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Archive: 16 March 2021

Posts in 16 March 2021

GST department conducts First Investigation based on TCS Data

March 16, 2021 3432 Views 0 comment Print

An inspection was conducted on a taxpayer registered in Jagadhri, Yamunanagar dealing in supply of Mobile Phones and other electronic items mainly through E-Commerce platforms such as Amazon, Flipkart etc. It was found that the taxpayer was not discharging his complete tax liability on the supplies made through E-Commerce Companies.

Mandatory GST provisons applicable with effect from 01st April, 2021

March 16, 2021 9351 Views 4 comments Print

In view of beginning of a new financial year from 01st April, 2021; there are certain provisions in GST Act which have been made mandatory by CBIC and which should be kept in mind in order to avoid any trouble later. ♦ Central Board of Indirect Taxes and Customs (CBIC), in the Notification No. 05/2021 […]

Date of allotment relevant for determining STCG/LTCG & Section 54/54F exemption

March 16, 2021 5358 Views 0 comment Print

Mahendrasingh Ramsingh Jadav Vs. ITO (ITAT Bangalore) Assessee gets a right to the impugned property on the date of allotment letter, i.e., on 22.02.2006 and payment of instalment as per the terms is only a follow up action and taking delivery of possession is only a formality. Therefore, reckoning the period from 22.02.2006, i.e. the […]

CMA institute lodges complain against those circulating Fake result Notification

March 16, 2021 732 Views 0 comment Print

It has come to the notice of the Institute that some CMA groups have been circulating fake Notification regarding declaration of results of Intermediate and Final examination for December 2020 term held on January 2021 in social media to create a wrong impression about the Institute in the minds of the students, members and public at large.

82,072 assessment cases completed in faceless manner till 10.03.2021

March 16, 2021 687 Views 0 comment Print

82,072 assessment cases completed in faceless manner till 10th March 2021 Income tax assessments are being done in a faceless manner, this was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha today. The Minister further stated that income […]

Refund not deniable for delay in filing when vital documents seized by DRI

March 16, 2021 507 Views 0 comment Print

Kaamdaa Impex Vs Commissioner of Customs (Madras High Court) Refund not deniable for delay in filing when vital documents seized by DRI: The Madras High Court has held that the application for refund of Special Additional Duty (SAD) cannot be rejected based on the limitation period as prescribed under the relevant notification when the vital […]

Streamlining process of IPOs with UPI in ASBA & redressal of investor grievances

March 16, 2021 1344 Views 0 comment Print

Gaining on the experience of the market with the current UPI system, the following issues have been identified based on the consultation with market participants which need to be addressed.

Modified guidelines on product filing in health insurance business

March 16, 2021 732 Views 0 comment Print

General and health insurers are not allowed to modify the existing benefits, add new benefits in the existing products which leads to imposing an increase in premium. However, it is clarified insurers are permitted to effect minor modifications as stipulated at Clause (G) of Chapter – III of consolidated guideline on product filing in health insurance business (Ref: IRDAI/HLT/REG/CIR/194/07/2020 dated 22.7.2020). Addition of new benefits / up-gradation of existing benefits may be offered as add-on covers or optional covers with a standalone premium rate to ensure an informed choice to the policyholders.

SEBI (Investment Advisers) (Second Amendment) Regulations, 2021

March 16, 2021 1044 Views 0 comment Print

A professional qualification or post-graduate degree or post graduate diploma (minimum two years in duration) in finance, accountancy, business management, commerce, economics, capital market, banking, insurance or actuarial science from a university or an institution recognized by the Central Government or any State Government or a recognised foreign university or institution or association or a professional qualification by completing a Post Graduate Program in the Securities Market (Investment Advisory) from NISM of a duration not less than one year or a professional qualification by obtaining a CFA Charter from the CFA Institute;

SEBI (Portfolio Managers) (Amendment) Regulations, 2021

March 16, 2021 663 Views 0 comment Print

A professional qualification in finance, law, accountancy or business management from a university or an institution recognized by the Central Government or any State Government or a foreign university or a professional qualification by completing a Post Graduate Program in the Securities Market (Portfolio Management) from NISM of a duration not less than one year or a professional qualification by obtaining a CFA charter from the CFA institut

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