Expert Knowledge,
Straight from Practitioners.
Tax tips, legal guides, and financial advice written by the same verified CAs, Advocates, and Advisors you can consult on ConsultEase.
ITAT: Validity of a Notice issued to an amalgamating company which is no more existent.
Appellant: M/s Siemens Power Engineering Pvt. Ltd. (SPEPL) [now merged with M/s Siemens Ltd.] Respondent: Assistant Commissioner of Income Tax. FACTS: The assessee raised many grounds of appeal, among which one of them was considered to be very crucial as it goes to the root
GSTR-4
GSTR-4 Form GSTR-4 (Annual Return) is a yearly return to be filed by taxpayers opting for composition scheme on an annual basis. Unlike a normal taxpayer who needs to furnish three monthly returns, a dealer opting for the composition scheme is required to furnish only
Orissa HC in the case of Prasanna Kumar Bisoi Versus Union of India
W.P.(C) NO.13190 OF 2020 Case Covered: Prasanna Kumar Bisoi Versus Union of India Order: 21.08.2020 BP Heard learned counsel for the petitioner and Mr.T.K.Satpathy, learned counsel for Central Excise. 2. The grievance of the petitioner in this Writ Petition is that he is registered under
CBIC Issued Press Release on Interest on Delayed Payment of GST
Interest on delayed payment of GST: CBIC The Central Board of Indirect Taxes & Customs (CBIC) today clarified that the Notification No. 63/2020- Central Tax dated 25th August 2020 relating to interest on delayed payment of GST has been issued prospectively due to certain technical
In case of conflict, can the Provisions of Income Tax Act prevail over Accounting Standards ?
APPELLANT: DCIT Central Circle 2 (2), Bengaluru RESPONDENT : M/s Cornerstone Property Investment (P) Ltd. FACTS OF THE CASE: Appeal has been filed by the revenue against the order to CIT(A) for the following two issues: Whether on facts and in law, the CIT(A) was
Interest on Net Cash Liability
Interest on Net Cash Liability Amendment to Section 50 notified w.e.f. 01.09.2020 Section 100 of Finance Act inserting a proviso to Section 50(1) has been notified w.e.f. 01.09.2020 vide Notification No. 63/2020-CT dated 25.08.2020. The proviso to Section 50(1) Interest on net cash liability where •
CA Tushar AggarwalAug 26, 2020Tax Authorities can’t give interpretations to legislative provisions on the basis of their own perception of trade practices: SC
Tax Authorities can’t give interpretations to legislative provisions on the basis of their own perception of trade practices: SC The Supreme court held as illegal the circulars issued by the Rajasthan Commercial Tax department, which stated that goods imported from other states will be regarded
TaxTru Business AdvisorsAug 26, 2020Timeline – Payment of Interest on Net Cash Liability – GST
Timeline – Payment of Interest on Net Cash Liability – GST 1. 31st GST Council Meeting held on 22nd December 2018 – Agenda Item 7(xx): Proposal for amendment of Section 50 of CGST Act, 2017 to allow payment of interest on net cash liability –
Input Service Distributor (ISD)
Input Service Distributor (ISD) Definition – As per Section 2(61) of CGST Act,2017, Input Service Distributor means an office of the supplier of goods or services or both which receives tax invoices issued under section 31 towards the receipt of input services and issues a
Online Information Database Access And Retrieval: OIDAR
Online Information Database Access And Retrieval: OIDAR OIDAR Services are a category of services whose Delivery is mediated through the internet & its supply is essentially automated involving minimum or zero human intervention also its supply is impossible without information technology. Examples of OIDAR services:
MCA Amends Schedule VII of Companies Act, 2013
MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 24th August 2020 G.S.R. 525(E).—In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following further amendments in Schedule VII to
Detailed Analysis of GSTR 9 and GSTR 9C
Detailed Analysis of GSTR 9 and GSTR 9C Requirement of Audit Annual Return Section 44(1): A registered person is required to furnish an annual return. Reconciliation & Audit Section 35(5): Requirement to get accounts and other records audited by a CA/CWA if aggregate turnover during
CA Tushar AggarwalAug 25, 2020