Attention!!! Most of the Statutoty Compliances extended to 30-Jun-2020 in view of COVID-19 Outbreak.

GST on Lottery

The Central Government vide Notification No.08/2020-Central Tax, dated 2nd March 2020 has made the amendment in the CGST Rules 2017 to prescribe the value & GST Rate of Lottery with effect from the 1st March 2020.

Section 115BAA of Income Tax Act

Section 115BAA has been inserted in the Income Tax Act, 1961 through Taxation (Amendment) Ordinance 2019 on the 20th of September 2019. Section 115BAA states that domestic companies have the option to pay tax at a rate of 22% from the FY 2019-20 (AY 2020-21) onwards if such domestic companies adhere to certain conditions specified.

Ananda Social and Educational Trust Vs. CIT

Whether a newly registered Trust is entitled to registration under section 12AA of the Income Tax Act, 1961 on the basis of its objects, without any activity having been undertaken.

Eligibility and conditions for taking Input Tax Credit

Section 16 of CGST Act 2017
(1) Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be entitled to take credit of input tax charged on any supply of goods or services or both to him which are used or intended to be used in the course or furtherance of his business and the said amount shall be credited to the electronic credit ledger of such person.

Startup Recognition in India

Under the Startup India initiative, eligible companies/firms can get recognized as Startups by DPIIT, in order to access a host of tax benefits, easier compliance, IPR fast-tracking & more. Learn more about eligibility and benefits below.

Shri Ramphal Hooda Vs. ITO

Whether the assessee is eligible for exemption u/s 54/54F, an investment in a new property is made in the name of his wife?

Afonso Real Estate Developers Vs. CIT

Whether the income derived by the Assessee firm on purchase and sale of the agricultural land will be assessed as income from business instead of capital gains, where the Assessee is engaged in buying and selling of properties and the land was held by the Assessee firm for the purpose of business.

Direct Tax Vivad se Vishwas Bill, 2020

During the Union Budget. 2020 presentation, the 'Vivad se Vishwas' Scheme was announced to provide for dispute resolution in respect of pending income tax litigation. Pursuant to Budget announcement, the Direct Tax Vivad se Vishwas Bill, 2020 (Vivad se Vishwas) was introduced in the Lok Sabha on 5th Feb, 2020. The objective of Vivad se Vishwas is to inter alia reduce pending income tax litigation, generate timely revenue for the Government and benefit taxpayers by providing them peace of mind, certainty and savings on account of time and resources that would otherwise be spent on the long-drawn and vexatious litigation process. Subsequently, based on the representations received from the stakeholders regarding its various provisions, official amendments to Vivad se Vishwas have been proposed. These amendments seek to widen the scope of Vivad se Vishwas and reduce the compliance burden on taxpayers.

2. After introduction of Vivad se Vishwas in Lok Sabha, several queries have been received from the stakeholders seeking clarifications in respect of various provisions contained therein. Government has considered these queries and decided to clarify the same in form of answers to frequently asked questions (FAQs).

These clarifications are, however, subject to approval and passing of Vivad se Vishwas by the Parliament and receiving assent of the Hon'ble President India.

QUESTIONS ON SCOPE/ ELIGIBILITY (Q. No.1 - 24)
QUESTIONS RELATED TO CALCULATION (Q. No. 25-40)
QUESTIONS RELATED TO PROCEDURE (Q. No. 41-50)
QUESTIONS RELATED TO CONSEQUENCES (Q. No. 51-55)

Factoring Regulation Act, 2011

THE FACTORING REGULATION ACT, 2011
ARRANGEMENT OF SECTIONS

CHAPTER I
PRELIMINARY
Sections
1. Short title, extent and commencement.
2. Definitions.
CHAPTER II
REGISTRATION OF FACTORS
Sections
3. Registration of factors.
4. Provisions of non-banking financial companies apply to factor.
5. Requirement for registration as a factor not to apply to bank or Statutory corporation or Government company.
6. Powers of Reserve Bank to give directions and to collect information from factors.

CHAPTER III
ASSIGNMENT OF RECEIVABLES
Sections
7. Assignment of receivables.
8. Notice to debtor and discharge of obligation of such debtor.
9. Discharge of liability of debtor on payment to assignee.
10. Payment made by debtor to assignor to be held in trust for benefit of assignee in certain cases.

CHAPTER IV
RIGHTS AND OBLIGATIONS OF PARTIES TO CONTRACT FOR ASSIGMENT OF RECEIVABLES
Sections
11. Rights and obligations of parties to contract for assignment of receivables.
12. Liability of debtor.
13. Assignor to be trustee of assignee.
14. Liability of debtor in case of an assignor being mircro or small enterprises.
15. Principle of debtor protection.
16. Defences and right of set off of debtor.
17. Modification of original contract.
18. Breach of contract.

CHAPTER V
REGISTRATION OF ASSIGNMENTS
Sections
19. Registration of certain assignments of receivables transactions.
20. Public inspection.

CHAPTER VI
OFFENCES AND PENALTIES
Sections
21. Penalties.
22. Penalties for non-compliance of direction of Reserve Bank.
23. Offences.
24. Cognizance of offences.
25. Offences by factors.

CHAPTER VII
MISCELLANEOUS
Sections
26. Provisions of this Act to override other laws.
27. Application of other laws not barred.
28. Limitation.
29. Confidentiality of information.
30. Power to exempt.
31. Provisions of this Act not to apply or affect in certain cases.
32. Power of Central Government to make rules.
33. Laying of rules.
34. Power to remove difficulties.
35. Amendments to certain enactments.

THE SCHEDULE.

Sureshbhai Gadhecha Vs State of Gujarat (Gujarat High Court)

There cannot be two parallel investigations under the State Act as well as the Central Act. As per clause (b) of sub-section (2) of section 6 of the Goods and Services Tax Act, Case Name: Sureshbhai Gadhecha Vs State of Gujarat (Gujarat High Court)