"23 February 2021" Archive

Section 153C: ITAT directs CIT(A) to examine recording of satisfaction

R.N. Shetty Trust Vs ACIT (ITAT Bangalore)

R.N. Shetty Trust Vs ACIT (ITAT Bangalore) As per Section 153C of the Act, the Assessing Officer of searched person shall proceed against such other person on reaching satisfaction that any undisclosed income belonging to such other person over whom he has no jurisdiction then he has to transmit the seized material to the Assessing [&hell...

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New TDS Rule, whether would be difficult to implement?

Under the proposed section 206AB of the Income Tax Act (Act), in a case where a person is required to deduct TDS while making a payment to another person (deductee), the deductor will be liable to deduct TDS at a higher rate,  if the deductee has not filed the ITR related to the previous two years. This rule shall come into force startin...

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Posted Under: Income Tax |

HC directs DGFT Surat decide on removal of IEC code from denial entity list

Ambika Creation Through Proprietor Anil Gupta Vs Additional Director General (GujArat High Court)

Ambika Creation Through Proprietor Anil Gupta Vs Additional Director General (Gujrat High Court) In this case Import Export Code (IEC) of the petitioner was placed under the denied entity list, causing hardship to the petitioner by withholding the refund of IGST and other export incentives. Hon’ble court has directed DGFT, Surat to look...

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Physical hearing by NCLT Benches w.e.f. 01.03.2021

Notification No. File No. 10/03/2021-NCLT (23/02/2021)

All NCLT Benches shall start regular Physical hearing w.e.f. 1.03.2021. In case any counsel/ representative of party expresses difficulty in physical hearing, he/ she may be permitted for virtual hearing....

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LIC Bima Jyoti

LIC's BIMA JYOTI is a Non-linked, Non-participating, Individual, Limited Premium Payment, Life Insurance Savings Plan. Under this plan, Guaranteed Additions shall accrue at the rate of Rs.50 per thousand Basic Sum Assured at the end of each policy year throughout the policy term. This plan will also be available through online applicatio...

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Posted Under: Income Tax |

Tax on Online Gambling

Betting or gambling is illegal in most of India. But there is no law that makes online betting an illegal activity. Surveys conducted in 2020 have revealed that there are approximately 300 million online gamers in India and the number is going to increase rapidly in coming years. With widespread use of internet casinos companies have s...

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Posted Under: Income Tax |

Formats Resolutions related to Banking Operations

Format of resolution for various bank operations: In general parlance, we come across various banking transactions such as -Opening of Bank Account -Change in Signatories -Obtaining Internet Facilities -Obtaining facility of Merchant Banking -Closure of Bank Account Here, we present sample formats of resolutions for day to day banking ope...

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Posted Under: Income Tax |

Celebrity Trademarks in India

Introduction The Intellectual Property Laws in India do not define the term ‘celebrity’. Celebrities can be defined as people who enjoy public recognition by a large share of a certain group of people. Attributes like attractiveness, extraordinary lifestyle or special skills are observed in celebrities generally. Since they are famous...

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Posted Under: Income Tax |

Proposed prosecution amendments under GST vide Budget 2021

The Union Budget 2021 has come up with various amendments relating to prosecutions under GST. The present article tries to explain all the prosecution amendments proposed vide the Finance Bill 2021. Important prosecution amendments proposed vide Budget 2021– Amendment to section 74- Clause (ii) to explanation 1 Current provisions Pr...

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Posted Under: Income Tax |

Interesting facts about education loans that you may not know

The cost of education is touching the roof. Further education, whether it is in India or abroad, is getting expensive by the day. These high expenses can put a dent on the aspirations of bright students wishing to pursue further education and carve exciting careers. However, all is not lost. Banks and NBFCs provide education […]...

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Posted Under: Income Tax |

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