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Archive: 22 February 2021

Posts in 22 February 2021

Cancellation of exemption of June 2019 Session of CS Foundation Exam

February 22, 2021 345 Views 0 comment Print

ATTENTION FOUNDATION STUDENTS!! Cancellation of exemption granted on the basis of 60% or more marks in June 2019 Session of Foundation Examination Students of foundation stage who have been granted exemptions based on attaining 60% or more marks in June 2019 are hereby informed that the said exemptions stands cancelled with immediate effect as the […]

I-T Dept searches Pune based group engaged in packaging & sale of tobacco

February 22, 2021 639 Views 0 comment Print

Income Tax Department carried out search and seizure operations on 17.02.2021 on a group based in Sangamner, Pune at 34 different locations across Maharashtra. The group entities are largely engaged in packaging and sale of tobacco and related products, generation and distribution of power, sale of FMCGs, and real estate development.

I-T Dept searches Betul based Soya products manufacturing group

February 22, 2021 474 Views 0 comment Print

Income Tax Department carried out search and seizure operation on 18.02.2021 at 22 premises of a Betul based Soya products manufacturing group at Betul and Satna in M.P., Mumbai and Solapur in Maharashtra and Kolkata.

Whether Alimony (Compensation in case of Divorce) received by spouse is taxable

February 22, 2021 31170 Views 8 comments Print

The person who pays alimony does not receive any tax benefit on such payment. Even if a part of his salary directly gets deducted by his employer as per the order of competent authority then even he need to pay tax on gross income.

Dispute Resolution Scheme For Small & Medium Tax Payers-Section 245MA

February 22, 2021 3243 Views 2 comments Print

INTRODUCTION According to a Survey India records highest rate of bribery in Asia i.e.39% and highest rate of citizens using personal connections (46%). Worries grew as inflation rate rose from 3.7% to 12.1% over 2001-2010. Bigger scams involving lakhs crores of rupees were into pockets of officials and ministers. Corruption became great hindrance in development […]

HC directs refund of excessive stamp duty & 12% interest in case of delay

February 22, 2021 3567 Views 1 comment Print

Macrotech Developers Ltd. Vs State of Maharashtra (Bombay High Court) a. It is declared that the Petitioners are entitled to the benefits of Order bearing No. Mudrank-2020/ C.R.No.136/ M-1(Policy) dated 29.08.2020 issued by the State of Maharashtra under the Maharashtra Stamp Act and subsequent orders granting concession in payment of stamp duty on the instrument […]

Fino Payments Bank Limited included in Second Schedule of RBI Act, 1934

February 22, 2021 681 Views 0 comment Print

We advise that Fino Payments Bank Limited has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide Notification DoR.NBD.No.2138/16.03.005/2020-21 dated January 01, 2021 and published in the Gazette of India (Part III – Section 4) dated February 13 – February 19, 2021.

SOP for Vehicle Location Tracking, registration & activation in VAHAN

February 22, 2021 4143 Views 0 comment Print

The undersigned is directed to state that the Ministry of Road Transport and Highways, GOI has earlier issued the Guidelines for the Scheme, namely “Deployment and Management of State wise Vehicle Tracking Platform for Safety a Enforcement as per AIS 140 Specifications in States Et Union Territories under Nirbhaya Framework” dated 15th January, 2020.

Guidelines for determination of tax by proper officer under Section 73 and 74 of KGST/CGST Act, 2017

February 22, 2021 2775 Views 0 comment Print

State Goods and Services Tax Department, Kerala FILE No. CT/1444/2021-C9 Office of the Commissioner of State Tax State Goods and Services Tax Department Tax Towers, Karamana, Thiruvananthapuram Dated: 22/02/2021 Guidelines Sub: Determination of tax under Section 73 and 74 of the KSGST/CGST Act, 2017 –guidelines issued–reg. There may arise some instances where the tax under […]

University liable to Pay Service Tax on Renting of Immovable Property

February 22, 2021 1449 Views 0 comment Print

Manonmaniam Sundaranar University Vs Joint Director (GST Intelligence) (Madras High Court) The University is renting the property to other institutions and collecting rent from them. Therefore, the second respondent was justified in raising demand for the said service. However, there is no justification in levying penalty. The assessee is not a private entity. The respondents […]

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