Composite supply of goods and services and regular supply are differentiated.

A finding as regards composite supply must take into account supplies as effected at a given point in time on 'as is where is' basis. In particular instances where same taxable person effects a continuous supply of services coupled with periodic supplies of goods/services to be used in conjunction therewith, one could possibly view periodic supply of [...]

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Extension of due date for linking of pan with aadhar

Income Tax vide Notification no. 75/2019 dated 28th September, 2019 extends due date for linking PAN with aadhar from 30th September, 2019 to 31st [...]

Amendment in Rule 2F [infrastructure debt fund for the purpose of exemption under section 10(47)

Income tax vide Notification no. 66/2019 Central Board of Direct Taxes(CBDT) omitted Rule 2F(5) of Income tax Rules, 1962. Section 10(47) of Income tax Act, 1961 exempts [...]

Higher depreciation on certain motor cars, motor buses, motor lorries and motor taxies

Income Tax vide Notification no. 69/2019 dated 20th September, 2019 the Central Board of Direct Taxes, makes the following rules to further amend the Income-tax Rules, 1962 [...]

Faceless Assessment for Income taxpayers launched

Income tax of India launched Faceless Assessment for taxpayers. Centre Government had recently notified e-Assessment scheme to facilitate faceless assessment of income tax [...]

Clarification in respect of option exercised under section 115BAA of the income tax Act, 1961 inserted through the taxation laws (Amendment) Ordinance, 2019.

Income tax vide circular no. 29.2019 dated 2nd October, 2019. Section 115BAA provides that, A domestic company shall at its option to pay tax at a lower rale of 22 [...]

Bharat Bill Payment system– Expansion of biller categories

RBI vide notification no. RBI/2019-20/61 dated September 16, 2019 it was announced as per Statement on Developmental and regulatory policies released with third Bi-monthly [...]

Changes in Liquidty Adjustment Facillity – Repo and Reverse Repo rates

RBI vide notification no. RBI/2019-20/75 dated October 04, 2019 it was announced as per the fourth Bi-monthly Monetary policy statement 2019-20 of October 04,2019. It has [...]

Change in Bank rate

RBI vide notification no. RBI/2019-20/77 dated October 04, 2019 it was announced as per the fourth Bi-monthly Monetary policy statement 2019-20 of October 04,2019 the bank [...]

Prescribing the due date for filing return in FORM-GSTR-1 for the registered persons (aggregate turnover more than 1.5 crores) for months from October, 2019 to March,2020

GST Wide Notification  No. 46/2019 dated 09th OCtober, 2019 prescribes the due date for furnishing FORM-GSTR-1 (deails of outward supply of goods and/or services)  for [...]

Prescribing the due date for filing return in FORM-GSTR-1 for the registered persons (aggregate turnover upto 1.5 crores) for months from October, 2019 to March,2020

GST Wide Notification  No. 45/2019 dated 09th October, 2019 prescribes the due date for furnishing FORM-GSTR-1 (details of outward supply of goods and/or services)  for the [...]

Prescribing the due date for filing return in FORM-GSTR-3B for the months from October 2019 to March 2020

GST wide Notification no. 44/2019 dated 09th October, 2019 prescribes the due date for furnishing FORM-GSTR-3B for the months from October, 2019 to March, 2020 shall be [...]

Filing of Annual return is made optional for businesses having turnover less than Rs. 2 crores

GST wide notification No. 47/2019 dated 09th October 2019 on the recommendations of the council notifies that registered persons whose aggregate turnover in a financial year [...]

Determination of location of State bench of tribunal is in domain of central government; role of state government is confined to determine place of area benches

-           Vide Decision of High court of Allahabad in Torque Pharmaceuticals (P.) Ltd. Vs Union of India. Facts of the [...]

Rectification of mistakes/errors in GSTR-3B manually

-           Vide Decision of High court of Andhra Pradesh in Panduranga Stone Crushers Vs. Union of India. Facts of the [...]

Consolidated circular for assessment of start-ups

Income Tax vide circular no.22/2019 dated 30thAugust, 2019 consolidates all circulars regarding Assessment of startups. Assessment of [...]