"07 May 2021" Archive

SOP for claiming exemption from GST on imports for covid relief material

SOP for claiming exemption from GST on imports for covid relief material has been issued. Anyone who wants to claim such exemption may please contact any of the nodal officers below. Government of Haryana Excise and Taxation Department F NO: FTD-070001/47/2021-ADDL. ETC (GST)-ETD Dated 7Th May 2021 E-office No. 225547 Standard Operating P...

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Posted Under: Custom Duty |

Postal department helpline for speedy delivery of COVID material shipments

During recent 2nd wave of Covid 19 cases, Department of Posts, in collaboration with Customs authorities, has been facilitating clearance, processing and delivery of Covid related emergency shipments received through post from abroad e. g. oxygen concentrators, equipment, medicines etc. A public notice in this regard has been issued by D...

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Posted Under: Custom Duty |

No additional fees on Company /LLP forms till 31.07.2021

No additional fees upto 31st July, 2021 on forms under Companies /LLP Act due for filing during 1st April, 2021 to 31st May, 2021 The Ministry of Corporate Affairs (‘MCA’) has received request from stakeholders for relaxation on levy of additional fees for filing of various forms under the Companies Act, 2013 /LLP Act, 2008/ […...

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Posted Under: Custom Duty |

Tax Deducted at Source (TDS) rates for FY 2021-22 (AY 2022-21)

TDS rates for FY 2021-22 (AY 2022-21) considering amendments made by Finance Act, 2021 are as follows: Tax Deducted at Source (TDS) Rates applicable from 1st April, 2021 Tax Deducted at Source (TDS) Rates applicable from 1st April, 2021 S. No Section Residential Status of Deductee #9 206AB applicable #11 Nature of Payment Monetary Limit [...

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Posted Under: Custom Duty |

Taxation for Doctors: A Gist

As a medical professional, you need to be aware of taxation rules and regulations that are relevant to you. Following them is important for not only paying your taxes correctly but also availing of the relevant benefits....

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Posted Under: Custom Duty |

Company Law Section 185- Prohibition, Restriction Exemption & Penalty

Section 185 of the Companies Act, 2013 regulates the provisions relating to grant of loans to directors of the company. Article explains Prohibition on grant of loans to directors  under section Section 185 (1), Restriction under Section 185(2) on grant of loans to directors of the company, Exemption under Section 185(3) against on grant...

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Posted Under: Custom Duty |

Anticipatory bail granted in case of absence of concrete incriminating evidence to implicate assessee

The Hon’ble Kerala High Court in case of Abdul Shaji v. The Commissioner of Central Tax and Central Excise, The Superintendent of Central Tax and Central Excise (Order dated April 22, 2021 against Bail Application No. 220 of 2021) allowed anticipatory bail under Section 438 of the Code of Criminal Procedure, 1973 (Cr.P.C. Act) to [&hell...

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Posted Under: Custom Duty |

Relaxations to SEZs for pending compliances till 30.06.2021

Ministry of Commerce and Industries  notifies relaxations in Pending compliances, expiry of validity of LoAs, approvals or permissions till 30.06.2021. In view of the prevailing situation of the COVID-19 pandemic and partial lock-down imposed by the State Governments, most government offices are either closed or are functioning with skel...

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SC direction on Covid precautions in prisons

In re Contagion of Covid 19 Virus in Prisons (Supreme Court of India)

In re Contagion of Covid 19 Virus in Prisons (Supreme Court) Hon’ble Supreme Court The authorities to ensure that proper medical facilities are provided to all prisoners who are imprisoned. The   spread   of Covid­19 virus should be controlled in the prisons by regular testing being done of the prisoners but also the jail [&helli...

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Insight into Section 56(2)(viib) of Income Tax Act, 1961

Section 56(2)(viib) was inserted via Finance Act, 2012. The objective of introducing the section was to deter the generation and use of unaccounted money done through subscription of shares of a closely held company, at a value which is higher than the Fair Market Value (FMV) of shares of such company....

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Posted Under: Custom Duty |

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