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GSTPAM News Bulletin May 2022

CIRCULAR FOR RENEWAL OF MEMBERSHIP/SUBSCRIPTION CHARGES FOR THE F.Y. 2022-23

Dear Members,

RENEWAL OF MEMBERSHIP FOR F.Y. 2022-23

The Membership Fees for the year 2022-23 are due for renewal on 01.04.2022. We appreciate your Continuing support and participation in the activities of our Association.

The timely Renewal of Membership will enable the members to continuously receive the updates on various activities of GSTPAM along with the GSTReview, News Bulletin, Circulars, Messages, Webinars and online access to the website
www.gstpam.org. The Life Members only need to renew the subscription charges for the GST Review. The members can also avail the benefit of discount by paying advance for subsequent two years membership fees /subscriptioncharges.

The Membership Renewal Fees received after 30th April, 2022 will be subject to approval of the Managing Committee. If the Renewal fees for a particular year are not paid, then the member is liable to pay Admission Fees again for Renewal in the subsequent year.

Delayed Renewal Members will be provided Pre Renewal GST Review subject to availability upon payment of such additional courier charges.

The details of Membership/Subscription Fees are given below for your ready reference:

Type of Membership

Membership Fees incl. GST

Admission Fees Incl. GST

Subscription Charges for GST Review

Total

New Membership Application

Donor Member

24,780.00

600.00

25,380.00

Patron Member

17,700.00

600.00

18,300.00

Life Member

11,800.00

944.00

600.00

13,344.00

Life Member (Conversion from Ordinary)

11,800.00

590.00

600.00

12,990.00

Ordinary Local Member

1,770.00

590.00

2,360.00

Ordinary Outstation Member

1,475.00

590.00

2,065.00

New Membership Application (Firm/LLP)

Ordinary Local Member

1,770.00

944.00

0

2,714.00

Ordinary Outstation Member

1,475.00

944.00

0

2,419.00

Patron Member

17,700.00

0

600.00

18,300.00

Donor Member

24,780.00

0

600.00

25,380.00

Advance Membership/ Subscription charges for subsequent two years 2023-24& 2024-25 (Non-Refundable)

Ordinary Local Member

3,186.00

3,186.00

Ordinary Outstation Member

2,655.00

2,655.00

Life Member (Individual/Firm/LLP)

0

1,200.00

1,200.00

Patron Member

0

1,200.00

1,200.00

Donor Member

0

1,200.00

1,200.00

Subscription for GST Review for F.Y. 2022-23 by Non-Members

Subscription fees for GSTR

1,000.00

1,000.00

Advance Membership / Subscription charges for subsequent two years 2023-24& 2024-25 (Non-Refundable)

Subscription Fees -GSTR

0

2,000.00

2,000.00

Modes of Payment:-

Cheque

A/c Payee Cheque drawn in favor of “The Goods & Services Tax Practitioners’ Association of Maharashtra” payable at Mumbai.

NEFT Details

The Goods & Services Tax Practitioners’ Association of Maharashtra

Bank of India, Mazgaon Branch

Current Account No. 007020100001816, IFSC Code – BKID0000070.

Online generated transaction Acknowledgment should be sent by email on [email protected] along with membership and payment details Members are requested to send their physical form to the association for Approval, Issuance and Office record.

Cash

Renewal form along with requisite amount will be accepted between 10.30 a.m. and 5.30 p.m. on all working days except Saturday at our Office at

Mazgaon Library – Mazgoan: 1st Floor, 104, GST Bhavan, Mazgaon, Mumbai – 400 010 Or

Bandra Library – GST Bhavan, Ground Floor, A Wing, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051. Or

Mazgaon Tower-8 & 9, Mazgaon Tower, 21, Mhatar Pakhadi Road, Mazgaon, Mumbai – 400 010.

Identity
(New Members)

New Members should provide the following as Identity Proof : PAN, Aadhar Card, Constitution Document.

Address Proof(any one) : Electricity Bill / Passport/ Aadhar Card / Driving License/ Voter id/ Ration Card along with Membership Form

Identity Card
(For Renewals)

Ordinary Local/Outstation Members should provide Two Photographs along with the Renewal Form for issue of I-cards.

Online Payment Link

Members can make online payment on our website www.gstpam.org.Members are requested to download Members Renewal form from website.Update the latest details in the form, scan it and mail at
[email protected]

Payment Link : https://www.gstpam.org/online/renew-membership.php

If you are login first time? Click here for create your password

We value your continuation of the membership and look forward to your renewal to this effect.

Dated:-31.01.2022

Mahesh Madkholkar
Parth Badheka
Hon. Jt. Secretary

FORTHCOMING EVENTS

The Goods and Services Tax Practitioners’ Association of Maharashtra is pleased to announce its 8th Study Circle Meeting for the year 2021-22, covering the following topic:

Topic: Embracing the Crypto World Date: 12th May 2022, Thursday Time: 1.30PM To 03.00 PM

Speaker: CA Mitesh Katira

Venue: GSTPAM Library, Room No. 104, 1st Floor, GST Bhavan, Mazgaon, Mumbai-10. No Registration Fees

Aalok Mehta

Ashit Shah

Rahul Thakar & Aditya Seema Pradeep

President

Chairman – L&R Committee

Joint Convenors – L&R Committee

The Goods and Services Tax Practitioners’ Association of Maharashtra is pleased to announce a 3 days Virtual Series on GST in Tally for the year 2021-22, covering the following topic:

Topic: Enhance your GST Consulting with Tally Prime

Dates: 31st May, 3rd June & 9th June 2022

Time: 4.00 To 5.30pm

Speakers: CA Punit Mehta & Shri Mehul Pawani Venue: 3 days Virtual Series on Zoom Registration Fees – Rs.300 (including GST)

Link for payment:https://www.gstpam.org/online/event-registration.php

CA Aalok Mehta
President

CA Pranav Kapadia
Chairman

Adv. Sejal Shah
Convenor –
Website , Webinar & I. T. Committee

INVITATION OF NOMINATIONS

Election Committee

Chief Election Officer   Members
Shri. Pradip Kapadia   Shri. Ashvin Acharya   Shri. Mayur Parekh    Shri. Sachin Gandhi
Shri. Chirag Parekh    Shri. Pranav Kapadia    Shri. Vijay Sachiv

