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Legal-Updates - Page 5

New Section 12AB: Re-Registration of Trusts / Institutions registered u/s 10(23C) / 12A / 12AA / 80G of Income Tax Act

May 8, 2021

[By Shaleen Shah (Partner), VNCA] All the existing charitable and religious institutions (including NGOs) which are registered or approved under section 12A, section 12AA, section 10(23C) & section 80G are compulsorily required to switch to section 12AB for fresh registration in order to continue availing exemption under section 10 or 11, as the case may be. The CBDT (Central Board

GST

GST e-Invoice mandatory from 1-1-2021 for turnover more than Rs 100 Cr

Goods and Services Tax (GST) e-invoicing is the most discussed topic for businesses today. E-invoicing is a system wherein invoices are registered electronically by the Invoice Registration Portal (IRP) for use on the common GST portal. As per the latest notifications, suppliers having an annual turnover above Rs 500 crore

Widening the scope of TCS (Tax Collection at Source) from 1st Oct 2020

[By Jyotish M Shah, Partner] Widening the scope of TCS (Tax Collection

QRMP scheme launched for GST payers with turnover up to Rs.5 crore

The government has launched the Quarterly Return filing & Monthly Payment of

Due date for deposit of TDS/TCS of Sep-14 extended to 10-Oct-14

October 1, 2014

Income Tax

Press Release from CBDT Extension of the due date of deposit of tax deducted at source/tax collected at source during the month of September, 2014. Considering the consecutive holidays owing to the festive season and weekend during the first week in the month of October, 2014, the Central Board of

Guj-VAT Notifications–Reversal of ITC on purchases used for inter-state trade

September 29, 2014

Gujarat VAT & CST

[By Shaleen Shah (Partner), VNCA] We have informed you earlier (Guj-VAT Notification: Disallowance of ITC) that under Gujarat VAT laws, Input Tax Credit (ITC) is to be reversed by 2% on taxable turnover of Purchases when – (a) the goods are sold / resold in the course of inter-state trade

Budget (No.2) of 2014–Service Tax Amendments

July 29, 2014

Service Tax & CBEC

[By Shaleen Shah (Partner), VNCA] Downloadable PDF File Amendments relating to service tax proposed in the Finance (No.2) Bill, 2014 as passed by the Lok Sabha on 25-7-2014, with relevant Notifications issued, are discussed as under. The date on which the amendments are effective are indicated against each clause. The

New Online Facility for Input Tax Credit verification (Gujarat VAT)

January 9, 2014

Gujarat VAT & CST

[By Shaleen Shah (Partner), VNCA] You are aware that all dealers registered under Gujarat VAT Laws are required to file their returns online. Along with the main E-Return for VAT, each dealer (other than dealers who have opted for composition) is required to upload online the following details – Annexure

Extension of due date for filing Gujarat VAT Annual Return

December 20, 2013

Gujarat VAT & CST

In a Circular issued by the Commercial Tax Department on 20-Dec-2013, the due date for Filing of Gujarat VAT Audit Report u/s 63 of the Gujarat Value Added Tax Act, 2003 for the financial year 2012-13 has been extended to 31-Jan-2014. The due date for obtaining VAT Audit Report has

Liability outstanding for long period of time in books is assessable as income

December 16, 2013

Income Tax

In a recent decision, Mumbai Income Tax Tribunal has held that where a liability was outstanding on books for a disproportionately long period of time and the assessee is unable to prove the identity & genuineness of creditors, such long outstanding liability will be assessed as income under section 41(1)

CBDT Norms for Selection of Scrutiny Cases in FY 2013-14

August 6, 2013

Income Tax

CBDT has issued Instruction No.10/2013 dtd. 05-Aug-2013 announcing the selection norms for mandatory scrutiny of cases. The following cases will be covered under compulsory scrutiny: (a) Cases where value of international transaction as defined u/s 92B of IT Act exceeds Rs. 15 crores. (b) Cases involving addition in an earlier

Income Tax Return due date extended to 5-Aug

July 31, 2013

Income Tax

The CBDT has issued a Press Release stating that the due date for filing of returns u/s 139(1) of the Income-tax Act, 1961 is extended to August 5, 2013 PRESS INFORMATION BUREAU GOVERNMENT OF INDIA AS A MEASURE OF TAXPAYERS CONVENIENCE, LAST DATE OF FILING OF RETURNS EXTENDED TO 5TH

Revised norms for service tax exemption / refund to SEZ developers / units

July 9, 2013

Service Tax & CBEC

Notification No.12/2013-ST dtd. 01-07-2013 The finance ministry has issued a new notification for grant of exemption or refund of tax on services received by developers and units in special economic zones (SEZ) and used for authorised operations. The idea seems to be to make it easier to claim exemption at

Service Tax Return for Oct-Mar 2013–Due Date Extended

April 23, 2013

Service Tax & CBEC

The Central Board of Excise & Customs vide Order No. 03/2013-Service Tax dated 23.04.2013 has extended the date of submission of the Form ST-3 for the period from 1st October 2012 to 31st March 2013, from 25th April 2013 to 31st August 2013. The Form ST – 3, for the

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Legal-Updates - Page 5

New Section 12AB: Re-Registration of Trusts / Institutions registered u/s 10(23C) / 12A / 12AA / 80G of Income Tax Act

GST e-Invoice mandatory from 1-1-2021 for turnover more than Rs 100 Cr

Widening the scope of TCS (Tax Collection at Source) from 1st Oct 2020

QRMP scheme launched for GST payers with turnover up to Rs.5 crore

Due date for deposit of TDS/TCS of Sep-14 extended to 10-Oct-14

Guj-VAT Notifications–Reversal of ITC on purchases used for inter-state trade

Budget (No.2) of 2014–Service Tax Amendments

New Online Facility for Input Tax Credit verification (Gujarat VAT)

Extension of due date for filing Gujarat VAT Annual Return

Liability outstanding for long period of time in books is assessable as income

CBDT Norms for Selection of Scrutiny Cases in FY 2013-14

Income Tax Return due date extended to 5-Aug

Revised norms for service tax exemption / refund to SEZ developers / units

Service Tax Return for Oct-Mar 2013–Due Date Extended

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