"13 February 2021" Archive

New Functionalities on GST Portal (January, 2021)

New Functionalities made available for Taxpayers on GST Portal (January, 2021) 1 – Registration 1. Deemed approval of Registration Application in Form GST REG-01 In terms of Notification No 94/2020-CT, dated 22nd December, 2020, all applications for fresh registration will get deemed approved in 7 working days, instead of 3 working ...

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Compilation of CBDT Notifications & Circulars of January 2021

Compilation of Notifications & Circulars issued by CBDT in month of January 2021 Direct Tax Updates 1. Amount of remuneration prescribed u/s 9A(3)(m) of the Income-tax Act, 1961: CBDT vide Circular No. 1 dated 15th January 2021, clarified that remuneration to be paid by an eligible investment fund u/s 9A (activities of which shall not...

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Section 68 addition unjustified when Assessee submit confirmation & bank statement of Creditor

Aarya Organic Foods & Ayurvedic Industries Pvt. Ltd. Vs ITO (ITAT Delhi)

Aarya Organic Foods & Ayurvedic Industries Pvt. Ltd. Vs ITO (ITAT Delhi)  As far as addition of Rs.5 lakh of amount received from Sh. Jasbir Singh is concerned, we find that CIT(A) has given a finding that his confirmation, bank statement evidencing bank transfer is on record but since he had not given source of […]...

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No denial of SVLDR benefit when liability was confirmed in writing & acknowledged by declarant before designated date

Bhoomi Developers Vs Union of India & Ors. (High Court Bombay)

Bhoomi Developers Vs Union Of India & Ors. (High Court Bombay) Issue raised in the present writ petition i.e. eligibility of the petitioner or maintainability of its declaration to avail the benefits of the scheme under the category of investigation, enquiry or audit on the ground that amount of the service tax dues of the […]...

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Effect of new Rule 12A – Companies (Share Capital and Debentures) Rules, 2014

Companies (Share Capital and Debentures) Amendment Rules, 2021 In the light of ‘Ease of Doing Business (EODB)’ several amendments are being made to the legislative framework for corporates by the Ministry of Corporate Affairs. In the same spirit MCA has notified Companies (Share Capital and Debentures) Amendment Rules, 2021, m...

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Format of Directors’ Appointment Letter

We are pleased to confirm that the shareholders of the Company has appointed you as a Director on the Board of Directors of the Company to hold office under section 152 and other applicable provisions (including any modification or re-enactment thereof), if any, of the Companies Act, 2013....

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When Director/Business Owner may be exempted from Personal Appearance during Criminal Trial?

When Director/Business Owner may be exempted from Personal Appearance during Criminal Trial? Occupiers of factories, Managing Directors or Directors of Hotels, Malls and other business/industrial entities are generally made a party in a criminal case based on principle of “Vicarious Liability” when an accident or untoward incident occ...

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Format of Quarterly Cash flow Format As per AS-3

Article contains Format in Excel of The Cash Flow statement prepared under the ‘Indirect Method’ as set out in the Accounting Standard-3 on Cash Flow Statement issued by the Institute of Chartered Accountants of India....

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1 Person Arrested In Case of Issuing Fake GST Invoices of Rs. 55.89 Crore

A racket of fake/bogus firms has been busted by our officers of CGST G.B Nagar , unearthing fake GST invoicing of Rs 55.89 Cr involving fraudulent ITC of Rs 8.83 Cr, 1 person has been arrested. PRESS RELEASE 01 PERSON ARRESTED IN CASE OF ISSUING FAKE INVOICES OF RS. 55.89 CRORES AND PASSING OF INADMISSIBLE […]...

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Central Government Employees Group Insurance Scheme-1980 – Tables of Benefits for savings fund for the period from 01.01.2021 to 31.03.2021

No. 7(2)/EV/2016 13/02/2021

The Tables of Benefits for Savings Fund to the beneficiaries under the Central Government Employees Group Insurance Scheme-1980, which are being issued on a quarterly basis from 01.01.2017 onwards, as brought out in this Ministry's OM of even number dated 17.03.2017, for the quarter from 01.01.2021 to 31.03.2021, as worked out by IRDA bas...

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March 2023