"11 May 2021" Archive - Page 3

Can Investment Adviser continue to collect performance-based fee?

Circular No. SEBI/H0/1MD/DF1/0W/P/2021/0000010174/1 11/05/2021

Can Investment Adviser (IA) continue to collect performance-based fee whenever the same is due in terms of the agreement executed with Client, even if such fee is due on a date after March 31, 2021? lAs are not permitted to collect any fee other than the fee as specified in the aforesaid Circular. Further, lAs […]...

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Lower Tax Deduction Certificate: How to Apply

Section 197 of Income Tax Act, 1961 contains the provisions for Lower Deduction Certificate. Generally, where the actual income tax liability on the income of the assessee is less than the TDS which has been deducted by the payer as per Chapter-XVII, then it may cause a major problem of working capital management for the […]...

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Posted Under: SEBI |

Analysis of Recent relaxation by SEBI related to LODR Regulation

circular 1556 1557 29/04/2021

SEBI has in recent past issued 4 Circulars on 29th April 2021 providing relaxation from SEBI Compliance. Article anslyses some of such relaxation in the article. 1. Relaxation of time limit for submission of Annual audited financial statements for entities who have listed their securities other than equity on Stock https://taxguru.in/sebi...

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Posted Under: SEBI |

Interest cannot be taxed under Mercantile System if receipt of interest is uncertain

Nutan Warehousing Co. Pvt. Ltd. Vs ACIT (ITAT Pune)

Nutan Warehousing Co. Pvt. Ltd. Vs ACIT (ITAT Pune) The concept of `accrual of income’ needs to be considered in the hue of the ‘real income theory’. Where accrual of an income takes place but its realisation becomes impossible, such hypothetical income cannot be charged to tax. In the case of mercantile system of accounting, [&hell...

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Posted Under: SEBI | | ,

Making the Right Choice between New Tax Regime Vs. Old Tax Regime for FY 2020-21

The concept of OLD Vs New Tax regime = a dual tax regime was introduced by Finance Act-2020 for FY 2020-21. For FY 2020-21 corresponding to AY 2021-22, there are a Dual Tax regime as discussed in the one of article shared with you for TAX SAVINGS TIPS. Link is given below : – https://taxguru.in/income-tax/income-tax-savings-tips-hel...

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Posted Under: SEBI |

Recording of reasons after due application of mind is sine qua non for valid section 148 notice

Omkam developers Ltd. Vs ITO (ITAT Delhi)

Omkam developers Ltd. Vs ITO (ITAT Delhi) 1. The reasons recorded are based on suspicion, which is evident from the words used in reasons recorded, i.e., “it appears that assessee M/s Omkam Developers Ltd. has received bogus share capital/share premium to the tune of ₹ 1.93 Crores. 2. The Assessing Officer has just accepted the [&hell...

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Limited Liability Partnership Act 2008 (LLP) for Business & Legal Environment – Part 1

Limited partnerships are an essential part of the CS Foundation business and legal environment. This topic is handled at all levels by CS (company secretary). LLP is included in the elements of the Partnership Act and LLP. As the Indian economy grew, the role of the entrepreneur as well as his technical and professional workforce [&hellip...

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Posted Under: SEBI |

Schedule I of CGST Act 2017- Activities to be considered supply

Section 7(1) of the CGST Act; includes Activities to be considered supply WITH A  CONSIDERATION (a) all forms of supply of goods or services or both such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a considerations by a person in the course / furtherance of […]...

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Posted Under: SEBI |

ITAT reprimands officers for delaying tactics during pandemic & rejects adjournment request

DCIT Vs Saroj Kumar Poddar (ITAT Kolkata)

DCIT Vs Saroj Kumar Poddar (ITAT Kolkata) Kolkata bench first  of its kind of Interim order on the subject of endless adjournments by revenue on pretext of covid 19  and resultant pains to tax payer languishing for justice held remarkably as follows:- The Revenue is also raising strong objections, without any valid ground, for the [&hel...

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RBI reduces interest rate payable by banks to depositors/claimants on unclaimed interest bearing deposit amount to 3%

RBI/2021-22/37 DoR.DEA.REC.No.16/30.01.002/2021-22 11/05/2021

The rate of interest has since been reviewed and it has been decided that the rate of interest payable by banks to the depositors/claimants on the unclaimed interest bearing deposit amount transferred to the Fund shall be 3 per cent simple interest per annum with effect from the date of this circular....

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