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Archive: April, 2021

Posts in April, 2021

Setting up of LPCC by AMCs of Mutual Funds

April 6, 2021 747 Views 0 comment Print

It was prescribed, inter alia, that the contribution from AMCs shall be in proportion to the Average AUM of open ended debt oriented mutual fund schemes (excluding overnight, gilt fund and gilt fund with 10-year constant duration but including conservative hybrid schemes) managed by them for the Financial Year (FY) 2019-20.

Section 271(1)(c) Penalty imposed without specifying the limb is invalid

April 6, 2021 9519 Views 0 comment Print

Glory Lifesciences Pvt. Ltd. Vs ACIT (ITAT Delhi) It is an admitted fact that before levy of the penalty A.O. has issued show cause notice Dated 20.06.2014 in all the years in which A.O. has mentioned both the limbs of Section 271(1)(c) of the I.T. Act that assessee have concealed the particulars of your income […]

Section 153C Assessment invalid if Satisfaction not recorded & If section 153C notice not issued

April 6, 2021 3816 Views 0 comment Print

No satisfaction note have been recorded under section 153C of the I.T. Act. The A.O. passed the assessment order for the assessment year under appeal i.e., 2013-2014 under section 143(3) considering the preceding A.Y. 2012-2013 to the year of the search.

A Bird’s eye View on SEBI’s Consultation paper for review of provisions of Independent Director

April 6, 2021 1761 Views 0 comment Print

INTRODUCTION ♦ The concept which was first introduced in the 1998 CII Report was enthusiastically endorsed by the Kumar Mangalam Birla Committee Report which asserted that the independent directors have “a key role in the entire mosaic of corporate governance” in India. This faith in the person of the independent director has been reflected in […]

ITR-4–Validation Rules for AY 2021-22

April 6, 2021 5661 Views 1 comment Print

Central Board of Direct Taxes, e-Filing Project ITR 4 – Validation Rules for AY 202 1-22 Version 1.0 2nd April 2021 Directorate of Income Tax (Systems) E-2, A.R.A. Centre, Ground Floor Jhandewalan Extension New Delhi – 110055 Document Revision List Document Name: ITR 4 – Validation Rules for AY 202 1-22 Version Number: 1.0 Revision […]

ITR-1–Validation Rules for AY 2021-22

April 6, 2021 18921 Views 8 comments Print

ITR 1 – Validation Rules for AY 2021-22 Version 1.0 2nd April 2021 Directorate of Income Tax (Systems) E-2, A.R.A. Centre, Ground Floor Jhandewalan Extension New Delhi – 110055 Document Revision List Document Name: ITR 1 – Validation Rules for AY 2021-22 Version Number: 1.0 Revision Details Version No. Revision Date Revision Description Page Number […]

SOP to implement ‘Break the Chain – Micro Containment Zones’ in Mumbai

April 6, 2021 7446 Views 0 comment Print

MUNICIPAL CORPORATION OF GREATER MUMBAI No MGC/A/6181, dated 5th April 2021. Sub : SOP for implementation of the “Break the Chain – Micro Containment Zones” Copy of my D.O. letter to Commissioner of Police, Mumbai may kindly be perused. To ensure compliances of Micro-Containment Zones, following SOPs shall be followed in letter and spirit :- […]

Court Sentences then DDIT & 2 Private Persons in a CBI Case

April 6, 2021 2247 Views 0 comment Print

The Special Judge for CBI cases, Delhi has sentenced S/Sh Ashutosh Verma then Deputy Director (Investigation) Income Tax, Delhi; Suresh Nanda (private person) and Bipin Shah (Chartered  Accountant), all to undergo one year Rigorous Imprisonment with fine of Rs. one lakh each in a CBI case.

Concept of Marine Insurance under Marine Insurance Act, 1963

April 6, 2021 92506 Views 1 comment Print

Explore the intricacies of Marine Insurance under the Marine Insurance Act, 1963. Uncover the coverage of ships, cargo, and terminals, distinguishing between Hull and Cargo Insurance. Delve into key clauses, such as Voyage and Time basis, governed by international regulations and INCOTERMS. Understand the significance of utmost good faith, insurable interest, and the role of warranties and conditions.

Form CSR- Instructions for Filling of e-form CSR

April 6, 2021 2682 Views 1 comment Print

Form CSR- INSTRUCTIONS FOR FILLING OF EFORM CSR (Form for voluntary reporting of Corporate Social Responsibility) Note: 1. Instructions are not provided for the fields which are self explanatory 2. If the space within any of the fields is not sufficient to provide all the information, then additional details can be provided as an optional […]

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