions across the Amazon network-Working on cost out initiatives– Working on long range plan, annual budgets etc· Automate existing models and tools to contribute in scale-up of the Fulfillment Center […]

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Punjab & Haryana HC denies Anticipatory Bail to Excise and Taxation Officer for allegedly taking gratification by Corrupt means [Read Order]

The Punjab & Haryana High Court refused to grant anticipatory bail to the Excise and Taxation Officer for allegedly taking gratification by corrupt or illegal means. The petitioner, Sushil Kumar is a Excise and Taxation Officer, who is allegedly indulging in tax evasion in connivance with the officers/ officials of Excise and Taxation Department, Punjab. […]

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Delhi HC permits Director with frozen DIN and DSC to avail Companies Fresh Start Scheme 2020 after seeking condonation of delay [Read Order]

The Delhi High Court permitted the  Director with frozen Directors Identification Number (DIN) and Digital Signature Certificate (DSC) to avail Companies Fresh Start Scheme 2020 after seeking condonation of delay in respect of  Delhi Control Devices Private Limited (DCDPL). The Petitioner, Mr. Ashish Gupta is a director in three companies namely (i) DCDPL ABMR Tradex […]

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Liquidator’s decision can be challenged before Tribunal under section 42 of the I&B Code: Kerala High Court [Read Order]

The Kerala High Court held that the Liquidator’s decision can be challenged before the tribunal under section 42 of the Insolvency and Bankruptcy (I&B) Code. As many as 28 petitions were filed against the decision taken by the Liquidator regarding the claims of the petitioners, requesting the court to direct the liquidator not to proceed […]

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The Growing Significance of Critical Illness Insurance

With the growing instances of COVID-19 spread, individuals across all age groups are worried about the soaring treatment costs. For first-time insurance buyers who previouslyused to deprioritize the importance of having critical illness insurance, now, have realized why it is important to get insured as early as possible.Critical Illness Insuranceacts as financial support in case […]

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Retired Director of a Company is not responsible for conduct of day-to-day affairs of Company: Delhi HC [Read Judgment]

The Delhi High Court said that a person who has retired as the director of the company can not be held liable for the day to day acts of company and cheques issued and dishonoured post-retirement. The petitioner, Alibaba Nababarsha used to be the director of the respondent company. The small-farmer agribusiness consortium initiated proceedings […]

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Telangana High Court dismisses Karvy Stock Broking’s plea challenging SFIO probe [Read Judgment]

The Telangana High Court has dismissed two writ petitions moved by Karvy Stock Broking against the Ministry of Corporate Affairs order directing SFIO (Serious Fraud Investigation Office) probe. The complaints by some of the Karvy customers and reports of defaults, the Registrar of Companies had initiated an investigation in January on alleged fraudulent transactions and […]

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Patna HC directs Authority to grant Subsidy to petitioner under Industrial Incentive Policy, 2006, on payments made towards Admitted Tax [Read Order]

The Patna High Court directed the respondent authority to grant subsidy or reimbursement to the petitioner under the Industrial Incentive Policy, 2006, in respect of the payments made by the petitioner. The petitioner, M/s Gangotri Iron and Steel Co. Ltd.  is engaged in the business of manufacturing M.S. Billets TMT Steel Bars & Industrial Oxygen […]

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ICAI extends completion of Orientation /IT Training Course

The Institute of Chartered Accountants of India (ICAI) has made the announcement of Extension for completion of Orientation /IT Training Course by the Intermediate students, through the foundation route, to on or before 31st December, 2020 instead of on or before 31st October, 2020 and then be allowed to sit for their Final examination to […]

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Expenses incurred for Buy-Back of Shares amount to ‘Revenue Expenditure’: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore bench has recently held that the expenses incurred by the Company for the buy-back of shares would amount to “revenue expenditure” for the purpose of the Income Tax Act, 1961. The Assessing Officer noted that during the relevant assessment year, the assessee had spent a sum of Rs.8,90,961 […]

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ITAT allows exemption u/s 11 & 12 to Association of State Road Transport Undertaking as it qualifies as an organization for Charitable purposes [Read Order]

The Income Tax Appellate Tribunal (ITAT), New Delhi Bench allowed the exemption under Section 11 and 12 to Association of State Road Transport Undertaking as it qualified as an organization for charitable purposes. The assessee, Association of State Road Transport Undertaking is an apex coordinating body of all Nationalized State Road Transport Corporation working under […]

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No requirement of Scrip Wise Reporting for day Trading and Short-Term Sale or Purchase of Listed Shares: CBDT

The cap( CBDT ) has clarified that, No requirement of scrip wise reporting for day trading and short-term sale or purchase of listed shares. There was a report in a certain section of media that stock traders/day traders are required to furnish scrip wise details in the return of income for AY 2020-21. The gain […]

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Income Tax Department conducts Search in Jharkhand and West Bengal

The Income Tax Department has carried out search and survey operations on 25th September, 2020 at around 20 residential and business premises of a prominent group having operations in Jharkhand and West Bengal. The group is engaged in the trading of various commodities, production of vanaspati ghee, real estate, and tea estates. The group is […]

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GST: Rajasthan High Court quashes order freezing Bank Account beyond 1 year [Read Order]

The Rajasthan High Court quashed the order freezing the bank account of the petitioner for more than 1 year. The investigation had been initiated against the petitioner, M/s Padmavati Industries, and was being carried out under the provisions of the Central Goods and Service Tax Act, 2007. However, the freezing of the bank account of […]

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GST on Legal Services by Advocates I CA satbir singh

ICAI removes name of Three CAs for Professional Misconduct [Read Notifications]

The Institute of Chartered Accountants of India (ICAI) has removed the name of two Chartered Accountants (CA) namely CA Nayan Rameshchandra Kothari and CA Kasi Viswanadh Yamujala for 1 month on the ground of professional misconduct. The notification said that Section 21B(3) of the Chartered Accountants Act, 1949 read with Rules 18(17) and 19(1) of […]

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No GST on Club or Associations I New amendment in GST Act I CA Satbir Singh

No Notice of Reassessment can be issued after 4 years of Assessment, If assessee fully and truly discloses all information: Bombay HC grants relief to SBI

The Bombay High court while quashing the notices issued under Section 148 of the Income Tax Act to State Bank of India (SBI) held that no notice of reassessment can be issued after 4 years of assessment, if the assessee has fully and truly disclosed all information necessary for assessment. The Petitioner SBI is a […]

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GST E-Invoicing to help in ease of doing business compulsory from Oct 1, 2020 as planned, says GSTN CEO

The government proposes to roll out compulsory e-invoicing of Goods and Service (GST) from October 1, 2020, which was revealed by GST Network (GSTN) CEO Prakash Kumar. However, it has decided to raise the threshold to exempt smaller entities from this compliance, an official said on Thursday. E-invoicing is a step towards improving ease of […]

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Yum! Restaurants India do not constitute DAPE in India: ITAT Delhi [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that Yum! Restaurants (India) Private Limited and Yum! Restaurants Marketing Pvt. Ltd. does not constitute Dependent Agent PE (DAPE) in India. The assessee, M/s. Yum! Restaurants (Asia) Pvt. Ltd. is an entity in Singapore and has entered into Technology License Agreement (TLA) with only YRIPL, which […]

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Bar on revision of orders prejudicial to revenue, If AO allowed claim after proper examination and due application of mind: ITAT grants relief to Vodafone

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that no proceedings relating to revision of orders prejudicial to revenue under Section 263, if AO took one of the possible views and allowed the claim after proper examination and due application of mind. The assessee, Vodafone India Ltd. is engaged in provision of wireless telecommunications […]

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Corporate Insolvency Resolution Process under I&B Code is barred if no returns have been filed by the company: NCLT [Read Order]

The National Company Law Tribunal (NCLT) dismissed the application for Corporate Insolvency Resolution Process under Section 10 of Insolvency Bankruptcy Code filed by M/s Neesa Infrastructure Limited on the grounds that  no returns have been filed by the company. An authorised signatory, Mr. Sanjay Gupta on behalf of M/s. Neesa Infrastructure Limited filed the petition […]

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Rs.20,000 Cr retro Tax Case: Vodafone Wins International Arbitration Case against Government

The Telecom giant Vodafone on Friday won a significant ruling against the Indian government in an international court over Rs.20,000 crore in dues which it had described as unfair. The tax dispute involving Rs 12,000 crore in interest and Rs 7,900 crore in penalties stems from Vodafone’s acquisition of the Indian mobile assets from Hutchison […]

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Chartered Accountant opening in Flipkart

Flipkart has invited applications for the position of Senior Associate. The Flipkart Group is one of India’s leading digital commerce entities and includes group companies Flipkart, Myntra, and PhonePe. Started in 2007, Flipkart has enabled millions of consumers, sellers, merchants and small businesses to be a part of India’s e-commerce revolution. Qualification CA/Engg/B’com Required Skills […]

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CA / CMA openings in ABB

ABB Group has invited applications for the post of Controlling & Planning Analyst. ABB is a Swiss-Swedish multinational corporation headquartered in Zurich, Switzerland and Västerås, Sweden, operating mainly in robotics, power, heavy electrical equipment, and automation technology areas.It is ranked 341st in the Fortune Global 500 list of 2018 and has been a global Fortune […]

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In a situation where Tax Exemption has to be interpreted, the benefit of doubt should go in favour of the revenue: Delhi HC [Read Judgment]

