"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...

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Posted Under: Income Tax |

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....

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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 […]...

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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...

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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...

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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 […]...

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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 […]...

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Posted Under: Income Tax |

Haryana Budget 2021 focuses on Health, Agriculture & infrastructure

Haryana Govt. Presents Rs 1.55 lakh Cr. Budget for the 2021 -22 Fiscal Year. Health, Agriculture, and infrastructure Are the Key Priority Areas Haryana government proposed Rs 1.55 lakh crore budget for the 2021-22 fiscal year on Friday. In the budget, the government kept health, agriculture, and infrastructure in the key priority areas in...

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Posted Under: Income Tax |

Income Tax Dept searches handlers of Cash in Tamil Nadu

Income Tax Department conducts searches in Tamil Nadu The Income Tax Department carried out searches on 11.03.2021 in the case of a group of individuals who are involved in handling huge amount of cash and routing unaccounted money through foreign entities and bank accounts of their related concerns. The search operation was carried out a...

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Posted Under: Income Tax |

Export Promotion Schemes- RoDTEP, TIES, Duty Drawback, GST Refund

Export Promotion The Government of India has launched the Trade Infrastructure for Export Scheme (TIES) scheme w.e.f FY 2017 -18 to assist Central and State Government agencies for creation of appropriate infrastructure for growth of exports from the States. The Scheme provides financial assistance in the form of grant-in-aid to Central/S...

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Posted Under: Income Tax |

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