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Archive: 05 February 2021

Posts in 05 February 2021

Duty drawback cannot be rejected solely for lack of physical verification 

February 5, 2021 2094 Views 0 comment Print

Rule 4(a) of the Re-Export Of Imported Goods (Drawback Of Customs Duties) Rules, 1995 provides for exemption or waiver of the requirement physical verification and cannot form the sole basis for rejection of the claim for drawback of duty under Section 74 of the Act.

Budget 2021-2022 minimizes Regulatory Compliance Burden

February 5, 2021 666 Views 0 comment Print

Budget 2021-22 has proposed various measures to reduce regulatory compliance burden which will improve ease of doing business for industry and ease of living for citizens.

Not filing Income Tax Returns? Now pay Double TDS

February 5, 2021 34956 Views 8 comments Print

This write uptakes note of changes proposed with regard to some of the TDS /TCS provisions applicable from 1st July, 2021. In the Union Budget 2021 there has been made a proposal to charge higher TDS and TCS on non-filers of income tax return (ITR). This is done to put off the practice of not filing […]

Gratuity Payment under Social Security Code 2020 wef 01.04.2021

February 5, 2021 68523 Views 11 comments Print

Difference Between Statutory Provisions Applicable To Companies Under Existing Payment Of Gratuity Act 1972 (Amended) & Social Security Code, 2020 To Be Effective From 01.04.2021 This article is an attempt to elaborate the difference between Statutory provisions applicable to Companies under Existing Payment of Gratuity Act 1972 (Amended) & The Social Security Code 2020 effective […]

FAQs on Compliance functions in banks & Role of CCO

February 5, 2021 1131 Views 0 comment Print

As per Para 2.1, the compliance function is expected to ensure compliance to all applicable statutory provisions, apart from other rules, regulations and code of conducts. As different groups/departments in the banks are responsible to ensure compliance to different statutory requirements, what would be the exact expectations from the compliance functions?

HC releases Vehicle seized by Custom Authorities on furnishing of Bond

February 5, 2021 4059 Views 0 comment Print

Haresh S. Bhanushali Vs Union of India and Ors. (Bombay High Court) There is a clear distinction between the conveyance used to transport the seized goods and the action of the importer which will be the subject matter of investigation. Both the issues relate to two different parties. On perusal of the extracts of statements […]

FAQs on Quarterly GST Returns & Monthly Payments scheme

February 5, 2021 5001 Views 0 comment Print

A new scheme for return filing under GST for small taxpayers has been introduced, due to which there is a lot of confusion among taxpayers about what they have to do, what they can’t do, how they will pay taxes, when they have to file returns etc. In these FAQs, I have tried to answer a […]

Union Budget 2022 to enhance Investment Ecosystem in country

February 5, 2021 264 Views 0 comment Print

Secretary (DPIIT), Dr. Guruprasad Mohapatra todaysaid that  the Union Budget 2021 is aimed at restoring growth in the aftermath of heavy economic losses suffered by the country due to Covid-19 pandemic by enhancing the investment ecosystem in the country.

Industrial parks and industries in the country

February 5, 2021 261 Views 0 comment Print

Ministry of Commerce & Industry Industrial parks and industries in the country Posted On: 05 FEB 2021 Industrial Park Scheme-2002, applicable for any undertaking which develops and operates, or, maintains and operates, an Industrial Park for the period beginning 1st day of April, 1997 and ending 31st day of March, 2006, was notified by the Department for […]

Startup India Seed Fund Scheme

February 5, 2021 606 Views 0 comment Print

Ministry of Commerce & Industry Startup India Seed Fund Scheme Posted On: 05 FEB 2021 3:07PM by PIB Delhi Startup India Seed Fund Scheme (SISFS) has been approved for the period of next four years starting from 2021-22. It will be implemented with effect from 1st April 2021. The Scheme aims to provide financial assistance to […]

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