"25 March 2021" Archive - Page 2

Personal hearing to taxpayer must before cancellation of GST Registration: HC

Tvl. Vectra Computer Solutions Vs Commissioner of Commercial Taxes (Madras High Court)

High Court held that Personal hearing must be afforded to taxpayer before cancellation of GST Registration. As in this case no such Opportunity was afforded to Taxpayer so High Court has Quashed the Cancellation order....

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Secretarial audit: A proactive Governance Measure

It is a fact that in the rapidly changing business world, every company, while pursuing its activities has to comply with numerous rules and regulations under Companies Act, SEBI, FEMA, and multiple other Laws.  Thus, under section 204 of the companies act, 13, the mechanism of secretarial audit has been included to examine the complianc...

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Economy and GST – Random Thoughts

The ongoing Budget session of Parliament recommenced its second phase from 9th March, 2021. However, it is likely to conclude early ahead of state polls which are from 27th March, 2021. Finance Bill, 2021 was debated in Parliament on 22.03.2021 in Lok Sabha and 24.03.2021 in Rajya Sabha which has been passed by both the […]...

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Allotment of one PAN to two or more taxpayers- resolution

ITBA-PAN Instruction No. 9 25/03/2021

Instances of allotment of one PAN to two persons and in rare cases even to more than two persons have come to the notice of Directorate of Income-tax(Systems). In this regard the Directorate formulated a policy and the same was issued vide AIS Instruction No. 82 dated 21.06.2013...

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IFSCA (Finance Company) Regulations, 2021

Notification No. IFSCA/2020-21/GN/REG010 25/03/2021

(1) These regulations may be called the International Financial Services Centres Authority (IFSCA) (Finance Company) Regulations, 2021. (2) They shall come into force from the date of its notification in the Official Gazette....

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IFSCA (Banking) (Amendment) Regulations, 2021

Notification No. IFSCA/2020-21/GN/REG009 25/03/2021

IFSCA notifies International Financial Services Centres Authority (Banking) (Amendment) Regulations, 2021 i.e. IFSCA (Banking) (Amendment) Regulations, 2021. INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 25th March, 2021 INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY (BANKING) (AMENDMENT) REGULATIONS...

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Education & secondary higher education cess not disallowable

Honeywell Technology Solutions Lab Pvt. Ltd. Vs DCIT (ITAT Bangalore)

Honeywell Technology Solutions Lab Pvt. Ltd. Vs DCIT (ITAT Bangalore) We respectfully following the aforesaid judgment of the Honable High Court of Bombay in the case of Sesa Gold Limited (supra), therein conclude that ‘Education Cess’ and the Secondary and Higher Education Cess is not disallowable as a deduction u/s 40(a)(ii)...

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GST: Consider lifting of Provisional Attachment of Bank accounts: HC

Senior Intelligence Officer Vs KPN Travels India Ltd. (Madras High Court)

Senior Intelligence Officer Vs KPN Travels India Ltd. (Madras High Court) Learned counsel for the first respondent would submit that by attaching all 14 bank accounts, the business operations of the first respondent have been absolutely crippled and they are unable to pay salaries, discharge creditors, etc.  In the light of the above, we...

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Enhancement of 4 Issuer services on NSDL issuer portal

Circular No.: NSDL/CIR/II/5/2021 25/03/2021

All issuers / RTAs are hereby informed that as a part of our continuous endeavor to service the Issuers/RTAs, NSDL has enhanced its issuer portal. In respect of issuance of Commercial Paper, Issuers / RTAs are facilitated to make online application for allotment of ISIN and for execution of corporate action through issuer portal....

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Agricultural Income: Justification & Objections

In this article, the author has sought to produce the meaning and the scheme of taxation of Agricultural income in India. The attempt has also been made to examine the justifications i.e., political and administrative of such an exemption even after 75 years of independence of the nation....

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July 2021