"24 May 2021" Archive

Gold and Silver rates from 01.04.1981 to 31.03.2021

Value of gold contained in gold ornaments should be reduced by 14 to 20 per cent of ruling rates of standard gold, as per the practice prevalent in the bullion market and the amount of reduction has to be worked out in the following manner...

Read More
Posted Under: Income Tax | ,

Blocking of Credit under Rule 86A of SGST Rules-2017 – Guidelines issued

Circular No. 04/2021-SGST 24/05/2021

In Rule 86A, 4 scenarios has been mentioned for blocking of ITC. Out of the 4 scenarios, more importance has to be given for situation (a) and (c). It should be ensured that no input tax credit is availed on the strength of tax invoices or debit notes or any other documents prescribed under rule 36 issued by a registered person who has be...

Read More

India attracted highest ever total FDI inflow during 2020-21

India attracted highest ever total FDI inflow of US$ 81.72 billion during 2020-21, 10% more than the last financial year Measures taken by the Government on the fronts of Foreign Direct Investment (FDI) policy reforms, investment facilitation and ease of doing business have resulted in increased FDI inflows into the country. The following...

Read More
Posted Under: Income Tax |

IGST on import of oxygen concentrators as gift for personal use is unconstitutional

The Hon’ble Delhi High Court in Gurcharan Singh v. Union of India & Ors. [W.P. (C) 5149/2021, dated May 21, 2021] quashed the notification imposing Integrated Goods and Services Tax (IGST) on oxygen concentrators which are imported by individuals and are received by them as gifts i.e. free of cost for personal use, without a [&helli...

Read More
Posted Under: Income Tax |

Section 147 assessment based on specific, relevant & reliable information is valid: SC

Phool Chand Bajrang Lal Vs. ITO (Supreme Court) The Hon’ble Supreme Court judgement in favour of the department makes it clear that when an information which is specific, relevant and reliable reassessment proceedings u/s 147 are valid, otherwise not. One of the purposes of Section 147, appears to us to be, to ensure that a […]...

Read More
Posted Under: Income Tax |

Section 80IA deduction cannot be denied for use of same technology & Production of Same product

NLC India Ltd. Vs. DCIT (ITAT Chennai)

DCIT Vs NLC India Ltd. (ITAT Chennai) The main objection of the AO is that the new unit started cannot be considered as separate undertaking because it is using the same manufacturing technology and the finished goods are also the same, i.e., power. The new unit, i.e., unit TPS-I Expansion is nothing but the expansion […]...

Read More

Guidelines on Standard Professional Indemnity Policy For Insurance Brokers/ Corporate Agent/ Web Aggregators/ IMF

Notification No. IRDAI/ INT/ GDL/ 146/ 05/ 2021 24/05/2021

The insurance intermediaries engaged in solicitation and distribution of insurance products, viz., Insurance Brokers, Corporate Agents, Insurance Web Aggregators, Insurance Marketing Firms are required to take Professional Indemnity Insurance Policies in order to get themselves indemnified from the claims lodged against them, arising out ...

Read More

Speech of Mover of Bill is very much Relevant for Interpreting A New Law

K.P. Varghese Vs. ITO (Supreme Court of India); 1981 AIR 1922, 1982 SCR (1) 629; 04/09/1981 Relevant portion of the judgment of Honorable Supreme Court of India is reproduced below : Now it is true that the speeches made by the Members of the Legislature on the floor of the House when a Bill for […]...

Read More
Posted Under: Income Tax |

Furnishing & upload of Form No. 34BB on Income Tax E-filing Portal

Notification No. 05 of 2021-Income Tax  24/05/2021

The assessee who wish to exercise option for withdrawal application filed u/s 245C and such application is pending, shall first provide the basic details in following format on the form placed at www.nic.in:...

Read More

Allow COVID related hospitalization expenses as Income Tax deduction

As you are aware presently, the country is reeling under severe stress due to Covid-19 pandemic. It has impacted lives and livelihoods of the people of the country. When a person or a relative of a person gets infected with Covid-19 lot of medical expenditure is incurred in the treatment of the patient in case he/she gets hospitalized...

Read More
Posted Under: Income Tax |

Search Posts by Date

July 2021
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031