“News Desk” on Income Tax, GST & Corporate Laws-17-06-2020

*Today thoughts*
*We’re born alone, we live alone, we die alone. Only through our love and friendship can we create the illusion for the moment that we’re not alone.*

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*News update* https://youtu.be/qhiOeb1NY9U
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1.Corporate Laws
Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013.(General Circular No. 23/2020 Dated: 17th June, 2020)

2. Income Tax
(i) Reassessment notice can’t be issued if proceeding with respect to notice issued u/s 142 is pending. Sections 142(1) and 148 cannot operate simultaneously; if notice has already been issued under section 142 and proceedings are pending, income cannot be said to have escaped assessment [2020] 116 taxmann.com 995 (Gujarat) HC  
(ii) Tiger Global AAR’s ruling-the Hon’ble AAR has rejected the applications made by Tiger Global International (“TGI”) entities in relation to taxability of capital gains earned by it from sale of shares in Flipkart in India. The AAR relied upon the facts of the case to suggest that the transaction is prima facie designed to avoid tax and thus, rejected application filed by the Applicants. In this regard, it is relevant to note that Section 245R(2) of the Income tax Act provides for three reasons on which application made to AAR can be rejected which are as follows:-a. The matter already pending with income tax authority or tribunalb. The matter involves determination of FMVc. The matter relates to transaction or issue which is designed prima facie for avoidance of tax. Since, the third condition was satisfied, the AAR rejected the application. 
(iii) HC remanded matter to give opportunity to assessee to submit particulars related to claim of condonation of delayWhere assessee claimed condonation of delay in filing return on account of serious cancer ailments that had affected his infant daughter, however, his application for condonation of delay was rejected on ground that he had not placed material particulars regarding his pressing compulsions to give more devoted attention to treatment of his daughter, matter was to be remanded back for consideration afresh giving one more opportunity to assessee to produce all material particulars relating to treatment of child [2020] 116 taxmann.com 997 (Kerala)
3. GST 
GST on Director’s remuneration
 CBIC clarifies on  Leviability of GST on remuneration paid by companies to the independent directors or  those directors who are not the employee of the said company  and Leviability of GST on remuneration paid by companies to the directors, who are also an  employee of the said company Vide Circular No: 140/10/2020 – GST Dated 10th June, 2020.

Thank You !
Bipul Kumar

Author: Business So Simple

Hi, I am business consultant working with a team of Chartered Accountants, Company Secretaries, Lawyers & MBAs. I am promoter of " Make Your Business So Simple" "Make Education So Simple" Make Life So Simple" Make Legal Affairs So Simple".

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