"10 March 2021" Archive - Page 2

378 SEZs are presently notified, out of which 265 are operational

Ministry of Commerce & Industry 378 SEZs are presently notified, out of which 265 are operational Posted On: 10 MAR 2021 The Special Economic Zones (SEZs) policy was launched in April, 2000.  The Special Economic Zones Act, 2005, was passed by Parliament in May, 2005 which received Presidential assent on the 23rd of June, 2005.  Th...

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Posted Under: Income Tax |

Major reforms implemented to boost domestic manufacturing

The Government has implemented major reforms in the last one year to boost domestic manufacturing, industrial production and GDP growth. Production-Linked Incentive (PLI) Scheme in 13 key sectors, under the aegis of Aatma Nirbhar Bharat, have been announced for enhancing India’s manufacturing capabilities and exports....

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Posted Under: Income Tax |

RBI notifies restrictions on Investment by AIF

Notification DoR. FIN. No. 08/26.03.001/2020-2021 10/03/2021

Reserve Bank of India hereby specifies Category I Alternative Investment Funds (AIFs) set up as trust and registered with Securities and Exchange Board of India under Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012, as ‘qualified buyers’, subject to the following conditions:...

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SEBI reviews Norms of Investment in Instruments having Special Features

Notification No. SEBI/HO/IMD/DF4/CIR/P/2021/032 10/03/2021

Mutual Funds invest in certain debt instruments with special features viz. subordination to equity (absorbs losses before equity capital) and /or convertible to equity upon trigger of a pre-specified event for loss absorption. Additional Tier I bonds and Tier 2 bonds issued under Basel III framework are some instruments which may have abo...

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ITAT upheld disallowance to 12.5% of non-genuine purchases

ITO v. Raj Tools Centre PAP (ITAT Mumbai)

ITO v. Raj Tools Centre PAP (ITAT Mumbai) Appeals is against addition of ₹.2,60,603/-, as unexplained expenditure u/s 69C of the Act. As per the investigations carried out by the Sales Tax Authorities, the aforementioned parties were found to be involved in giving accommodation entries only without actually supplying the goods. The logi...

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Guidelines for Appointment of IP As Administrators under SEBI Regulations

Guidelines For Appointment of Insolvency Professionals As Administrators Under The Securities And Exchange Board Of India (Appointment Of Administrator And Procedure For Refunding To The Investors) Regulations, 2018 Insolvency and Bankruptcy Board of India 9th March 2021 The Securities and Exchange Board of India (Appointment of Administr...

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Posted Under: Income Tax |

Availing Loan from Non Resident Indians

A resident Indian or a company registered in India can avail loan from an NRI on repatriable or non- repatriable basis. The borrowing and lending in INR between the resident and non-resident persons are governed by- 1. clause (e) of sub-section 3 of section 6 of the Foreign Exchange Management Act, 1999 2. Foreign Exchange […]...

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Posted Under: Income Tax |

GST -Telephone & E-mails cannot substitute personal hearing: HC

BA Continuum India Pvt. Ltd. Vs Union of India and others (Bombay High Court)

When the law requires that no application for refund shall be rejected without giving an applicant an opportunity of being heard, the same cannot be substituted by telephonic conversations and exchange of e-mails....

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Govt receives 81 complaints related to levying of Service Charge by restaurants etc.

During the year 2020, 81 complaints related to levying of Service Charge by restaurants, pubs and hotel have been received at National Consumer Helpline. All the complaintswere taken up with the respective Hotels/ Restaurants for appropriate redressal.  The response received from the Hotels/Restaurants were thereafter conveyed to the co...

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Posted Under: Income Tax |

Step to apply for Registration under Punjab Profession Tax

User Manual For Registration of Profession Tax Steps to navigate through Single Window Portal to apply for Registration under Profession Tax. 1. The investor needs to fill details like Username, First Name, Middle Name (optional), Last Name, Email, Country , Mobile No. and click Register button: 2. The system will send a confirmation emai...

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Posted Under: Income Tax |

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