The Delhi High Court held that petitioner does not fulfil the eligibility criteria for availing the benefit of exemption or waiver of Cost Recovery charges (CRC) in terms of the Circulars issued by the Revenue. The Petitioner, Apeejay Infra-Logistics is a private Container Freight Station (CFS) at Haldia, West Bengal, prayed in the petition that […]

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New Income Tax Faceless Assessment starts from Today: All You Need to Know [Read Notification]

The income-tax appeals are all set to go faceless from September 25, 2020, months after income tax faceless assessment was unveiled by Prime Minister Narendra Modi. The system was started by the government as Prime Minister Modi had said that income tax filing and disputes should not require physical contact with any official. So, this […]

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CAG Audit Report recommends CBDT to introduce a Time Limit for Issuing Notices [Read Report]

The Comptroller and Auditor General (CAG) in its report recommended the Central Board of Direct Taxes (CBDT) put in place a mechanism so as to ensure that Appraisal Report along with seized material be handed over to assessment wing within stipulated time so that AO could have sufficient time to examine all the issues pointed […]

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Central Govt violated GST Compensation Cess Act by using Funds allocated for States elsewhere, says CAG Report [Read Report]

The Comptroller and Auditor General of India (CAG) has come down on the utilization of cess collections by the Centre. The report further questioned the utilization of Integrated Goods and Services Tax (IGST) revenues. “Centre used this money for other purposes, which led to overstatement of revenue receipts and understatement of fiscal deficit for the […]

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Finance Manager Vacancy in Amazon

Amazon has invited applications for the position of Finance Manager. Basic Qualifications CA, CPA or CWA, with 7+ or more years of post-qualification experience in Month end closing of Books of accounts / working on various Sub-ledgers / Accounting knowledge / Balance sheet Reconciliation & Reporting activities Past experience in effectively managing groups of at […]

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CA/ICWA/CS vacancy in Bank of America

Bank of America has invited applications for the position of Assistant Manager. Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. Required Education  Undergraduate degree […]

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Govt. extends suspension of Fresh Proceedings under IBC Law for 3 months [Read Notification]

The government has extended the suspension of insolvency proceedings for any COVID-19 related default by a period of three months, effective from September 25. The Insolvency & Bankruptcy Code (IBC) was suspended for a period of six months with effect from March 25, 2020, by the government earlier, to protect those experiencing financial distress on […]

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Chennai GST Dept. issues supplementary Instructions regarding Blocking of Credits under Rule 86A [Read Circular]

The Chennai GST Tax Department issued supplementary instructions regarding the blocking of credits under Rule 86A under GST. The Joint Commissioners of Territorial Divisions sought clarification on the inputs of the Authorised Officer under Rule 86A while undertaking blocking of credit under the said rule. Broadly, the issues faced by them are classified as  nil […]

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Company Secretary Vacancy in NINL

The Neelachal Ispat Nigam Limited (NINL) has invited application from experienced professionals for appointment to the position of Consultant Company Secretary. Neelachal Ispat Nigam Limited (NINL) is a company promoted by MMTC Ltd, Industrial Promotion and Investment Corporation of Orissa limited (IPICOL) and other government agencies. NINL has become India’s largest exporter of saleable pig […]

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Staff Accountant Vacancy in Amazon

Amazon has invited applications for the position of Staff Accountant. Basic Qualifications B.Com/M.Com/MBA/CA/CWA Prior experience in accounts payable, accounts receivable or other accounting process is a strong plus Strong interpersonal skills — including written and oral communication skills. Zeal towards Operational Excellence/Process improvement & simplifications Excellent knowledge of financial controls and procedures, US GAAP knowledge […]

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Bombay HC directs GST Authority to refund Rs.4.73 Cr covered by 8 encashed Bank guarantees with Interest to LM Wind Power Blades India [Read Judgment]

The Bombay High Court directed the respondent authority to refund an amount of Rs.4.73 Crores covered by 8 encashed bank guarantees with interest to the petitioner, LM Wind Power Blades India. The petitioner, LM Wind Power Blades India Pvt. Ltd.  is a dealer registered under the CGST Act and Karnataka Goods and Services Tax Act, […]

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GST: Patiala House Court grants Bail to person accused of availment of Ineligible ITC to the tune of Rs.24 Cr [Read Order]

The Patiala House Court, Delhi granted the bail to the person accused of availment of ineligible Input Tax Credit (ITC) to the tune of s.24 Crores. The applicant, Parag Garg submitted that he is the sole breadwinner of his family consisting of his wife and two daughters aged 15 and 19 years. The applicant was […]

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CBI arrests Three GST Officials in a Bribery Case of Rs. Five Lakh

The Central Bureau of Investigation ( CBI ) has arrested two Superintendents and one Inspector, all working in the office of Commissioner, Central Goods & Service Tax, Central Excise, Belgaum(Karnataka) in an alleged bribery case of Rs. Five Lakh. A case was registered on a complaint against a Superintendent of GST, Belgaum; an Inspector, GST, […]

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ITAT deletes addition of alleged Long-Term Capital Gains and estimated commission as revenue failed to dislodge assessee’s claim [Read Order]

The Income Tax Appellate Tribunal (ITAT) deleted the addition of alleged long-term Capital Gains and estimated commission as revenue failed to dislodge assessee’s claim. The assessees being resident individuals is stated to be director and partner in the Vardhman Group of Companies and firms which carries on the business as Builders & Developers, granting of […]

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ICAI reckons 30 September 2020 date of revocation of the lockdown regarding the validity of Peer Review Certificate

The Institute of Chartered Accountants of India (ICAI) reckoned the date of revocation of the lockdown to be 30 September 2020 with reference to extensions granted regarding the validity of the Peer Review Certificate in the wake of COVID -19 spurt across the country. In the wake of COVID -19 spurt and the extension of […]

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ICAI to conduct Test of Advanced ICITSS through Home based mode

The Institute of chartered accountant of India (ICAI) declares to carry out the advanced integrated course on information technology and soft abilities (Advanced ICITSS) test through Home-Based Mode. The test will be carried between 16th to 18th October, 2020 from 10.30 AM to 12.30 PM. The home based test will be held from the candidates […]

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How Important are Taxes and Licenses for Online Casinos in India?

The importance of licenses and taxes cannot be understated, even when engaging in something that is purely entertainment-based. The rise of the online casino sector and the ability for more people to use mobile devices to engage means that government officials are ensuring the bureaucracy is above board and in place. But what considerations do […]

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Kerala HC orders CDRSL to pay GST on Input Services including Concession Fee; claim ITC of entire tax amount and then claim Refund [Read Judgment]

The Kerala High Court ordered the petitioner CIAL Duty Free and Retail Services ltd. (CDRSL) to pay the GST on input services including Concession Fee to respondent authority and claim Input Tax Credit (ITC) of the entire tax amount and thereafter claim refund of the same by following the procedure. As many as seven writ […]

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ITAT allows Deduction u/s 54F as assessee didn’t own more than one Residential House [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench allowed the deduction under section 54F of the Income Tax Act, 1961 as assessee did not own more than one residential house. The assessee, Dr. Devika Gunasheela is an individual. She is a doctor by profession. The property measuring 3600 sq.ft. belonged to one Mr. M. Gunasheela, […]

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Fallout of COVID-19: Goods and Services Tax ( GST ) & Tug of War between Governments

Taxation on services is the major source of revenue for any Governments which they find easiest way instead of reduce their own expenses and “doctrine of divide & rule” help them. Modern taxation system designed so beautifully that taxation on one category doesn’t irk other category which ultimately help governments to avoid united forces against […]

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Allahabad HC rejects Bail application of person accused of Smuggling of the Gold Biscuit worth Rs.1.42 Cr [Read Order]

The Allahabad High Court rejected the bail application of a person accused of smuggling of the gold biscuit. The applicant, Mohd. Farook  filed an application seeking the release on bail in Case under section 135 of Customs Act, 1962. The counsel for the applicant submitted that the applicant was travelling from Guwahati to Kanpur and […]

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Punjab & Haryana HC denies bail to person involved with syndicate for running the affairs of Company leading to alleged Fraud of more than Rs.2956 cr [Read Order]

The Punjab and Haryana High Court denied the bail to a person involved with the syndicate for running the affairs of the Company leading to alleged fraud of more than Rs.2956 crores. The allegations against the petitioner, Mukesh Tanwar are that he was one of the main Promoters as well as Planner through his wife-Neelam […]

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Mitsui India isn’t a DAPE of Mitsui & Co. so no further profit could be attributed: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that Mitsui India Pvt. Ltd. (MIPL) is not a Dependent Agency Permanent Establishment (DAPE) of Mitsui & Co. so no further profit could be attributed. The assessee, Mitsui & Co. Ltd. is a company incorporated in Japan and is one of biggest trading houses of the […]

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High Court can’t interfere in any order of NCLT as an appeal lies to NCLAT: Kerala High Court [Read Judgment]

The Kerala High Court while ruling on the issue of jurisdiction of High courts held that under the provisions of the Companies Act, 2013 against any order of NCLT, an appeal lies to National Companies Appellate Tribunal. So the single Judge bench ought not to have entertained the writ petition nor passed the interim order. […]

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Kerala GST Department issues instructions for Settlement of arrears under Amnesty Scheme, 2020 [Read Circular]

The Kerala GST Department issued further instructions for the settlement of arrears under the Amnesty Scheme, 2020. The office of Commissioner of KGST in the light of Kerala Finance Bill, 2020 to ensure uniformity in carrying out the amendments made in various Acts and conditions in respect of Amnesty Scheme, 2020. Now, the State Government […]

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Articled Assistants to be eligible for Industrial Training after completing a minimum of 18 months of practical training: ICAI issues draft regulation

The Institute of Chartered Accountants of India (ICAI) on Wednesday notified the draft regulation for changing the rules of chartered accountants 1988. This is called as Chartered accountants (Amendment) Regulations, 2020. The Amendment seeks to amend regulation 51, which concerns industrial training under  Chartered Accountants Regulations, 1988. Under regulation 51 the Institute will substitute sub-regulation […]

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New updates on GST Portal I GSTR 4I GSTR 10 I ITC Comparison table I CA...

