"14 May 2021" Archive

TDS Rate Chart for FY 2021-22 / AY 2022-23 – Updated

Income Tax TDS Rate Chart for for Financial Year (FY) 2021-22 / Assessment Year (AY) 2022-23 The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS and pay it to the credit of Central Government. […]...

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Posted Under: Income Tax | ,

FAQs on Special Refund and Drawback Disposal Drive

The Central Board of Indirect Taxes and Customs (CBIC) has issued an instruction to its commissioners for a special drive to dispose all the pending refund claims vide Instruction No. 10/2021 – Customs dated 13/05/2021. The drive is called as “Special Refund and Drawback Disposal Drive” which would be for the period from 15th of...

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Posted Under: Income Tax |

Small Companies & Form MGT 7A

Compliance is a major part of life of a Professional. Compliance of applicable Laws and rules help better corporate governance and better discipline among corporate and professionals. Compliance of law particularly Companies Act, 2013 depend upon nature and size of company. Companies may be categorized as small companies, Public Companies...

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Posted Under: Income Tax |

Relaxation in procurement rules for containment of COVID-19 pandemic

The Government of India has exempted the public procurement of supplies required for containment of COVID-19 global pandemic from the applicability of Public Procurement (Preference to Make in India) Order, 2017....

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Posted Under: Income Tax |

Relaxation from compliance to REITs & InvITs due to CoVID -19 virus pandemic

Circulars No. SEBI/HO/DDHS/DDHS_Div3/P/CIR/2021/563 14/05/2021

SEBI is in receipt of representations from InvITs and REITs requesting extension of timelines for various regulatory filings and compliances for InvITs and REITs for the period ending March 31, 2021, inter-alia, due to ongoing second wave of the CoVID-19 pandemic and restrictions imposed by various state governments....

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Extension of due date of filing Revocation application of Cancellation

Extension of the due date of filing Revocation application of Cancellation In view of Notification No. 14/2021 dt. 01.05.2021, the timeline for filing the ‘Application for Revocation of Cancellation’ has been extended to 180 days from 90 days which will be valid up to 15th June 2021 Thanking You, Team GSTN | 14/05/2021...

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Posted Under: Income Tax |

INDIA’S FOREIGN TRADE: April 2021

India’s overall exports (Merchandise and Services combined) in April 2021* are estimated to be USD 51.79 Billion, exhibiting a positive growth of 93.21 per cent over the same period last year. Overall imports in April 2021* are estimated to be USD 58.72 Billion, exhibiting a positive growth of 122.24 per cent over the same period last y...

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Posted Under: Income Tax |

Clarification to be obtained on whether Resolution Plan include customs duty payable

Ruchi Soya Industries Ltd. Vs Union of India (Madras High Court)

Ruchi Soya Industries Ltd. Vs Union of India (Madras High Court) Conclusion: Once a resolution plan was duly approved by the Adjudicating Authority under sub-section (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its employees, members, creditors, includi...

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Interest expenditure incurred for investment in group concerns constituted business activity and was allowable u/s 36(1)(iii)

ACIT Vs Tata Sons Ltd. (ITAT Mumbai)

The dominant object of assessee's investment in group concerns was to exercise business control by way of acquiring shareholding and not to earn the dividend. Assessee’s activity of holding such investment constituted business activity and therefore, the interest would be fully deductible u/s 36(1)(iii)....

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Package Scheme of Incentive – 2019

Preamble- In order to encourage the dispersal of industries to lesser developed areas of the State, the Government has been giving package of incentives to New Industrial Units / Expansion / Diversification Units set up in the developing regions of the State since 1964 under a Scheme popularly known as the ‘Package Scheme of Incenti...

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Posted Under: Income Tax |

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