"23 March 2021" Archive

Allow payment of GST by buyer directly to Govt similar to RCM: FAIVM

Allow payment of GST by buyer directly to Government similar to RCM: FAIVM said in its representation Distressed by the complexities and oddities of GST, traders have made a unique effort. Submission of collective representation in series , has been initiated by the Federation of All India Vyapar Mandal (FAIVM), the nation’s apex tr...

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Clarifications on provisions of Direct Tax Vivad se Vishwas Act

Circular No. 04/2021-Income Tax 23/03/2021

Sections 10 and 11 of Vivad se Vishwas empower the Central Government / Central Board of Direct Taxes to issue directions or orders in public interest or to remove difficulties. In order to facilitate the taxpayers, clarifications under the said sections in form of answers to frequently asked questions (FAQs) were issued vide circular no....

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ITAT deletes Section 14A disallowance as AO not recorded Satisfaction

Prism Cement Ltd. Vs DCIT (ITAT Mumbai)

Prism Cement Ltd. Vs DCIT (ITAT Mumbai) We observed that assessee has earned exempt income of Rs. 12,62,95,486/- and made a suo moto disallowance of Rs. 29,87,943/-. After careful consideration of the assessment order passed by the AO and the order passed by Ld. CIT(A), it is fact on record that AO has not recorded […]...

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Steps to register on GST e-invoice portal

The present article covers the basics of the e-invoice portal and also explains the steps to register on the e-invoice portal. Basic understanding of e-invoice portal- Following are some of the basics of an e-invoice portal– ♥ https://einvoice1.gst.gov.in/ is the first invoice registration portal. ♥ The e-invoice portal is maint...

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Steps taken by government to boost domestic demand

It is a continuous endeavour of the Government to introduce schemes and reforms to promote Ease of Doing Business, increase investments & GDP growth and providing boost to domestic demand with the ultimate objective of ushering in an inclusive growth and well-being of all the sections of the society....

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SPACs – the topic of the hour

SPAC stands for Special Purpose Acquisition Company, also popularly known as ‘Blank cheque companies’. SPACs are corporations that are designed to take companies public without going through the traditional Initial Public Offering (IPO) process....

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Understanding various concept of Indian Laws (in Poetry form)

1. Preliminary The importance of Indian laws is not hidden from anyone. Every Indian should have basic knowledge of Indian laws and the Constitution. My profession is belonging to tax laws and I have written so many articles on tax and other laws till date. But this is the first time when I am writing […]...

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Lok Sabha Passes Finance Bill 2021 (Read Bill)

Bill No. 15-C of 2021 23/03/2021

Finance bill 2021 was introduced in Lok Sabha on 01st February 2021 and the same is passed by Lok Sabha with around 127 Amendments on 23rd March 2021. Download Finance Bill 2021 as passed by Lok Sabha Govt proposes 127 amendments to Finance Bill, 2021 Lok Sabha Passes Finance Bill 2021 (Read Parliament Proceedings) Full […]...

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Decriminalization of Offences Under Limited Liability Partnership Act, 2008

The Limited Liability Partnership (LLPs) is an alternative corporate business vehicle that provides the benefits of limited liability but allows its members the flexibility of organizing their internal structure as a partnership based on a mutually arrived agreement. In order to provide greater ease of doing business in India to law abidi...

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Mixed Supply & Composite Supply under new GST Law

'Mixed Supply' and 'Composite Supply' are defined in the GST Law. The purpose/intent for such specific definition was to differentiate between the two types of supplies so as to determine the appropriate tax rate that would be applicable for such supplies....

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