"01 May 2021" Archive - Page 2

UTGST: Relaxation in GST interest rate for March & April 2021

Notification No. 01/2021-Union Territory Tax [G.S.R. 312(E)] 01/05/2021

CBIC vide Notification No. 08/2021-Union Territory Tax Dated: 1st May, 2021 provides Relaxation in the interest rate based on Turnover to those who have to file GSTR 3B and also to Composition dealers. Relaxation is for Tax Period ending on 31st March 2021 and for 30th April 2021. Ministry of Finance (Department of Revenue) (Central [&hel...

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IGST: Relaxation in GST interest rate for March & April 2021

Notification No. 01/2021-Integrated Tax [G.S.R. 311(E)] 01/05/2021

CBIC vide  Notification No. 01/2021-Integrated Tax Dated: 1st May, 2021 provides Relaxation in the interest rate based on Turnover to those who have to file GSTR 3B and also to Composition dealers. Relaxation is for Tax Period ending on 31st March 2021 and for 30th April 2021. Ministry of Finance (Department of Revenue) (Central Board o...

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Tax planning while setting up of a business with reference to location (2021-2022 A.Y and A.Y 2022-2023)

I hereby want to summarize details regarding Tax Planning while setting up of a business with reference to location related with A.Y 2021-2022 and A.Y 2022-2023.You will get the following deductions if you have established your business unit in the following locations as per the following sections 1. Income from newly established unit in ...

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Cricket will never be the same – Earn Jackpot while watching IPL with CRED

Do you know that this IPL season you can win exciting prizes by just paying your credit card bills? CRED is a digital platform which rewards you for paying your dues with downright unbelievable rewards. As the official sponsor for the Indian Premier League for 2021, the company has decided to bust the gut with […]...

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Taxability of Interest on Excess PF Contribution-New Threshold Limit & Manner of Tax Computation

1. Further to my article Taxability of Interest on Excess PF Contribution dated 11.02.2021, an attempt has been made in this article , to explain the new threshold limit of tax exemption and the manner of tax computation. The Government has increased the deposit threshold limit to ₹5 lakh per annum in the provident fund […]...

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10 Advisory Points by a CA which are generally not followed by SMEs and Public at Large

10 Advisory Points by a CA which are generally not followed by SMEs and Public at Large 1) GST ♦ Amendment of GST Registration – Updating all Place of Business, HSN and SAC Code of new products / services, Bank Accounts, Change in Management and Authorised Signatories ♦ Voluntary use of 8 digit HSN Codes […]...

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Deduction for ‘profits & gains’ derived from eligible business is not limited to ‘business income’: SC

Supreme Court in Reliance Energy Ltd., [2021] 127 taxmann.com 69 (SC) pronounced on 28-04-2021 has drawn distinction between 'profits and gains derived from eligible business' and 'business income' to explain the scope of deduction on profits and gains derived from eligible business....

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Request to bring GST Amnesty Scheme for filing of Returns

Representation regarding bringing of GST Amnesty Scheme-2 to file the old GSTR 3B, GSTR-1 returns since July 2017 till date upto 30th September 2021 without any late fee or with nominal fixed late fee....

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Finance Act 2021 Analysis of Certain Provisions [Part 2]

In this document we have discussed the amendment relating to Tax on Interest earned on PF/RPF, Late Fee on delay filing of Income Tax Return, Liable to Tax viz-a-viz Residential Status, Amendment in Equalization Levy. Under Part 1 we had provided amendment relating to Goodwill, Slump Sale, ULIP and Taxability on assets/stock/money receive...

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Kerala HC quashes 2 FIRs registered against Enforcement Directorate

P. Radhakrishnan vs State Of Kerala (Kerala High Court )

P. Radhakrishnan vs State Of Kerala (Kerala High Court) W.P(C).No.7641 of 2021 The instant writ petition is filed by the Deputy Director, Enforcement Directorate, Kochi Zonal Office, aggrieved by the registration of Exhibit P1 FIR by the Crime Branch wing of the State Police. The essential facts leading to the writ petition, are as under:...

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