"23 May 2021" Archive

Bar Associations entitled for Section 12AA Registration

Building Committee (Society) Barnala Vs CIT (Exemption) (ITAT Chandigarh)

Building Committee (Society) Barnala Vs CIT (Exemption) (ITAT Chandigarh) It is pertinent to observe that the ld.CIT(E) failed to comprehend the role of Bar Association in judicial dispensation. He construed the existence of the assessee-society in a very narrow manner, as if it is a group of some professionals who are working for their i...

Read More

Admissibility of Loose Papers Found in Search & Seizure Under Income Tax Act, 1961

WHETHER LOOSE SHEETS FOUND IN SEARCH WITH THIRD PARTY WILL CONSIDERED AS BOOKS OF ACCOUNTS. Dear friends, we know that where any sum is found credited in the books of an assessee, maintained for any previous year and the assessee offers no explanation about the nature and source thereof or the explanation offered by him […]...

Read More
Posted Under: Income Tax |

9 Amendments in Companies Act, 2013 Applicable from 01st April 2021

1) Mandatory Registration of NGO’s with MCA for raising CSR Funds. (a) Every entity, covered under sub-rule (1) of Rule 4 of Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021, who intends to undertake any CSR activity, shall register itself with the Central Government by filing the form CSR-1 electronically with t...

Read More
Posted Under: Income Tax | ,

Basics of Input Tax Credit (ITC) under GST

This article deals with the concept of Input Tax Credit (ITC) under GST. What is Input tax Credit, how it can be claimed, what is the maximum time limit and other related questions regarding ITC has been answered. I have tried to explain the concept in simple language for better understanding. Q1- What is Input […]...

Read More
Posted Under: Income Tax |

Bring down the cost of Ambho-B 50mg Liposomal salt injections: CAIT

While appreciating the Govt for taking concrete steps to ensure availability of Remedesivir earlier & now AmphotericinB for treatment of Black Fungus, we also urge Shri  Mansukh Mandaviya to negotiate with pharma companies to bring down the cost of the drug as it’s too expensive. Confederation of All India Traders Ref. No.: 3219/1/...

Read More
Posted Under: Income Tax |

CAIT condemns Condemnable Remarks made by Amazon & USA Mission in India

Based on the exclusive revelation by Reuters, Confederation of All India Traders (CAIT) has taken strong exception & condemned global giant Amazon & U.S. Embassy India for their uncalled & disrespectful remarks made against Minister of Commerce and Industry Shri Piyush Goyal in an email sent to Mr John Kerry,  PMO India an...

Read More
Posted Under: Income Tax |

Government Condemns False Reporting on Cairn Legal Dispute

The Government of India has strongly condemned the false reporting in certain media by some vested interests claiming that the Government of India has purportedly asked state-owned banks to withdraw funds from foreign currency accounts abroad in anticipation of the potential seizure of such accounts with regard to the Cairn legal dispute....

Read More
Posted Under: Income Tax |

FSSAI Relaxations to FBOs Amidst Covid-19 Pandemic

The Food Processing Industry (FPI) is of enormous significance as it provides vital linkages and synergies that it promotes between the two pillars of the economy, i.e. agriculture and industry. India is the world’s second largest producer of fruits & vegetables after China but hardly 2% of the produce is processed. The Food Ind...

Read More
Posted Under: Income Tax |

PPE (Listed Companies Call) – Incorporating Internal Financial Controls over Financial Reporting Empirically-Series 3

As I already stated in my introductory part of this topic, any process will be parted into static and strategic meaning thereby one which is in as it is form and the other requires professional skepticism. Above that, static facts w.r.t. terminologies are also tuned here. Let us sail beyond statutory sections sight u/s 134, […]...

Read More
Posted Under: Income Tax |

SEBI’s outlook & performance in handling scams – What more is required?

SEBI since its inception till now has completed an eventful journey as a capital markets regulator and has tried to create a market infrastructure which is far better than many of the countries. No doubt that the markets earlier were restricted to few hands, entities and intermediaries, but now there has been a quantum jump […]...

Read More
Posted Under: Income Tax |

Search Posts by Date

July 2022
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031