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Classification of Consumer Deposits by Oil Marketing Companies

OPINION OF EXPERT ADVISORY COMMITTEE (EA...
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Supply of services by way of conduct of online examination, to an educational institution is EXEMPT: AAR MAHARASHTRA

Facts of the case: Applicant is engaged...
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INPUT TAX CREDIT – MAXIMUM DEVIATION BETWEEN WHAT IS CLAIMED vs FORM GSTR-2A

Government has amended CGST Rules, 2017 ...
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Circular: Clarification in respect of Option Exercised under Section 115BAA of The Income Tax Act, 1961

The following clarifications have been i...
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Disallowance under section 14A

Foreign Exchange Loss Does Not Attract D...
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Taxability in case of Forfeiture of Application Money on Issue of Debentures

Section 56(2)(ix) of the Income-Tax Act ...
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Amendment in Depreciation Rate as per Income Tax

Retrospective increase in depreciation r...
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Supreme Court Dismisses Review Petition Challenging PF Ruling

Background The SC had examined vari...
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37th GST Council Meeting || Press Release

Recommendations Regarding Law and Proced...
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37th GST Council Meeting-Key Recommendations on GST Rate on Services

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CBDT GIFT TO CORPORATE TAXPAYERS – SLASHING OF TAX RATE TO 22% / 15%

With an objective to promote growth &amp...
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Recognition Exemption for Short Term Leases

Recognition exemption for short term lea...
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Major relief in case of individual assessee/ expatriates where assessment re-opened without serving notice.

Facts of the Case: Assessee was a...
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PRESS RELEASE – CBDT NOTIFIES E-ASSESSMENT SCHEME, 2019

Steps for faceless limited scrutiny asse...
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Finance Minister’s Efforts to Boost Economic Growth of India

The Finance Minister, on Saturday 14.09....
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CAPITAL GAINS TAX UPON CONVERSION OF COMPANY INTO LLP

Conversion of Company into LLP amounts t...
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Insurance claim received by foreign parent for erosion of financial interest in Indian subsidiary not taxable in India

Facts of the case The taxpayer, an ...
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IMPORTANT GST Update || Last date to avail Input tax credit of F.Y. 2018-19 || || Last Date to amend invoices of F.Y. 2018-19 ||

Section 16(4) of the Central Goods and S...
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Relaxation in provisions for creation of Debenture Redemption Reserve

Government exempts NBFCs, HFCs and Liste...
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RELIEF BY CBDT ON COMPLIANCES BY START-UPS

In order to give effect to the announcem...
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Important GST Update

The Government has waived requirement to...
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Waiver of late fee on filing of Form GSTR-1 and GSTR-6 in Certain Cases

The central government, on recommendatio...
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Tools Supplied by OEM to Component Manufacturer for free shall not be added to Value of Component

Facts of the case: Assessee is in...
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Top 5 changes in Income Tax laws that come into effect from September 1, 2019

Recalling the Union Budget of 2019, vari...
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Relaxed FDI norms now allow 100% FDI in Contract Manufacturing

Introduction To boost domestic manufact...
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Coal sector gets nod for 100% FDI: This move to fully open up coal mining to foreign players to help get latest technologies

Introduction According to Piyush Goya...
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DUE DATE EXTENDED

The due date to file Annual Return and G...
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No penal proceedings in case of wrongly reflected transitional credit: Patna High Court (HC)

Facts of the case The Petitioner ...
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Tax Return Filing Exemption for Foreign Investors

CBDT notifies tax return filing exemptio...
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New Income Tax Bill – Key Recommendations of Task Force Report

The Government had constituted a task fo...
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Clarification under section 232(6) of the Companies Act, 2013

The Ministry of Corporate Affairs (MCA) ...
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Appellate Authority of Advance Ruling upheld decision of AAR – ‘Power Banks’ are Accumulators falling under Chapter Heading 8507 and are not static convertors!

Facts of the case: Applicant is engaged...
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High Court (HC) directs payment of interest on delay in granting refund of IGST

Facts of the case The Petitioner ...
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Mere non-disclosure of exempt income doesn’t construe income escaped from assessment

Swastic Safe Deposit and Investments Ltd...
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Amendment to Sec 12 of Insolvency & Bankruptcy Code,2016 (IBC)

Extension of time for completion of Inso...
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Payment made by Mahindra to dealers towards free car services on its behalf shall be liable to deduction of tax at source

Facts of the case: Assessee was e...
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Authority for Advance Ruling- Whether importer for goods imported on CIF basis, is also required to pay IGST on deemed ocean freight expense?

Facts of case: Applicant is engaged i...
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Circular- Clarification in respect of goods sent/taken out of India for exhibition or on consignment basis for export promotion

In view of difficulties being faced by t...
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Section 10A to Companies Act – Declaration of Commencement of business

Section 10(A). (1) As per this section, ...
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Issuance of jurisdictional notice and assessment order against a non-existing company is fundamentally void and not a mere procedural mistake

Facts of the case: Suzuki Powertr...
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AAR- ITC on goods and services shall not be available if consideration for such supply is netted off against receivable.

