"16 March 2021" Archive

GST department conducts First Investigation based on TCS Data

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....

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ITAT upheld disallowance for unreconciled accommodation entries

ACIT Vs Darshanam Life Space Pvt. Ltd. (ITAT Ahmedabad)

Where  AO had estimated value of accommodation entries devoid of any documentary evidences or material, the same could not be sustained. Since in the case of the assessee the payment of Rs.6,43,406/- was considered as accommodation entries and it was noticed that assessee had not reconciled this payment with outstanding amount of Rs.7,91...

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

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 […]...

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CMA institute lodges complain against those circulating Fake result Notification

Ref. No.: G/ 128/03/2021 16/03/2021

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 larg...

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82,072 assessment cases completed in faceless manner till 10.03.2021

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 [&hel...

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

Circular No.: SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M 16/03/2021

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....

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Modified guidelines on product filing in health insurance business

Ref. No: IRDAI/HLT/REG/CIR/049/ 03/2021 16/03/2021

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 h...

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

Notification No. SEBI/LAD-NRO/GN/2021/11 16/03/2021

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 recog...

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SEBI (Portfolio Managers) (Amendment) Regulations, 2021

Notification No. SEBI/LAD-NRO/GN/2021/10 16/03/2021

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 durat...

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SEBI (Research Analysts) (Amendment) Regulations, 2021

Notification No. SEBI/LAD-NRO/GN/2021/09 16/03/2021

These Regulations may be called the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2021. They shall come into force on the date of their publication in the Official Gazette...

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May 2021