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Archive: 11 February 2021

Posts in 11 February 2021

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6699 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Union Budget 2021 – Important changes proposed in GST & Customs

February 11, 2021 14757 Views 6 comments Print

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 small taxpayers, e-invoicing, validation of input statement in GST portal, pre filled GST returns and introducing staggered filing of returns.

Producer Companies Rules, 2021

February 11, 2021 4056 Views 1 comment Print

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 general reserves of Producer […]

Section 271AAB Penalty can be levied only on undisclosed income

February 11, 2021 5028 Views 0 comment Print

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.

Income Tax Department searches ‘Liquor group’ in Bengaluru

February 11, 2021 657 Views 0 comment Print

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.

CARO 2020 not applicable for May 2021 CA Examinations

February 11, 2021 5220 Views 0 comment Print

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.

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

February 11, 2021 2709 Views 1 comment Print

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 TRANS-1 […]

Requirement of structured database under SEBI Insider Trading Regulations

February 11, 2021 13569 Views 0 comment Print

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 communicated, provided, allowed […]

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

February 11, 2021 34284 Views 1 comment Print

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 Interest on […]

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

February 11, 2021 579 Views 0 comment Print

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

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

February 11, 2021 5358 Views 0 comment Print

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 “Notwithstanding anything […]

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