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Input Tax Credit on Medical Insurance
INPUT TAX CREDIT ON MEDICAL INSURANCE 1. GUIDELINES OF MINISTRY OF HOME AFFAIRS DURING COVID-19 LOCKDOWN A. The guidelines issued by the Ministry of Home Affairs (MHA) Government of India vide order no. 40-3/2020-DM-I(A) dated 15.04.2020 amongst other things specifies that all industrial and commercial
Bombay HC in the case of Pr. Commissioner of Income Tax Versus M/s. JSW Steel Ltd.
Case Covered: Pr. Commissioner of Income Tax Versus M/s. JSW Steel Ltd. Facts of the case: The present appeal under Section 260A of the Income Tax Act, 1961 takes exception to the order dated 28.09.2016 passed by the Income Tax Appellate Tribunal, ‘J’ Bench, Mumbai
Dress Code for the Advocates during appearance through videoconferencing or otherwise.
HIGH COURT OF DELHI, NEW DELHI No. R-342/RG/DHC/2020 Dated: 25.05.2020 CIRCULAR Subject: Dress Code for the Advocates during appearance through videoconferencing or otherwise. In order to further contain the spread of COVID-19, it is hereby notified that till further orders, while appearing before this High
Reversal of Input Tax related to Unsold Inventory on the Date of Completion Certificate or First Occupation
Reversal of Input Tax related to Unsold Inventory on the Date of Completion Certificate or First Occupation Article 366(26A). Meaning of Service [(26A) “Services” means anything other than goods; Inserted by the Constitution (One Hundred and First Amendment) Act, 2016, w.e.f. 16.9.2016 CGST Act, 2017-
CA Rachit AgarwalMay 26, 2020Misuse of Duty-Free Credit Entitlement Scheme (DFCE)
Misuse of DFCE Scheme Delhi HC Imposes One Lakh Rupees Cost on Exporter to Deposit in ‘PM CAREs’ Fund A. The Delhi High Court has recently imposed a cost of Rs. 1,00,000 on an exporter for The blatant violation of the Duty-Free Credit Entitlement Scheme
CA Udit SwamiMay 26, 2020Issuance of Preferential Certificate of Origin for India’s exports to Thailand and Vietnam under ASEAN-India FTA
Trade Notice No. 12/2020-2021 Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Dated: 22.05.2020 Udyog Bhawan, New Delhi Trade Notice No. 12/2020-2021 To, 1. All Exporters/Members of Trade 2. All Designated Agencies under FTAs/PTAs Subject: Issuance of
Taxability of Bogus Share Capital Under Section 68 of Income Tax Act 1961
Background A. The most effective and lethal weapon used by the government against evasive tactics used by the assessee, to convert their unaccounted money in accounted one is section 68 of the Income Act 1961. B. As per said section, it taxes any credit appearing
CA Udit SwamiMay 26, 2020Prashanti Medical Services & Research Foundation
A plea based on equity or/and hardship is not legally sustainable and the constitutional validity of taxing provisions cannot be struck down on such reasoning: Supreme Court In Prashanti Medical Services & Research Foundation Union of India, a writ petition was filed challenging:- The constitutional
CA Udit SwamiMay 26, 2020Join our free webinar on 28th May (5 PM – 6 PM) on Disruption that COVID-19 Would Create in GST by CA Rajat Mohan
About the course: In this session, CA Rajat Mohan will discuss disruption caused by the COVID-19 in the GST. We appreciate the government for undertaking proactive and fast track measures to combat the impact of pandemic COVID-19 on the economy, trade, and industry. Under the
Waiver of Late Fee Withdrawn by Chennai Customs
Public Notice No. 32/2020 Sub: Withdrawal of Public Notice No. 11/2020 dated 20.02.2020 & Public Notice No. 22/2020 dated 25.03.2020 issued for Waiver of Late Fee Charges during the outbreak of COVID-19. The attention of the Importers, Exporters, Customs Brokers, and all other stakeholders is
Contractual Obligation To Pay To Vendors After 180 Days – A Controversy On ITC Reversal
Contractual Obligation To Pay To Vendors After 180 Days – A Controversy On ITC Reversal Management of cash flows during the COVID-19 pandemic presents novel challenges. To manage cash flows, Taxpayers would reshape their payment plans to vendors in this crucial time. The buyers of
CA Tushar AggarwalMay 25, 2020
Force Majeure Amid COVID-19 Crisis: Legally Explained
Force Majeure Amid COVID-19 Crisis: Legally Explained Force Majeure Amid COVID-19 Crisis. We are witnessing an unprecedented situation on account of Covid-19 which has affected almost all the countries around the globe and has officially been declared as a pandemic by the World Health Organization
Advocate Nishant AnandMay 25, 2020