CBIC issues Advisory on change in navigation of Comparison of liability declared and ITC claimed report

The Central Board of Indirect Taxes and Customs ( CBIC ) has issued an advisory on change in navigation of the Comparison of liability declared and ITC claimed the report. Shifting of navigation of “Comparison of liability declared and ITC claimed” from the Returns Dashboard to Services dropdown The functionality “Comparison of liability declared and ITC […]

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Parliament clears The Foreign Contribution (Regulation) Amendment Bill, 2020 [Read Bill]

After Lok Sabha, the Rajya Sabha has also cleared The Foreign Contribution (Regulation) Amendment Bill, 2020. The Foreign Contribution (Regulation) Amendment Bill, 2020 was introduced in Lok Sabha on September 20, 2020.  The Bill amends the Foreign Contribution (Regulation) Act, 2010.  The Act regulates the acceptance and utilization of foreign contribution by individuals, associations, and […]

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Delhi High Court rejects plea challenging 5% GST on all varieties of fabrics [Read Order]

The Delhi High Court rejected the plea challenging 5% GST on all varieties of fabrics falling under Chapters 50 to 63 of the Customs Tariff in furtherance of the recommendations made by the Goods and Service Tax Council. The Petitioner, Manufacturers Traders Association, a society comprising of members engaged in the manufacture of fabrics, has […]

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Accounts Executive Vacancies in KIIFB

Applications are invited On-line through the Centre for Management Development (CMD) website from eligible candidates for filling up of the post-Accounts Executive in Kerala Infrastructure Investment Fund Board (KIIFB). KIIFB is a government-owned financial institution in the Indian state of Kerala to mobilize funds for infrastructure development from outside the state revenue.KIIFB is a statutory […]

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CBIC issues corrigendum for conditional late fee waiver for Composition Taxpayers only for quarters from July 2017 to March 2019 [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) issued the corrigendum in respect of conditional late fee waiver for composition taxpayers only for quarters from July 2017 to March 2019 instead of July 2017 to March, 2020. In the notification of the Government of India, in the Ministry of Finance, Department of Revenue, No. […]

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CA Vacancy in Bank of America

Bank of America has invited application for the position of Team Leader. Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. Education  : Chartered Accountant […]

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Chartered Accountant vacancy at RVNL

Rail Vikas Nigam Limited (RVNL) has invited applications for the position of Secretarial Officer. RVNL is a Mini-Ratna PSU under the Ministry of Railways for fast track execution of Rail projects. RVNL is among top 500 listed Companies with an investor base of more than 1,00,000(approx.). Essential Qualification B. Com (P) or (Hons) with CS(Inter) […]

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COVID-19: ICAI extends Validity of Registration Period on account of cancellation and merging of May 2020 examination with November, 2020 examination

The Institute of Chartered Accountants of India ( ICAI ) has extended the validity of the Registration Period on account of the cancellation and merging of May 2020 examination with November 2020 examination due to outbreak of COVID-19. The ICAI has said that, Students at all levels may please note that the Institute on account […]

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ITR 6 is now available for AY 2020-21: All you need to know

The Central Board of Direct Taxes (CBDT) has notified the income tax return (ITR) form for the assessment year 2020-21. The new form comprises savings benefits for individuals, professionals, business units, and Hindu undivided families (HUF) for the investment made between April 1 and June 30. CBDT released new ITR 6 for Assessment Year 2020-21 […]

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ITAT upheld provisions in statement of accounts under 31 heads of expenses for one month made by HDFC Sales [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench while upholding the provisions in statement of accounts under 31 heads of expenses for one month made by HDFC Sales. The assessee, M/s HDFC Sales Pvt. Ltd. is a company engaged in the business of marketing and selling of home loans and other financial products, carrying out […]

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No addition for AMP transactions in absence of International Transaction between Taxpayer and AE: ITAT grants relief to Haier [Read Order]

The Income Tax Appellate Tribunal (ITAT), New Delhi Bench held that no addition for advertisement, marketing and sales promotion expenses (AMP) can be made in absence of International Transaction between Taxpayer and Associate Enterprise (AE). The assessee company, Haier Appliances India Pvt. Ltd. is a wholly owned subsidiary company of Haier Electrical and Appliances Corporation […]

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Chief Finance Officer Vacancy at GE

General Electric (GE) has invited applications for the position of Chief Finance Officer. General Electric Company (GE) is an American multinational conglomerate incorporated in New York City and headquartered in Boston. As of 2018, the company operates through the following segments: aviation, healthcare, power, renewable energy, digital industry, additive manufacturing and venture capital and finance. […]

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GST: Gujarat HC directs Release of Goods and Vehicle Confiscated on deposit of Rs.1.70 Lakh along with Bank Guarantee [Read Order]

The Gujarat High Court directed the release of the goods and vehicle confiscated on the deposit of Rs.1.70 Lakhs along with a bank guarantee. The writ applicant, M/s Radha TradelinksPvt. Ltd. is engaged in the business of areca nut, spices, etc. A consignment of areca nut was transported from Karnataka so as to reach Ahmedabad. […]

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Delhi HC directs Gaurav Sharma Food Industry to deposit principal Profiteered amount but stays Interest and Penalty imposed by NAA [Read Order]

The Delhi High Court directed the petitioner, Gaurav Sharma Food Industry to deposit principal profiteered amount but stayed interest and penalty imposed by National Anti-Profiteering Authority (NAA). The petitioner filed the writ petition challenging the order of NAA wherein it was held that the petitioner profiteered Rs.7,53,854 and imposed penalty as well as interest on […]

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CBDT allows One-time relaxation for Verification of Income Tax Returns by EVC/ITR-V for AY 2015-16, 2016-17, 2017-18, 2018-19

The Income Tax Department has allowed the One-time relaxation for Verification of Income-tax Returns by EVC/ITR-V for Assessment Years 2015-16, 2016-17, 2017-18, 2018-19. Electronic Verification Code (EVC) is a 10 digit alphanumeric code that can be generated through an e-Filing portal and is valid for 72 hours. … Under the second option, the user can get the EVC on […]

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MCA notifies NCLT (Recruitment, Salary and other Terms and Conditions of Service of Staff Car Drivers) Rules, 2020 [Read Notification]

The Ministry of Corporate Affairs (MCA) notified (Recruitment, Salary and other Terms and Conditions of Service of Staff Car Drivers) Rules, 2020. The rules include various provisions related to application, constitution, number of posts, method, appointment, procedure, direct recruitment, condition of services and so on have been discussed. The rules pertaining to initial constitutions says […]

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GST Department moves Metropolitan Magistrate Court for Judicial Remand of person alleged in 29cr ITC Fraud case

Before the Metropolitan Magistrate, New Delhi, the Intelligence Officer filed an application for judicial remand of a person alleged fraudulent availment of Input Tax Credit (ITC). On the basis of an intelligence developed by the officers of DGGI that M/s Anmol TradexPvt. Ltd. is engaged in fraudulent availment of Input Tax Credit (ITC) on the […]

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ICAI announces Online Executive Development Program on Business Responsibility And Sustainability Reporting Program

The Institute of Chartered Accountants of India ( ICAI ) has announced Online Executive Development Program on Business Responsibility And Sustainability Reporting Program. To understand the current regulatory framework of Business Responsibility and Sustainability Reporting, analyze disclosures made by Indian companies, assurance aspects and discuss best practices adopted, The Institute of Chartered Accountants of India […]

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CS Exams Dec 2020: ICSI notifies New Examination Centres

The Institute of Company Secretaries of India (ICSI) has announced opening of new Examination Centres at the following cities for Company Secretaries Examinations, December – 2020 on Ad hoc basis in view of COVID-19 pandemic to avoid hardship to students and to avoid overcrowding at examination centres for appearing in CS (Executive Programme and Professional […]

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IRDAI enables Video-Based Identification Process for Insurers [Read Circular]

In a first, to simplify the process of Know Your Customer (KYC), The Insurance Regulatory and Development Authority of India (IRDAI) has proposed to leverage the various electronic platforms to make it customer friendly and has permitted the use of “Video Based Identification Process (VBIP)” for insurers. “Video Based Identification Process (VBIP)”is an alternative (optional)electronic […]

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Bihar Settlement of Taxation Disputes (Second) Rules, 2020 came into force from September 21, 2020 [Read Notification]

The State Government of Bihar notified 21 September, 2020, as the date on which the provisions of the Bihar Settlement of Taxation Disputes (Second) Rules, 2020, shall come into force. The Government of Bihar through the notification dated 21st September 2020 has published the Bihar Settlement of Taxation Disputes (Second) Rules, 2020, which provides for […]

