The Central Board of Indirect Tax and Custom (CBIC) has released Notification 94/2020-Central Tax dated: 22.12.2020 where the CGST Rules were further amended as Fourteenth Amendment. Of many amendments made under Notification 94/2020 we are now looking about the changes affecting Input Tax Credit (ITC) for the assessees. These amendments are made to the Rules […]
In a company, the Board of Directors are the person who is responsible for the proper management and functioning of day to day affairs in an efficient manner. The power of appointment of directors rests with the members and in few cases directors can also appoint directors in the company. However, removal of any director […]
Notification – Govt has inserted many critical amendments in the latest notification No 94/2020- CGST Dated on 22nd Dec 2020 Rule 21– Earlier commissioner did not have prescribed rule for cancelling the registration but after insertion of clause (e) and (f) commissioner has also prescribed power to cancel the GST Registration in case there is […]
To increase the revenue collection of the government ,to grant a bull like power to the department and to further make difficult for the taxpayers and the professionals the Government has issued 3 Notifications out of which 2 are very critical as the same will have an extra effect on the working capital of the […]
DCIT Vs Runwal Multihousing Pvt. Ltd. (ITAT Pune) we find that the assessee was regularly following the Percentage completion method by valuing the closing work-in-progress at estimated realizable price. Certain unforeseen circumstances developed. The assessee switched over from the Percentage completion method to the Project completion method by filing a revised return. It is not […]
On 1st February 2020, the Hon’ble Finance Minister, Mrs. Nirmala Sitharaman announced the Direct Tax Vivad se Vishwas Scheme during her speech for the Budget 2020. Th Scheme was introduced to reduce to the pending income tax litigations present at multiple appellate forums and for more efficient collection of revenue.
The Hon’ble AAR, Karnataka, in the matter of Sri. B.R. Sridhar [Order No. KAR ADRG 55/2020 (dated, November 7, 2020)] held that the amounts received by Sri. B.R. Sridhar (Owner/ Applicant), either by himself or through his agents, towards sale of their share of flats consequent to a Joint Development Agreement (JDA) are not exigible […]
Accounting Standards Board (ASB) decided to issue the Exposure Draft of Amendments to Ind AS 117, Insurance Contracts, corresponding to amendments in IFRS 17 for public comments. It may be noted that in May 2017, the IASB issued new standard on insurance Contracts, IFRS 17, Insurance Contracts, replacing IFRS 4 which was in the nature of an interim standard pending the completion of the project on insurance contracts by the IASB. IFRS 17, first comprehensive international standard, sets out the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the Standard.
One more attempt will be granted to the students of Executive & Professional Programme (2012 Old Syllabus) in June 2021 session of Examination. Further, with effect from December 2021 Session of Examinations, all remaining students under Executive and Professional Programmes (2012 Old Syllabus) shall be compulsorily switched over to 2017 New Syllabus.
PCIT Vs Headstrong Services India Pvt. Ltd. (Delhi High Court) It is now settled law that failure to adhere to the mandatory procedure prescribed under Section 144C of the Act would vitiate the entire proceedings and the same cannot be treated as an irregularity/ curable defect. In ESPN Star Sports Mauritius S.N.C. ET Companies vs. […]