(For the posts of office Bearers and Members of the Managing Committee for the year 2022-2023)

Pursuant to the appointment made by the Managing Committee as provided in Article 17(1) of the Constitution of the Association and in exercise of the powers conferred by Article 17(2), Nominations are hereby invited from the members of the Association, eligible to contest as per Article 17(3) of the Constitution, for the following posts for the year 2022-23:

  1. One President

  2. One Vice-President

  3. One Hon.Treasurer

  4. Two Hon.Jt.Secretaries

  5. Fifteen members of the Managing Committee

  1. The nomination forms for the above posts can be procured from the office of the Association or from the Library at Mazgaon and also available on GSTPAM website.

  2. The nomination should reach the office of the Association at Mazgaon Tower not later than 5.00 p.m. on Friday, 10.06.2022 as per article 17(2) of the Constitution. No Nomination will be accepted on the last day; i.e. on Friday, 10.06.2022 at Library at GST Bhavan, Mazgaon, Mumbai 400010.

  3. As per article 17(2) of the Constitution, the last date of submission of duly filled up and signed nomination Forms is Friday, 10.06.2022 up to 5 p.m. Nomination Form can also be submitted through e-mail of the candidate to the specially created e-mail ID of the Association for the purpose of the election i.e. at: [email protected]& also can be filed physically at Mazgaon Library & Tower respectively as per the date mentioned in clause 2. The procedure of how to submit the online Nomination Form is prescribed at point No. (13) of this circular.

  4. Any member of the Association who is not in arrears of fees and whose delay in payment of fees has been condoned by the Managing Committee on or before the date of filing of his / her nomination Form, shall be eligible to file the nomination, subject to the provision of Article 17(3) of the Constitution which is reproduced herein below at point No. (12).

  5. The nomination should be proposed by one member and seconded by another member of the Association (other than the members of the Election Committee), who are not in arrears of fees and whose delay, if any, in payment of fees has been condoned by the Managing Committee on or before the date of filing of such nomination Form, as per provision of Article 17 (4) of the Constitution. The further procedure for online submission of nomination form is explained in point No. (13) of this circular.

  6. No member shall contest for more than one post as per Article 17(5) of the Constitution.

  7. As per Article 17(6) of the Constitution, a contestant shall be entitled to withdraw his/her nomination if he / she so wishes on or before Tuesday, 14.06.2022 up to 5.00 p.m. Intimation of withdrawal Form may be done through the candidate’s e-mail ID which he / she had provided in his / her Nomination Form to the Association’s newly created ID for the purpose of election i.e.
    [email protected]. However, if any candidate wishes to withdraw his / her nomination Form by submitting it physically he / she can do so by submitting the same at Mazgaon Library or at Association’s Office at the address herein mentioned before by Monday, 13.06.2022 up to 5.00 P.M. Please note that Physical withdrawal of nomination form shall be accepted at the Mazgaon Library only up to Monday, 13.06.2022 and thereafter on Tuesday, 14.06.2022 the withdrawal Form shall be accepted only at Association’s Office up to 5.00 p.m.

  8. Election will be conducted as per Article 17 of the Constitution. Attention of the candidates is invited to Clause 15A inserted in Article 17, whereby a contestant, who desires recounting, shall ask in writing for recounting of votes within 15 minutes from the time of declaration of election results by the Chief Election Officer.

  9. Election at Mumbai shall be conducted between 11.00 a.m. and 5.00 p.m. on Friday, 15.07.2022 at the GSTPAM, Mazgaon Library Hall, Mazgaon, Mumbai- 400 010.

  10. Election at District places shall take place on Monday, 11.07.2022 as per schedule given here in below.

  11. Nominations Forms Proposed/Seconded by any Member of the Election Committee shall be rendered as invalid.

  12. ELECTION RULES:

    Article 17 (3):Any member of the Association who is not in arrears of annual membership fees and/or of Additional Membership Fees of the Association on the date of filing of nomination and whose delay in paying such fee is condoned by the Managing Committee on or before the date of filing of nomination shall be eligible to file nomination for a post of the office bearer or a member of the managing committee.

    Provided that a Member of the Association shall be eligible to file the Nomination Form for following posts subject to the fulfilment of the criteria mentioned against each post in the Table given herein below:

Post

Eligibility Criteria for filing the Nomination Form

Managing Committee Member

Eligible only if the Applicant has been a Member of the Association for at least two consecutive years (24 months from the date of admission) on the date of filing Nomination Form.

Hon. Jt. Secretary or Hon. Treasurer

Eligible only if the Applicant has been a Member of the Managing Committee for a period of at least two years.

Vice-President

Eligible only if the Applicant has held the position as an Office Bearer of the Association for a period of at least two years.

President

Eligible only if the Applicant has held the position as an Office Bearer of the Association for a period of at least two years.

  1. Online Procedure to submit Election Nomination Form:

    Subject to Note No. (2) and (4) of this circular, the online nomination Form may be filled up and signed by the contestant, proposer and seconder and should be scanned and the same should be sent through the e-mail id of the contestant registered with GSTPAM office.

  2. In case of any Covid-19 wave or any force majeure, the election committee is authorized to change or modify any of the directions related to the such election & decision of the Election Committee shall be binding on all. Any such decision shall be informed to all the members through Email/Whatsapp/GSTPAM website/ GST Review etc.

  3. Outstation Election Centers:

Sr. No.

Election Centre at Outstation Place-as per Article 17A

Time

1

Dhule

10.00 A.M. to 01.00 P.M.

2.

Jalgaon

10.00 A.M. to 01.00 P.M.

3.

Kolhapur

10.00 A.M. to 01.00 P.M.

4.

Nagpur

01.00 P.M. to 04.00 P.M.

5.

Nashik

02.00 P.M. to 05.00 P.M.

6.