Facts of the case: The applicant, SML...
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Order u/s 197(1) is quasi-judicial in nature and should be based on prescribed procedure, objective criteria and relevant material

Facts of the case:   Petiti...
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Non-deduction of Tax at source (TDS) on the provision made for royalty payments under tax treaties would not give rise to disallowance under Section 40

Facts of the Case: Assessee was e...
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Press Release: External Commercial Borrowings (ECB) Policy – Rationalization of end-use Provisions

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Credit of GST paid on inputs used for construction of shopping mall is allowed, where assessee is required to pay GST on rental income from such shopping mall : High Court of Orissa

Facts of the case: The petitioner car...
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Where High Court upheld Tribunal’s order allowing Assessee’s claim for expenditure incurred on allotment of shares under Employee Stock option Plan (ESOP), SLP filed by Revenue against order of High Court was to be granted.

Facts of the case: Assessee, a Priv...
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No TP adjustments on share purchase at high premium as it doesn’t amount to revenue receipt

Bombay High Court in the case of Princip...
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Composition Scheme for Service Providers (Notification 2/2019 – Central Tax Rate)

Government has come up with composition ...
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Collection of Utility Charges shall attract GST taxed as Composite Supply

Facts: Applicant is engaged in bus...
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Order of Utilization of ITC (Notification 16/2019 – Central Tax)

An important amendment to CGST Rules hav...
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HC upholds constitutional validity of Section 234E of the Income Tax Act, 1961 (“the Act”) imposing fee for delayed filing of TDS statements

Facts of the case: Assessee, an Adv...
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Additions under Section 68 cannot be deleted merely relying on Assessee’s evidence – SC

Facts of the case: Assessee had fil...
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Clarification on various promotional schemes under GST

Sr. No. Types of Discount Examples Wh...
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Special allowances to be included in “Basic wages” for deducting PF – Supreme Court

Supreme Court in the case of Regional Pr...
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SEBI released notification to increase the levels of Corporate Governance and transparency by notifying the format for Annual Secretarial Audit Report and Annual Secretarial Compliance Report for Listed Entities and their material Subsidiaries

The Securities and Exchange Board of Ind...
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Compliance to file a One time return of outstanding receipt of money or loan by a company but not considered as deposits

Notification No. 41 published on January...
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Royalty payment to Italian Co. pursuant to agreement effective from 01-04-2008 would be taxable at 10%

Facts of the case: The Assessee bei...
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Reassessment proceedings stands valid if Foreign Co. couldn’t explain revenue earned from its PE in India

Facts of the case: The Assessee was...
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Promotion and Marketing services to overseas client is an ‘Intermediary Services’

Facts of the Case:                      ...
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Compliance to file declaration of commencement of business in eForm INC-20A

Notification No. 907 published on Decemb...
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Interim Union Budget 2019 – Direct Tax Recommendations

Head Proposed recommendation Assessee ...
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Unutilized amount on prepaid cards to be construed as Advance by Tel-Co’s : Delhi HC

Facts of the case: Assessee was pro...
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Non-Compete Fees not taxable under GST

In a recent judgement given by Kerala Hi...
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Services Qualify as Exports even if consideration is not received in convertible foreign exchange

What if, a service provider in India, ou...
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New Framework notified by RBI on External Commercial Borrowings

Background As part of ongoing efforts...
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Treatment of ‘prepayment penalty’ incurred for foreclosure of existing loan and availing new loan/borrowings

Facts of the Case: The company avails...
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Exception from online filing of application for lower or no withholding of tax in case of NRIs and Resident applicants

Background Section 197 and 206C(9) of...
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Withdrawal of Circular No. 10/2018 dated 31.12.2018 on applicability of section 56(2)(viia) of the Income-tax Act, 1961

Background Section 56(2)(viia) of the...
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Important changes through Notifications issued on December 31, 2018

1.Compulsive Reverse Charge Mechanism (R...
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Exemption of dividend cannot be denied merely because payer Co. didn’t pay tax on distribution of dividends

Facts of the case: The Assessee was...
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Capital gain on sale of assets contributed by partners as capital contribution would be taxable in the hands of the firm only

Facts of the case: Assessee was a p...
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Bill to Ship to mode of supply may involve more than three parties

Facts of the case: A (Applicand, he mad...
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Time limit preseribed for filing Country by Country Report (CbCR) by Constituent Entity

In order to standardize the documentaion...
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Recommendations made during 31st GST Council Meeting

Extension of Due Dates Form Due ...
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Addition of income cannot be made by AO merely on the grounds of taking tax credit by the Assessee

Facts The Assessee was following cash s...
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Support services provided by Back Offices in India to MNCs Abroad does not

Clarified by The Authority for Advance R...
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What is the nature of High seas sale under GST? Clarified by Authority for Advance Ruling

As per the recent AAR Ruling, following ...
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