"08 February 2021" Archive

Analysis of Union Budget 2021 on Amendment to GST

Refund of GST on Zero Rated Supplies- Without Payment Pursuant to Para 114 of Finance Bill 2021 Section 16(3) of IGST Act, 2017 After Amendment “(3) A registered person making zero rated supply shall be eligible to claim refund of unutilised input tax credit on supply of goods or services or both, without payment of […]...

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RBI releases Annual Report of Ombudsman Schemes, 2019-20

Press Release: 2020-2021/1068 (08/02/2021)

The Reserve Bank of India (RBI) today released the Annual Report of the 'Ombudsman Schemes of the Reserve Bank for the year 2019-20'. The Banking Ombudsman Scheme (BOS) was first notified by the Reserve Bank in 1995 under Section 35 A of the Banking Regulation Act, 1949....

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Tender for Appointment of Internal Auditor in Madras Fertilizers Limited

NOTICE INVITING TENDER FOR APPOINTMENT OF INTERNAL AUDITOR IN MADRAS FERTILIZERS LIMITED (A Government of India Undertaking) Regd Office: Post Bag No.2, Manali, Chennai – 600 068. TELEPHONE: 044 – 25945293 / 25945291 E-MAIL: [email protected]/ [email protected] WEBSITE: www.madrasfert.co.in MADRAS FERTILIZERS LIMITED (A GOVT. ...

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New Tax Regime – Should I exercise this option?

Income Tax Slab Rates, we all are aware of this word, and I won’t be wrong if I will say that, our thoughts roam around this word, correct, I guess. Actually, it’s obvious for us to be very much information about the “Income Tax Slab Rate” because we have to pay the taxes to the […]...

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ITAT order on Taxability of ESOP to Dubai Based Employee of HDFC Bank

The assessee is an individual, who is an employee of HDFC Bank Limited, Mumbai, and currently on deputation to HDFC Bank Representative Office in Dubai. The status of the assessee is of the non-resident....

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Agriculture Infrastructure & Development Cess- Implementation Challenges

In last budget proposals, Clause 115(1) of the Finance Bill,2021 has introduced Agriculture Infrastructure and Development Cess (in short ‘AIDC’) on the goods specified in the first schedule to Customs Tariff Act, 1975  on being imported into India. Further, in clause wise explanation in the Memorandum, it has been clarified ...

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No more Depreciation allowed on Goodwill

As the budget 2021 unveiled, it came up with the proposals to boost the economy and certain important proposed amendments. One of the proposed amendments was  'No more Depreciation on Goodwill'....

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The Power of Removing Temptation to Spend Money

The Most Undervalued Component that Helps Increase the Profitability in an Efficient Way A general tendency of any entrepreneur while looking at his business income statement would be to calculate his earnings by just looking at the Net Profit amount. This is not at all wrong as he put in so much effort to make […]...

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TDS 194Q vs. TCS 206C(1H)

Brief Introduction: > TDS section 194Q has been introduced in Budget 2021 and will get applicable from 1st July, 2021 > TCS section 206C(1H) has been effected from 1st October, 2020 > Let us see both the sections in detail. DISCUSSION PARTICULARS SECTION 194Q SECTION 206C(1H) Purpose Tax to be deducted Tax to be collected [&helli...

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Bail application rejected in Alleged bogus GST refund & wrongful ITC availment case

Rakesh Arora Vs State of Punjab (Punjab And Haryana High Court)

Application of bail by assessee was rejected as assessee  had created three fake firms for procuring bills from the firms based at Delhi who had no purchases and tax which was not deposited for these transaction was utilized by the firms for not only availing ITCs but for getting the refunds by showing the sales to export units. Thus, re...

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February 2021