Pune

10.00 A.M. to 01.00 P.M.

7.

Ratnagiri

01.00 P.M. to 04.00 P.M.

8.

Sangli

10.00 A.M. to 01.00 P.M

9.

Sindhudurg ( Kudal)

10.00 A.M. to 01.00 P.M.

10.

Solapur

10.00 A.M. to 01.00 P.M.

11.

Thane

02.00 P.M. to 05.00 P.M.

Note: The list of the above outstation election centers is based on the data available with the Association on the date of Notice, the same can change if updated data is made available to the election committee.

For and on behalf of the Election Committee-GSTPAM

Place: Mumbai – 400 010    Shri Pradip R. Kapadia
Dated : 12th April, 2022.   Chief Election Officer

 

GST, MVAT & ALLIED LAW UPDATES

Compiled by
Mr. Jatiin Chheda

 

 

Maharashtra Goods and Services Tax Act, 2017 (MGST) Notification

Notification No.

Date of Issue

Subject

Notification No. 01/2022 – State Tax (Rate)

08-04-2022

Seeks to amend notification No. 1/2017-State Tax (Rate)

Notification No. 02/2022 – State Tax (Rate)

08-04-2022

Seeks to provide for a concessional rate on intra state supply of bricks conditional to not availing the ITC, as recommended by 45 GSTC

Notification No. 03/2022 – State Tax

08-04-2022

Seeks to amend notification no. 10/2019-State Tax to implement special composition scheme for Brick Kilns, as recommended by 45 GSTC

Notification No. 04/2022 – State Tax

08-04-2022

Seeks to amend notification no. 14/2019-State Tax to implement special composition scheme for Brick Kilns, as recommended by 45 GSTC

 

Professional Tax Notification

Notification No.

Date of Issue

Subject

NO PFT-1222/ C.R. 8/Taxation-3 Dt.27 April 2022

27-04-2022

Notification for late fee waiver for Profession Tax Payers

 

INCOME TAX UPDATES

By CA. Ajay Talreja

RECENT CASE LAWS :

Case Name : Sonia Bai Vs Dashrath Sahu (Chhattisgarh High Court)

Appeal Number : First Appeal No. 95 of 2015

Date of Judgement/Order : 28/02/2022

The Chhattisgarh High Court has recently held that Since the plaintiff and defendants are coparcener of the joint Hindu as per Hindu Succession Act as amended in 2005, the daughters are also entitled for getting equal share in the property inherited by their parents. The suit land is inherited by deceased Kachra Bai, as such defendants and plaintiff are entitled to get equal share in the property as per Section 6 of the Hindu Succession Act as amended in 2005.

Case Name : Smt. Jagmohan Kaur Bajwa Vs ITO (ITAT Chandigarh)

Appeal Number : ITA No. 962/Chd/2019

Date of Judgement/Order : 23/07/2021 Related Assessment Year : 2014-15

In the instant case the entries relating to the advances received from Shri Hardev Singh and his son Shri Maninder Singh Sahi from Canada were recorded in the books of accounts and the assessee also explained that this amount was received as an advance for making the investment in the property by the said persons and the assessee was engaged in the property business. The A.O. therefore was not justified in invoking the provisions of Section 69A of the Act particularly when the entries were recorded in the books of accounts maintained by the assessee and the explanation relating to the purpose of receiving the advances was given, identity of the person from whom amount was received, was not in doubt, the entries were through banking channel and it is not the case of the A.O. that the assessee went to Canada then put his money in the account of the depositor i.e; Shri Hardev Singh and Shri Maninder Singh Sahi which was remitted back, therefore, the addition made by the A.O. and sustained by the Ld. CIT(A) was not justified particularly when the credit of Rs. 19,00,000/- in the similar circumstances from Shri Hardev Singh had been accepted but the advance amounting to Rs. 99,84,046/- received from his son Shri Maninder Singh Sahi was doubted and added to the income of the assessee. In our opinion the A.O. was not justified in blowing hot and cold in the same wind pipe.

Case Name : Vatsal Navnitlal Parikh Vs ITO (ITAT Ahmedabad)

Appeal Number : ITA No.182/Ahd/2019

Date of Judgement/Order : 21/02/2022 Related Assessment Year : 2015-16

We find that additional evidences are produced for the first time before the Tribunal. These documents were not filed before the lower authorities during assessment proceedings due to family disputes. Therefore, in the interest of justice, we deem it fit to remand the matter back to the file of the AO. The ld.AO shall look into the record, documents and other evidences produced by the assessee, and thereafter pass a fresh speaking order in accordance with law, after providing reasonable opportunity to the assessee. Needless to say, the assessee shall cooperate with the AO by providing the details required by the AO for completion of de novo With this direction, we dispose of the appeal of the assessee.

Case Name : Schneider Electric South East Asia (HQ) PTE Ltd Vs ACIT (Delhi High Court)

Appeal Number : W.P.(C) 5111/2022 & C.M.Nos.15165-15166/2022

Date of Judgement/Order : 28/03/2022

Mere mention of ‘misreporting’ for denying immunity from penalty, manifestly arbitrary; Notice without ‘specific limb’, unreasonable Delhi High Court allows Schneider Electric’s writ petition, quashes order rejecting immunity under Section 270AA(4) and directs Revenue to grant immunity from penalty under Section 270A; High Court holds that the Revenue merely stated misreporting of income in the assessment order to deny immunity from imposition of penalty which is manifestly arbitrary and failed to show which limb of Section 270A got attracted in Assessee’s case and how the ingredient of Section 270A(9) got satisfied; Assessee-Company was denied the benefit of immunity for AY 2018-19 on the basis that its case did not fall within the scope and ambit of Section 270AA; Assessee submitted that all the facts, information, documents and figures were accepted by the Revenue and the subject matter of dispute was a pure question of law involving interpretation of the contracts and the provisions of the Act & DTAA, thus, there could not be an allegation of ‘misreporting’ of income by the Assessee; HC, from the impugned order, finds that initiation of penalty under Section 270A for misreporting of income was not only erroneous but also arbitrary and bereft of any reason as in the penalty notice failed to specify the limb of ‘underreporting’ or ‘misreporting’ of income, under which the penalty proceedings had been initiated; Also opines that entire edifice of the assessment order was voluntariness to buy peace and avoid litigation which Revenue noted and accepted in the assessment order, thus, there was no question of ‘misreporting’; Finds Revenue’s stand contrary to the legislative intention behind Section 270AA which is to encourage or incentivize a taxpayer to: (i) fast-track the settlement of issue, (ii) recover tax demand; and (iii) reduce protracted litigation; Thus, quashes the impugned order and directs Revenue to grant immunity. [In favour of assessee] (Related Assessment year ; 2018-19) – [Schneider Electric South East Asia (Hq) Pvt. Ltd. v. ACIT – Date of Judgement : 28.03.2022 (Del.)]

