"25 May 2021" Archive - Page 5

CBDT extends limitation period for appeal filing in view of SC order after HC RAP

Circular No. 10/2021-Income Tax 25/05/2021

After getting RAP from M.P. High court for extension of due date for complete disregard to Supreme Court order CBDT clarifies that for the purpose of counting the period(s) of limitation for filing of appeals before the CIT(Appeals) under the Act, the taxpayer is entitled to a relaxation which is more beneficial to him and […]...

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Downstream Investment ! Indirect Foreign Investment ! FDI ! RBI ! FEMA ! FAQs

Foreign investments in equity instruments by a person resident outside India (PROI) is governed by Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (NDI Rules) and the Consolidated FDI Policy as amended from time to time. Foreign investments can be made on a repatriation basis or non-repatriation basis. Recently, on March 19...

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Posted Under: Income Tax |

All about Interest Payable U/s. 234A, 234B & 234C

Under the Income-tax Act, different types of interests are levied for various kinds of delays/defaults. In this part, you can gain knowledge about the provisions of section 234A, 234B and 234C dealing with interest levied for (i) delay in filing the return of income...

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Posted Under: Income Tax | ,

Minimum Alternate Tax (MAT) & Alternate Minimum Tax (AMT)

MAT stands for Minimum Alternate Tax and AMT stands for Alternate Minimum Tax. Initially the concept of MAT was introduced for companies and progressively it has been made applicable to all other taxpayers in the form of AMT. In this part you can gain knowledge about various provisions relating to MAT and AMT. First of all we will underst...

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Posted Under: Income Tax | ,

Assessable Value to include Advertising & Marketing Costs, if relatable to Imported Goods

Volvo Auto India Private Limited  Vs Commissioner of Customs (Import & General) (CESTAT Delhi)

Volvo Auto India Private Limited  Vs Commissioner of Customs (CESTAT Delhi) Conclusion: Assessee was a distributor and was in the business of selling the cars which necessarily required them to deal with imports, pay taxes, promote sales, advertise, etc. These, could not be termed as expenses incurred on behalf of the foreign supplier al...

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All about Online payment of Direct Taxes

There are two modes of payment of direct taxes (i) physical mode i.e. payment by furnishing the hard copy of the challan at the designated bank; and (ii) e-payment mode i.e. making payment by using the electronic mode. In this part, you can gain knowledge about various provisions relating to e-payment of various direct taxes....

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Posted Under: Income Tax | ,

Commentary on Tax Invoice Number Under GST

Invoice is very important document that is why rules related to invoices set requisite particulars which need to be mentioned on invoice and such invoice can also contain other information or particulars which will be in addition to requisite particulars as required by rules. Rules 46 of CGST Rules, 2017 talks about particulars to be [&he...

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Posted Under: Income Tax |

Increase in turnover limit for Tax audit applicability- whether free from complexity?

Increase in turnover limit for Tax audit applicability whether free from complexity? What are the twists involved in it? Turnover limit for tax audit increased to Rs.10.00 crores. Whether beneficial provision? What are the twists involved in it? Let us try to understand the complexity involved it the said provision and things to be taken ...

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Posted Under: Income Tax |

Analysis of Changes In GST Rules effective from 18.05.2021

Notification No. 15/2021 – Central Tax dt. 18.05.2021 has made certain changes in the GST Rules in the areas of (a) refunds (b) revocation of registration cancellation orders and (c) E-way bill restrictions. The said changes shall apply from 18.05.2021. Summary of the same is as follows: A. REFUND RELATED I. Calculation of the limitatio...

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Posted Under: Income Tax |

Interest on delayed refund of revenue deposit – CESTAT directs interest @ 12%

Parle Agro Pvt. Ltd. Vs Commissioner, Central Goods & Service Tax (CESTAT Allahabad)

Parle Agro Pvt. Ltd. Vs Commissioner (CESTAT Allahabad) 1. Excise Appeal 70628 of 2019 has been filed by M/s. Parle Agro Pvt Ltd1 to modify the order dated 28.05.2019 passed by the Commissioner, CGST(Appeals), Noida2, to the extent that interest should be granted @12% instead of @6%, as ordered by the Commissioner (Appeals). This order [&...

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