Knowledge Hubbs

1. Income Tax Act, 1961 (hereinafter called 'ITA') seeks inter alia to tax global income of a resident-taxpayer and also provides for the levy of penalty in case of concealment, under reporting or misreporting of such income. If foreign sourced income chargeable to tax including any income in relation to any foreign asset has gone untaxed, such income can be brought to tax under ITA within 16 years from the end of the relevant assessment year in which such income was assessable, as provided in section 147 to 151 of ITA.
2. GST : Where Competent Authority detained goods of assessee (Works contractor) under transport and issued a memo under section 129(3) on premise that consignment was not accompanied by invoice, said authority was to be directed to adjudicate matter with regard to goods in compliance with provisions of Act.
3. INTERNATIONAL TAXATION : Whether where royalty payment to assessee US company was duly disclosed and offered to tax in return of income filed by Indian company in capacity of representative assessee, reassessment of assessee could not be initiated on ground that assessee had not offered tax on royalty.

CA Kuldeep Singh
FCA, DISA
Partner
Singh Suri & Company
Chartered Accountants

1. INCOME TAX: Where Tribunal did not record any finding of fact that assessee was an investor in share and not trader before treating income from sale of shares as capital gain, matter was to be remanded back to decide afresh.
2. GST : Works contract service provided by applicant to National Centre for Biological Sciences (NCBS) for construction of hostel building on campus is taxable at 18 per cent GST under 'residual item' under item No. (xii) of Serial No.3 of Notification No. 11/2017- Central Tax (Rate), dated 28-6- 2017.
3. INTERNATIONAL TAXATION: Existence of dependent agent permanent establishment (DAPE) is wholly tax neutral, thus, once an agent of assessee a UK based company in India had been paid arm's length remuneration, and income embedded in such remuneration had been taxed in India, no further profits could be taxed in hands of DAPE

CA Kuldeep Singh
FCA, DISA
Partner
Singh Suri & Company
Chartered Accountants

1. The Central Board of Direct Taxes (CBDT) has notified new Income-tax Return (ITR) forms applicable for the Assessment Year 2020-21. A new schedule ‘Schedule DI’ has been inserted to claim benefit of investment/ deposit/payments made between 01-04-2020 to 30-06-2020 for the previous year 2019-20.
2. The Form GST ITC-02A has been recently enabled on the GST portal. This form is a declaration for transferring ITC to new registration within the same state or union territory.
3. FEMA, BANKING & INSURANCE : Where appellant-accused did not appear in appeal before High Court in cheque bounce case, High Court should have taken assistance of amicus curiae; High Court erred in reversing acquittal of appellant without affording any opportunity to appellant

CA Kuldeep Singh
FCA, DISA
Partner
Singh Suri & Company
Chartered Accountants

1. This section is applicable to every person who sells goods and receives consideration for such sale if the aggregate value of such sale during the previous year exceeds fifty lakh rupees. The liability to collect such tax will arise only when the seller receives the consideration. The TCS rate is 0.1 percent of the sale consideration if the sale consideration exceeds fifty lakh rupees.
2. Amount of loans or deposit forming part of aggregate turnover for GST registration? : Analysis of AAR Ruling
Authority of Advanced Ruling(AAR)in case of M/s Anil Kumar Agrawal in Advance Ruling No. KAR ADRG 30/2020 dated 04.05.2020.
3. The MCA has provided a one time opportunity to the LLPs and company to make their default good by filing pending documents. Now, the ICAI has revised the FAQs on LLP settlement Scheme, 2020 and Cos. Fresh Start Scheme

CA Kuldeep Singh
FCA, DISA
Partner
Singh Suri & Company
Chartered Accountants

1. The CBDT had notified ‘Debit card powered by RuPay’ and ‘UPI’ notified as prescribed mode of payments for the purpose of section 269SU. Considering the maximum payment limit prescribed under these modes, which are aren’t relevant for B2B businesses, the CBDT has clarified that Sec. 269SU shall not be applicable in case of person having only B2B transactions and at least 95% of business receipts shall be in any mode other than cash
2. GST : Where after reduction of GST rate, manufacturer/seller increased base price and maintained same MRP and, thus, had failed to maintain pre rate reduction base price and, thus, no benefit passed on to recipients/customers by way of commensurate reduction in selling price of product, respondent had profiteered and, hence, liable to penalty; benefit of tax reduction should be passed only by commensurate reduction in price and not by any other means such as discounts, etc
3.The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to the proposal of the Ministry of Finance to launch a new Special Liquidity Scheme for Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs) to improve liquidity position of the NBFCs/HFCs.

CA Kuldeep Singh
FCA, DISA
Partner
Singh Suri & Company
Chartered Accountants