"17 March 2021" Archive

Clarification on continuation of concessional rate of tax on interest income of FPIs

CBDT issues clarification on continuation of concessional rate of tax on interest income of FPIs. It has been clarified that the concessional rate of 5% will continue to be applicable on certain interest income of FPIs. Press release issued on the same today. Ministry of Finance Clarification on continuation of concessional rate of tax on...

Posted Under: Income Tax |

HC instructs GST search team to ensure privacy

Mridul Tobie Inc. Vs Additional Director General, DGGI & Ors. (Delhi High Court)

If, in the interregnum, investigation is necessitated, in line with the circular dated 05.10.2018, it shall be carried out only by the Gautam Budh Nagar Commissionerate. The search officers will ensure that there is no invasion of privacy....

HC on GST discrepancies vs Fake Invoice or undisclosed Sale

Jai Maa Jwalamukhi Iron Scrap Supplier Vs State of U.P. (Allahabad High Court)

Jai Maa Jwalamukhi Iron Scrap Supplier Vs State of U.P. (Allahabad High Court) 1. When the respondents have not denied the issuance of the invoice and the e-way bills uploaded against subject transactions it has to be assumed that the invoice and the e-way bills had been issued. 2. Once the respondent admits that the […]...

CBIC directs to keep SCN against Anil Aggarwal & 11 others pending

Instruction No. 04/2021-Customs 17/03/2021

Hon'ble Apex Court has ruled that the Additional Director General (ADG) of Directorate of Revenue Intelligence (DRI) is not the proper officer to issue Show Cause Notice (SCN) under sub-section (4) of section 28 of the Customs Act, 1962....

CSR expense on community & welfare development before A.Y. 2015-16

NTPC Electric Supply Company Ltd. Vs ITO (ITAT Delhi)

NTPC Electric Supply Company Ltd. Vs ITO (ITAT Delhi) The facts in brief are that the assessee-company is a wholly owned subsidiary company of NTPC Ltd., a government undertaking with the objective to make foray in supply and distribution of electricity. It was entrusted with rural electrification work under the scheme of Central Governme...

Filling of fresh CA exam forms for May 2021 Exam Cycle is mandatory

Filling of fresh exam forms for May 2021 Exam Cycle is mandatory for Students appearing in May 2021 Exams including those who opted out of Nov 2020 Exam Cycle and had opted for May 2021 Exam Cycle. THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (Set up by an Act of Parliament) Examination Department The Institute […]...

Posted Under: Income Tax |

Fresh application for existing Trusts under Section 12AB wef 01.04.2021

Fresh application for existing Charitable / Religious Trusts, Institutions etc. under new Section 12AB of Income Tax Act, 1961 w.e.f. April 1, 2021 The Finance Minister of India had presented the Union Budget 2020 wherein it was proposed to make substantial amendments for granting exemptions to the Charitable / Religious Trusts, Instituti...

Posted Under: Income Tax |

Section 115BBE: Is Penal Taxation a hindrance to Resolution of Disputes?

In India, to dissuade non – taxpayers and to tax “deemed unexplained income”, the government of India through the Finance Act, 2012, inserted Section 115BBE to the Income Tax Act, 1961...

Posted Under: Income Tax |

New Rule 29BA & Form 15E to Apply for Section 195 Certificate

CBDT Notifies Rule 29BA And Form 15E To Apply for Certificate Under Section 195 W.E.F. April 1, 2021 Section 195 of the Act relates to levy of Tax Deduction at Source (TDS) on any sum chargeable to tax and which is paid to a non-resident, not being a company, or to a foreign company. Prior to the […]...

Posted Under: Income Tax |

Offence Compounding under Companies Act, 2013

Definition of Offence: The term ‘Offence’ is not defined under the Companies Act, 2013, so we can derive the definition of offences from the other legislatures. As per Section 2(n) of The Code of Criminal Procedure, 1973, “offence” means any act or omission made punishable by any law for the time being in force and […]...

Posted Under: Income Tax |

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