"26 February 2021" Archive

Result of CS Examinations December, 2020- Toppers & Analysis

In Executive Programme (Old Syllabus) examination 15.21 percent of candidates passed in Module – I and 21.28 percent in Module – II, while in Executive Programme (New Syllabus) examination 8.27 percent of candidates passed in Module – I and 15.49 percent in Module – II....

Posted Under: CA, CS, CMA |

Various Important Due Date Upcoming

The Institute of Cost Accountants of India has compiled Various Upcoming Important Due Date which includes due dates of Annual – Updation of Udyam Registration, Updation of GSTN in Udyam Registration, Migration of UAM/EM Part-II to Udyam Registration, Annual Updation of Import Export Code (IEC), Opt in GST Composition Scheme, Linking of...

Posted Under: CA, CS, CMA |

No Section 271(1)(c) Penalty when No Concealment In ITR

Balee Plastics Pvt. Ltd. Vs ITO (ITAT Mumbai)

Balee Plastics Pvt. Ltd. Vs ITO (ITAT Mumbai) We find that on perusal of page 10 read with page 13 of the factual paper book filed by the assessee comprising of the profit and loss account for the year ended 31/03/2009 and the schedule for the other income thereon, the sum of Rs.3 Crores has […]...

CBDT date for filing declarations under VSV Act to 31.03.2021

Notification No. 09/2021/S.O. 964(E) 26/02/2021

CBDT further extends the date for filing of declarations under the Vivad Se Vishwas (VSV) Act, 2020 to 31st March, 2021. Notification no. 09/2021 in S.O. 964(E) dated 26/02/2021 issued. Date for payment without additional amount under VSV extended to 30th April, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TA...

Zero rated supply under GST post budget 2021

The Finance Bill 2021 has proposed two major amendments in the Integrated Goods and Services Tax Act, 2017. Both the amendments relate to the provisions of section 16 of the IGST Act, 2017 concerning zero rated supply. The present article briefly explains the said amendments carried out vide Budget 2021. Amendments to the definition of [&...

Posted Under: CA, CS, CMA |

MHA extends Guidelines on Surveillance etc upto 31.03.2021

Order No. 40-3/2020-DM-I(A) 26/02/2021

MHA extends Guidelines for Surveillance, Containment and Caution States/ Union Territories to strictly enforce SOPs on various activities and to exercise caution and strict surveillance upto 31.03.2021....

Depreciation Allowable on owned Assets rented for manufacturing

Bio-Rad Laboratories (India) (P) Ltd. Vs. DCIT (ITAT Delhi)

The assessee was entitled to depreciation on owned assets which were rented out to a third party for manufacturing purposes applying assessee's own case of earlier year....

Process of XBRL Annual Filing under Companies Act, 2013

Introduction:- The topic we are going to discuss today seems simple but gets complicated when we do not have proper knowledge or guidance to do it. Being a mandatory filing for the companies we do not have option to skip, even if we do not like it. Let’s do the simple one and will get […]...

Posted Under: CA, CS, CMA |

Relevancy of statements recorded under section 70 of CGST Act, 2017

When a statement recorded under Section 70 under the Central Goods and Services Tax Act, 2017 (CGST Act, 2017) is relevant and admissible? Section 136 of CGST Act, 2017 pertains to the relevancy and admissibility of statements made and signed in response to the summons issued under Section 70 during the course of any inquiry […]...

Posted Under: CA, CS, CMA |

TDS under Section 194Q on purchase of goods

TDS on payment of certain sum for purchase of Goods-New Section 194Q inserted by The Finance Bill Budget 2021-22 Applicability of Section 194Q This Section Applies to an Assessee (Buyer) whose Gross Receipts/Sales/Turnover in the Preceding financial year Exceed Rs. 10 Crore & when Aggregate amount of purchase from a particular buyer i...

Posted Under: CA, CS, CMA |

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December 2023