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Archive: 12 May 2021

Posts in 12 May 2021

Summary of Section 17(5) | Blocked credit | CGST Act 2017

May 12, 2021 25737 Views 1 comment Print

Article explains GST Provision related to Blocked Credit under section 17(5) of CGST Act 2017 on Supply of Goods /Service involved, Insurance of Motor Vehicle including motor cycle, Cost of Motor Vehicle, Servicing of Motor Vehicle, Life Insurance/health insurance of Worker & office Staff, Food & Beverages, Works contract service & Goods & Service for […]

No demand in terms of rule 6(3)(i) of Cenvat Credit Rules if exercised option under rule 6(3)(ii)

May 12, 2021 1929 Views 0 comment Print

Since assessee had exercised option in terms of Rule 6(3)(ii) of the Cenvat Credit Rules and once this fact was established from the materials on record, there could be no demand in terms of Rule 6(3)(i) of the Cenvat Credit Rules and also nowhere it was mentioned that an assessee should pay any amount higher than that of the actual amount calculated under the procedure prescribed under Rule 6(3A) of the Cenvat Credit Rules.

Registration of Charitable Institution – Is HINDI a ‘Vernacular Language’ ?

May 12, 2021 4962 Views 1 comment Print

Naresh Kabra “Is HINDI a ‘Vernacular Language’?” (Core issue w.r.t New process of registration of Charitable Institution Under Income-tax) OVERVIEW: This is with reference to the new process of registration of 12AB, approval of 80G and 10(23C) under Income-tax 1961, as per ‘The Income-tax (6th Amendment) Rules, 2021‘ notified by Central Board of Direct Taxes […]

Books of Accounts Are Not Decisive or Conclusive For A Particular Deduction If Otherwise Allowable As Per Existing Law

May 12, 2021 6294 Views 0 comment Print

Whether the assessee is entitled to a particular deduction or not will depend on the provision of law relating thereto and not on the view which the assessee might take of his rights nor can the existence or absence of entries in the books of accounts be decisive or conclusive in the matter .The following […]

GST not leviable on subscription/infrastructure development fee collected from members, unless amended provision is notified

May 12, 2021 2016 Views 0 comment Print

GST not leviable on subscription/infrastructure development fee collected from members, unless amended provision is notified The AAR, Karnataka in the matter of M/s. Bowring Institute [Order No. KAR ADRG 27/2021, dated April 22, 2021] held that, the members-club is not liable to pay Goods and Services Tax (“GST”) on subscription fees and infrastructure development fund […]

Facility to accept undertaking for bond extended till June 30 2021

May 12, 2021 735 Views 0 comment Print

Central Board of Indirect and Customs had issued a Circular No. 09/2021 – Customs dated May 08, 2021, to restore the facility under Circular No. 17/2020 dated April 3, 2020, namely, ‘Measure to facilitate trade during lockdown period under Section 143AA of the Customs Act, 1962’. Taking cognizance of the difficulties listed by the trade […]

Integrated GST Rebate denied To AA License Holders –The tale of tumult (Re-defined!)

May 12, 2021 4296 Views 0 comment Print

You don’t pay taxes – they take taxes – Chris Rock The tale of the issue, ‘IGST rebate/refund to AA holder’ started from the judgment in the case of Watson Pharma Private Limited vs The Union of India (2018) and ended (not completely ended) on Gujarat High Court Judgement in the case of Cosmo Films […]

Maharashtra extends Lockdown till 01st June 2021

May 12, 2021 4947 Views 0 comment Print

Maharashtra extends all the restrictions that have been imposed vide `Break the Chain’ orders dated 13th April, 21st April and 29th April,2021 along with all additions and clarifications issued thereof as well as imposes following additional restrictions in the State till 7 AM on 1st June, 2021.

Analysis: Rejection of book of accounts with grounds & bases of addition

May 12, 2021 20790 Views 0 comment Print

Understand the analysis and grounds for rejection of book of accounts in income tax assessments. Learn about the consequences and ways to minimize rejection.

Company Secretary: Expected Salary As Fresher In India

May 12, 2021 17103 Views 1 comment Print

The company Secretary (CS) program is a professional course in which students learn how to deal with companies’ regulatory and legal norms, be they companies or public bodies. The company secretary acts as a liaison or means of contact between business and government agencies. In connection with the implementation of the Securities and Exchange Board […]

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