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Archive: 20 March 2021

Posts in 20 March 2021

Tax Implications of Transactions in Crypto Currency Under Income Tax Act, 1961

March 20, 2021 14145 Views 1 comment Print

What is crypto currency? Crypto currency is a type of currency which uses digital files as money. Usually, the files are created using the same methods as cryptography – the science of encrypting information. It is claimed to be more secure than the real money. How is crypto currency acquired or generated? Is Crypto currency taxed in India? Concept of crypto currency is […]

5 reminders related to GST for Taxpayers

March 20, 2021 13854 Views 0 comment Print

1. Attention ! GST TAXPAYERS WHO ARE NOT UNDER QRMP SCHEME File Your monthly GSTR-3B Returns for the month of February, 2021 before 20th March, 2021 Late filing of GSTR-3B Returns will attract late fee & interest 2. Attention ! Non-Resident GST Taxpayers! File Your monthly GSTR-5 Return for the month of February, 2021 before […]

CAIT writes govt on Unauthorised online selling of pharmacy

March 20, 2021 981 Views 0 comment Print

We invoke your kind attention towards the repeated violation of Drugs & Cosmetics Act by selling pharmacy through their respective e-commerce channels which is adversely affecting the business of lakh of Medicine Retailers, Chemists etc who are giving medicines to needy people by observing all provisions of the law and the rules.

Measures protecting MSME from getting liquidated During Covid-19 under IBC

March 20, 2021 3495 Views 10 comments Print

Conditions that have been enhanced to protect MSME from getting liquidated During Covid-19 – Under IBC This Article is about the MSME sector which has been devastated During the Covid Period. The mandatory provisions that were made under INSOLVENCY AND BANKRUPTCY CODE for the protection of MSME from getting Liquidated and primarily for the revival […]

Ministry of Commerce Issues Guidelines for Startup India Seed Fund Scheme

March 20, 2021 2232 Views 0 comment Print

The Commerce Ministry has issued guidelines for Startup India Seed Fund Scheme (SISFS) 1. The Seed Fund will be disbursed to eligible startups through eligible incubators across India. 2. Criteria: a. A startup,recognized by DPIIT, incorporated not more than 2 years ago at the time of application. b. The startup must have a business idea […]

Necessity of a new Press Note replacing Press Note No. 2 of FDI Policy 2016/2018

March 20, 2021 1770 Views 0 comment Print

We invoke your kind and immediate attention towards FDI in e-commerce section of Press Note No. 2 of FDI Policy 2016/2018, the stipulations of which foreign entities like Amazon and Flipkart are hell bent on ruthless destroying the Indian retail sector with their deep pockets and expensive lobby if legal experts who will stop at nothing before trampling the lives of over 40 corers Indian. I

CAG have no jurisdiction to audit the accounts of a non-government entity

March 20, 2021 6522 Views 0 comment Print

The Hon’ble Bombay High Court in Kiran Gems Private Limited v. Union of India and Ors. [Writ Petition No. 1135 of 2019, decided on January 29, 2021] quashed the notice/intimation demanding audit of a private entity by Central Excise Revenue Audit (CERA) and requiring information/records for the period 2015-16 to 2017-18 to the officers of […]

GST on Supply of drinking water at concessional rate by charitable organisation

March 20, 2021 3366 Views 0 comment Print

In re Vijayavahini Charitable Foundation (GST AAR Andhra Pradesh) Question: Whether supply of drinking water to general public in unpacked/unsealed manner through dispensers/mobile tankers by a charitable organisation at a concessional rate is covered under exemption of GST as per Sl.No 99 of Notification 02/2017 – central tax (Rate) dated 28/06/2017? Sl.No.99. “Intra state supplies of […]

115BAC: Option to choose new New Tax Rates

March 20, 2021 29688 Views 1 comment Print

As financial year 2020-21 is going to end, there is confusion in every taxpayer’s mind, what option of tax calculation he / she have to choose? What has created this confusion? Answer is Finance Act 2020. Through Finance Act 2020, the Government has given an option to Individual and HUF taxpayers to pay tax using […]

Statutory Bank Audits: – FY 2020-21

March 20, 2021 69294 Views 4 comments Print

As we all are aware about that the season of Statutory Bank Audits is on its verge. It’s the time when professionals are getting the straps of their boots ready to have a crisp walk. I thought it desirable to pen down a few things, which are basic and my experience of Bank Audits and […]

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