Case Name : Anjan Shivraju Prakash Vs ITO (ITAT Mumbai)

Appeal Number : I.T.A No.5083/Mum/2019

Date of Judgement/Order : 28/03/2022 Related Assessment Year : 2013-14

We find that the assessee purchased the impugned flat on 22/02/2007 and sold the same on 03/03/2012. The only issue dispute in this appeal is whether the capital gain arose in respect of sale of three car parking spaces could be treated as long term capital gain. The assessing officer held the same as short term capital gain as, in his opinion, the car parking spaces are independent of the flat in question and the assessee sold all three car parking spaces within 36 months of their purchase. From a close reading of the agreement entered into by the assessee with the builders, M/s Dosti Corporation makes it clear that the sparking space No.176 was attached to the flat and therefore, for all purposes, it is part and parcel of the flat in question. So there is no question of treating the parking space No.176 independent of the flat and as a natural corollary, capital gain on sale of flat is long term capital gain which equally applies to the parking space No.176 also. So treating the parking space as distinct from the flat so as to treat the capital gain on sale as short term capital gain is totally unjustified. However, in respect of the other two car parking areas, we find that the assessing officer has recorded a clear finding that the assessee himself has accounted the assets in different entities; therefore, the assets are independent of the flat and is distinguishable from the cost of improvement. Further, the parking spaces can be sold and purchased to and from the members of the society independently. Further, as per the books of the firm in which the assessee is a partner, the car parking spaces were transferred to the assessee in the financial year 2012-13 only. Therefore, in our considered opinion, the capital gain arising from the sale of these two car parking spaces is only ‘Short Term Capital Gain’. In this view of the matter, we have to necessarily uphold the finding of the learned CIT(A) that the parking spaces are independently identifiable asset on different dates, the capital gain arose from sale of these two parking spaces is ‘Short Term Capital Gain’. The assessing officer has rightly assessed the gain as Short term capital gain in the case of other two parking spaces. This ground of appeal is partly allowed.

 

INCOME TAX CIRCULARS & NOTIFICATIONS

Compiled by
CA. Aloke R. Singh

No Circulars have been issued in the month of May 2022.

Income Tax Notifications

Notification No

Date of Issue

Subject

24/2022

04.04.2022

Income-tax (Sixth Amendment) Rules, 2022 notified. Rule 21AAA inserted after Rule 21AA.

25/2022

04.04.2022

U/s 89A of the Income-tax Act, 1961, the Central Government notifies the countries mentioned in column (2) of the Table given in the notification as a “notified country”.

26/2022

05.04.2022

Income-tax (Seventh Amendment) Rules, 2022 notified. Part IX-AA inserted after Part IX-A in the Income Tax Rules, 1962, regarding “Dispute Resolution Committee”.

27/2022

06.04.2022

E-Dispute Resolution Scheme, 2022, notified.

28/2022

06.04.2022

Income-tax (Eighth Amendment) Rules, 2022 notified. Sub-rules (3) and (4) in Rule 2F substituted.

29/2022

11.04.2022

The Central Government notifies u/s 80G(2)(b) “The Somnath Temple managed by Shree Somnath Trust (PAN: AAATS9555Q)” to be place of historic importance and a place of public worship of renown.

30/2022

11.04.2022

The Central Government hereby notifies u/s 10(46) of the Income- tax Act, 1961, the ‘Rajasthan Electricity Regulatory Commission’ (PAN AAABR0296D), a Commission constituted by the state Government of Rajasthan, in respect of the income arising to that Commission, as specified in this notification.

31/2022

18.04.2022

The Central Government hereby notifies u/s 10(48D) of the Income- tax Act, 1961, the National Bank for Financing Infrastructure and Development, established under section 3 of the National Bank for Financing Infrastructure and Development Act, 2021, for a period of ten consecutive assessment years beginning from the AY 2022-2023.

32/2022

19.04.2022

U/s 280A(1) of the Income-tax Act, 1961and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, the Central Government, in consultation with the Chief Justice of the High Court of Allahabad, designates the Court in the State of Uttar Pradesh, as mentioned in column (2) of the table of this notification, as the Special Court for the area specified in the column (3) of the said Table, of this notification.

33/2022

19.04.2022

The Central Government hereby approves u/s 35(1)(iii) of the Income- tax Act, 1961, r.w. rules 5C and 5E of the Income-tax Rules, 1962, ‘Sri Sharada Institute of Indian Management Research Foundation Trust, New Delhi, (PAN: AAJTS0088H)’ as ‘other Institution’ under the category of ‘University, College or other institution’ for research in social science or statistical research. The notification shall be applicable for the AYs 2023-24 to 2027-28.

34/2022

19.04.2022

U/s 280A(1) of the Income-tax Act, 1961and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, the Central Government, in consultation with the Chief Justice of the High Court of Kerala, designates the Court in the State of Kerala, as mentioned in column (2) of the table of this notification, as the Special Court for the area specified in the column (3) of the said Table, of this notification.

35/2022

20.04.2022

The Central Government hereby notifies u/s 10(46) of the Income- tax Act, 1961, ‘Gujarat Real Estate Regulatory Authority’ (PAN AAAGG1260R), an Authority constituted by the State Government of Gujarat, in respect of the income arising to that Authority, as specified in this notification.