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Parliament clears The Companies (Amendment) Bill, 2020: Decriminalizing minor and technical offences, direct overseas listing, and more [Read Bill]

After the Lok Sabha, the Rajya Sabha has also cleared the Companies (Amendment) Bill, 2020. The Companies (Amendment) Bill, 2020 was introduced in Lok Sabha by the Minister for Corporate Affairs, Ms. Nirmala Sitharaman, on March 17, 2020. The Bill seeks to amend the Companies Act, 2013. Producer companies:  Under the 2013 Act, certain provisions […]

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Research Assistant opening in Delhi Judicial Academy

The Delhi Judicial Academy has invited applications for filling up existing vacancy for appointment of Research Assistant. The Delhi Judicial Academy envisions strengthening the justice delivery system through offering continuous Justice Education and Training aimed at not only to build the capacities of the judges, their skills in adjudication, docket as well as court management […]

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No Refund on entire Unutilised ITC accumulated on account of being subjected to an Inverted Duty Structure: Madras HC [Read Judgment]

The Madras High Court while dismissing the plea of the petitioners challenging the denial of unutilised Input Tax Credit (ITC) refund on ‘input services’ under ‘inverted duty structure’. As many as 6 writ petitions were filed to seek the answer to the question whether the petitioners are entitled to a refund of the entire unutilised […]

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Financial Officer Vacancy in World Bank

World Bank has invited applications for the position of Financial Officer. The World Bank Group is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions dedicated to ending extreme poverty, increasing shared prosperity, and promoting sustainable development. Selection Criteria Master’s degree in Business Administration, Accounting, […]

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Delhi HC quashes summons issued to limited extent against PNB Executive Director Dr. Rajesh Kumar Yaduvanshi, for alleged fraud committed by BSL [Read Order]

The Delhi High Court quashed the summoning order by the ASJ to the limited extent that it directs issuance of summons to the petitioner, Dr. Rajesh Kumar Yaduvanshi, for alleged fraud committed by BSL. The petitioner was Punjab National Bank (PNB) Limited’s nominee on the Board of Directors of Bhushan Steel Limited (BSL) at the […]

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Chartered Accountant Vacancy in Amazon

The Amazon’s India Consumer Finance team has an opening for a Senior Manager, Business Finance. Basic Qualifications Bachelor’s degree required At least 10 years of large corporate finance experience, with experience across corporate finance and business finance. Proven track record of hiring, building and leading the work of other professionals. Advanced analytical skills and the […]

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Senior Tax Manager vacancy in Flipkart

The Flipkart has invited applications for the position of Senior Manager Tax-Central Vertical. The Flipkart Group is one of India’s leading digital commerce entities and includes group companies Flipkart, Myntra, and PhonePe. It is ranked at #1 in LinkedIn’s ‘Top Companies to Work For in 2019’, among the ‘100 Best Companies for Women by Avtar […]

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Mumbai Custom Commissioner notifies changes in Capturing additional details for Certificate of Origin in Bill of Entry [Read Notice]

The Custom Commissioner, Mumbai notified the changes for Capturing additional details for Certificate of Origin (COO) as per Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 in Bill of Entry. The Public Notice issued by the Custom Office Mumbai invited the attention of Importers, Exporters, Customs Brokers, Shipping Lines/ Agents, Logistics Service […]

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Maharashtra Customs notifies changes in ICES related to MOOWR and Waiver of Interest [Read Notice]

The Commissioner of Customs, Maharashtra notified changes in Indian Customs EDI System (ICES) pertaining to Manufacturing and Other Operations in a Warehouse Regulations (MOOWR) and waiver of interest. The public notice issued by the Maharashtra Customs invited the attention of Importers, Exporters, Customs Brokers, Shipping Lines/ Agents, Logistics Service Providers, CFSs Custodians, Trade, Customs Staff […]

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GSTR 4 Late Fees waived I New Notification issued I CA satbir Singh

CBIC waives off Late Fee on failure to furnish the return in FORM GSTR-10 [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) waived off the late fee payable for failure to furnish the return in FORM GSTR-10. As per section 47(1) of the CGST Act, any registered person who fails to furnish the requisite returns by the prescribed due date shall pay a late fee of Rs 100 […]

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CBIC waive off Late Fee payable for failure to furnish the return in FORM GSTR-4 [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) waived off the late fee payable for failure to furnish the return in FORM GSTR-4. The board seeks to amend notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 73/2017– Central Tax, dated the 29th December, 2017, which says that […]

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CBIC extends due date of GST compliance of E-Way Bill in respect of goods sent/taken on approval for Sale/Return are removed before the Supply takes place [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) extended the due date of GST compliance and validity of the e-way bill till October 31, 2020 in respect of goods sent/taken on approval for sale/return are removed before the supply takes place. The Board seeks to amend notification of the Government of India in the […]

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Parliament clears The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020

The Lok Sabha has passed The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020. The Insolvency and Bankruptcy Code allows a corporate debtor as well as its creditors to initiate an insolvency resolution process.  The Ordinance prohibits the initiation of insolvency proceedings for defaults arising during the six months from March 25, 2020 (extendable up […]

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Disallowance can’t be more than the Income earned by assessee: ITAT grants relief to Oman International Bank [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench while remitting the matter back to the AO held that the disallowance cannot be more than the income earned by the assessee. The assessee, Oman International Bank is engaged in the business of banking including foreign exchange transactions. It has two branches in India and its head […]

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No Disallowance of Interest Expenditure if Interest-Free Funds are more than Value of Investments and Loan Funds haven’t used to make Investments: ITAT

The Income Tax Appellate Tribunal (ITAT) Bangalore bench while remitting the matter back to the Assessing Officer (AO) said that if the interest-free funds available with the assessee is more than the value of investments and further the loan funds have not been used to make the investments, then no disallowance out of interest expenditure […]

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MCA notifies CA Jyoti Chouhan as Chairperson of Quality Review Board [Read Notification]

The Ministry of Corporate Affairs (MCA) notified CA Jyoti Chouhan as Chairperson of the Quality Review Board. The government empowered under section 29A of the Cost and Works Accountants Act, 1959 (23 of 1959), amended the notification of the Government of India in the Ministry of Corporate Affairs, vide number S.O. 1693 (E), dated the […]

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Lok Sabha clears The Foreign Contribution (Regulation) Amendment Bill, 2020 [Read Bill]

The lower house of the Parliament, the Lok Sabha has cleared The Foreign Contribution (Regulation) Amendment Bill, 2020. The Foreign Contribution (Regulation) Amendment Bill, 2020 was introduced in Lok Sabha on September 20, 2020.  The Bill amends the Foreign Contribution (Regulation) Act, 2010.  The Act regulates the acceptance and utilization of foreign contribution by individuals, […]

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No GST on Scanning OMR Flying Slip, Marks Foil, Attendance Sheet etc. provided to Educational Institution: AAR [Read Order]

The Karnataka Authority for Advance Ruling (AAR) ruled that OMR flying slip, marks foil, attendance sheet and absentee sheet along with data extraction and finalization for Bihar School Educational Board would be exempted from GST. The Applicant, M/s Datacon Technologies are a leading service provider in respect of Print solutions and infrastructure services, which provide […]

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Advance given for Purchase of Flat prior to Sale of Asset eligible for Capital Gain Deduction: Madras High Court [Read Judgment]

The Madras High Court held that there is no prohibition on claiming capital gain deduction in respect of investments made prior to the sale of old assets. The Single bench held that the amount of advance given for the purchase of flat by the assessee prior to the sale of a capital asset is eligible […]

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Pre-filled GSTR-3B form soon to ease tax payment says GSTN CEO Prakash Kumar

GST Network(GSTN) Chief Executive Officer Prakash Kumar on Monday said that GST-registered businesses will soon get a pre-filled Return form, GSTR-3B. Mr. Kumar proclaimed that GSTN is moving towards providing taxpayers with a pre-filled GSTR-3B form so that they can pay their taxes at ease. To start with, an option to edit the form would […]

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Senior Auditor Vacancy in Citigroup

The Citigroup has invited applications for the post of Senior Auditor. The Senior Auditor is an intermediate level role responsible for performing moderately complex audits and assessments of Citi’s risk and control environments in coordination with the Audit team. The overall objective is to utilize in-depth subject matter expertise to contribute to the development of […]

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GST: Notional Interest on Security Deposit, Property Tax forms part of ‘Rental Income’, if it influences the Value of Supply, rules AAR [Read Order]

The Karnataka Authority for Advance Ruling (AAR) has adjudged that no deduction towards property taxes is allowed from the value of renting of immovable services (RIS). Further notional amount of interest on security deposit would be included in value, only if it influences the monthly rent. The Applicant M/s Midcon Polymers Pvt Ltd, have proposed […]

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ITAT deletes Penalty against Balaji Telefilms on grounds of non-specific charges [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench deleted the penalty imposed by the Assessing Officer (AO) against M/s Balaji Telefilms on grounds of non-specific charges. The AO initiated the penalty against the assessee, M/s Balaji Telefilms in the quantum assessment order, on both the charges i.e. concealment of income as well as for furnishing […]

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Relief to Orion Mall: ITAT deletes addition of Sponsorship and Promotional Income reduced from Marketing Cost [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench deleted the deletes addition of Sponsorship and Promotional income reduced from marketing cost. The Assessee, Orion Property Management Services Ltd. is engaged in the business of mall management and filed its return of income for the year under consideration, declaring a total income of Rs.1,71,039. 3 The […]

