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Archive: 25 March 2021

Posts in 25 March 2021

CBDT Defers GST & GAAR reporting till 31.03.2022

March 25, 2021 38496 Views 1 comment Print

The Central Board of Direct Taxes (CBDT) deferred the Tax Audit Clause 30C and 44  till 31st Mar 2022 due to COVID-19. F.No. 370142/9/2018-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes TPL Division New Delhi **** Circular No. 05/2021, Dated 25th March, 2021 Order under section 119 of […]

Cancellation of Invoice Reference Number (IRN) under GST

March 25, 2021 69363 Views 3 comments Print

Slowly and steadily, the Government is making e-invoicing mandatory for wide numbers of suppliers. Currently, an e-invoice is mandatory for the registered person having an aggregate turnover of more than INR 100 Crores in a Financial Year. However, from 1st April 2021, e-invoice is going to be mandatory for all registered person having an aggregate […]

GST: HC stays summon issued without application of mind

March 25, 2021 2172 Views 0 comment Print

Delhi HC stays proceedings in Ankit Bindal’s case, citing vague summons seeking self-incriminating material. Next hearing on 12/04/2021.

Barbeque-Nation Hospitality Limited –IPO Review

March 25, 2021 5628 Views 0 comment Print

Background of the Company: The Company was originally incorporated as Sanchi Hotels Private Limited on October 13, 2006 at Indore, Madhya Pradesh, India as a private limited company under the Companies Act, 1956. Subsequently, the name of the Company was changed to Barbeque-Nation Hospitality Private Limited and a fresh certificate of incorporation consequent upon change […]

ITAT allows Tata Trust to Surrender 12A Registration wef 20.03.2015

March 25, 2021 1815 Views 0 comment Print

Navajbai Ratan Tata Trust Vs PCIT (ITAT Mumbai) Mumbai ITAT UNIQUE ORDER  on one  tata trust case where assessee opted out of benefit of sec 12AA to apparently save itself from onerous tax exposure with sec 12AA on its head so in these circumstances it is held that 42. The question then arises as to […]

Financial Year End Checklist – Income Tax & GST

March 25, 2021 19098 Views 1 comment Print

Since we have the financial year as April to March in India, March end is always known to be a bustling for the tax professionals and businesses. What is it exactly that brings so much of hassle for all of us? This article lists down the activities that are to be complied with before 31st […]

GST Taxpayer? – 8 Important things to do before  the new Financial Year begins

March 25, 2021 44517 Views 7 comments Print

A GST taxpayer is required to keep the following in mind at the beginning of the FY 2021-22. 1. The functionality to opt for composition scheme has been made available for FY 2021-22 in the dashboard of taxpayers at GST Common Portal. The eligible taxpayers, who wish to avail the composition scheme from FY 2021-22 […]

I-T Refund cannot be adjusted by more than 20% of Demand: HC

March 25, 2021 11847 Views 0 comment Print

Vrinda Sharad Bal Vs ITO (Bombay High Court) The Bombay high court recently held that income tax (I-T) officers cannot adjust the refunds due to taxpayers against outstanding demands in excess of the limits laid down in instructions, circulars and guidelines issued by the Central Board of Direct Taxes (CBDT). he I-T returns for the […]

FAQs on Company Formation in India

March 25, 2021 4002 Views 1 comment Print

1. What are the types of Companies that can be registered in India? –One Person Company (OPC) -Private Limited Company -Subsidiary of a Foreign Company -Public Limited Company -Limited Liability Partnership (LLP) -Non-Profit Organizations (Sec. 8 Companies) -Nidhi Company 2. Can a Foreign National incorporate a Company in India? A Foreign National can incorporate a […]

Challenge to ‘search action’ at business premises dismissed by High Court citing presence of ‘reason to believe’

March 25, 2021 864 Views 0 comment Print

The Hon’ble Delhi High Court in RCI Industries and Technologies Ltd. v. Commissioner DGST Delhi & Ors. [W.P.(C) 121/2021 decided on January 7, 2021] dismissed the writ application filed to impugn the search action at the business premises on the ground that there are ‘reasons to believe’ to inspect and search the business premises by […]

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