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Whether a circular can overtake Law? Pitambra Books case
Case covered: M/S PITAMBRA BOOKS PVT. LTD VERSUS UNION OF INDIA & ORS. Facts of the case: The petitioner – who is engaged in the business of manufacturing and trading of books, is registered under the Goods and Service Tax Act(hereinafter referred to as “the
SECTIONWISE ANALYSIS – CUSTOMS AMENDMENTS
CUSTOMS AMENDMENTS – HIGHLIGHTS AT A GLANCE 1. Amendment in Section 11(2)(f) under Chapter IV of Custom Act 1962 Source Clause 105 of the Finance Bill,2020. Effective Date Date to be notified by the government. Affected Provision Section 11(2)(f) of the Customs Act, 1962.
Union Budget 2020 Vivad Se Vishwas Scheme (VVS) for Direct Taxes
Union Budget 2020 Vivad Se Vishwas Scheme (VVS) for Direct Taxes Features and Challenges! VVS for Direct Tax! Why introduced? VVS In the lines of Sabka Vishwas Scheme! Vivad se Vishwas Scheme (VVS) Legislative Framework! Download the copy:
Key highlights of Budget 2020
KEY TO BUDGET DOCUMENTS BUDGET 2020-2021 1. The list of Budget documents presented to the Parliament, besides the Finance Minister’s Budget Speech, is given below: A. Annual Financial Statement (AFS) B. Demands for Grants (DG) C. Finance Bill D. Statements mandated under the FRBM Act:
MEMORANDUM FINANCE BILL, 2020
PROVISIONS RELATING TO DIRECT TAXES Introduction The provisions of Finance Bill, 2020 (hereafter referred to as “the Bill”), relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as ‘the Act’), Prohibition of Benami Property Transactions Act, 1988 (hereafter referred
Download Budget speech of FM 2020
Download Budget speech of FM 2020 Tax rate slabs for 2020 Taxable Income Slab (`) Existing Tax Rates New Tax Rates 0-2.5 Lakh Exempt Exempt 2.5-5 Lakh 5% 5% 5-7.5 Lakh 20% 10% 7.5-10 Lakh 20% 15% 10-12.5 Lakh 30% 20% 12.5-15 Lakh 30% 25%
Amendment in Section 67 of LLP Act, Section 460 of Companies Act, 2013 is made applicable to Limited Liability Partnerships as well.
Amendment in Section 67 of LLP Act Section 460 of companies Act 2013 was made applicable on LLP’s also.Amendment in Section 67 of the LLP Act introduced to give effect to this change. Notification in this regard issued on 30th January 2020. GOVERNMENT OF INDIA
New Slabs of Income tax for FY 2019-20, AY 20-12: Individual
New simplified income tax regime(optional) New income tax slabs declared by FM are: Individual: With out deductions 0-2.5 Exempt 5% for income from Rs.2.5 to Rs.5 lac 10% for income from Rs. 5lac to 7.5 lac (currently 20%) 15% for income from Rs. 7.5 lac
claim of the input tax credit either by directing the respondents to open online portal or by directly them to allow the same manually
Case covered: M/S PRADIP CHIMANLAL MEVADA Versus UNION OF INDIA Facts of the case: By this writ application under Article 226 of the Constitution of India, the writ applicant has prayed for the following reliefs: “(a) To issue writ or in the nature of a mandamus or any other appropriate writ, order, or direction the respondent to allow the petitioner to file the form GST ITC 01 in order to claim the input tax credit of the
No IBC Provision That Resolution Plan Should Match Liquidation Value; Approved Resolution Plan Can’t Be Withdrawn Under S12A
Case covered: MAHARASHTRA SEAMLESS LIMITED …APPELLANT VERSUS PADMANABHAN VENKATESH & ORS. …RESPONDENTS Facts of the case: These proceedings arise out of Corporate Insolvency Resolution Process (CIRP) involving United Seamless Tubulaar Private Limited, the corporate debtor. The successful Resolution Applicant, Maharashtra Seamless Ltd. (MSL) is
No obligation on airlines to escort the passenger to the boarding gate
Case covered: The Branch Manager, Indigo Airlines, Kolkata & Anr. … Appellants Versus Kalpana Rani Debbarma & Ors. …Respondents Facts of the case: The appellants, who are representatives of two different branches of an aviation company operating low-cost air carrier under the name and
Withdrawal of MEIS for items in Apparel and Made-ups sector
Subject: Withdrawal of MEIS for items in the Apparel and Made-ups sector( Chapter 61, 62 & 63 of ITC HS 2017) from 07.03.2019, Amendment in para 4.95 of the Handbook of Procedures, 2015-20 and revision of the ANF 4R for Implementation of RoSCTL Scheme. In