31 May Weekly Newsletter - N Pahilwani & Associates

1. 1. INCOME TAX UPDATES
2. GST UPDATES
TAX WEEKLY NEWSLETTER
31-MAY-2020
CONTENTS

2. 1
Weekly Newsletter
INCOME TAX UPDATES
Instant PAN through Aadhaar based
e-KYC- Release ID: 1627434 - The
facility for instant allotment of PAN (on
near to real time basis) here today. This
facility is now available for those PAN
applicants who possess a valid Aadhaar
number and have a mobile number
registered with Aadhaar. The allotment
process is paperless and an electronic
PAN (e-PAN) is issued to the applicants
free of cost.
The launch of the Instant PAN facility is
yet another step by the Income Tax
Department towards Digital India,
thereby creating further ease of
compliance to the taxpayers.
ITR forms for AY 2020-21 notified,
new ‘Schedule DI’ to avail benefit of
investment made till 30-06-2020 -
Notification No. 31/2020 -
30/05/2020 – Key changes notified in
the Income Tax Returns (ITR) for the F/Y
2019-2020:
House ownership: Individual taxpayers
who are joint owners of house property
cannot file ITR 1 or ITR4.
Passport: One needs to disclose the
Passport number if held by the taxpayer.
This is to be furnished both in ITR 1-
Sahaj and ITR 4-Sugam. Hopefully, it will
be made mandatory in other ITR Forms
as and when they are notified.
Cash deposit: For those filing ITR 4-
Sugam, it has been made compulsory to
declare the amount deposited as cash in
a bank account, if such amount exceeds
Rs 1 crore during the FY.
Foreign travel: If you have spent more
than Rs 2 lakh on travelling abroad
during the FY, you need to disclose the
actual amount spent.
Electricity consumption: If your
electricity bills have been more than Rs 1
lakh in aggregate during the FY, you
need to disclose the actual amount.
Investment details: Details of investment
qualifying for deduction under chapter
VIA with bifurcation of details of
investment made during the period from
April 1, 2020 to June 30, 2020
CBDT Notifies New Annual
Information Statement (AIS) to
replace Form 26AS to report TDS,
Foreign Tax Credit, and more -
Notification No. 30/2020 -
30/05/2020 - New Rule 114-I to be
effective from 1st June and omits Rule
31AB. New Form-26AS relating to FY
2020-21 shall contain the following
information:
Sl.
No
Nature of information
1. Information relating to tax deducted or collected at source (TDS or TCS)
2. Information relating to specified financial transaction (SFT)
3. Information relating to payment of taxes

3. 2
4. Information relating to demand and refund
5. Information relating to pending proceedings
6. Information relating to completed proceedings
7. Any other information in relation to sub-rule (2) of rule 114-I
After section 285BA of the Income-tax
Act, the following section shall be
inserted with effect from the 1st day of
June, 2020, namely:—
285BB. The prescribed income-tax
authority or the person authorised by
such authority shall upload in the
registered account of the assessee an
annual information statement in such
form and manner, within such time and
along with such information, which is in
the possession of an income-tax
authority, as may be prescribed.
Explanation.—For the purposes of this
section, “registered account” means the
electronic filing account registered by the
assessee in designated portal, that is,
the web portal designated as such by the
prescribed income-tax authority or the
person authorised by such authority.’.
Section 9A Remuneration to be paid
to an eligible Offshore Fund Manager
- Notification No. 29/2020 - CBDT
has also notified following new forms and
Annexure-
-FORM No. 3CEJA- Report from an
accountant to be furnished for purpose of
section 9A regarding fulfillment of certain
conditions by an eligible investment fund
with
ANNEXURE TO FORM No. 3CEJA–
Particulars relating to fund management
activity required to be furnished for the
purposes of section 9A of the Income-tax
Act, 1961
-FORM No 3CEK- Statement to be
furnished by an eligible investment fund
to the Assessing Officer. CLICK HERE to
read the full notification
Notification No. 28/2020–
27/05/2020- Central Government
notifies for the purposes clause (46) of
section 10 of the Income-tax Act, 1961,
‘Uttarakhand Environment Protection &
Pollution Control Board’ a Board
constituted by the Government of
Uttarakhand
Notification No. 27/2020-
27/05/2020 - Central Government
notifies for the purposes clause (46) of
section 10 of the Income-tax Act, 1961,
‘‘Cochin Special Economic Zone
Authority’ a authority constituted by the
Government of India

4. 3
Weekly Newsletter
GST UPDATES
PORTAL UPDATES
Facility for registration of IRP/RPs
made available on the GST Portal
The facility for IRP / RP who are required
to obtain a new registration on their
appointment as IRP/RP has been enabled
on GST Portal.
[https://www.gst.gov.in/newsandupdate
s/read/377]
EVC option enabled for GSTR-1 filing
by companies
GSTN has enabled the option to file
GSTR-1 through EVC for companies as
well. Earlier, the companies were
allowed to file GSTR-3B through EVC
but were still required to use DSC for
filing GSTR-1.
ITC-02A form enabled on GST Portal
GSTN has enabled Form GST ITC-02A for
transfer of unutilised ITC on obtaining
separate registration for multiple places
of business in a State/UT. The transferee
shall be required to accept the details so
furnished by the registered person and,
upon such acceptance, the unutilised
input tax credit specified in FORM GST
ITC-02A shall be credited to electronic
credit ledger of the transferee.
JUDICIAL UPDATES
Transfer of title in goods without the
transfer of possession is liable to
GST - Karnataka Authority for
Advance Rulings -DOLPHIN DIE
CAST (P) LTD
The applicant manufactured the moulds
as per the customer’s specification and
retained the same for use in manufacture
of castings but its ownership would be
transferred to its customer.
The Authority held that the transfer of
ownership of moulds would amount to
supply, but since it is not sent outside
India, it would not result in its export as
per Section 2(5) of the IGST Act. The
date of issuance of invoice shall be the
time of supply in terms of Section 12 of
the CGST Act and it would be considered
as an intra-state supply in terms of
Section 8(1) of the IGST Act.
TDS is not required to be deducted in
case of exempt supplies- Karnataka
Authority for Advance Rulings -
MAHALAKSHMI MAHILA SANGHA
The applicant was engaged in providing
catering services to educational
institutions sponsored by State/Central
Governments. The said services are
exempted vide Notification 12/2017
Central Tax (Rate). The Authority held
that since the services provided by the
applicant were exempt, the provision of
tax deduction at source under Section 51
would not be applicable on the payment
made to them by the educational
institutions.

5. 4
Order passed by subordinate
authority without authorisation is
invalid - Mahendra Kumar Indermal
Vs Deputy Assistant Commissioner
(ST) (Andhra Pradesh High Court) -
As per the provisions of Section 67(1)
and (2) of the Act, power of inspection is
conferred on an officer not below the
rank of joint commissioner. The said
officer for the purpose of search / seizure
may authorize in writing any other
subordinate officer. The High Court held
that the order of prohibition passed in
GST INS 03, without reference to the
order of authorisation in writing, is illegal
and without jurisdiction.
Emaar MGF to refund profiteered
amount to 1239 homebuyers:
National Anti Profiteering Authority
NAA has found real estate firm Emaar
MGF guilty of profiteering of Rs 13.35
crore from additional ITC, which is 11.90
per cent of turnover between July 2017
and March 2019 and directed it to return
the amount to 1,239 homebuyers with
18 per cent interest. It has also asked
the realty firm to reduce the prices of
flats in Emerald Floors Premier
commensurate with the benefit of ITC
received.
Email: info@npahilwani.com
Web: www.npahilwani.com
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