W.e.f. 1st January, 2021, following two options are available to the Taxpayers who are under Quarterly Returns and Monthly Payment of Tax (QRMP) Scheme for tax payment for first 02 months of a quarter:
CGST Commissionerate, Meerut have unearthed yet another case of fake GST invoicing of ₹ 200 crore (approx) by carrying out simultaneous searches at 11 locations in Meerut & Ghaziabad.
The third Union Budget (in the Second Term of Prime Minister Shri Narendra Modi led Government) presented by the Finance Minister Smt. Nirmala Sitharaman on 1st February 2021; was unique for various reasons-it was delivered digitally, first budget in post COVID imposed lockdown; one of the budgets wherein government has chosen to go past the […]
It is submitted that Section 7(1)(aa) is sought to be inserted retrospectively with effect from the 1’st July, 2017, vide Clause 99 of Finance Bill, 2021, so as to ensure levy of tax on ‘activities or transactions involving the supply of goods or services by any person, other than an individual, to its members or […]
Jodhpur Vidyut Vitran Nigam Ltd Vs Union of India (Rajasthan High Court) Rajasthan High Court relied on Gujarat High Court judgment dated 19.12.2018 in case of Torrent Power Ltd. Vs. Union of India, and restrained GST department from raising any demand and/or taking any coercive measures to recover any tax on the basis of impugned […]
Since section 44AD did not obligate assessee to maintain books, the provisions of section 68 could not be invoked where assessee had filed return of income under the provisions of section 44AD without maintaining books of account.
Stamp Duty on MOA Stamp duty shall be Rs. 1000 on every Rs.5 Lakhs of amount of increase in authorised capital or part thereof subject to a maximum of Rs. 50 Lakhs of stamp duty. It means addition in the authorised capital will be charged with the stamp duty @ 0.20% Increase in Authorised Capital […]
Companies Act, 2013 under section 164 provides for various strategies when a person would be disqualified for appointment as a director. Section 164(1) sets out eight personal grounds for the qualifications of an individual director like being of unsound mind, insolvency, non-payment of call money, etc. On the other hand, Section 164(2) is wider in […]
SBI in collaboration with the SIDBI & other PSBs developed & adopted Contactless Lending Platform(CLP) for MSME loans. This scheme is especially for CAs who are in practice for at least 5 years. Brief features of the scheme are- Procedure to apply for Loan Loan can be applied under the website sbiloansin59minutes.com. A new Borrower […]
Section 206AB and Section 206CCA – Special provision for deduction of tax at source (TDS) and collection of tax at source (TCS) for non-filers of income Tax Return at Higher Rates The new section 206AB and 206CCA are proposed to be inserted in the Income Tax Act, 1961 (“Act”) by the Finance Bill, 2021. The […]
