"02 November 2020" Archive

Cleaning & Maintenance of Books of Accounts on the occasion of Diwali!

Krishna, the festival of Diwali is arriving. Housewives (Gruhlaxmi) are busy in cleaning and decorating homes. Businessmen are also busy in the market. Accordingly please explain, what should be done of old records of Books of accounts under various Act, so that cleaning of business places can be done....

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Posted Under: Finance |

GST e-Invoice completes one month on 31st October

Release ID: 1669430 02/11/2020

e-Invoice – A path breaking initiative completes one month on 31st October. More than 495 Lakh e-invoices have been generated on the NIC portal by 27,400 tax payers within the first month of introduction. 641 Lakh e-way bills generated  during month of October, 2020, highest in a month during two and half years of journey of e-way bill...

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GST compensation: Govt facilitated loans of Rs 12,000 crore to States/UTs

Release ID: 1669467 02/11/2020

Central Government releases Rs 6,000 crore as second tranche to 16 states and 3 Union Territories on account of GST compensation under Special Borrowing Window. Ministry of Finance has facilitated loans of Rs 12,000 crore till date under the Special Window to States/UTs...

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November-2020 CA Exam – Admit card – Issues- Helpline

Students who may have any concern related to above stated admit card for containment zone may submit the same at the below link for the attention of Examination Department. It is also directed that only students may fill up these details and any pseudo-unauthorised use will attract severe action for any impersonation....

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Posted Under: Finance |

Loans of more than Rs. 2 lakh crore sanctioned under ECLGS

Release ID: 1669449 02/11/2020

The Union Government has extended the Emergency Credit Line Guarantee Scheme (ECLGS) by one month till November 30th, 2020, or till such time that an amount of Rs. 3 lakh crore is sanctioned under the Scheme, whichever is earlier, in view of the opening up of various sectors in the economy and the expected increase in demand during the on...

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No cancellation of registration u/s 12AA(3) since inception in absence of cogent material

Gian Sagar Educational & Charitable Trust Vs ACIT (ITAT Delhi)

Order of the PCIT cancelling the registration since inception, u/s 12AA(3) was legally not valid as no material was being referred by PCIT and its applicability to any of the provisions of Section 2(15) and/or Section 12AA(3) while revoking the registration. ...

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Before its too late-Make your Will

A Will is a very important document for anyone’s life. The death is certain in one’s life, yet people tend to avoid making a Will due to certain self-made reasons- viz. I am too young, I have nothing to give, I will do it later, its too complicated to make a Will, my everything will […]...

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Posted Under: Finance |

Detection of evasion of customs duty by exporter on export of Iron Ore Fines

On the basis of specific intelligence, under the direction of the Commissioner of Customs (Preventive), Bhubaneswar Shri Debashish Sahu, investigation was initiated and relevant business premises of Exporter and Customs House Agent at various places was searched....

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Posted Under: Finance |

Transitional Credit Issue- HC instructs petitioner to file representation

Urbanize Developers India Private Limited Vs Assistant Commissioner of Commercial Taxes (Karnataka High Court)

Urbanize Developers India Private Limited Vs Assistant Commissioner of Commercial Taxes (Karnataka High Court) 1. The petitioner, a private limited company which is registered with GST Authorities with the State of Karnataka, has filed this writ petition for a direction to the Assistant Commissioner of Commercial Taxes, GSTLVO-60 [the res...

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HC allows Appeal under PVAT on deposit of 10% total demand instead of 25%

Kelmar (India) Exports Vs State of Punjab and others (Punjab and Haryana High Court)

Kelmar (India) Exports Vs State of Punjab and others (Punjab and Haryana High Court) Admittedly, the first appeal was filed by the petitioner along with an application for waiving off pre-deposit amount of 25%. The appeal was dismissed by the Deputy Excise and Taxation Commissioner (Admin), Ludhiana Division, Ludhiana on the ground that t...

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