KNOWLEDGE BANK

"  Hold the vision, Trust the Process”   MASTER UPDATES OF THE WEEK   INCOME TAX ITR 1,2,3,4 and 5 for AY 2020-21 is available on Income Tax e-filing portal. CBDT has informed that it has issued refunds of INR 95,853 crores to more than 25 lakhs taxpayers including Corporate Tax refunds of INR 66,793 crores from April-20 to till date. GOODS AND SERVICE TAX CBIC has been notified that now interest shall be charged on the amount of NET LIABILITY of GST (i.e. the tax liability to be discharged in cash), earlier it was charged on the basis of gross liability. This provision shall be applicable on retrospective basis.    There is no change in threshold exemption limit for GST applicability, 20 lakhs limit for service provider and 40 lakhs for Goods supplier as notified earlier. GSTN has enabled filing of refund application in GST RFD-01 relating to different FYs in a single refund application. CBIC...

  "  Try not to become a person of Success, but rather try to become a person of Value”   CLARIFICATION BY CBIC ON NET GST INTEREST LIABILITY   The GST Council in its 39th GST Council Meeting had notified that the interest will be chargeable on the net GST liability w.e.f. 1 st  Sep 2020. This Notification had created confusion among the taxpayers. Now CBIC has issued a clarification regarding the same which is as under:   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 limitations. However, it has assured that no recoveries shall be made for the past period as well by the Central and State tax administration in accordance with the decision taken...

  "  Success is walking from failure to failure with no loss of enthusiasm”   DELAYED GST PAYMENT: INTEREST TO BE CHARGED ON NET TAX LIABILITY FROM SEPTEMBER 1   The GST Council in its 39th GST Council Meeting had notified that the interest will be chargeable on the net GST liability and that too with retrospective effect that is July 2017. However, as per the latest notification, 1/09/2020 has been notified as to the effective date for the same. This Notification has created confusion among the taxpayers.   Official Notification is as under: MINISTRY OF FINANCE (Department of Revenue) (Central Board of Indirect Taxes and Customs) NOTIFICATION New Delhi, the 25th August, 2020 No. 63/2020 - Central Tax "G.S.R. 527(E). - In exercise of the powers conferred by sub-section (2) of section 1 of the Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby appoints the 1st...

    "  Success usually comes to those who are too busy to be looking for it   "   EXTENSION OF TIME TO HOLD ANNUAL GENERAL MEETING   Ministry of Corporate affairs (MCA) has given relaxation to companies to voluntarily seek extension of time period to hold AGM for F.Y. ending 31.03.2020 by filing Form GNL-1 to concerned ROC on or before 29/09/2020. The official notification regarding the same is here given below: General Circular No. 28/2020 F. No. 2/4/2020-CL-V Government of India Ministry of Corporate Affairs 5th Floor, ‘A’ Wing, Shastri Bhawan, Dr. R. P. Road, New Delhi Dated: 17th August, 2020 To All Regional Directors, All Registrar of Companies, All Stakeholders. Subject: Clarification on Extension of Annual General Meeting (AGM) for the financial year ended as at 31.03.2020- Companies Act, 2013-reg. Sir/Madam, Several representations have been received in the Ministry for providing relaxations in the provisions of Companies Act, 2013 (the Act) or...

  " Happiness is not something readymade, It comes from your own actions "   FORM DPT - 03   What is form DPT – 03 DPT-3 is a return of Deposits or particulars of transaction not considered as deposit or both which is to be filed by every company, other than: Government Company, Banking Company, non-banking financial A Company registered with the Reserve Bank of India A housing finance company registered with the National Housing Bank established under the National Housing Bank Act, 1987 Periodicity of Return One Time Return: By 29 st June (i.e. within 90days at the End of Financial year) Annual Return: 30 th June (3 Months at the End of Financial Year) Information to be furnished One Time Return: We need to fill the Amount Received after 01/04/2014 and Outstanding on 31/03/2019 Annual Return: We need to fill the Amount Outstanding on 31/03/2019 Received at any time. Some Examples Any Amount Received from Director /His Relative Unsecured ...

  "  The best preparation for tomorrow is doing your best today   "   E-Assessment u/s 143(3) without human interaction Salem Sree Ramavilas Chit Company vs. DCIT (Madras High Court) COURT: Madras High Court CORAM: C Saravanan J SECTION(S): 143(3) GENRE: Domestic Tax CATCH WORDS: Assessment ,  E-Assessment COUNSEL: G. Baskar DATE: February 4, 2020 (Date of pronouncement) DATE: February 19, 2020 (Date of publication) AY: 2017-18 S. 143(3): While E-Assessment without human interaction is laudable, such proceedings can lead to erroneous assessment if officers are not able to understand the transactions and accounts of an assessee without a personal hearing. Assessment proceeding under the changed scenario would require proper de...