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Archive: 24 March 2021

Posts in 24 March 2021

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6999 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Generation of GST Invoice Reference Number (IRN)

March 24, 2021 19110 Views 2 comments Print

The current article explains the structure of the Invoice Reference Number; a brief understanding of the e-invoice schema and steps to generated the Invoice Reference Number (IRN). Structure of Invoice Reference Number– Basically, Invoice Reference Number (i.e., IRN) is a 64-character long number allotted by the e-invoice portal. IRN is generated using the hash generation […]

Levy of GST on Carbon Credits

March 24, 2021 13689 Views 1 comment Print

Considering the earlier judicial pronouncement and treatment under VAT regime, the balance seems to be tilting in the favour of CERs being goods and thus subject to GST, however, GST being new law, any interpretation differing from the earlier view cannot be ruled out absolutely.

Opting-in for Composition Scheme for Financial year 2021-22

March 24, 2021 23151 Views 4 comments Print

1. How to opt-in for Composition Scheme: ♦ The eligible registered taxpayers, who want to opt-in for composition scheme for the FY 2021-22, need to file FORM GST CMP-02 application, on or before 31st March, 2021, post login on GST portal. The taxpayers may navigate as follows: Log-in>Services > Registration > Application to opt for […]

TDS not deductible on Reimbursement without any Profit Element

March 24, 2021 2589 Views 0 comment Print

BYK Asia Pacific Pte. Limited Vs ACIT (ITAT Pune) On going through the documents/material as discussed above, it is evident that Seminar expenses, Training expenses, Printing expenses and Staff welfare expenses are amounts paid by the Indian BO to the Singapore HO, which satisfy the twin conditions of `reimbursement’ as discussed supra, viz., one-to-one direct […]

Tax treatment of dividend received from company

March 24, 2021 23970 Views 2 comments Print

Under the current scenario up to  AY 2020-21, if a shareholder gets dividend from a domestic company then he shall not be liable to pay any tax on such dividend as it is exempt from tax under section 10(34) of the Act. However, in such cases, the domestic company is liable to pay a Dividend […]

Customs: Proposed changes to Section 46 related to Bill of Entry

March 24, 2021 8088 Views 0 comment Print

Section 46 would facilitate pre-arrival processing and assessment of Bills of Entry (BE) by mandating their advance filing thus leading to significant decrease in the Customs clearance time.

Section 11 exemption cannot be denied merely for Low School Expenses

March 24, 2021 1146 Views 0 comment Print

Jogdhian Hari Bhagwan Rastogi Charitable Memorial Trust Vs ACIT (ITAT Delhi) The assessee society is registered u/s 12A of the I.T. Act. The trust was formed on 27.09.1966 with the primary aims of carrying out public charitable objects and purposes including relief of the poor, education, medical relief and advancement of any other object of […]

Recovery of Unclaimed Investment of TCS from IEPF Can Make You Rich!

March 24, 2021 2478 Views 3 comments Print

Tata Consultancy Service Ltd. (TCS) is an IT sector market leader in India and is one of the largest IT MNCs in the world. The company specialises in IT outsourcing and consultancy services and has a repute for giving the best solutions to any client. It has handled many projects from the government and private […]

No addition for unexplained cash deposit if Sale amount exceeds cash deposit in bank

March 24, 2021 2727 Views 0 comment Print

In my considered opinion, once the total turnover of the assessee is much more than the total cash deposit in the bank account (in this case sales is 227% of the cash deposit), no addition is called for on account of unexplained cash deposit in the bank account. The explanation of the assessee appears to be reasonable. Under these circumstances, I hold that the ld.CIT(A) is not justified in sustaining the addition of Rs. 3,67,000/-. I, therefore, set aside the order of the CIT(A) and direct the AO to delete the addition.

Amendment to Schedule III of Companies Act 2013 wef 01.04.2021

March 24, 2021 66891 Views 0 comment Print

Central Government hereby makes the following further amendments in Schedule III to the Companies Act 2013 with effect from 1st day of April, 2021

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