Tax Due dates – May 2020.

Sr No	Due Date	Related to	Compliance to be made
1	11.05.2020	GST	Filing of GSTR-1A  for the month of April, 2020
2	31.05.2020	Income Tax	Filing of Annual Information Return u/s 285BA
3	20.05.2020	GST	Filing of GSTR3B for the month of April, 2020
4	07.05.2020	TDS/TCS (Income Tax)	Deposit TDS for payments of Salary, Interest, Commission or Brokerage, Rent, Professional fee, payment to Contractors, etc. during the month of April 2020. Deposit TDS from Salaries deducted during the month of April 2020 Deposit TCS for collections made under section 206C including sale of scrap during the month of April 2020, if any
5	31.05.2020 30.06.2020	TDS/TCS (Income Tax)	Furnish quarterly statement of tax deducted at source (TDS) and tax collected at source (TCS) for the quarter ended Jan-March 2020 in Form 24Q / 26Q / 27Q / 27EQ.

Supreme Court of India denies benefit of mutuality when contribution is received from non-member to common fund and involves profit motive

This Tax Alert summarizes a ruling of the Supreme Court (SC), dated 24 April 2020, in the case of Yum! Restaurants Marketing (Taxpayer), wherein the issue was whether the Taxpayer was a mutual concern and, accordingly, if income/surplus of the Taxpayer was exempt from income tax.

Imp Judgement during lockdown

Yum! Restaurants (Marketing) Private Limited vs. CIT (Supreme Court)

Entire law on principles of mutuality reiterated. The doctrine of mutuality bestows a special status to qualify for exemption from tax liability. It is a settled proposition of law that exemptions are to be put to strict interpretation. If the assessee fails to fulfil the stipulations and to prove the existence of mutuality, the question of extending exemption from tax liability to the assessee, that too at the cost of public exchequer, does not arise. Taking any other view would entail in stretching the limits of construction.

Circular No. 9 of 2020 – Vivad se Vishwas Tak – Still Vivad is there.

The Vivad se Vishwas (VSV) Scheme was announced by Union Finance Minister Nirmala Sitharaman during her budget speech on February 1, 2020. This has been introduced as a way to reduce the pendency of litigation under the Income tax Act, 1961 (Act) with a golden shake hand. Pursuant to that, the administration has come up with amendments and clarifications to ensure smooth implementation of the Scheme. An ordinance was issued extending the last date for beneficial payment, when the lockdown on account of the global pandemic seemed to threaten the success of the Scheme.

Changes in Charitable Trust after budget 2020.

To download the document, click the link  below.

Trust- Amendment Finance Act 2020

CBDT issues Revised Frequently Asked Questions in relation to Vivad Se Vishwas Act, 2020

  The Direct Tax Vivad Se Vishwas Bill, 2020 (VSV Bill) was introduced in the lower house of Parliament (Lok Sabha) on 5 February 2020^[1]. VSV, as introduced, resulted in various concerns among stakeholders. Some of these concerns were addressed by way of an amendment to VSV^[2], which was passed by the Lok Sabha^[3] on 4 March 2020. VSV Scheme provides an opportunity to taxpayers to settle direct tax disputes by making an application in the prescribed form to the designated authority and by paying the prescribed amount before a specified date. Once litigation is settled under VSV scheme, taxpayer is entitled to waiver from interest levied and immunity from penalty and prosecution.

Karnataka relaxes PT payment and return due date for March 2020

The Government of Karnataka vide an order dated 16th April 2020 has published the Karnataka Tax on Professions, Trades, Callings and Employments (Removal of

Updates on GSTN Portal

GSTN portal has been updated with the below changes:

 

►   GSTR-3B filing has been enabled with EVC option (OTP mode) for companies and LLP. Accordingly, Companies and LLP can file the GSTR-3B either with EVC (OTP) or Digital Signature(DSC) mode.

AAR rules that 50% benchmark to evaluate “substantial value” for indirect transfer taxation in India, applies retrospectively

 

 

This tax alert highlights a ruling of Authority for Advance Rulings (AAR) on the retrospective application of certain amendments made to the indirect transfer provisions of the Indian tax laws (ITL). In the facts before AAR, 100% shares of a British Virgin Islands based company (BVI Co.) were sold by sellers outside India during the tax year 2013-14.

Delhi HC quashes petition for equivalent continuation of pre-GST tax incentives

 BACKGROUND

Under the erstwhile indirect tax regime, the Centre and many States had announced and facilitated area-based incentives in the form of duty exemptions for a certain promised period of time to encourage industrial presence in certain underdeveloped regions. On account of introduction of the Goods and Services Tax (“GST”), many such incentives were subjected to a blanket withdrawal. In many cases, these incentives have not found complete reimbursement.