Friday 25 September 2020

Supply of common administrative services by HO to other units leviable to GST: Haryana AAR

 

 

Summary

The Haryana Authority for Advance Ruling (AAR), in a recent case, has held that the services supplied by a head office to its other units/offices by way of performing activities, such as accounting, marketing support, administrative support, IT support, sales planning, training, policy formation, is leviable to GST. 
 

Thursday 24 September 2020

TCS ON SALE OF GOODS.

 

Applicability:


 

All Seller of goods (Seller of Services not covered) whose turnover (Sales) during the preceding previous year i.e. FY 2019 – 2020 is more than INR 10 Crores, they have to collect the tax (TCS) at the time of raising of invoices to the buyer and pay such tax (TCS) on receipt of payment from the buyer to the government exchequer w.e.f. 1st October 2020. This provision would be applicable only after threshold exemption limit of INR 50 Lakhs sale to each buyer of the goods.

This provisions would not be applicable if seller sells the goods to –

Interplay between TP and Indian Exchange Control Regulations - Part I

 


 

The Government of India (GOI) recently announced “Atmanirbhar Bharat Scheme” in order to bring various structural reforms for making India a ‘Self-reliant nation’. While GOI has been taking various measures for attracting Foreign Direct Investment (FDI) in India, recently it has made various announcements for opening new horizons of growth such as changing the definition of Micro, Small and Medium Enterprises (MSMEs), boosting scope of private participation in numerous sectors, increasing FDI in defence sector, etc. With such reforms introduced by GOI, the coming years are expected to see increased cross-border transactions from a different set of players. There are various tax and regulatory frameworks that provide governance with respect to cross-border transactions, which needs to be taken into consideration. In this two-series article, we have tried to present an overview of certain inter-company transactions between Multinational Group (MNE Group) entities and area of consideration having regard to Indian Transfer Pricing regulations (ITPR) and Indian Exchange Control Regulations (IECR).

Friday 18 September 2020

Changes in Due Date and rates due to Covid19..updated till 10th sep 20

 

This document has been compiled on the data available to us. . 

We recommend that you seek professional 

advice prior to initiating action on specific issues.

Sl.

No.

Particulars

Original due date

extended due date due to Covid

 

Changed Interest rate till extended due date

Changed Penalty & Late Fee till extended due date

Sources

Remarks

1

Income Tax Act

 

 

 

 

 

 

 

a

Filing of Income Tax return for FY 18‐19

31/03/2020

30/09/2020

 

no relaxation

No Penalty

Notification No. 56/2020 dt

29.07.2020

 

b

Filing of Income Tax return for FY 19‐20

31/07/2020 or

31/10/2020

30/11/2020

 

Nil

Nil

Notification No. 35/2020 dt

24.06.2020

 

c

payments of self‐assessment tax if self assessment Tax liability is less than 1 Lac for F.Y.2019‐20

31/07/2020 or

31/10/2020

30/11/2020

 

Nil under sec 234A

Nil

Notification No. 35/2020 dt

24.06.2020

Interst u/s 234B and 234C shall be levied. There is no extension of date for the payment of self‐assessment tax for the taxpayers having self‐assessment tax liability exceeding Rs. 1 lakh.

d

An individual resident in India referred to in section 207 (2) of the Income‐tax

Act, 1961 (43 of 1961), the tax paid by him under section 140A of that Act within the due date (before extension) provided in that Act, shall be deemed to be the advance tax

31/03/2020

31/07/2020

 

Nil

Nil

Notification No. 56/2020 dt

29.07.2020

As per Sec 207(2) ‐ Senior Citizen (does not have any income chargeable under the head "Profits and gains of business or profession") not required to Pay Advance Tax.

e

payments of advance tax, self‐assessment tax, regular tax for others

Between 20th March 2020 to

30th June 2020

No change

 

9%

Nil

Ordinance dt 31st Mar 2020

 

f

Tax Audit Report for FY 2019‐ 20

30/09/2020

31/10/2020

 

Nil

Nil

Notification No. 35/2020 dt

24.06.2020

 

g

Vivad Se Vishwas Scheme

31/03/2020

31/12/2020

 

Nil

Nil

Notification No. 35/2020 dt

24.06.2020

Additional 10% not to be payable

h

Filing of Form 15G/H

07/04/2020

30/06/2020

 

Nil

Nil

Ordinance dt 31st

Mar 2020

 

i

Filing of TDS return for Mar20 quarter ‐ Govt Offices

31/05/2020

15/07/2020

 

