The Institute of Chartered Accountants of India & Ors. Vs. Shaji Poulose & Ors. (Supreme Court) In the writ petitions, which are sought to be transferred, writ petitioners have challenged validity of Chapter VI of Guidelines No.1‑CA(7)/02/2008 dated 08.08.2008 issued by the Council of petitioner Institute on the ground that the same is violative of […]
In order to further ease the process of doing business, the GST Council in its 42nd meeting held on 05.12.2020 has introduced the QRMP Scheme i.e. Quarterly Returns Monthly Payment Scheme w.e.f 01.01.2021 for all the registered taxpayers having aggregate turnover upto INR 5 crores in the preceding financial year.
1. Recipient GSTIN should be registered and active, on the date of preparation of the document by the supplier. 2. Document Nos. are case sensitive for e-Waybill generation. 3. In the Bulk Upload, if the Pin-to-Pin distance is not known, distance may be passed as zero. The system will automatically populate the distance, if available. […]
RBI announced that RTGS will be available round the clock on all days of the year. Accordingly, RTGS 24x7x365 will be launched with effect from 00:30 hours on December 14, 2020.
The fact that a certain payment constitutes income or capital receipt in the hands of the recipient is not material in determining whether the payment is revenue or capital disbursement qua the payer. It has further been held that whether a transaction is capital expenditure would have to be determined having regard to the nature of the transaction and other relevant factors.
Dimple Vishal Agrawal Vs ITO (ITAT Ahmedabad) ITAT held that assessee is entitled for depreciation at the rate of 60% of xerox machine WV-5745. The simple reason is that the ld.CI(A) failed to comprehend true nature of this asset. It has been treated as photo-state machine without going through literature of the machine supplied by […]
The Income Tax Department started a search and survey action on 04/12/2020 in the cases of leading Coal Traders of Assam. The search and survey actions are being carried out at 21 locations in Guwahati, Digboi, Margherita and Delhi.
(1) These rules may be called the Foreign Exchange Management (Non-debt Instruments) (Fourth Amendment) Rules, 2020. (2) They shall come into force on the date of their publication in the Official Gazette.
The Income Tax Department has carried out search and seizure operations on 03/12/2020 in the case of a Group involved in the manufacturing and trading of steel products having premises in and around Rourkela, Odisha. The Group entities were booking bogus purchases of around Rs. 170 crore for two financial years in the name of 17 bogus entities.
The concept of deemed exports is exhaustive. Thus, an attempt has been made in this article to show the practical aspects which we have to face while filing a refund application on account of deemed exports. Claiming the refund either by the supplier or the recipient will be based upon the mutual agreement. As an industry practice filing the refund application by the supplier could make him compete in the market.
