Due dates for filing of Form GSTR-3B for the Tax Period of September, 2020

GST Portal updates 16/10/2020 Government of India, vide Notification No. 29/2020 – Central Tax, dated 23rd March, 2020, had staggered filing of Form GSTR-3B, for the tax periods of April to September, 2020. The due dates for filing of GSTR-3B returns for tax period of September, 2020, are as given below: Sl. No Taxpayers with aggregateContinue reading “Due dates for filing of Form GSTR-3B for the Tax Period of September, 2020”

News desk on Income Tax, GST & Corporate Laws-30 July 2020

Income tax MOF Notification dated 29 July 2020 *CBDT further extends due date for filing of ITR for AY 2019-20 till 30-09-2020* Income tax Ahmedabad – ITAT *Losses already set off against profit other business not to be reduced notionally while computing profit u/s 80-IA * Income tax Madras HC *Notice issued to authorised representativeContinue reading “News desk on Income Tax, GST & Corporate Laws-30 July 2020”

*Model Tax Conventions Series* *KP 6 (21-07-2020)* Chapter III: Taxation of Income *Business profits* (Article 7)

*Business profits* (Article 7)   *OECD MC/ UN MC* :   BPs of an Enterprise can only be taxed by the *Residence State (RS)*. Right of Source State (SS) to tax BPs of an enterprise only exists if a PE exists in its jurisdiction In *OECD MC*-Once a PE is proven the SS can taxContinue reading “*Model Tax Conventions Series* *KP 6 (21-07-2020)* Chapter III: Taxation of Income *Business profits* (Article 7)”

FEMA-An Act Overview Series 1

*FEMA*-*An Act Overview* Series *Background* Foreign exchange control – Exchange control law through Defense of India rules by the Britishers in 1939. Foreign Exchange Regulation Act (FERA) was enacted in 1947 ‘The Foreign Exchange Regulation Act, 1973’ (FERA) Replaced Foreign Exchange Regulation Act, 1947 (FERA) Foreign Exchange Management Act, 1999 w.e.f. 01st June 2000 (FEMA),Continue reading “FEMA-An Act Overview Series 1”

*International taxation* *Model Tax Conventions Series* *KP 5 (11-07-2020)* Permanent Establishment

*Model Tax Conventions Series* *KP 5 (11-07-2020)* #  *Chapter II: Definitions –Permanent Establishment* *Meaning of PE [Article 5(1)]* There should be an *enterprise* Such enterprise should be carrying on a “business”; There should be a “place of business (POB)” Such POB should be at the *disposal of the enterprise* (may be owned/rented but must beContinue reading “*International taxation* *Model Tax Conventions Series* *KP 5 (11-07-2020)* Permanent Establishment”

# *FA 2020 Modification of concessional tax schemes for domestic companies u/s 115BAA(Tax on income of certain domestic companies-22%.) and u/s 115BAB(Tax on income of new manufacturing domestic companies-15%) to allow deductions U/s 80JJAA (Deduction in respect of employment of new employees) w.e.f. 01st April 2020 or section 80M (Deduction in respect of certain inter-corporate dividends) w.e.f. 01st April 2021.*

International taxation-*Model Tax Conventions Series* -KP 4 (10-07-2020)

#  *Chapter II: Definitions –Resident* # *Resident* *Resident of either CS* -A taxpayer has to demonstrate that *he is resident of one or both CSs to be able to gain access to a tax treaty and avail benefits thereunder*. *Meaning of “Resident of a Contracting State”*  Any person who, under the laws of that State,Continue reading “International taxation-*Model Tax Conventions Series* -KP 4 (10-07-2020)”

International taxation-Model Tax Conventions Series-KP 3 (09-07-2020)

# Scope of the convention (1) Persons covered (2) Taxes covered # *Taxes covered*- Taxes on Income and capital The MCs apply to taxes on income and on capital imposed on behalf imposed on behalf of a CS or of its political subdivisions or local authorities, irrespective of the manner in which they are levied.Continue reading “International taxation-Model Tax Conventions Series-KP 3 (09-07-2020)”