"15 April 2021" Archive

ITC not available on promotional items distributed FOC to their distributors/franchisees

The Hon’ble AAR, Karnataka in Re: M/s Page Industries Limited [Advance Ruling No. KAR ADRG 54/2020 dated December 15, 2020] held that assessee is in essence not eligible to claim input tax credit (ITC) on promotional products/materials and marketing items used in promotion of their brand and marketing their products which is distributed...

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CBDT amends Income Tax  rule 2DB & Form No. 10BBA

Notification No. 32/2021- Income Tax [G.S.R. 274(E).] 15/04/2021

CBDT amends Income Tax  rule 2DB which relates to conditions to be satisfied by the pension fund for exemption under section 10(23FE) and substitutes/amends Form No. 10BBA – Application for notification under sub-clause (iv) of clause (c) of Explanation 1 to the clause (23FE) of section 10 of the Income-tax Act, 1961 (Pension Fund)...

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Illustrative List of SAC Code – Chartered Accountants Office

I have been watching lot of questions about use of SAC classifications in several groups. I am enclosing herewith list of illustrative SAC classification of services as applicable from July 1,2017.  Please note that no specific exemption was available for non-quoting of SAC from the day one of GST Act 2017  Note: All users are […...

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Every Saturday declared as a public holiday for LIC of India

S.O.1630(E) 15/04/2021

Central Government hereby declares every Saturday as a public holiday for Life Insurance Corporation of India, with immediate effect....

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Display of Registration Certificate at Prominent Location & GSTIN on Name Board

RULE 18 OF CGST OR SGST RULES, 2017 (1) Every registered person shall display his certificate of registration in a prominent location at his principal place of business and at every additional place or places of business. (2) Every registered person shall display his Goods and Services Tax Identification Number on the name board exhibited...

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Economy, GST And Tax Revenue

In the backdrop of rising Covid-19 cases in its second wave, the International Monetary Fund (IMF) has raised its forecast of economic growth for India to 12.5% as per latest World Economic Outlook (WEO) for the FY 2022. In fact, it has pitched India as the fastest growing economy major and the only economy to […]...

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Taxation on Transfer of Capital Asset by Partner or by member of AOP/BOI & vice-se-versa

To understand the provision of taxation of capital gain on transfer of capital assets by the partner or by the member if the AOP/BOI and vice-se-versa, we need to understand the section 45(3) and 45(4) brought by the finance act 1987. The section 45(4) got substituted by the new section 45(4) and 9B by the finance act 2021....

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TDS – How to Meet your obligations (Deductee’s)

Q.1 Who is a deductor and a deductee ? Ans: In case of certain prescribed payments (e. g. Interest, commission, brokerage, rent, etc.) the person making payment is required to deduct tax at source (TDS) at the prescribed rate. The payer is known as deductor and the payee, who receives the net payment is called […]...

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Income Tax Faceless Penalty Scheme 2021 in brief

The government has introduced the Faceless Penalty Scheme 2021 which will digitise issuing of penalties on assessee …. Notification No. 03/2021-Dated 12th January, 2021 The scheme specifies setting up of national faceless penalty centres, regional penalty centres, penalty units and review units for execution of penalty proceedings, such...

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Section 80C Deduction for Financial Year 2020-21 / AY 2021-22

Section 80C Deductions to be deducted while computing total income for Financial Year (F.Y 2020-21)/  Assessment Year 2021-22 (A.Y 2021-22) The aggregate amount of deductions allowed under section 80C (along with 80CCC & 80CCD) is INR 1,50,000. The deductions under section 80C are allowed only to the following assessees:- a. Individu...

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May 2021