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Archive: 03 March 2021

Posts in 03 March 2021

28 GST Year Ending Tasks for FY 2020-21- You Must do

March 3, 2021 55815 Views 8 comments Print

Article explains GST Compliances Related Tasks for FY 2020-21, ITC Related Tasks for FY 2020-21, GST Reconciliations Related Tasks for FY 2020-21 & GST Law Related Year ending Task for FY 2020-21.

Legal Metrology (General) (Amendment) Rules, 2021

March 3, 2021 7371 Views 0 comment Print

Every weight or measure used or intended to be used in any transaction or for protection of living beings or things in clause (k) of section 2 shall be verified and stamped by the legal metrology officer of the State of manufacture or import or at the place of installation as specified in clause (iv) of sub-rule (5) and be re-verified and stamped at periodical intervals by the legal metrology officer in the State in which such weight or measure is put to use

Amendment restricting Section 54 deduction to only one residential house is prospective

March 3, 2021 7014 Views 0 comment Print

Sanjiv Ahuja Vs ITO (International Taxation) (ITAT Delhi)  Deduction u/s 54 is restricted to only one residential house by the Finance Act 2014 is prospective in nature and is effective from assessment year 2015-16 and not retrospective in nature and that deduction u/s 54 of the Act in respect of investment made in one residential […]

Corrigendum to Income Tax Jurisdiction Order

March 3, 2021 1896 Views 0 comment Print

The Principal Chief Commissioner of Income-tax (International Taxation), hereby makes the following amendments in the Jurisdiction Order No.3/2020 vide F.No. Pr. CCIT(IT)/Delhi/Juris./ Eq. Levy /2020-21/789 dated 22.12.2020, namely:-

Agent under the GST Law

March 3, 2021 34434 Views 3 comments Print

Let us discuss the definition of ‘Agent’ in GST. An agent has been defined under sub-section (5) of section 2 of The Central Goods and Services Tax Act, 2017, (herein after referred to as CGST ACT). I reproduce below the said definition for ready reference. “(5) “agent” means a person, including a factor, broker, commission agent, […]

Facilitation by Insurers for COVID-19 vaccination for policyholders

March 3, 2021 1014 Views 0 comment Print

Guidelines have been issued by Ministry of Health and Family Welfare MoH&FW ) for vaccination of eligible citizens. Vaccination is provided free of cost at Government Health Facilities. Vaccination is also available in designated Private Health Facilities, at a rate as specified by the Government of India.

Only profit embedded in undisclosed turnover can be brought to tax

March 3, 2021 4692 Views 0 comment Print

ITAT Jaipur ruling on undisclosed turnover. Assessing Officer’s order upheld, subject to examination of declared gross profit rate. Legal analysis here.

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