36/2022

20.04.2022

The Central Government hereby notifies u/s 10(46) of the Income-tax Act, 1961, ‘SEEPZ Special Economic Zone Authority’ (PAN AAALS4995G), an Authority constituted under the Special Economic Zone Act, 2005 by the Government of India, in respect of the income arising to that Authority, as specified in this notification.

37/2022

21.04.2022

Income-tax (Ninth Amendment) Rules, 2022 notified. Rule 12AB inserted after Rule 12AA regarding “Conditions for furnishing return of income by persons referred to in 139(1)(b).”

38/2022

21.04.2022

U/s 280A(1) of the Income-tax Act, 1961and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, the Central Government, in consultation with the Chief Justice of the High Court of Rajasthan, designates the Court in the State of Rajasthan, as mentioned in column (2) of the table of this notification, as the Special Court for the area specified in the column (3) of the said Table, of this notification.

39/2022

21.04.2022

U/s 280A(1) of the Income-tax Act, 1961and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, the Central Government, in consultation with the Chief Justice of the Delhi High Court, designates the Court of Additional Chief Metropolitan Magistrate (Special Acts), Central, Tis Hazari Courts, Delhi, as the Special Court for the for the entire National Capital Territory of Delhi.

40/2022

21.04.2022

U/s 280A(1) of the Income-tax Act, 1961and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, the Central Government, in consultation with the Chief Justice of the High Court of Judicature at Patna, designates the Special Court of Economic Offences at Patna, as the Special Court within its respective territorial jurisdiction.

41/2022

21.04.2022

U/s 280A(1) of the Income-tax Act, 1961and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, the Central Government, in consultation with the Chief Justice of the High Court of Madras, designates the Court in the State of Tamil Nadu, as mentioned in column (2) of the table of this notification, as the Special Court for the area specified in the column (3) of the said Table, of this notification.

42/2022

22.04.2022

Income-tax (Tenth Amendment) Rules, 2022 notified. Clause (vb) inserted after clause (va) in Rule 17C.

43/2022

22.04.2022

U/s 280A(1) of the Income-tax Act, 1961and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, the Central Government, in consultation with the Chief Justice of the High Court of Andhra Pradesh, designates the Court in the State of Andhra Pradesh, as mentioned in column (2) of the table of this notification, as the Special Court for the area specified in the column (3) of the said Table, of this notification.

44/2022

22.04.2022

U/s 280A(1) of the Income-tax Act, 1961and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, the Central Government, in consultation with the Chief Justice of the High Court of Madhya Pradesh, designates the Court in the State of Madhya Pradesh, as mentioned in column (2) of the table of this notification, as the Special Court for the area specified in the column (3) of the said Table, of this notification.

45/2022

25.04.2022

Corrigendum issued for notification no. 37/2022 dt. 21/04/2022.

46/2022

27.04.2022

The Central Government hereby notifies under Explanation to clauses (viiac) and (viiad) of section 47(a)(ii), the following countries and specified territories, as mentioned in column (2) of the Table given in this notification.

47/2022

28.04.2022

The Central Government hereby notifies u/s 10(46) of the Income- tax Act, 1961, Tamil Nadu Construction Workers Welfare Board (PAN AAATT9440P), a Board constituted by the state Government of Tamil Nadu, in respect of the income arising to that Board, as specified in this notification.

48/2022

29.04.2022

Income-tax (Eleventh Amendment) Rules, 2022 notified. Rule 12AC  inserted after 12AB.

49/2022

05.05.2022

Income-tax (Twelfth Amendment) Rules, 2022 notified. Amendments made in Rule 44E.

DGFT & CUSTOMS UPDATE

By CA. Ashit Shah

  1. Raw Cotton:

    Basic Custom Duty (BCD) and Agriculture Infrastructure and Development Cess (AIDC) is exempted on Raw Cotton falling under Tariff Heading HSN 5201 from 14-04-2022 to 30-09- 2022.

    [N. No. 21/2022 – Customs, dated 13-04-2022]nder Tariff Heading HSN 5201 from 14-04-2022 to 30-09- 2022.

    [N. No. 21/2022 – Customs, dated 13-04-2022]

  2. Anti-dumping Duty on Dicyclohexyl Carbodiimide (DCC):

    Anti-Dumping Duty (ADD) on imports of “ N, N’ – Dicyclohexyl Carbodiimide (DCC)” falling under Tariff Heading HSN 29212990, 29241900, 29242990, 29251900, 29252910, 29252990, 29333990 or 29419090, originating in, or exported from People’s Republic of China, is impose for a period of 5 years from the date of its publication and such duty have to be payable in Indian currency.

    [Circular No. 12/2022- Customs, dated 28-04-22]

  3. Anti-dumping Duty on Jute Products:

    Anti-Dumping Duty (ADD) was imposed on imports of “Jute products” namely, Jute Yarn/Twine (multiple folded/cabled and single), Hessian fabric, and Jute sacking bags falling under Tariff Headings 5307, 5310, 5607 or 6305, originating in or exported from Bangladesh and Nepal, vide Notification No. 1/2017-Customs (ADD), dated 5th January, 2017. The levy is further extended till 31st August, 2022.

    [N. No. 11/2022 – Customs (ADD), dated 31-03-2022]

  4. Countervailing Duty (CVD) on Copper Tubes and Pipes:

    Countervailing duty (CVD) on imports of “Copper Tubes and Pipes” falling under tariff items 7411 10 00, 7411 21 00, 7411 22 00, and 7411 29 00 originating in or exported from Malaysia, Thailand and Vietnam is imposed for a period of 5 years from the date of publication of this notification and such duty have to be payable in Indian currency.