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CA Vacancy in Accenture

Accenture has invited applications for the post of Manager. Accenture is a leading global professional services company, providing a broad range of services in strategy and consulting, interactive, technology, and operations, with digital capabilities across all of these services. Qualifications: Chartered Accountant Job Skill: Account Reconciliation Designation: Management Level – 07-Manager Years of Experience: 13-18 […]

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Financial Analyst Vacancy in HP

The Hewlett-Packard( HP) has invited applications for the vacancy of Senior Financial Analyst. The Hewlett-Packard Company, commonly shortened to Hewlett-Packard or HP, was an American multinational information technology company headquartered in Palo Alto, California, that developed and provided a wide variety of hardware components, as well as software and related services to consumers, small and […]

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6 Chartered Accountant vacancies in SBI

The State Bank of India(SBI) has invited applications for the CA/CFA vacancies for various posts. Basic Qualifications for all the posts  (i) Chartered Accountant (CA), or (ii) CFA, or (iii) MBA/PGDM (Finance/ Data Analytics/ Business Analytics) or its equivalent as full-time course from recognised institute, or (iv) M.Sc. (Statistics) Preferred Other Qualification Financial Risk Manager […]

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Time Period to File Appeal would start only when order is uploaded on the GST Portal: Gujarat High Court [Read Judgment]

The Gujarat High Court said that the time period to file an appeal would start only when the order is uploaded on the GST portal. The petitioner, Gujarat State Petronet Limited is an undertaking of the Government of Gujarat incorporated under the provisions of the Companies Act, 1956 and is engaged in the transportation of […]

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ITAT confirms deletion of Penalty against ICICI Bank [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench confirmed the deletion of penalty against ICICI Bank. The assessee, ICICI Bank was engaged in the business of share and stockbroking including depository operations and proprietary trading in shares and securities. The revenue filed an appeal against the order of CIT(A) on the grounds that the CIT(A) […]

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Kerala HC stays Recovery Proceedings for 6 weeks to enable the petitioner to move to Appellate Authority [Read Order]

The Kerala High Court stayed the recovery proceedings for 6 weeks to enable the petitioner to move to Appellate Authority. The petitioner, Amani Machine Centre approached the Court aggrieved by assessment orders passed under Section 62 of the Goods and Services Tax Act. After receipt of the said assessment order, the petitioner submitted the relevant […]

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Madras High Court directs Authority to make available the Scrutiny Report submitted by Superintendent to petitioner [Read Order]

The Madras High Court directed the authority to make available the Scrutiny report submitted by the Superintendent to the petitioner. The Writ Petitioner, M/s.T.V.Sundaram Iyengar & Sons Pvt. Ltd. is an assessee registered with the respondent, Commissioner of CGST. The respondent issued show-cause notice, calling upon the writ petitioner to show cause as to why […]

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Revenue cannot take different Stand at different Point of Time and Impose Additional Duty Arbitrarily: Madras High Court [Read Judgment]

The Madras High Court held that the Customs, Excise, Service Taxes Appellate Tribunal (CESTAT) has rightly granted relief to Assessee and has not allowed an extended period of limitation to the Adjudicating Authority observing that additional duty cannot be imposed on the assessee without establishing the suppression of facts. The bench further observed that the […]

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Madras HC directs Authority to issue ‘C’ Forms to enable petitioner to purchase of High-Speed Diesel from Suppliers in Other States [Read Order]

The Madras High court directed the authority to issue C Forms to the petitioner for the purchase of High-Speed Diesel from the suppliers in other States. The petitioners in the s are dealers and prayed before the court to direct the respondent authorities to include “High-Speed Diesel” in the CST Certificate of registration of the […]

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Govt Mistake ! GST RCM on Unregistered person Supply ? CA Satbir Singh

CBIC New Clarification regarding GST Interest on Net Tax Liability I CA ...

CBIC enables Matching Offline Tool to compare ITC auto-drafted in Form GSTR-2B with Purchase Register

The Central Board of Indirect Taxes and Customs ( CBIC ) has enabled the Matching Offline Tool to compare ITC auto-drafted in Form GSTR-2B with Purchase Register. An offline tool has been made available to the taxpayers to match Input Tax Credit (ITC), as auto-populated in their Form GSTR-2B, with their purchase register. This tool […]

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Finance Ministry issues Advisory to PSBs to moot action against Personal Guarantors of Corporate Debtors

The Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 empowering creditors to file insolvency application against personal guarantors to corporate debtors before the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016. This was stated by Shri Anurag Singh Thakur, Union Minister […]

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Patna HC refuses Bail to accused of Money Laundering, kept in Judicial Custody for 7 long years [Read Order]

The Patna High Court, while refusing to release Ratilal accused of money laundering, who is already kept in Judicial custody for 7 long years on the grounds that in other two cases in which he is still in jail with respect to valid order of remand, in such circumstances, he cannot be released from jail […]

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Parliament clears The Banking Regulation (Amendment) Bill, 2020 gives RBI powers to restructure Co-operative Banks [Read Bill]

After Lok Sabha, the Rajya Sabha has also passed the Banking Regulation (Amendment) Bill, 2020. The Bill amends the Banking Regulation Act, 1949.  The Act regulates the functioning of banks and provides details on various aspects such as licensing, management, and operations of banks. The Bill replaces the Banking Regulation (Amendment) Ordinance, 2020 promulgated on […]

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Lok Sabha passes The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020 [Read Bill]

The lower house of the Parliament, the Lok Sabha has passed Lok Sabha passes The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020. The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020 was introduced in Lok Sabha by Finance Minister Nirmala Sitharaman. The Taxation and Other Laws […]

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Lok Sabha passes The Companies (Amendment) Bill, 2020: Decriminalizing minor and technical offences, direct overseas listing and more [Read Bill]

The Lower House of Paliament, the Lok Sabha has passed the The Companies (Amendment) Bill, 2020. The Companies (Amendment) Bill, 2020 was introduced in Lok Sabha by the Minister for Corporate Affairs, Ms. Nirmala Sitharaman, on March 17, 2020. The Bill seeks to amend the Companies Act, 2013. Producer companies:  Under the 2013 Act, certain […]

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Punjab and Haryana High Court denies Anticipatory Bail to CGST official involved in Bribery Case [Read Order]

The Punjab and Haryana High Court denied the anticipatory bail to the Central Goods and Service Tax (CGST) official, Gurvinder Singh Sohal involved in Bribery Case. The Petitioner prayed to the High Court for the grant of anticipatory bail in FIR registered under Section 120-B IPC and Section 7 of the Prevention of Corruption Act, […]

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GST Evasion: Madhya Pradesh HC releases Kishore Wadhwani on furnishing a personal bond of Rs.10 Lakhs [Read Order]

The Madhya Pradesh High Court directed the respondent authority to release Director of Dabang Dunia,  Kishore Wadhwani on furnishing a personal bond of Rs.10 Lakhs. The petitioner, Kishore Wadhwani is Director of a Media Company, which publishes a daily newspaper in the name and style of “Dabang Dunia”. Several vehicles found indulged in clandestine removal […]

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AO erred in denying Preludesys India the benefit of deduction on the ‘deemed export’ made to another STP unit: Madras HC [Read Judgment]

The Madras High Court while answering in favour of the Preludesys India said that the Tribunal erred in denying Preludesys India the benefit of deduction on the ‘deemed export’ made to another Software Technology Park (STP) unit. The assessee, Preludesys India  Ltd. is a company engaged in the business of software development, which is a […]

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Customs Officer / DRI empowered to arrest a person on reasonable apprehension of Smuggling: Gujarat HC [Read Judgment]

The Gujarat High Court, while interpreting the Custom Laws held that an officer of customs or the Directorate of Revenue Intelligence (DRI) can arrest anybody on suspicion of smuggling and the court cannot interfere with the arrest. The applicant, Sundeep Mahendrakumar Sanghavi is one of the Directors of a company running in the name of […]

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CAROTAR 2020 to be effective from Sep 21st: CBIC’s strict Scrutiny of Imports to prevent FTA misuse

The Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 (CAROTAR, 2020), notified on 21st August, 2020, shall come into force from 21st September, 2020 upon completion of the 30 day period that was given to importers and other stakeholders to familiarize themselves with new provisions. CAROTAR, 2020 implements the commitment of the Finance Minister in […]

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Use GST Matching Offline Tool to compare ITC on GST Portal I CA Satbir S...

