"13 April 2021" Archive - Page 4

Bank Audits 2021- Decoding Housing Loans

The housing loan is the “Priority Sector Lending”. The Reserve Bank of India, through its Master Direction on the subject of housing loan have advised the bankers adhere to the National Building Code (NBC) formulated by the Bureau of Indian Standards (BIS) in view of the importance of safety of buildings especially against natural dis...

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Posted Under: CA, CS, CMA |

4-digit/6-digit HSN Code under GST

GST helpdesk is in receipt of some tickets at helpdesk wherein it was reported that certain 6-digit HSN codes are not available in HSN Master/ not accepted on e-invoice/e-Way bill portals....

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Posted Under: CA, CS, CMA | ,

GST Council News Letter- March 2021

The gross GST revenue collected in the month of March 2021 is Rs. 1,23,902 crore of which CGST is Rs.22,973 crore, SGST is Rs.29,329 crore, IGST is Rs.62,842 crore (including Rs. 31,097 crore collected on import of goods) and Cess is Rs. 8,757 crore (including Rs.935 crore collected on import of goods). The government has […]...

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Posted Under: CA, CS, CMA |

Prepack Insolvency Resolution Process Regulations notified for MSMEs

Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action, now, therefore, in exercise of the powers conferred by clause (1) of article 123 of the Constitution, the President has promulgated on 4th April, 2021 an Ordinance i.e. Insolvency and Bankruptcy ...

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Posted Under: CA, CS, CMA |

CCI to review extant Confidentiality Regime

Review of the extant Confidentiality Regime as provided in Regulation 35 of the Competition Commission of India (General) Regulations, 2009 and inviting public comments on the proposed regime...

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Posted Under: CA, CS, CMA |

A literal formalistic interpretation of statute is to be avoided in interpreting beneficial exemptions

The Hon’ble Supreme Court of India in Government of Kerala & Anr. v. Mother Superior Adoration Convent [Civil Appeal No. 202 of 2012 and others, decided on March 1, 2021] upheld the judgments passed by the Hon’ble Kerala High Court allowing the exemption of tax on buildings used as residential quarters for nuns, priests or [&helli...

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Posted Under: CA, CS, CMA |

Benefits for Retired Employees under Income Tax Act 1961

BENEFITS FOR RETIRED EMPLOYEES under Income Tax Act 1961 Higher Basic exemption limit Exemption from tax on amount received as Gratuity, Commuted Pension Leave Enchashment and from Provident Fund Higher dedication for Medical Insurance Premium Higher deduction limit for interest from Banks and Post Office and many more …. Benefit Fo...

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Posted Under: CA, CS, CMA |

TDS implication on cash withdrawals – Section 194N

Q.1 The amended section 194N of Income tax Act, 1961 provides for TDS obligation on cash withdrawals. Which institutions are covered under scheme of this section which has to deduct TDS on certain cash withdrawals? The following persons have to deduct TDS on certain cash withdrawals made by a person holding one or more accounts […]...

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Posted Under: CA, CS, CMA |

Section 12AB Registration Procedure for First Time Registration of Trusts

Registration Procedure For Trusts/Institutions Seeking Registration U/S 12Ab For The First Time Newly inserted provisions namely section 12AB and clause (ac) in subsection 1 of section 12A in The Income-tax Act, 1961 (Act) have changed the procedure for trusts/ institutions to get themselves registered under the Act. For trusts/institutio...

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Posted Under: CA, CS, CMA |

GST registration Requirement from perspective of different taxpayers

In this article there is an effort to touch upon basic but very important topic of Requirement of ‘GST registration’ from the perspective of different ‘Person’. Particulars Voluntary  GST Registration Compulsory  Registration Threshold limit for Compulsory Registration Remarks • Individual 1. Physical Natural...

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Posted Under: CA, CS, CMA |

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