"08 January 2021" Archive

All about Aadhaar Authentication for Existing GST Taxpayers

A. FAQs on Aadhaar Authentication for Existing Taxpayers (Regular and Composition) Overview Q.1 Is it mandatory for every authorized signatory, promoter or partner to get Aadhaar authenticated for a new GST Registration? Ans: No, it is not mandatory for every authorized signatory, promoter or partner to get Aadhaar authenticated for a new...

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Norms for empanelment of Statutory Branch Auditors in PSB

RBI releases on its website Norms for selection of branches of Public Sector Banks (PSBs) for Statutory Audit, Procedure for appointment of Statutory Branch Auditors, General guidelines applicable to appointment of Statutory Branch Auditors and Eligibility norms for the empanelment of audit firms to be appointed as Statutory Branch Audito...

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Tax Evasion Through Fake Invoices & Actions by Government

You would have heard many GST fake invoice fraud news in recent time, in spite of many checks and balances introduced in GST laws such as GSTR-2A, Rule 36(4), e-invoicing, e-way bill etc. In a release, the CBIC said that it has so far registered about 12,000 cases of ITC fraud and arrested 365 people, […]...

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Seizure of undisclosed jewellery and its assessment- Legal Treatise

Income Tax Search and Seizure: Seizure of undisclosed jewellery and its assessment thereupon- Legal Treatise Introduction: The Central Board of Direct Taxes vide Instruction no. 1916 dated 11-05-1994, clarified that no seizure should be made by the Search Party of the Jewellery and Ornaments found during the course of search proceedings u...

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Applicability of CARO, 2020 from Financial Year 2021-22

MCA has changed the applicability date of CARO, 2020 to the financial years commencing on or after the 1st April, 2021. So, CARO 2020 will be applicable from Financial Year 2021-22....

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Denial of IGST refund for export goods through Foreign Post Offices

Medical Bureau Vs Commissioner of Central Goods And Services Tax Delhi North & Ors. (Delhi High Court)

Petitioner states that the refund has been denied to the petitioner on the sole ground that petitioner had exported goods through Foreign Post Offices in August and September 2017, while Notification dated 04th June, 2018 read with circular no. 14/2018-Customs dated 04.06.2018 has notified exports by post Regulations, 2018 w.e.f. 21st Ju...

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SEBI modifies format of Monthly Reporting of Portfolio Managers

SEBI/HO/IMD/DF1/CIR/P/2021/02 (08/01/2021)

Securities and Exchange Board of India CIRCULAR SEBI/HO/IMD/DF1/CIR/P/2021/02 January 08, 2021 To, All Portfolio Managers Dear Sir/ Madam, Sub: Monthly Reporting of Portfolio Managers 1. Securities and Exchange Board of India (SEBI) had mandated certain changes to the regulatory framework for Portfolio Managers vide circular no. SEBI/HO/I...

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Format of waiver to be provided by investors under SEBI (AIF) Regulations

Notification No. SEBI/HO/IMD/DF6/CIR/P/2021/004 (08/01/2021)

Waiver in respect of compliance with clause (i) and (ii) of the first proviso to Regulation 20(6), as per amendment to SEBI (AIF) Regulations, 2012, notified on January 08, 2021....

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IBBI Invites comments on Pre-packaged Insolvency Resolution Process

File No. 30/20/2020-Insolvency Section (08/01/2021)

Public comments are hereby invited on recommendations of Sub-committee of ILC on Pre-packaged Insolvency Resolution Process. Suggestion/comments, if any, along with brief justification may be submitted online therein at the below mentioned web link by the end of business hours on 22nd January, 2021:...

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SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2021

Notification No. SEBI/LAD-NRO/GN/2021/02 (08/01/2021)

1. These regulations may be called the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2021. 2. They shall come into force on the date of their publication in the Official Gazette....

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