GST: CBIC issues administrative instruction for Recovery of Interest on Net Cash liability retrospectively from July 1, 2017 [Read Instructions]

The Central Board of Indirect Taxes and Customs (CBIC) on Friday has sent the administrative instruction for recovery of interest on net cash liability which will be applicable from July 1, 2017. The provision of section 50 was amended vide section 100 of the Finance (No. 2) Act, 2019 to provide for charging Interest on […]

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Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020 introduced in Lok Sabha

The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020 introduced in Lok Sabha. The Bill was introduced by Finance Minister Nirmala Sitharaman. The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 was promulgated on March 31, 2020.  The Ordinance provides certain relaxations related to compliance, such as extension of […]

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GST can’t be Levied on Services Provided by Court Receiver: Bombay High Court [Read Judgment]

The Bombay High Court held that Goods and Service Tax (GST) can not be Levied on Services Provided by Court Receiver. The Plaintiff, Bai Mumbai Trust filed the Suit seeking to recover possession of three shops, which together constitute a restaurant, where the Plaintiff trust is carrying on business in the name and style of […]

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Kerala’s largest GST evasion busted

The State GST department has arrested the accused in connection with illegal areca nut trade of Rs 850 crores. The case recorded is the largest arrest in Kerala and the first arrest in the State GST. The group was engaged in a massive illegal areca nut trade in places like Wayanad, Karnataka, Tamil Nadu, Delhi, […]

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CA/CFA Vacancy in TIDEL Park

TIDEL Park has invited applications for the position of Chief Financial Officer (CFO). TIDEL Park Ltd. (TIDEL) is in the business of leasing out plug and play infrastructure for IT and manufacturing industries. Tidel Park was setup in the year 2000 leading the growth of Information Technology in the state of Tamil Nadu. Tidel Park […]

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GST: Application for Provisional Release of Seized Goods can be preferred only after filing appeal, says Gujarat HC [Read Order]

The Gujarat High Court held that the Application for provisional release of goods seized upon execution of a bond and furnishing of a security under section 67(6) can be preferred only after filing an appeal. The petitioner, Jay Goga Traders prayed before the court to issue directions in the nature of mandamus to quash the […]

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Levy of Penalty at twice the amount of Entry Tax on Imported Goods is unjustifiable: Madras HC [Read Judgment]

The Madras High Court held that the levy of penalty at twice the amount of entry tax on imported goods is unjustifiable. The petitioner, M/s.National Asphalt Products and Construction Company is a company involved in the business of road laying and construction. Through three Bills of Entries, the petitioner had imported three heavy road laying […]

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No Review on Original Assessment Order is permissible in the Reassessment proceedings initiated: Madras HC [Read Judgment]

Madras High Court held that no review on the original assessment order is permissible in the reassessment proceedings initiated under Section 147 of the Income Tax Act, 1961. The respondent assessee, M/s. Safe Corrugated Containers Pvt Ltd incurred loss of a sum of Rs.26,51,684 out of sale of shares and the said loss was debited […]

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Financial Planning and Controls Analyst Vacancy in Wells Fargo & Company

Wells Fargo & Company has invited applications for the position of Financial Planning and Controls Analyst. Wells Fargo & Company  is a leading global financial services company headquartered in San Francisco (United States). Mostly focuses on providing banking services for large corporate, government and financial institution clients. Wells Fargo India enables global talent capabilities for […]

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ITAT condones delay since misplacing of CIT(A) order by regular Tax Consultant isn’t deliberate delay on part of assessee [Read Order]

The Income Tax Appellate Tribunal (ITAT), Jaipur bench has condoned a delay of 31 days in filing an appeal since the misplacing of CIT(A) order by regular tax consultant is not a deliberate delay on part of the assessee. The impugned order was passed by CIT(A), which was received on September 2, 2019. Accordingly, the […]

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CA Vacancy in Micheal Page

Page Group has invited applications for the position of Senior Manager. Page Group is a provider of permanent, contract and temporary recruitment for clerical professionals, qualified professionals and executives across various disciplines. It is headquartered in the UK. The company has four operational brands: Michael Page, Page Executive, Page Personnel and Page Outsourcing. The company […]

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CBDT lays out Guidelines for Compulsory Selection of Returns for Complete Scrutiny under Faceless Assessment for FY 2020-21 [Read Circular]

The Central Board of Direct Taxes (CBDT) on Thursday prescribed broad parameters for compulsory selection of returns for complete scrutiny under faceless assessment for Financial Year 2020-21. The Board while  Keeping in view of the Faceless Assessment Scheme,2020 implemented by the Department and the difficulties being faced amid COVID-19 pandemic, the parameters for compulsory selection […]

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Delhi GST (Amendment) Act, 2020: Delhi Govt. notifies Fraudulent availment of ITC without Invoice or bill Cognizable and Non-bailable [Read Notification]

The Delhi Government notified the Delhi Goods and Services Tax (Amendment) Act, 2020, which seeks to amend the Delhi Goods and Services Tax Act, 2017. In section 2 of the Delhi Goods and Services Tax Act, 2017, in clause (114), for clauses (c) and (d), the clauses “Dadra and Nagar Haveli and Daman and Diu; […]

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ITAT disposes of more than 5000 cases in Virtual hearing

The Income Tax Appellate Tribunal ( ITAT ) has disposed of more than 5000 cases in virtual hearing. The Income Tax Appellate Tribunal, a statutory quasi-judicial institution created under the Income Tax Act, 1961 and the second appellate authority dealing with disputes in the field of Direct Taxes and widely acclaimed as the ‘Mother Tribunal’, […]

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Income Tax Department carries out searches in Jammu & Kashmir

The Income Tax Department carried out a search and seizure operation on a prominent Hotelier, owning a chain of Hotels at  Srinagar, Gulmarg, Sonamarg, and Pahalgam with another hotel under construction at Leh. Various incriminating documents and materials evidencing unexplained investments in immovable properties, construction of hotels and residences aggregating to Rs. 25 crore in […]

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MCA notifies the Insolvency and Bankruptcy Board of India (Annual Report) Amendment Rules, 2020 [Read Notification]

The Ministry of Corporate Affairs (MCA) notified the Insolvency and Bankruptcy Board of India (Annual Report) Amendment Rules, 2020. The Insolvency and Bankruptcy Board of India (IBBI) on 10th September 2020 has published the Insolvency and Bankruptcy Board of India (Annual Report) Amendment Rules, 2020 to further amend the Insolvency and Bankruptcy Board of India […]

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Gujarat High Court quashes VAT order and demand notice passed due to Procedural Lapses [Read Order]

The Gujarat High Court quashed the order and the demand notice in respect of Value Added Tax (VAT) passed by the respondent authority because of the procedural lapses and remitting the matter back to the respondent authority for fresh hearing. The first writ applicant, M/s Viva Tradecom Pvt. Ltd is a company engaged in the […]

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Cash can be seized in GST Search as it’s covered under definition of ‘Things’, says Madhya Pradesh HC [Read Judgment]

The Madhya Pradesh High Court said that cash can be seized in Goods and Service Tax (GST) search as it is covered under definition of ‘Things’. The petitioner, Mrs. Kanishka Matta is the wife of Mr. Sanjay Matta, who is the Proprietor of the firm functioning in the name and style of M/s. S. S. […]

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GST: Gujarat HC upholds Provincial Attachment of Bank Accounts accused involved in bogus billing and fake generation of E­-Way Bill [Read Judgment]

The Gujarat High Court upheld provincial attachment of bank accounts accused involved in bogus billing and fake generation of E-­Way bills without the actual physical movement of goods. It is the case of the petitioner, JST Sons, that respondents authority have provisionally attached the bank accounts of the petitioners under section 83 of the Gujarat […]

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NAA finds Shiva Parvathi Theater guilty of not passing GST Reduction benefit [Read Order]

The National Anti-Profiteering Authority (NAA) found M/s Shiva Parvathi Theater guilty of not passing the benefit of the reduction in Goods and Service Tax (GST). The main issues to be examined in the present matter were whether the GST rate on Services by way of admission to an exhibition of cinematography films where the price […]

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CA Exams Nov 2020: ICAI re-opens empanelment of CAs to act as observers

The Institute of Chartered Accountants of India ( ICAI ) has reopened the empanelment of members to act as observers for CA Examinations November 2020. In an announcement issued by ICAI said that, In continuation to the Announcement dated 20th August 2020, it is informed that the window for empanelment of members to act as […]

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Karnataka HC allows Petitioner to file application seeking Revocation of Cancellation of GST Registration [Read Order]

The Karnataka High Court allowed the petitioner to file the application to revoke the cancellation of Goods and Service Tax (GST) registration before the Assistant Commissioner of Commercial Taxes, Bengaluru. The petitioner, M/s M.S. Retail Private Limited is engaged in the business of trading in bath fittings and sanitary ware. It was duly registered as […]

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SEBI issues clarification on Collection and Reporting of Margins by Trading Member / Clearing Member in Cash Segment [Read Circular]

The Securities Exchange Board of India (SEBI) has clarified the issues regarding the Collection and Reporting of Margins by Trading Member (TM) / Clearing Member (CM) in Cash Segment. SEBI had issued circulars previously stating that the ‘margins’ for the collection of margins from clients and reporting of short collection / non-collection of margins by […]

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Chartered Accountant Vacancy in Bank of America

The Bank of America has invited applications for the position of Manager. Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. Requirements: Education : M.E / […]

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Landfill-pit isn’t ‘plant and machinery’ but a ‘civil-structure’: AAR [Read Order]

The Karnataka Authority of Advance Ruling (AAR) ruled that landfill-pit is not a ‘plant and machinery’ but a ‘civil-structure’. The applicant is into the business of solid waste management. They provide advanced vices for treatment, storage and disposal of hazardous waste. They collect hazardous wastes from various industries across Karnataka and dispose of the same […]

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Maintenance Activity laid out from the Fund collected for providing facility to the society attracts GST: AAR [Read Order]

The Karnataka Authority of Advance Ruling (AAR) ruled that the maintenance activity laid out from the fund collected for providing facilities to the society attracts GST. The applicant is a Housing Society registered under the Karnataka Co-operative Societies Act, engaged in the development and sale of Sites for its members. The applicant submitted that the […]

