In order to ensure the reforms initiated by the Department to eliminate human interface from the system, the Hon’ble Finance Minister had extended the faceless assessment proceedings to CIT(A) proceedings in the Union Budget 2020. Accordingly, amendments were made in section 250 of the Income-tax Act, 1961 (‘the Act’) in order to enable the Central […]
Case No. (AD-OI – 21/2020) Initiation of Anti-Dumping Investigation concerning imports of Persulphates originating in or exported from China PR and USA.
It’s very common for businesses to set up an entity in foreign nationals in order to expand their businesses. The reason behind that is simply to take the advantage of foreign exchange differences. Setting up an entity also offers numerous advantages such as tax benefits or to increase the Creditability of one Brand. Hence most […]
(1) This Act may be called the Bilateral Netting of Qualified Financial Contracts Act, 2020. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Act.
Representation seeking extension of due date for furnishing GSTR9 and GSTR9C for FY 2018-19 by KSCAA. It is requested to extend the due date for filing Annual Return GSTR9 and Reconciliation Statement GSTR9C for FY 2018-19 by at least 3 more months i.e. until 31st December, 2020 KARNATAKA STATE CHARTERED ACCOUNTANTS ASSOCIATION (R) Since 1957 […]
Endorsement of Kimberley Process (KP) Certificates issued by valid Kimberley Process (KP) Certificate Issuing Authority in the case of errors of minor nature i.e typographical errors or errors apparent on the face of records can be allowed subject to endorsement by Gem & Jewellery EPC as per the Standard Operating Procedure (SOP) which is annexed […]
Import under all HS codes of Chapters 72, 73 and 86 of ITC (HS), 2017 shall now require compulsory registration under the Steel Import Monitoring System (SIMS). Notification No. 33/2015-2020 dated: 28th September, 2020. MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE) Notification No. 33/2015-2020 New Delhi, the 28th September, […]
Shri Bhuwan Goyal Vs DCIT (ITAT Chandigarh) Landmark Chandigarh ITAT order on Section 115BBE on investment made out of undisclosed business income held not to fall in Section 69 & 115BBE (AY 17-18). In the present case it is not in dispute that the assessee surrenderd the income of Rs. 3.64 Crores in the statement […]
In re Kumaran Oil Mill (GST AAR Tamilnadu) Whether proportionate claim of input tax credit for procurement of capital goods can be made for power generation business? The applicant is eligible for Proportionate claim of Input Tax Credit as per Section 17(2) of the CGST/TNGST Act read with Rule 42/Rule 43 of CGST/TNGST Rules 2017 […]
In re ST Engineering Electrnics Limited (GST AAR Tamilnadu) Whether rate of tax at 6% CGST, available to Composite supply of works contract as defined in clause(119) of section 2 of the Central Goods and Services Tax Act, 2017 provided by way of construction, erection, commissioning, or installation of original works pertaining to Metro, vide- […]