NA

Nil

Notification No. 35/2020 dt

24.06.2020

 

j

Filing of TDS return for Mar20 quarter ‐ Non Govt

Offices

31/05/2020

31/07/2020

 

NA

Nil

Notification No. 35/2020 dt

24.06.2020

 

k

Issue of TDS / TCS certificates for Mar20 quarter

15/06/2020

15/08/2020

 

NA

Nil

Notification No. 35/2020 dt

24.06.2020

 

l

Payment of TDS /TCS for the month of March, April & May

2020

Between 20th March 2020 to

30th June 2020

No change

 

9%

Nil

Notification No. 35/2020 dt

24.06.2020

No extension till date for June 2020

m

Filing of TDS return for ‐ Non Govt Offices ‐ Quarter 1 (Apr

Jun20)

31/07/2020

31/03/2021

 

no relaxation

Nil

Press relase dt 13.05.2020

 

n

Filing of TDS return for ‐ Non Govt Offices ‐ Quarter 2 (Jul ‐

Sep20)

31/10/2020

31/03/2021

 

no relaxation

Nil

Press relase dt 13.05.2020

 


 

Sl.

No.

Particulars

Original due date

extended due date due to Covid

 

Changed Interest rate till extended due date

Changed Penalty & Late Fee till extended due date

Sources

Remarks

o

Reduction in rate of TDS for specified non‐salaried payments to residents and specified TCS rates by 0.25%

NA

14/05/2020 to

31/03/2021

 

NA

NA

Press relase dt 13.05.2020

 

p

Payment of Equalisation Levy for the month of March, April & May 2020

Between 20th March 2020 to

30th June 2020

No change

 

9%

Nil

Ordinance dt 31st Mar 2020

No extension till date for June 2020

q

Adhar PAN Linking Date

31/03/2020

31/03/2021

 

NA

Nil

Notification No. 35/2020 dt

24.06.2020

 

r

Notice issuance, due dates, filling of appeal, submissions, applications, any other proceedings against any income tax authority ‐ Under Various Direct Tax and Benami Law

Between 20/03/2020 to

31/12/2020

31/12/2020

 

NA

NA

Notification No. 35/2020 dt

24.06.2020

 

s

Making/payment for Investment under chapter VIA‐B including Sec 80C (LIC, PPF, NSC etc.), 80D

(Mediclaim), 80G (Donations), etc. for F.Y.2019‐ 20

31/03/2020

31/07/2020

 

NA

NA

Notification No. 35/2020 dt

24.06.2020

Donation to PM CARES FUND would enable the donor to get 100% deduction in section 80G(2)(a)(iiia) i.e. without any internal limit of 10% of adjusted Gross Total Income.

t

Payment/making investment in Capital Gain Scheme u/s 54 to 54GB

Between 20/03/2020 to

29/09/2020

30/09/2020

 

NA

NA

Notification No. 35/2020 dt

24.06.2020

 

Further there is no further extension for payment of taxes. Thus all taxpayers need to deposit tax due by 30th June,2020 to take benefit of extension provided by earlier Ordinance and concessional rate of interest . The reduced rate of interest of 9% for delayed payments of taxes, levies etc. specified in the Ordinance shall not be applicable for the payments made after 30th June, 2020. In case of non payment of tax by 30th June 2020, all the interest and penal provisions will apply from 20th March 2020 itself.

 

TCS UPDATE :

1       Finance Act 2020 introduced a new provision under Section 206C (1H) for the Tax Collected at Source (TCS) on Goods With effect from 1st of October 2020.

As per the new provision if any seller of any goods whose turnover in the preceding FY exceeds Rs. 10 Crore then, from 1st of October 2020, he shall be liable to collect TCS @ 0.1% of the sale value from the buyer if the buyer purchase goods for the value exceeding Rs. 50 Lacs (Limit of Rs. 50 Lac shall be seen for each buyer separately.

 

2       TCS on foreign remittance under LRS is effective on any remittance transaction under LRS on or after 1st October, 2020. The TCS at 5% shall be applicable on remittances exceeding INR 7 lakhs in a nancial year. All forex transactions under LRS made from 1st April, 2020 would be considered.

Pre-GST taxes cannot be refunded if paid pursuant to an inquiry

  This is to update you about an important decision by Tribunal in the case of Filatex India Limited vs. CCE & ST , E A No. 10231 of ...