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Amount utilized for maintenance service alone is liable for GST and not refundable deposit portion: AAR [Read Order]

The Karnataka Authority of Advance Ruling (AAR) ruled that layout maintenance services for members would be liable to GST, however, GST is not applicable to the money which is remaining unutilized, refundable to members. The applicant is a Housing Society registered under the Karnataka Co-operative Societies Act, engaged in the development and sale of Sites […]

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New GST Portal update Delinking of Credit Note or Debit Note from invoice

Lok Sabha passes The Banking Regulation (Amendment) Bill, 2020 gives RBI powers to restructure Co-operative Banks [Read Bill]

The lower house of the Parliament, the Lok Sabha has passed The Banking Regulation (Amendment) Bill, 2020. The Banking Regulation (Amendment) Bill, 2020 was introduced in Lok Sabha on September 14, 2020.  The Bill amends the Banking Regulation Act, 1949.  The Act regulates the functioning of banks and provides details on various aspects such as […]

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Automation in Finance functions: Chartered Accountants bodies of India and UK releases Report [Read Report]

The Institute of Chartered Accountant of India (ICAI) came up with a research report on Automation in finance functions has been carried out in collaboration with the Institute of Chartered Accountants in England and Wales (ICAEW) and is the first piece of joint working of this kind between the two institutes. The President of ICAI, […]

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UN Tax Committee proposes to include Software payments in the definition of Royalties [Read Report]

The United Nations(UN) Committee of Experts on International Cooperation in Tax Matters has issued a discussion draft for comment on a proposed change in the UN Model Double Taxation Convention to include software payments in the definition of royalties. This change, proposed, would affect Article 12, paragraph 3, of the UN Model Convention Between Developed […]

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Delinking of Debit and Credit Notes with Invoice Numbers – Saga of the Cold Sip due to the slip between the Cup and Lip

The subject of delinking provisions of Credit/Debit Notes with Individual Tax Invoices was discussed in the 28th GST Council meeting held on 21st July 2018 details of the same were published in the Official Gazette of India on 30th August 2018 after receiving the President’s assent on 29th August 2018. Consequently, CGST Amendment Act, 2018, […]

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NAA finds Pinky Sales guilty for not passing benefit of GST Reduction on Footwear to its customers [Read Order]

The National Anti-Profiteering Authority (NAA) has found M/s Pinky Sales guilty of profiteering by not reducing prices in respect of the supply of footwear despite reduction in the goods and services tax (GST) rate from 18% to 5%. However, the NAA decided not to impose any penalty as the penalty prescribed under Section 171 (3A) […]

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RBI directs Banks to put in place systems for Automation of Income Recognition, Asset Classification and Provisioning

The Reserve Bank of India (RBI) on Monday has directed banks to introduce an automated IT-based system for asset classification and provisioning. The RBI with the objective to ensure the completeness and integrity of the automated asset classification (classification of advances/investments as NPA/NPI and their upgradation), provisioning calculation, and income recognition processes, banks are advised […]

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Start-up Funding likely to get attractive: Parliamentary panel Suggests Abolishing LTCG Tax on Start-up Investments

The Standing Committee on Finance chaired by BJP leader Jayant Sinha has “strongly recommended” to the Centre to abolish tax on Long Term Capital Gains (LTCG) for all investments in startups. In a report submitted to the Lok Sabha speaker last week, the committee said that investments made by angel funds and alternate investment funds […]

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GST Dept issues new Standard Operating Procedure for conducting Inspections, Search in Andhra Pradesh [Read SoP]

The Chief Commissioner of Andhra Pradesh Goods and Service Tax Act (APGST) notified Standard Operating Procedure to be followed by the field officers in respect of Enforcement activities like conducting an inspection, search, and seizure, summons, access to the business premises of a registered person, etc. The circular issued by the Chief Commissioner also stated […]

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SC allows Sterlite Optical Technologies to withdraw appeal in respect of excise component under SVLDR Scheme, 2019 [Read Order]

The Supreme Court allowed the appellant, Sterlite Optical Technologies to withdraw appeal in respect of the excise component under Sabka Vishwas (Legacy Dispute Resolution) (SVLDR) Scheme, 2019. The appellant, went under the Sabka Vishwas (Legacy Dispute Resolution) (SVLDR) Scheme, 2019 issued under the Finance Act, 2019 for the settlement of the disputes qua the excise […]

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DGFT notifies Streamlining of UQCs in DGFT’s EDI system & Customs’ ICEGATE [Read Notification]

The Government on Monday notified the Streamlining of Unit Quantity Codes (UQCs) in Director General of Foreign Trade’s (DGFT) EDI system & Customs’ ICEGATE. The DGFT has noted that use of Non- standard and Non-convertible UQCs lead to poor quality of data capture and related consequences. The government has issued the notice with the objective […]

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Good news for Taxpayers: Delinking of Credit Note/Debit Note with Original Invoice has been implemented on the GSTN portal

The De-linking of original invoices and credit and debit notes are incorporated on the GSTN portal. The same was amended vide CGST amendment Act, 2018 with the effect of February 1, 2019. However, the same is incorporated on September 14, 2020, on the portal. After more than one and a half years of the amendment […]

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Financial Analyst vacancy in CGI

The CGI has invited applications for the position of Financial Analyst. Founded in 1976, CGI is among the largest IT and business consulting services firms in the world. Operating in hundreds of locations across the globe, CGI delivers end-to-end services and solutions, including strategic IT and business consulting, systems integration, intellectual property, and managed IT […]

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No Restriction in challenging intimation passed on ratification of mistake without challenging intimation passed under Sec 200A: ITAT grants relief to Infosys

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench held that there is no restriction in challenging intimation passed on ratification of mistake under Section 154 without challenging intimation passed under section 200A of the Income Tax Act. The assessee, Infosys BPM Ltd. is a company, engaged in business process management service. Assessee had paid salaries […]

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Chartered Accountants to appear and pass the Assessment if applying for membership after 3 years of clearing CA Finals: ICAI releases draft Regulation

The Institute of Chartered Accountants (ICAI) on Monday released that draft regulation to amend the Chartered Accountants Regulations, 1988. The regulation came to be known as the Chartered Accountants (Amendment) Regulations, 2020. The Amendment seeks to amend Regulation 4, which pertains to the qualification of members and Regulation 19 elaborates on restoration to membership of […]

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Assessing Officer rightly disallowed Depreciation on the Purchase of Windmill: Madras High Court [Read Judgment]

The Madras High Court held that the Assessing Officer (AO) rightly disallowed depreciation on the purchase of windmill. The assessee, V. Sabitamani an individual filed for return of income for the assessment year under consideration admitting the total income of Rs.12,92,820. The assessment was selected for scrutiny and notice under Section 143(2) of the Act […]

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No section 14A disallowance if there is no exempt income: ITAT grants relief to Tata Sky [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench while upholding the order of CIT(A) held that if there is no exempt income then no disallowance of expenditure under section 14A of the Act can be made. The assessee, Tata Sky Limited has given a discount on the sale of Set-top Boxes and Recharge Coupon Vouchers, […]

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GST Compensation due to States at Rs 1.51 lakh crore, reasons for revenue shortfall: Centre to Lok Sabha [Read Reply]

The Minister of State for Finance Anurag Singh Thakur said on Monday the GST collection during April-August declined on account of COVID-19 induced lockdown, and the compensation due to states stands at over Rs 1.51 lakh crore. The provisional GST compensation due to states/UTs for 2020-21 was highest for Maharashtra at Rs.22,485 crore, followed by […]

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CA/CFA Vacancies in Bank of India

The Bank of India (BOI) has invited applications for the various CA/CFA vacancies. Bank of India is a commercial bank with headquarters in Bandra Kurla Complex, Mumbai and Founded in 1906, it has been government-owned since nationalisation in 1969. Bank of India has 5316 branches as of 31 March 2019, including 56 offices outside India, […]

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Detention Order can’t be quashed merely on grounds of delay in execution of Detention Order: Delhi High Court [Read Judgment]

The Delhi High Court while upholding the detention orders passed by the authority held that detention order can not be quashed merely on grounds of delay in execution of detention order. The petitioners, Mohd Nashruddin Khan, Gopal Gupta, and Amit Pal Singh preferred their respective writ petitions to seek similar reliefs, which request quashing of […]

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Relief to Cummins: CESTAT directs Adjudicating Authority to grant Refund of Service Tax paid for Services received in SEZ [Read Order]

In a relief to Cummins Technologies India Pvt. Limited, the Customs, Excise and Service Taxes Appellate Tribunal ( CESTAT ) directed the Adjudicating Authority to grant the refund of service tax paid for the services received in the Special Economic Zone (SEZ). The appellant is a unit located in SEZ at Pithampur, M.P. and is […]

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Kerala HC directs Service Tax Dept. to allow Taxpayer to produce evidence before passing Final order [Read Order]

The Kerala High Court directed the GST Department to allow the petitioner to produce evidence to explain deficiencies pointed out in the show-cause notice and then pass order. The petitioner, M/s Homestead Projects and Developers registered with the Service Tax Department under the category “Construction of Residential Complex Service”, has been regularly discharging its service […]

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Make vibrant system of Advance Ruling to reduce litigation: Supreme Court recommends changes to current system

