"11 February 2021" Archive

Union Budget 2021 – Important changes proposed in GST & Customs

The GST is now almost 4 years old, has its own highs and lows in terms of practicality. With the intent of easing compliances, the GST council has brought up several measures to streamline and simplify the compliances in the past. Such measures include the nil return through SMS, QRMP (Quarterly returns and monthly payment scheme) for sma...

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Producer Companies Rules, 2021

Notification No. G.S.R. 112(E) 11/02/2021

MCA notifies Producer Companies Rules, 2021 in supersession of the Producer Companies (General Reserve) Rules, 2003. new rules defines the term ‘co-operative society’ for the purpose of this rule. New rule specifies Rules for Change of place of registered office from one State to another of Producer Companies and Investment of...

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Section 271AAB Penalty can be levied only on undisclosed income

Shiv Bhagwan Gupta Vs ACIT (ITAT Patna)

For the levy of penalty u/s.271AAB, the case must fall within the four corners of the definition of expression 'undisclosed income' as defined u/s 271AAB itself....

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Income Tax Department searches ‘Liquor group’ in Bengaluru

The Income Tax Department carried out search and seizure operation on a major liquor manufacturer group based in Bengaluru on 09.02.2021 at 26 different locations across India....

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CARO 2020 not applicable for May 2021 CA Examinations

Companies (Auditor’s Report) Order, 2020 is not applicable for the IPCC, Intermediate, Final (Old) and Final (New) examinations to be held in May 2021....

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Refund of excess Service Tax paid & Shown in TRANS-1 can be claimed after reversal

Pujan Builders Engineers & Contractors Vs C.C.E. & S.T.-Vadodara-II (CESTAT Ahmedabad)

Pujan Builders Engineers & Contractors Vs C.C.E. & S.T. Vadodara-II (CESTAT Ahmedabad) The facts in the present case is not under dispute that the appellant have paid the excess service tax during the quarter April to June, 2017, however, the appellant under bona fide belief transferred the said excess paid service tax into their ...

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Requirement of structured database under SEBI Insider Trading Regulations

Requirement of structured database under Regulation 3 ofSEBI (Prohibition of Insider Trading Regulations) 2015. W.e.f. 01st April 2019 it is mandated that under Regulation 3(5) of the SEBI PIT Regulations a structured database has to be maintained by the listed entity. As per Regulation 3 an unpublished price sensitive information may be ...

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Popular TDS/TCS Sections & Rates Applicable for FY 2021-22

Article explains Popular TDS/ TCS Sections and Rates as applicable for Financial Year (FY) 2021-22. From 01st April 2021 TDS/TCS Rates will be normal and Concessional rate will not be applicable. TDS RATES APPLICABLE FOR FINANCIAL YEAR 2021-22 Section Section Name Applicable To Limit TDS Rate 194 Dividend All Companies 5000 10% 194A Inter...

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HC Grants bail to person allegedly involved in Rs. 9 Cr GST Evasion

Basanat Pherumal Makhija Vs State of Gujarat (Gujarat High Court)

It is submitted that it is a case of total evasion of GST and disposing the manufactured goods without showing any record about its manufacturing activity and clandestine purchase of such products without paying of any GST has resulted in evasion to the tune of Rs. 9 Crores and odd...

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Section 40(a) not applicable in case of charitable trust or institution

R. K. Associates Vs ITO (ITAT Bangalore)

R. K. Associates Vs ITO (ITAT Bangalore) The question for consideration is as to whether the provisions of Section 40(a)(ia) is applicable for computing the income chargeable under the head “Profits and gains of business or profession” or computation of income under any other heads of income also. Section 40 clearly stipulates that ...

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December 2021