"18 March 2021" Archive

6 Significant Changes In Income Tax WEF FY 2021-22

Significant Changes In Income Tax That Would Come With Effect From 1st April 2021 includes Pre-filled ITft Forms, Tax on Interest on PF, Penalty for Non-Linking of Aadhar & PAN, High TDS/TCS Rate for Income Tax Return (ITR) Non-Filers, Submission of bills under LTC Cash Voucher Scheme and No Tax Filing For Senior Citizens Above [&hell...

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Posted Under: Income Tax | ,

GST Registration Suspension

Suspension of GST Registration Suspension of registration is covered under Section 29 of the CGST Act, 2017 and the procedure for the same has been provided under Rule 21A of the CGST Rules 2017. Section 29 has been amended vide the CGST (Amendment) Act, 2018 (no. 31 of 2018) dated 29.08.2018 to allow suspension” of […]...

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Posted Under: Income Tax |

Mandatory HSN/SAC Codes in GST Invoices from 01.04.2021

Taxpayers Have Mandatorily Declare HSN/SAC Codes In GST Tax Invoices From 1st April, 2021 E-Invoicing has been made applicable from 1st October 2020 to all businesses whose aggregate turnover has exceeded Rs.500 crores limit in any of the preceding financial years from 2017-18 to 2019-20. Further, from 1st January 2021, E-Invoicing will b...

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Posted Under: Income Tax |

FSS (Food Products Standards and Food Additives) Second Amendment Regulations, 2021

Notification No. F. No. Stds/O&F/Notification (5)/FSSAI-2017. 18/03/2021

(1) These regulations may be called the Food Safety and Standards (Food Products Standards and Food Additives) Second Amendment Regulations, 2021. (2) They shall come into force on the date of their publication in the Official Gazette....

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Income Tax Dept searches Haryana based real estate real estate group

The Income Tax Department carried out search on 17.03.2021 on a group engaged in the business of real estate, housing, hospitality and retail liquor trade. The search operation was carried out at 12 different premises located in Samalkha, Gurugram, Rohtak and Panchkula....

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Posted Under: Income Tax |

CCI order against 3 suppliers for rigging bids in tender of Pune Zilla Parishad

The Competition Commission of India (CCI) has found an agreement between three suppliers, to rig the bids in respect of a tender floated by Pune Zilla Parishad for procurement of Picofall-cum-Sewing Machine, in contravention of the provisions of Section 3(1) read with Section 3(3)(d) of the Competition Act, 2002, which prohibits anti-comp...

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Posted Under: Income Tax |

ITAT allows Section 11 Exemption on Interest Income of Charitable Trust

Jhansi Development Authority Commissionery Compus Vs DCIT (ITAT Agra)

Jhansi Development Authority Commissionery Compus Vs DCIT (ITAT Agra) As the assessee had derived all its income only on account of charitable activities undertaken by it pursuant to its object and for the welfare the general public, which were not in the nature of trade , commerce or business. The income even if any earned […]...

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Year End Closure Guide for Accountants & Management – March’2021

Last month of the Financial Year 2020-21 is about to end and this calls for certain checkpoints that each business shall ensure before they close the financial year. Our team of experts have listed below points to ensure accountants and management are on top of the year end checklist and the same have been listed […]...

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Posted Under: Income Tax |

Process for Duplicate share certificate application for lost or misplaced shares

Legal Provision: As per Rule 6(2)(a) to (c) of the Companies (Share Capital and Debentures) Rules, 2014, The duplicate share certificate shall be not issued in lieu of those that are lost or destroyed, without the prior consent of the Board and without payment of such fees as the Board thinks fit, not exceeding rupees […]...

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Posted Under: Income Tax |

NAA directs DGAP to reinvestigate alleged profiteering by Prestige Estate Projects Ltd.

Deepak Naik Vs Prestige Estate Projects Ltd. (NAA)

Deepak Naik Vs Prestige Estate Projects Ltd. (NAA) We find this to be a fit case where the Respondent’s claim of having passed on the benefit to his recipients/homebuyers requires to be verified against third party evidence in the form of written acknowledgements receipts from the homebuyers evidencing the receipt of the benefit, in...

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