"21 April 2021" Archive

TDS not applicable on payment of lease financial amounts to lease financial companies

CIT Vs Texas Instruments India Pvt. Ltd. (Karnataka High Court)

Neither Section 194-C nor 194-I of the Act would be applicable to the lease financing of motor vehicles; thus there could have been no disallowance on the ground that there was no tax deduction at source made by the Assessee....

Maharashtra imposes fresh Covid Curbs wef 22nd April 2021

Order No: DMU/2020/CR. 92/DisM-1 21/04/2021

GOVERNMENT OF MAHARASHTRA Department of Revenue and Forest, Disaster Management, Relief and Rehabilitation, Mantralaya, Mumbai- 400 032 No: DMU/2020/CR. 92/DisM-1, Dated: 21st April, 2021 ORDER Break The Chain Reference: 1. The Epidemic Diseases Act, 1897. 2. The Disaster Management Act, 2005 3. Revenue and Forest, Disaster Management, Re...

Live Coaching Classes for Students of CA Intermediate course

Live Coaching Classes (LCC) Batch -3 commencing from 10th May 2021 respectively for Students of Intermediate course appearing in Nov 2021 examination and Final course for Nov 2021 and May 2022 examination....

Posted Under: Company Law |

Assessment become void ab-initio if done without issue of section143(2)

M/s. Cosmat Traders Pvt. Ltd Vs ITO (ITAT Kolkata)

Cosmat Traders Pvt. Ltd Vs ITO (ITAT Kolkata) We hold that the assessment order is bad in law for the reason that the Assessing Officer having jurisdiction over the assessee, has not issued a notice u/s 143(2) of the Act as required by the statute. Notice issue by the officer having no jurisdiction of the […]...

All about Goods Transport Agency (GTA)

♦ Goods Transport Agency(GTA) As per Notification No. 11/2017-Central Tax (Rate) dated 28th June, 2017,GTA means (i) any person who provides service in relation to transport of goods by road and (ii) issues consignment note, by whatever name called. Sec.23(1) CGST Act (i) Any Person engaged exclusively in non-taxable supply or (ii) Exem...

Posted Under: Company Law |

Form PAS-6 Reconciliation of Share Capital Audit Report | Rule 9A

Ministry of Corporate Affairs (‘MCA’) had issued a notification on 10th September, 2018 to amend the Companies (Prospectus and Allotment of Securities) Rules, 2014, these rules may be called the Companies (Prospectus and Allotment of Securities) Third Amendment Rules, 2018. The same are effective from 2nd October, 2018. Amendment By t...

Posted Under: Company Law |

Depreciation allowable on Machinery ready but could not be put to use

 DCIT Vs Agile Electric Sub Assembly Pvt.Ltd. (ITAT Chennai)

DCIT Vs Agile Electric Sub Assembly Pvt. Ltd. (ITAT Chennai) Admittedly, the assessee has filed a tabular chart explaining date of purchase of machinery and completion of commissioning of such machinery, as per which all the plant and machinery was commissioned before 30.03.2013. The assessee had also placed on record commissioning report...

Key amendments in maintenance of Accounts & Financial Reporting under Companies Act, 2013

Brief note: The Ministry of Corporate Affairs (MCA) has issued the Company (Accounts) Amendment Rules, 2021, Companies (Audit and Auditors) Amendment Rules, 2021 and made amendments to Schedule III under the Companies Act, 2013 (“the Act”). These amendments require significant additional disclosures in the statutory financial statemen...

Posted Under: Company Law |

Allow CA & other professionals to operate during lockdown

Allowing CA and other professionals to carry on their activities during the lockdown period and Include CA and other professionals under Essential Services and Exempted categories during Lockdown period....

Posted Under: Company Law | ,

Extend compliance dates falling under various Laws in April-2021

CA Shailesh R Ghedia, President, Mumbai BJP Professional Cell has requested FM to extend Return Filing/compliances dates, as falling under various Laws in April-2021, and/or for waiver of penalty/interest for late filing /compliances.  Full text of his letter is as follows: BJP professional Cell, Mumbai Date: 14th April 2021 To, Smt Nirm...

Posted Under: Company Law |

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December 2023