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Archive: 28 April 2021

Posts in 28 April 2021

Cabinet approves Agreement with UK for info sharing to prevent customs offences

April 28, 2021 414 Views 0 comment Print

Cabinet approves Agreement between the Government of India and the Government of the United Kingdom of Great Britain and Northern Ireland on Customs Cooperation and Mutual Administrative Assistance in Customs Matters

No GST can be demanded from Buyer for fault of Seller of non-payment of taxes to Govt

April 28, 2021 47157 Views 2 comments Print

HC quashed the order passed by the officer levying the entire tax liability on the purchasing dealer without involving the seller, where the payment of tax has been made by the purchasing dealer, but the same has not been remitted to the Government by the Seller. Held that, the omission on the part of the Seller to remit the tax should have been viewed very seriously and strict action ought to have been initiated against the seller.

Stock Exchange Compliance Calendar

April 28, 2021 1236 Views 0 comment Print

Article explains all the Mandatory and event-based compliance under the SEBI (LODR) Regulation, 2015, SEBI (DP) Regulation, 2018, SEBI (PIT) Regulation, 2016 & SEBI (SAST) Regulation, 2011. Article further explains all the above Compliance and their due dates. SEBI (LODR) Regulation, 2015 REGULATION PURPOSE TIME PERIOD       Regulation 7 (3)  Compliance Certificate certifying […]

Why QRMP Scheme

April 28, 2021 1380 Views 0 comment Print

From 1st January 2021 QRMP (Quarterly return monthly payment) scheme came into existence, which allowed to registered person having aggregate turnover upto Rs.5 crore in preceding financial year to opt for QRMP scheme. Therefore this scheme is not available to registered having aggregate turnover of Rs.5 crore in preceding financial year. This Scheme is optional […]

Tax Compliance & Statutory due dates for May, 2021

April 28, 2021 29133 Views 0 comment Print

Compliance Calendar for the month of May 2021 The pandemic strikes even harder than the last year. The situation is getting worse everywhere but simultaneously it is important for the businesses to stay compliant with various compliance during the year. As far as statutory compliance and Tax compliance calendar is concerned, every month is significant. […]

Central Scrutiny Cell: A torch bearer for enhanced Corporate Governance          

April 28, 2021 1227 Views 0 comment Print

Introduction: The Ministry of Corporate Affairs has undertaken various measures in order to facilitate transparency and the data quality which is uncompromised and free from flaws. With this ultimate goal in mind the Ministry has launched Artificial intelligence driven portal that would facilitate e-adjudication, e-scrutiny and other models. On the other hand, the Ministry has […]

Best judgment assessment – Arbitrary adoption of percentage not admissible

April 28, 2021 1914 Views 0 comment Print

In best judgment assessment, AO had to bring on record certain material with regard to rate of profit admitted for estimation of profit with some comparable cases of similar nature or profit declared in similar industry

Approve Insurance claim of COVID-19 patients in 30 to 60 Minutes: HC

April 28, 2021 3498 Views 2 comments Print

Vinay Jaidka Vs Chief Secretary (Delhi High Court) Abhishek Nanda, ld. Counsel who appears for the Insurance Regulatory and Development Authority of India (hereinafter, “IRDAI”) was requested to appear before the Court. He submits that recently, the IRDAI has issued press releases dated 22nd April, 2021 and 23rd April, 2021 as per which it has […]

Expediting supply of medical devices required for COVID19 patient care

April 28, 2021 546 Views 0 comment Print

Permission for making mandatory declarations required under the Legal Metrology (Packaged Commodities) Rules, 2011 after custom clearance and before sale to importers of medical devices due to prevalent situation of COVID-19

Reasonable belief sufficient for Section 147 notice; Final conclusion not required

April 28, 2021 1623 Views 1 comment Print

Arpit Goel Vs ITO (ITAT Delhi) 1. Assessing Officer is not suppose to arrive at the final conclusion. He is supposed to reach at a reasonable belief, which a prudent man will arrive at, that the income has escaped assessment. It has to be a prima facie case regarding escapement of income. 2. AO is […]

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April 2021