"19 March 2021" Archive - Page 3

CBDT promotes 94 officers to the grade of Pr. CIT

Office Order No. 68 of 2021 19/03/2021

Office Order No. 68 of 2021 Consequent upon approval of the Competent Authority, the following officers are, hereby, promoted to the grade of Principal Commissioner of Income Tax (Pr. CIT) (level 15 in the pay matrix Rs. 1,82,200-2,24,100/-) on in-situ basis with immediate effect or w.e.f. the date of assumption of charge of the post b...

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Work contract entrusted to NBCC (India) by IIT, Bhubaneswar is composite supply contract

In re NBCC (India) Limited (GST AAAR Odisha)

In re NBCC (India) Limited (GST AAAR Odisha) Under the Sl.No.3 of notification no. 11/2017-C.T. (Rate), it is clearly mentioned that, the service which is eligible for concessional rate of tax is composite supply of works. In the instant issue, when the Authority for Advance Ruling has allowed the concessional rate of tax to the […...

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Burden of proof on accused to rebut the presumption that cheques was not issued for discharge of any debt or liability.

Sumeti Vij Vs Paramount Tech Fab Industries (Supreme Court)

Since there was no response by the appellant at any stage either when the cheques were issued, or after the presentation to its banker, or after the legal notices were served informing the appellant that both the cheques on being presented to its banker were returned with a note that it could not be honoured because of “insufficient fun...

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Promotion of 92 officers to Pr.CIT grade | Order No. 68 of 2021

Office Order No. 68 of 2021 19/03/2021

Office Order No. 68 of 2021 Consequent upon approval of the Competent Authority, the following officers are, hereby, promoted to the grade of Principal Commissioner of Income Tax (Pr. CIT) (level 15 in the pay matrix Rs. 1,82,200-2,24,100/-) on in-situ basis with immediate effect or w.e.f. the date of assumption of charge of the post by t...

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Section 10A, 10AA deductions not allowable on Income from other sources

Barclays Shared Services Private Limited Vs ACIT (ITAT Pune)

Amount of income which qualifies for deduction is the profits of the business of the undertaking and not any income earned by assessee de hors the business of the undertaking. If the relevant items of income are held to be falling under the head `Income from other sources’, the same will not qualify for deduction under sectio 10A, 10AA....

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Condonation of delay allowable if appeal by speed post was within limitation period & extended period expired on public holiday

Skoda Auto Volkswagen India Pvt. Ltd. Vs Commissioner (Appeals) and another (Bombay High Court)

Dispatch of the appeal by assessee on 02.12.2019 was within the extended period of limitation of one month and, therefore, without considering the prayer for condonation of delay of assessee, respondent No.1 ought not to have rejected the appeal as being time barred by taking the ground that he had no jurisdiction to condone the delay bey...

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Preparing project Report for loan from Banks- MSME loan/Mudra loan

Whether you want to start a new business or a project or you want to expand your existing business, finance is the bloodline of any business. When you have a great idea but do not have any money to execute it, you could look for loan from banks & financial institutions. Government has also come […]...

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Posted Under: Income Tax |

Clarification on Rajasthan Amnesty Scheme-2021

No. F. ( ) /Tax (VAT)/Amnesty/ CCT /20-21/2696 19/03/2021

Outstanding demands or disputed amounts which pertain to regular assessment and its escaped  assessment,   if any, and are   not related to evasion cases. Here the penalty, if any, as mentioned in column 4 of the Table- A, implies penalty other than the penalty imposed for evasion/avoidance of tax....

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Health Insurance Claims Settlement

Ref: IRDAI/HLT/CIR/MISC/053/03/2021 19/03/2021

It is essential that all insurers establish procedures to let policyholders get clear and transparent communication at various stages of claim processing. As specified in the within referred circular dated 10.4.2019, all the insurers shall ensure putting in place systems to enable policyholders track the status of cashless requests/ claim...

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Handbook on Ethics for Insolvency Professional

Press Release No. IBBI/PR/2021/07 19/03/2021

IBBIa has brought out this ‘Handbook on Ethics’, to stimulate the highest standards of ethics and professionalism among the IPs, together with British High Commission, who facilitated in obtaining inputs on the best practices followed by Insolvency Practitioners in UK....

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