"10 May 2021" Archive

GSTR-3B Compliances for the FY 2020-21

The Financial Year 2020-21 has been a very unusual year since the inception of GST in terms of multiple extensions through various notifications. Vide this article we are providing the readers all the necessary information pertaining to GSTR-3B in respect of due date and the applicable late fees/ interest along with the relevant Notificat...

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Revised /Belated (Income Tax) Return – FY 2019-20

1. The Central Board of Direct Taxes (CBDT). Vide circular no. 08/2021 dated 30 April 2021 has extended the time limit of filing belated Income Tax Return for the financial year 2019-20 (assessment year 2020-21) to 31 May 2021. 1.1 Normally, Income Tax Returns for a financial year have to be filed by 31 July […]...

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Deduction of home loan – Principal Interest

Deduction of home loan – Principal Interest……. There are mainly two components in repayment of home loan Instalment. Principal Amount and Interest part. An assessee get deduction of principal under section 80C of chapter VI A of Income Tax Act 1961 subject to maximum amount of Rupees 1,50,000 as mentioned in previous article. In the...

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Validity of GST (Compensation to States) Act & UOI vs. Mohit Mineral

Looking through Validity of GST (Compensation to States) Act of 2017, and other allied matters under ‘Union of India vs. Mohit Mineral Private Ltd.’ CASE: Union of India v. Mohit Mineral Private Ltd.  Question Validity of GST (Compensation to States) Act, 2017. Act provides for cess in order to compensate states for the loss ...

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Alternative Tax Regime for Individuals/HUFs under Section 115BAC

Dear Friends, we know that income of Individuals/HUFs are taxable as per progressive tax slabs. The maximum rate of tax payable is @30%, when income of Individual/HUF exceeds Rs. 10.00 Lakhs in relevant previous year. The Central Government has inserted Section 115BAC with effect from AY 2021-22 to provide Optional Tax Regime to Individua...

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Impact of GST on Accounting & Financial Statements

Impact of GST on Accounting ♦ Introduction of GST from 1st July 2017, India has moved towards a single indirect tax regime for goods & services for the entire country with uniform accounting system under GST. ♦ State-wise Registration and Accounting (Person liable for registration as per Section 22 of CGST Act) ♦ Supplies withou...

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Suggestion for Improving availability & Distribution of Oxygen in Country

Letter by Confederation of All India Traders to Shri Rajiv Gauba by which they suggested that there should be an ‘Oxygen Policy in the Country having basic parameters for generation or procurement of Oxygen and its effective disbursal through out the Country. Read Full text of the letter- Dear Shri Rajiv Gauba Ji, At the […]...

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Covid 19: Letter by Mallikarjun Kharge & response by Anurag Thakur

A. Extract of letter by Shri. Mallikarjun Kharge, Member of Parliament, Leader of Opposition, (Ratya Sabha) dated 9th May 2021 to Prime Minister Shri Narendra Modi. Dear Prime Minister. On behalf of the people of India. I write to convey deep concern and sense of anguish regarding the unprecedented crisis the nation faces today. It [&hell...

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IRDAI imposes of Rs. 30 Lakh penalty on SBI General Insurance

Order No. Ref: IRDA/NL/ORD/MTP/ 122/05/2021 10/05/2021

IRDAI imposes Penalty of Rs. 30 Lakh and issued to Advisory M/s SBI General Insurance Company Ltd. for Non-Compliance with minimum obligations under Motor Third Party business as specified in IRDAI (Obligation of Insurer in respect of Motor Third Party Insurance Business) Regulations, 2015 for the financial year 2018-19. Insurance Regulat...

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Weekly newsletter from Chairman, CBIC dated 10/05/2021

D.O.No.67/CH(IC)/2020 10/05/2021

In view of the surging COVID-19 pandemic, a further relaxation for import of relief goods has been made by issue of ad hoc exemption Order No. 04/2021-Customs dated 03.05.2021. This grants exemption from IGST on goods for COVID-19 relief imported free of cost for free distribution till 30th June, 2021....

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June 2021