    [N. No. 2/2022 – Customs (CVD), dated 28-04-2022]

  5. Free Trade Agreement with United Arab Emirates:

    A free trade agreement between India and the United Arab Emirates (UAE) that was signed on February 18 came into force from May 1, with the completion of all constitutional and legal processes surrounding the pact. The Comprehensive Economic Partnership Agreement (CEPA) between the two countries aims to boost bilateral trade (export and imports together) to USD 100 billion in the next five years from the current USD 60 billion. The agreement amongst others covers the concessional rate of goods on cross-border trade, rules of origin, value addition requirement, product specific rules, trade-in service, digital economy, intellectual property, MSME enterprises, and government procurement.

    The key features of the CEPA signed between India and UAE are herein mentioned below: Trade in goods:

    India- UAE CEPA cover almost all the tariff lines dealt in by India (11,908 tariff lines) and UAE (7,581 tariff lines) respectively and ten years has been proposed in CEPA for gradually phasing out the tariff duties in an effective manner.

    Annexure 2A of CEPA- Exemption/Concession of duty on goods to be imported into India from UAE:

    • For goods such as Petroleum oils and oils obtained from bituminous, minerals or crude (27090000), Fabric (falling under chapters 50 to 60), Various products of apparel (falling under Chapter 61 to 62), Imitation pearls or imitation precious or semi-precious (falling under chapter 71), Umbrellas falling under chapter 66, Glass and similar glass wares (falling under chapter 70), Mobile phones (85171211), Digital cameras (85258020), etc. the tariff will be eliminated immediately when imported into India from UAE.

    • With respect to certain goods, the tariff reduction will be done in a planned manner over three, five, seven, or ten years. The products covered under this category amongst others include certain types of footwear (falling under Chapter 64), a few products of glass and glassware (falling under chapter 70), Crushed industrial diamonds (71022910), Split system air conditioning machines for wall/window/ceiling/floor (84151010).

    Annexure 2B of CEPA- Exemption/Concession of duty on goods to be imported into UAE from India:

    • Similarly, UAE would reduce its customs duties on items exported from India. For goods such as Perfumes (falling under Chapter 33), liquid or solid (33030010), specific articles of plastics (falling under Chapter 39), Jewellery & Natural pearls (falling under chapter 71), Domestic and kitchen articles (75089050), Portable automatic data-processing machines (84713000), Telephones for cellular networks or other wireless networks (85171200), Motor Vehicles (falling under chapter 87), etc. tariff will be eliminated immediately.

    • For several other products such as Wallpaper base (48024000), Articles of iron and steel (falling under chapter 72), Articles of Aluminum (falling under chapter-76), etc. tariff reduction will be done in a phased manner over the span of 10 years.

    Trade in Service:

    • In recent years, services trade between the two nations is progressively becoming significant. The CEPA agreement would provide a much-needed boost to the service sector which will be in India’s area of interest. UAE has provided access to 11 broad categories of services such as telecommunication services, energy services, computer-related services, audio- visual services, educational services, health services, tourism, travel-related services, and professional services under the CEPA.

    • While some of the issues about India’s energy sector are outside the traditional scope of CEPA, India-UAE CEPA is expected to support both countries’ energy ambitions around climate change and energy transition. UAE is also expected to continue providing innovative financing to projects in this sector. Similar is the case for the telecommunication service as well.

    Rules of Origin:

    For a product to be eligible for duty benefit, the product shall meet one of the following origin criteria:

    • Being wholly obtained in the territory of the contracting party (For example- live animals, plantbased products grown and harvested in the respective country);

    • Has undergone sufficient working or production as per the Product specific Rules (‘PSR’),
      in Annexure 3B to CEPA.

    Value addition in terms of PSR may be computed using either of two methods specifrd value or ex-works price)

    • (Free-on-board value or the ex-works price) – (value of
      non-originating materials) / (Free on board value or ex-works price)

    Or

    • Cost of originating material + direct labor cost + direct overhead cost/ (Free-on-board value or ex-work price)

    For the purpose of determining the origin, the CEPA also contains provisions regarding:

    • de-minimis criteria;

    • minimal or insufficient operations or processes;

    • non-qualifying operations and bilateral cumulation;

    • packages and packing materials and containers;

    • Accessories, spare tool parts, and tools;

    • accounting treatment, and so on.

    [N. No. 22/2022 – Customs, dated 30-04-2022 and N. No. 39/2022 – Customs (NT), dated 29-04-2022]

 

CHARITABLE TRUSTS UPDATES

By Adv. Hemant Gandhi &
CA Premal Gandhi

  

Guidance on filing of Form 10BD as required by all Organisation registered under 80 G or section 35 (1) of The Income-tax Act, 1961.

The CBDT through notification no. 19/2021 dt 26th March, 2021, has notified Form 10BD and Form 10BE to facilitate more transparency and accuracy on the reconciliation of deductions claimed by the assessee and donation received by the Charitable Organizations.

The form is required to be filed electronically by donation receiving organizations. The form shall be signed through a digital signature of a person authorized to sign the return of the income. Alternatively, it can be filed through Electronic Verification Code (EVC). The form is required to be filed once in a financial year. The last date for filing the form for financial year 2021-22 is 31st May, 2022.

  1. This statement of particulars to be filed by reporting person under section 80G(5)(viii) and under section 35(1A)(i)

  2. Reporting person can generate pre ARN’s for Form 10BE up to 1000 without filing Form 10BD. Pre-acknowledgement no. will be unique number to be quoted on manual (handwritten) donation certificates issued to the donors at the time of receipt of donation. The details of such had written certificates shall be entered while filing Form 10BD.

  3. E verification of Form 10BD is mandatory either through DSC or EVC

  4. Please ensure that the details of Principal officer or Authorised Signatory has been updated in the My Profile before Submission of the form.

