"10 February 2021" Archive

CBIC rename IRS(C&CE) to IRS(C&IT)

Office Order No. 11/2021 (10/02/2021)

CBIC renames Indian Revenue Service (Customs & Central Excise) [IRS(C&CE)], Group 'A' as 'Indian Revenue Service (Customs & Indirect Taxes)' [IRS(C&IT)], Group 'A'. The said change in the nomenclature shall come into force with effect from the date of issue of this order....

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Draft Ammonium Nitrate (Amendment) Rules 2021

Notification No. G.S.R. 105(E)./Notification No. G.S.R. 111(E). (10/02/2021)

6(a) All flooring in ammonium nitrate storage and handling area shall be without open drains, traps, pits or pockets into which any molten ammonium nitrate is able to flow and be confined in the event of fire....

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Revised disclosure formats under SEBI (Prohibition of Insider Trading) Regulations, 2015

Circular No. SEBI/HO/ISD/ISD/CIR/P/2021/19 (09/02/2020)

CIRCULAR SEBI/HO/ISD/ISD/CIR/P/2021/19 February 09, 2021 To All Recognized Stock Exchanges Dear Sir/Madam, Sub: Revised disclosure formats under Regulation 7 of SEBI (Prohibition of Insider Trading) Regulations, 2015 1. SEBI, vide Circular nos. CIR/ISD/01/2015 dated May 11, 2015 and CIR/ISD/02/2015 dated September 16, 2015, had specified ...

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Framework for enabling Ancillary services at IFSC notified

F. No. 206/IFSCA/Anc.Aux/2020-21 (10/02/2021)

Considering the importance of professional and other service providers for the development of financial products, financial services and financial institutions in the International Financial Services Centres (IFSC), a framework for enabling ancillary services has been notified....

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Analysis of proposed Amendment of CGST section 129 as per finance bill 2021

Analysis of proposed Amendment of section 129 as per finance bill 2021 Finance Bill 2021 has proposed various changes/amendments in Section 129 of the Central Goods and Services Tax Act. In this article we shall to analysis that  whether these changes/amendments are beneficial as regard goods which are perishable or hazardous in nature o...

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Posted Under: Custom Duty |

TCS Rates applicable from FY 2021-22 (AY 2022-23) including Budget 2021 amendments

This article contains updated list of TCS Rates applicable for FY 2021-22 (AY 2022-23) i.e. w.e.f 01/04/2021. Article also explains various changes with respect to TCS Rates introduced in Budget/Finance Bill 2021....

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Indian Union Budget 2021-22 Tax Synopsis

DIRECT TAXATION Income Tax Audit Limit Increased (Section 44AB) To promote the digital economy and to reduce compliance burden, the threshold limit for tax audit under section 44AB has been proposed to increase from INR 5 crore rupees to INR 10 crore rupees in case of those assessees where the amount received in cash is […]...

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Posted Under: Custom Duty |

Full Unconditional Stay of Demand Granted Where Addition on Third Party Statement was Without Cross Examination

Dilipkumar P. Chheda Vs ITO (Bombay High Court)

Dilipkumar P. Chheda Vs ITO (Bombay High Court) In so far the present case is concerned, here also the additions have been made primarily on the basis of the statement made by Shri. Nilesh Bharani and also on the basis of certain entries in the telephone diary. However, we find from the materials on record […]...

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DGFT Notification for Food Import Entry Points

Notification No. 57/2015-2020-DGFT (10/02/2021)

New sub para is added in General Notes Regarding Import Policy Schedule I in ITC(HS) 2017, listing out Authorised Officers to handle food import clearances at 150 food import entry points for items listed against 1515 HS codes of ITC(HS) 2017....

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February 2021