"17 February 2021" Archive

What’s the new snag of TDS on purchase of goods?

New provision says that; if turnover of the buyer is greater than Rs. 10 Cr. in P.Y., and purchase value is Rs. 50 lakhs or more from a single party, then the buyer needs to deduct TDS at 0.1% of such sum exceeding Rs. 50 Lakhs. Let us discuss about it in detail....

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Posted Under: Income Tax |

ITR filing exemption to senior citizen above age of 75 – A fiasco?

in the Union Budget 2021-22, senior citizen above 75 age are exempted from filing return of income subject to certain conditions. The banks on the other side, is required to deduct the requisite tax from the bank account of such senior citizen. It must be noted such assesses are not exempted from paying tax, they are only exempted from IT...

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Posted Under: Income Tax |

Mismatch between Shipping Bill & GST returns to cost Rs. 1000

Notification No. 17/2021-Customs (N.T.) [S.O. 719(E)] (17/02/2021)

CBIC notifies Rs. 1000.00 fees for Handling of mismatch between Shipping Bill and GST returns in Customs Automated System vide Notification No. 17/2021-Customs (N.T.) Dated: 17th February, 2021. Levy of Fees (Customs Documents) Amendment Regulations, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CU...

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CBDT notifies Revised Procedure for Faceless Assessment

Notification No. 7/2021-Income Tax/S.O. 742(E) (17/02/2021)

Assessment under Faceless Assessment Scheme, 2019 shall be made as per the following procedure, namely:‑ (i) the National e-Assessment Centre shall serve a notice on the assessee under sub-section (2) of section 143 of the Act; (ii) the assessee may, within fifteen days from the date of receipt of notice referred to in clause (i), file ...

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Faceless Assessment (1st Amendment) Scheme, 2021

Notification No. 6/2021-Income Tax [S.O. 741(E)] (17/02/2021)

CBDT amends Faceless Assessment Scheme, 2019 vide Faceless Assessment (1st Amendment) Scheme, 2021 and specified the procedure for Assessment under Faceless Assessment Scheme, 2019. Notification No. 6/2021-Income Tax Dated: 17th February, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notificat...

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CBIC exempts import of Gold & Silver & their dore under Export promotion schemes from AIDC

Notification No. 18/2021-Customs [G.S.R. 117(E)] (17/02/2021)

CBIC amends notification No. 11/2021-Customs dated 01.02.2021 so to exempt Gold & Silver (and their dore) imported under export promotion schemes from Agriculture Infrastructure and Development Cess (AIDC) vide Notification No. 18/2021 – Customs Dated: 17th February, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOA...

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Notification No. 17/2021-Customs Dated: 17th February, 2021

Notification No. 17/2021-Customs [G.S.R. 116(E)] (17/02/2021)

CBIC amends notification no 57/2000-Customs dated 08.05.2000 vide Notification No. 17/2021 – Customs Dated: 17th February, 2021 so as to align it with notification No. 50/2017-Custom dated 30.06.2017. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi, NOTIFICATION No. 17/2021 –...

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CBIC allows Officer Interface on permanent basis with fees for resolving invoice mis-match errors

Circular No. 05/2021-Customs (17/02/2021)

It has been decided as a measure of trade facilitation to keep the Officer Interface available on permanent basis to resolve such errors on payment of specified fee by the exporter. The exporter may avail the facility of correction of Invoice mis-match errors (error code SB-005) in respect of all past shipping bills, irrespective of its d...

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Circular cannot prescribe particular time period, which is otherwise not provided in a statute

The Principal Commissioner Of Customs, Mundra Vs LYKIS Limited (Gujarat High Court)

The Principal Commissioner Of Customs, Mundra Vs LYKIS Limited (Gujarat High Court) From the above Section, it is clear that no time limit is prescribed. We find that the request of the appellant for conversion was rejected on the sole ground of limitation as prescribed under Board Circular No. 36/2010­ Cus. We find that since […]...

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Submit Letter of Undertaking (LUT) for FY 2021-22 by 31.03.2021

1. In terms of rule 96A of CGST Rule-2017 which was notified under Notification No. 16/2017 dated 07-07-2017, any registered person availing the option to supply goods or services for export without payment of IGST shall furnish, prior to export, a bond or a LUT in Form GST RFD-11. 2. The facility of export under […]...

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