  5. Please ensure that DSC of the principal officer or Authorised signatory is registered before submission of the form.

STEP BY STEP GUIDE TO FILE FORM 10BD

  1. Procedure for filing Form 10BD for Financial Year 2021-22 [Due date 31st May 2022] Step 1 – Login into income Tax portal – www.incometax.gov.in

  2. Step 2- Go to > e file > Income Tax Forms>File Income Tax Forms

  3. Step 3 – Under File Income Tax forms choose -Select >Persons not dependent on any source of Income (source of income not relevant) >Scroll down you will find Form >Tax Exemptions and Reliefs (Form 10BD) click on File Now then It will take you to next screen

  4. Step 4 – statement of particulars to be filed by reporting person U/s 80G(5)/35(1A)(i)

  5. Step 5 – from screen showed in above step 4 Select Financial Year (FY) i.e., 2021-22>once your select FY>continue button will get activated>click on continue

  6. Step 6-next screen is >Please select from below option>select >File Statement of Particulars to be filed by reporting person U/s 80G(5)/35(1A)(i)

  7. Step 7- >click on> Let’s get started

  8. Step 8-Provide details under each section >Basic information>Details of the donors and donations>Verification Part A – basic information> click on this and confirm / modify if required the information already appearing on the screen >click on Confirm

  9. Step 9 – PART B>Details of the donors and donations>download the Template > it is an excel template which you can fill offline and convert it into CSV file > then upload CSV file>Save

  10. Step 10 – Verification >fill the particulars in the verification tab and complete the process of filing >through DSC or EVC

  11. After filing Form 10BD, download Form 10BE which provide ARN for each of the donation’s details.

  12. Do not forget to Issue the Form 10BE to the donors

Consequences of non-filing of Form 10BD

The reporting entity id mandated to comply with the filing of Form 10BD and failure to comply will attract a fee of Rs. 200/- per day of delay as per new inserted section 234G. Apart from the fee for delay in furnishing statement of donation in Form 10BD, failure to file such statement will also attract penalty u/s 271K, which shall not be less than Rs. 10,000/- but may extend up to Rs. 1,00,000/-.

The illustrative form along with details to be filled in each column is attached herewith for your ready reference.

If you have comments/suggestions, please mail it to [email protected].

Form 10 BD (Rule 18AB)

Statement of particulars to be filed by reporting person

under clause (viii) of sub-section (5) of section 80G and clause (i)

to sub-section (1A) of section 35 of the Income-tax Act, 1961

Part A

Details of the reporting person reporting the donations

1

PAN

A B C D E 1 2 3 4 F

2

Reporting period

Y Y Y Y Y Y

Part B

Details of the donors and donations

Sl. No.

Unique Identification Number of the donor

ID code

Section code

Name of donor

Address of donor

Donation Type *

Mode of Receipt

Amount of donation

 

1] PAN

2] AADHAR NO.

OR

1] TAXPAYER IDENTIFICATION NO. OF THE COUNTRY, WHERE THE PERSON RESIDES;

2] PASSPORT NUMBER

3] ELECTOR’S PHOTO IDENTITY NO.

4] DRIVING LICENSE NO.

5] RATION CARD NO.

 

1] SECTION 80G

2]   SECTION 35(1)(iia)

3]  SECTION

35(1)(ii)

4] SECTION 35(1)(iii)

   

1] CORPUS

2] SPECEFIC GRANTS

3] OTHERS

1] CASH

2] KIND

3] ELECTRONIC MODES INCLUDING ACCOUNT PAYEE CHEQUE/ DRAFT

(INDIAN RUPEES)

*In case of a donor which have given donations, which are eligible under different sections or which are of different types or in different modes, separate rows should be filled for each such combination.]

I  __________________ , son/daughter of __________________ , hereby declare that the details given in the form are true and correct to the best of my knowledge and belief.

I undertake to communicate forth with any alteration in the particulars submitted, made at any time hereafter. I further declare that I am filing this form in my capacity as __________________ (designation) having Permanent Account Number (PAN) __________________  and that I am competent to file this form and verify it.

 

POSTAL SCHEME V/S. LIC’S PLAN

By Mr. Tushar P. Joshi

I regularly received enquiries from several friends of mine intimating about their present status being that of father, grandfather etc., desiring to gift sizable amount to their legal heirs like grandson, grand-daughter, son or daughter. The question posed is about the working of Sukanya Samriddhi Account in Post Office or whether there is any alternative option of the same nature. I therefore found it necessary to give hereunder a comparative table between the Post Office Scheme and Children’s Money Back plan by LIC’s.

POST OFFICE SCHEME V/S LIC’S CHILDREN’S MONEY BACK PLAN

Sr. No.

Sukanya Samriddhi Account

LIC’s Children’s Money Back Plan

1

Only for Girl Child

For both Boy & Girl Children

2

Age 0 to 10 yrs

0 to 12 yrs

3

₹ 1000 for A/C Opening

₹ 385/- only as Monthly ECS for 0 yrs. Child for 1 Lakh SA

4

₹ 250/- for subsequent payment

₹ 385/- as Subsequent payment every month

5

Maximum ₹ 1,50,000/- p.a.

No. Maximum Limit on Premium

6

Income Tax Rebate u/s.80C

Income Tax Rebate u/s.80C

7

Payment up to 14 yrs

Payment up to 25 yrs. of Age of the Child

8

Rate of Interest 7.60% (for Current year)

Bonus based on LIC’s performance

9

No restriction on Number of payments

Uniform payments at Regular Intervals

10

50% withdrawal @ 18 yrs., of Age

Survival benefits starts from 18 yrs. of Age

11

Nomination Not Allowed

Nomination facility Available (No Legal Complications)

12

Account closing only after 21 years

Policy ends at 25 yrs., age of the child

13

Monthly interest payment option

No monthly option

14

No life cover for child

Life cover for child after 2 yrs., from Date of commencement

15

Payment to be continued even after death of parent/legal guardian

Future premiums are waived on death of the Proposer under Premium Waiver Benefit Rider Option.

16

No guidance from Agents (sold by P.O. directly)

Guidance & Follow Up Service by Agents of L.I.C.

17

Saving NOT in Regular Nature

Saving in REGULAR NATURE

18

Suitable for Small children (10+21=31 yrs?)

Suitable for Children’s of All Age

19

Rate of Interest Variable

Bonus of L.I.C. are the BEST in Industry (see the Bonus Trends)

20

Maturity is Tax Free

Survival Benefits & Maturity Amount is 100% Tax Free

21

No Estate Creation

Estate Creation From day One

22

No loan facility

Loan facility after 3 yrs

23

Monthly Deposit of ₹ 379/- for 21 yrs., gives at total benefit of ₹ 2,30,102/-.

