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Archive: 08 March 2021

Posts in 08 March 2021

Tax on Interest on Employee Contribution to PF over Rs 2.5 Lacs

March 8, 2021 73287 Views 2 comments Print

Taxability of Interest on Employee Contribution to PF over Rs 2.5 Lacs in a Financial Year (New Provision Proposed in Union Budget to be effective from 1st April 2021) Background of Provident Fund Employee Provident Fund is the fund the purpose of which is to provide the employee social security for him and his family with the […]

SVLDRS Scheme- Development post 30.06.2019 are relevant factor

March 8, 2021 894 Views 0 comment Print

Morde Foods Pvt. Ltd. & another Vs Union of India & Others (Bombay High Court) The question is that if the declarant had filed an appeal before the appellate forum and such appeal was finally heard on or before 30th day of June, 2019; whether the declarant would be eligible to make a declaration under […]

ESIC beneficiaries can now avail OPD consultation from empanelled hospitals

March 8, 2021 1191 Views 0 comment Print

Keeping in view the increase in ESI coverage over the recent years, it has been decided that in areas where ESIC infrastructure is not available within a radius of 10 kms, the beneficiary will be allowed to avail medical consultation for OPD services directly from a hospital empanelled with ESIC or with Ayushman Bharat scheme without the need for referral from an ESI dispensary or hospital. 

Udyam registration simplified – GSTN requirement relaxed

March 8, 2021 1122 Views 0 comment Print

However, a number of representations were received from various MSME Associations stating that the measure of making GSTIN mandatory is impacting the registration process as many enterprises are exempt from the mandatory requirement of filing GST Returns as per the GST Act/notifications. Asignificant proportion of MSME may have annual turnover less than the threshold limit for exemption from registration under GST Act. 

CGST Gandhinagar detects 68 fake firms & fraudulent ITC of Rs. 720 Cr

March 8, 2021 960 Views 0 comment Print

The week also saw the CGST Gandhinagar Commissionerate unearth a huge case involving a web of 68 fake firms issuing invoices to claim fraudulent GST Input Tax Credit of Rs. 720 crore without the supply of goods. The CGST East Delhi Commissionerate too made two big cases relating to fake invoices.

UCC & PAN for trading on commodity derivative exchanges

March 8, 2021 624 Views 0 comment Print

The exchanges with commodity derivatives segment shall not allow execution of trades without uploading of the UCC details by the members of the exchange. For this purpose, members shall collect after verifying the authenticity and maintain in their back office the copies of Permanent Account Number (PAN) issued by the Income Tax (IT) Department, for all their clients.

IBBI gives approval to 317 companies’ resolution plans

March 8, 2021 345 Views 0 comment Print

As per information provided by Insolvency and Bankruptcy Board of India (IBBI), the Regulator, as on 31.12.2020, in 317 cases resolution plans have been approved and 1126 cases have been ordered for liquidation.

MCA strikes off 10113 companies between April 2020 & February 2021

March 8, 2021 822 Views 0 comment Print

The Ministry of Corporate Affairs (MCA) administers the Companies Act, 2013 (the Act), Limited Liability Partnership Act, 2008 and Insolvency and Bankruptcy Code, 2016. There is no provision for weeding out the Companies in the Act.

Immunity from Penalty, Prosecution & Interest under Income Tax, 1961

March 8, 2021 5226 Views 0 comment Print

Understand the benefits of immunity from penalty, prosecution & interest under Income Tax, 1961. Learn about the provisions and settlement commission.

How to Transfer Ownership of Trademark in India

March 8, 2021 1641 Views 0 comment Print

Trademark Ownership Transfer Over time and with continuous development in almost every industry around the world, trademarks have become one of the fastest and most exclusive Intellectual Property (IPRs) rights in India. A trademark, which identifies and distinguishes business products or services from others, benefits not only products but also consumers. It creates a flavor […]

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