"01 February 2021" Archive

Exhaustive Analysis of Finance Bill 2021/Union Budget 2021

The provisions of Finance Bill, 2021, relating to direct taxes seek to amend the Income-tax Act, 1961, Prohibition of Benami Property Transactions Act, 1988, Finance (No 2) Act, 2004 and Finance Act, 2016 and the Direct Tax Vivad se Vishwas Act, 2020 to continue reforms in direct tax system through tax-incentives, removing difficulties fa...

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File GSTR-1 without waiting for Auto-population of e-invoice

Auto-population of e-invoice details into GSTR-1 1. Certain notified taxpayers have been issuing invoices after obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoices’). Details from the reported e-invoices are being auto-populated in respective tables of GSTR-1. Update on th...

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Posted Under: Income Tax |

Pass percentage & Toppers of CA Final November, 2020

The Institute of Chartered Accountants of India (ICAI) today announced the results of CA. Final Examination (Old Course & New Course) held in November, 2020. Details of top three rank holders on All India Basis for Chartered Accountants Final Examination (New Course) held in November, 2020 are mentioned below:...

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Posted Under: Income Tax | ,

ITAT confirms addition for cash deposited during demonetization

Leela Devi Vs ITO (ITAT Delhi)

Leela Devi Vs ITO (ITAT Delhi) It is not in dispute that assessee made cash deposit of Rs. 15 lakhs in her bank account during demonetization period. The assessment year under appeal is 2017-18 and the assessee deliberately filed the return of income belatedly on 25.03.2018. The assessee explained before AO the source of the […]...

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Budget 2021: Exhaustive analysis of Excise & Custom Duty Changes

D.O. F. No. 334/02/2020-TRU 01/02/2021

The Finance Minister has introduced the Finance Bill, 2021 in Lok Sabha today, that is 1St February, 2021. Changes in Customs, Central Excise, GST law and rates have been proposed through the Finance Bill, 2021. To prescribe effectives rates of duty, following notifications are being issued:...

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Record-revenue collection of Rs. 1.20 lakh crore for January 2021

D.O.No.52/CH(IC)/2021 01/02/2021

Field formations, both on the GST and Customs sides, have striven hard and are part of a record-setting revenue collection of about Rs. 1.20 lakh crore for the month of January, 2021....

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GST Rule 86B: Restriction on Utilisation of ITC in Electronic Credit Ledger

Rule 86B is not applicable to the registered person even if the value of taxable supply other than EXEMPT supply & Zero-rated supply in a month exceeds fifty lakh rupees (50 Lakhs) provided following conditions are satisfies....

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Posted Under: Income Tax |

CBIC amends 4 Excise notifications to add reference of Agriculture Infrastructure & Development Cess

Notification No. 07/2021-Central Excise [G.S.R.89(E).] 01/02/2021

Budget 2021- Seeks to amend notification Nos. 10/2018-Central Excise, 11/2018-Central Excise, 12/2018-Central Excise and 13/2018-Central Excise, all dated 02.02.2018, to add the reference of Agriculture Infrastructure and Development Cess in the appropriate duty of excise. Notification No. 07/2021-Central Excise Dated 1st February, 2021. ...

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CBIC exempt E-20 fuel from Road and Infrastructure Cess

Notification No. 06/2021-Central Excise [G.S.R. 88(E).] 01/02/2021

Budget 2021- CBIC Seeks to exempt E-20 fuel from Road and Infrastructure Cess – Notification No. 06/2021-Central Excise Dated 1st February, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 06/2021-Central Excise New Delhi, the 1st February, 2021 G.S.R. 88(E).- In exercise of the powers conferred...

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CBIC exempts M-15 fuel from Road and Infrastructure Cess

Notification No. 05/2021-Central Excise [G.S.R.87(E).] 01/02/2021

Budget 021- CBIC Seeks to exempt M-15 fuel from Road and Infrastructure Cess – Notification No. 05/2021-Central Excise Dated 1st February, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 05/2021-Central Excise New Delhi, the 1st February, 2021 G.S.R.87(E).– In exercise of the powers confe...

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