Monthly premium of ₹ 385/- for 25 yrs., gives a total benefit of ₹ 2,53,000/-.

24

No dating back facility

Dating back of policy from 01.04.2022 allowed

25

Guaranteed by Govt., of India

Guaranteed by Govt., of India (u/s.37 of L.I.C. Act, 1956)

26

Only for Citizens of India

For NRI’s & foreign Nationals of Indian Origin too (Including Premium Waiver Benefits)

27

Assignment not possible

Assignment allowed after vesting (18 yrs., of age)

28

No surrender option

Surrendered after 3 yrs., of premium and duration

29

In case of suicide return of A/c Balance

In case of suicide after 12 months full SA is payable with Bonus.

30

SAVINGS ARE OPTIONAL

SAVING ARE COMPULSORY (that too with life cover)

SAVING FOR GIRL CHILD MUST BE REGULAR

SAVINGS DEPEND ON THE SURVIVAL OF BREAD WINNER

I hope with the above comparison table it will be easy for you to decide your investment options.

 

UPDATES ON FINANCE

Compiled by
CA. Pratik B. Satyuga

 

Highest 1 Year FD Rates (As on 01st May 2022) < Rs 2 Crore.

Institution

1 Year FD Rate

Jana Small Finance Bank

6.75%

RBL Bank

6.50%

Equitas Small Finance Bank

6.10%

Yes Bank

6.00%

Indusind Bank

6.00%

Note : Senior Citizens would generally get 0.50% more than the above mentioned rates.

Post Office Deposit Rates (As on 01st May 2022).

Particulars

Rate of Interest

Maximum Deposit (Rs)

Post Office Saving Account

4.00% p.a.

No Limit

National Saving Recurring Deposit Account

5.8% p.a. (Quarterly Compounded)

No Limit

National Saving Time Deposit Account

5.5% p.a. (Upto 3 Yrs)

No Limit

Senior Citizen Saving Scheme Account (SCSS)

7.40% p.a.

1,50,000/- p.a.

Public Provident Fund (PPF)

7.1% p.a. (Annually Compounded)

1,50,000/- p.a.

National Savings Certificates (NSC)

6.8% p.a. (Annually Compounded)

No Limit

Kisan Vikas Patra (KVP)

6.9% p.a. (Annually Compounded)

No Limit

Sukanya Samriddhi Accounts

7.6% p.a. (Annually Compounded)

1,50,000/- p.a.

Lowest Home loan Rates for Self Employed Professionals (As on 01st May 2022).

Institution

Rate

Union Bank of India

6.40% onwards

Kotak Mahindra Bank

6.60% onwards

Saraswat Co-op Bank

6.50% onwards

HDFC Bank

6.75% onwards

HSBC Bank

6.45% onwards

Top Performing Mutual Funds (As on 01st May 2022).

Fund Name

Current NAV

1 Year Returns

Invesco India Infra – Direct (G)

35.23

34.62%

Axis Small Cap Fund – Direct (G)

67.65

34.63%

Invesco India Infra –(G)

35.23

33.10%

Axis Small Cap Fund (G)

60.78

32.50%

Major Currency Rates (As on 01st May 2022).

Country

In Rs. on 01/04/22

In Rs. on 01/04/22

In Rs. on 01/05/22

Change MoM (Rs)

YTD Returns

United States of America (USA) – USD($)

75.99

75.99

76.44

0.59%

0.59%

United Kingdom (UK) – GBP (₤)

99.61

99.61

95.68

-3.95%

-3.95%

European Union (EU) – Euro (€)

86.32

86.32

80.62

-6.60%

-6.60%

Major Commodity Rates (As on 01st May 2022).

Commodity

Rate on 01/04/22

Rate on 01/04/22

Rate on 01/05/22

Change MoM

YTD Returns

Gold (MCX) – 10 Gms

64,700.00

64,700.00

51,406.00

-20.55%

-20.55%

Silver (MCX) – 1 Kg

68,153.00

68,153.00

65,085

-4.50%

-4.50%

Crude Oil (MCX) – 1 Unit (BBL)

7,483.16

7,483.16

7,707.00

2.99%

2.99%

Indian Indices

Index

1st April 2022

1st April 2022

1st May 2022

MoM Returns

YTD Returns

Sensex (BSE)

60,157.92

60,157.92

56,975.99

-5.29%

-5.29%

Nifty 50 (NSE)

17,903.25

17,903.25

17,069.1

-4.66%

-4.66%

Bank Nifty

38,141.20

38,141.20

36,163.75

-5.18%

-5.18%

Global Indices

Index

1st April 2022

1st April 2022

1st May 2022

MoM Returns

YTD Returns

Dow Jones (USA)

34,740.89

34,740.89

33,787.01

-2.75%

-2.75%

Nasdaq (USA)

14,269.53

14,269.53

12,710.42

-10.93%

-10.93%

Disclaimer : Utmost care has been taken to present accurate figures. However, the reader is advised to verify the same and consult a Financial Advisor before taking any financial decision.

OUR PUBLICATIONS AVAILABLE FOR SALE

Sr. No.

Name

Price

1

Export of Goods and Services & Supplies to & form Special economic zones under the GST Laws

60/-

2

Import of Goods and Services under the Goods & Services Tax Laws

50/-

3

Transitional Provision

50/-

4

MSTT Case Law Digest 2009-14

400/-

5

GST Referencer 2021-22

700/-

6

E Way Bill under GST

100/-

7

GST Refunds- Law, Procedure Practice (Practical Guide)

200/-

Payment Link for Publication on Sales : https://gstpam.org/payonline1/847

GSTPAM News Bulletin Committee for Year 2021-22

  
Parth Badheka
Chairman
  
Jatin N. Chheda
Jt. Convenor

Aloke R. Singh
Jt. Convenor

 This News Bulletin is available on GSTPAM website www.gstpam.org/news