The Supreme Court has recommended the Central Government to consider the efficacy of the advance tax ruling system and make it more comprehensive as a tool for settlement of disputes rather than battling it through different tiers, whether private or public sectors are involved. The Apex court suggested that a council for Advance Tax Ruling […]

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CESTAT rejects The Madras Club’s claim for Refund of Service Tax

The Customs, Excise and Service Tax Appellate Tribunal (CESTAT) upheld the order passed by lower authority for rejecting the claim for refund of the Service tax as it attracts principles of unjust enrichment. The Appellant, M/s. The Madras Club is registered with the Service Tax Department for providing membership of Club or Association Service. The […]

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Madras HC directs Customs Authority for Provisional Release of Containers of used Rubber Tyre Cut in Two Pieces upon payment of Customs Duties [Read Order]

The Madras High Court directed the custom authority to provisionally release Containers of Used Rubber Tyre Cut in Two Pieces upon payment of customs duties within a period of three weeks. The petitioners, M/s.Black Gold Technologies had imported consignments of “Used Rubber Tyre Cut in Two Pieces”. According to the petitioners, the said goods are […]

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Supreme Court elaborates on when the subsequent legislation be applied retrospectively [Read Judgment]

The Supreme Court held that for application of subsequent legislation retrospectively it is necessary to show that the previous legislation had any omission or ambiguity or it was intended to explain an earlier act. The Appellant, M/s. L. R. Brothers Indo Flora Ltd. is a 100% Export Oriented Unit (EOU) engaged in production of cut […]

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NAA finds Inox Leisure Guilty of Profiteering, No Penalty imposed [Read Order]

The National Anti-Profiteering Authority(NAA) has found Inox Leisure guilty of profiteering by not reducing prices in respect of the supply of ‘Services by way of admission to exhibition of cinematography films where the price of admission ticket after reduction in the goods and services tax (GST) rate from 28% to 18%. However, the NAA decided […]

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No Retrospective effect for Customs Notification increasing Duty on Peas: Madras High Court [Read Judgment]

The Madurai Bench of Madras High Court consisting of Justice M Sathyanarayan and  Justice P Rajamanickam, while dismissing an appeal filed by The Commissioner of Customs, Tuticorin against M/S. Shadi Ram & Sons Pvt. Ltd. under Section 130 of the Customs Act, 1962, held that there is no retrospective effect for the notification where the […]

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New GST Matching Tool to Match GSTR 2B ITC with Purchase Register I CA S...

GST Contest by GST Portal I Win Prizes Rs 1 Lakh I GST n You Contest I C...

GSTN enables Reconciliation Tool for matching GSTR-2B with Purchase Register

The Goods and Services Tax Network ( GSTN ) has enabled the Reconciliation Tool for matching GSTR-2B (Auto-Drafted ITC Statement) with Purchase Register. The GSTN has issued detailed advisory on using Matching Offline Tool Matching Offline Tool v1.0 The Matching Offline Tool can be used to: View GSTR-2B (Auto-drafted Input tax credit (ITC) statement) Match […]

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Senior Staff Accountant Vacancy in Amazon

Amazon has invited applications for the position of Senior Staff Vacancy. The position represents an exciting opportunity to be a part of an extremely dynamic and high -paced environment, support a global organization and work with accounting and business teams. Basic Qualifications Strong English language oral and written skills – Strong Project Management skills – […]

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Chartered Accountant Vacancy in EDII

Entrepreneurship Development Institute of India (EDII) has invited applications for the position of Deputy Chief Financial Officer. The Entrepreneurship Development Institute of India is an autonomous body and not-for-profit institute located Ahmedabad, Gujarat, India. Established in 1983, the institute offers master’s degree programmes in Entrepreneurship, a fellowship programme and a number of entrepreneurship training programmes. […]

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Michigan on the Brink of Becoming the Most Lucrative US State for Tax Revenues

The US state of Michigan could be set to become the most lucrative in America for tax revenues derived from casino gaming, according to new forecasts from MichiganSharp on Michigan’s potential iGaming revenues. Revenue projections of $250 million have been made across online casino and poker games, which could yield as much as $60 million […]

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Tax requirement for Online Casinos Winnings in India

Gambling is nothing new to Indians with games such as Teen Patti being an instrumental part of our major festivals like Diwali. However, the legality of gambling and its taxation in India is a tricky subject and with online gambling growing in popularity like bestcasinoindia.com, it is more important now than ever to understand the […]

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AO may call for objection in respect of ‘Input Tax Credit on reversal on Wastage’ and ‘Ineligible claim of ITC on Goods’: Madras HC [Read Order]

The Madras High Court allowed the Assessing Officer (AO) to issue a show-cause notice to the petitioner calling for his objections with regard to “Input Tax Credit on reversal on wastage” and “Ineligible claim of ITC on goods” are concerned. The petitioner, M/s.Sri Ranganathar Valves Private Limited raised issues related to the restriction of the […]

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Accounts Receivable Analyst opening in Amazon

Amazon has invited applications for the position of Accounts Receivable Analyst. Basic Qualifications · Minimum requirements include CA, CWA, CPA or a Master’s Degree Accounting/Finance or a related field· 7 to 8 years of relevant experience in Accounts Receivable–Collections, Dispute Resolution and Reporting· Should have managerial experience.· Excellent written and oral communication skills· Experience with […]

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GST Evasion: CGST Raipur arrests Businessman for wrongly availed Input Tax Credit of Rs 12.53 Cr

The Officials of Central GST & Central Excise, Raipur arrested an owner of a Cement Manufacturing Plant and also a trader of Iron and Steel Products namely Mr. Shubham Singhal on Saturday 12.09.2020. On preliminary Investigation M/s Adhiraj Cements had wrongly availed Input Tax Credit of Rs 12.53 Crores on the basis of bogus invoices […]

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Assurance and Internal Audit – Manager Vacancy in Deloitte

Deloitte has invited applications for the position of Assurance and Internal Audit – Manager. Deloitte is a multinational professional services network. Deloitte is one of the Big Four accounting organizations and the largest professional services network in the world by revenue and number of professionals, with headquarters in London, United Kingdom. Qualifications Required • MBA […]

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Fund Accounting Analyst Vacancy in Citi Group

Citi Group has invited applications for the position of Fund Accounting Analyst. The Fund Accounting Analyst is an entry-level position responsible for assisting in a variety of fund valuation activities in coordination with the Operations – Transaction Services team. The overall objective of this role is to assist in the calculation of daily and periodic […]

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Assistant Manager (Audit) Vacancy in United Health Group

UnitedHealth Group has invited applications for the position is for G25 Business Auditor within Internal Audit & Advisory Services-India Team. The candidate is expected to contribute to ongoing and new Internal Audit & Advisory projects related to Internal Controls over Financial Reporting, IFC Implementation, and Risk Assessments. UnitedHealth Group Incorporated is an American for-profit managed health […]

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Punjab & Haryana HC directs GST dept. to release Bank Account of UFV Global India Education [Read Order]

The Punjab and Haryana High Court directed the GST Department to release the bank account of the petitioner, UFV global India Education on the grounds that the order can be in writing to attach any property or even the bank account of the taxable person if the proceedings are initiated and are pending but not […]

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Financial Analyst Vacancy at NetApp

NetApp has invited applications for the position of Financial Analyst. NetApp, Inc. is an American hybrid cloud data services and data management company headquartered in Sunnyvale, California. It has ranked in the Fortune 500 since 2012. Founded in 1992 with an IPO in 1995, NetApp offers hybrid cloud data services for the management of applications […]

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ITAT deletes Disallowance u/s 14A for want of Recorded Satisfaction [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench deleted the disallowance made under section 14A without recording satisfaction. The assessee, Shri Vinay Bhasin is an individual and advocate by profession. The return of income for the year under consideration, filed o declaring income of Rs.7,39,62,550, was selected for scrutiny assessment and statutory notices were issued […]

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CA, CMA Vacancy in Accenture

Accenture has invited applications for the position of Application Lead. Accenture is a leading global professional services company, providing a broad range of services in strategy and consulting, interactive, technology and operations, with digital capabilities across all of these services. We combine unmatched experience and specialized capabilities across more than 40 industries — powered by […]

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Financial Analyst vacancy in Amazon

Amazon has invited applications for the position of Financial Analyst. The Analyst is responsible to enable Accounts Receivable Leadership (Shared Services and otherwise) to plan, forecast and monitor their goal performance in manner that is detailed and reliable for making management decisions. Save process effort by running standardized and integrated models. Deliver consistent planning and […]

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Revised Amount must be taken as quantified amount to test eligibility of Hi-Lite Project for availing benefit of SVLDR Scheme 2019: Kerala HC [Read Order]

The Kerala High court in the light of the circular dated July 28, 2019, held that the Revised amount must be taken as the quantified amount to test the eligibility of the petitioner, Hi-Lite Project for availing the benefit of the Sabka Vikas (Legacy Dispute Resolution) Scheme, 2019 (SVLDR). The petitioner-Company Hi-Lite Project is engaged […]

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Customs Department has been remiss in not proceeding with the enquiry and completing the adjudication in time, says Madras HC [Read Order]

The Madras High Court said that the Customs Department has been remiss in not proceeding with the inquiry and completing the adjudication in time. The petitioner, Mr. J. Sheik Pareeth had imported consumer goods in his capacity as a Power of Attorney holder of a proprietary entity, by name M/s.Majestic Impex, Pudukottai/Saibudeen as well as […]

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