"25 May 2021" Archive - Page 7

Advance ruling cannot be obtained on applicability of provisions of Section 51 to a third person

In re Jimmy Antony, M/s. Jimraj Industries (GST AAR Kerala)

In re Jimmy Antony, M/s. Jimraj Industries (GST AAR Kerala) In the instant case the first and the fifth question raised by the applicant pertains to the applicability of the provisions of Section 51 of the CGST Act to a third person namely; Kerala Agro Machinery Corporation Ltd. As discussed above, the provisions of the […]...

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Extending dates for filing belated & Revised IT Returns for AY 2020-21

Direct Taxes Professionals’ Association has made a representation to Hon’ble Finance Minister, Mrs. Nirmala Sitharaman, and requested for extending dates for filing belated and Revised IT Returns for AY 2020-21 and for furnishing Form 10A for fresh Registration under section 12AB and exemption under section 80G of the Income Tax Act, ...

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Confusion on Section 22 – Person liable for GST registration

Due to reducing trend in no. of registration under new indirect tax regime, government had made a lot of efforts to cover more taxpayers under tax bracket. By, informing section 24 ‘compulsory registration’ under GST Act, 2017. Although, government has covered all the branches/establishment/subsidiary of the taxpayer for separ...

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Disclosure By Listed Companies on Stock Exchange

Article Explains disclosure to be made by a Listed Company & list out Disclosure Quarterly Disclosures, Half Yearly Disclosure, Annual Disclosures and Event Based Disclosures. Article explains the disclosure with relevant Regulations number, Description of the Applicable Regulation and timeline within which disclosures to be made unde...

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Recent Changes in SEBI LODR Regulations 2015

RECENT UPDATIONS IN SEBI (LISTING OBLIGATION AND DISCLOSURE REQUIREMENTS)  REGULATIONS 2015 SEBI vide Circular No. SEBI/HO/CFD/CMD1/P/CIR/2021/556 and SEBI /HO /DDHS/ DDHS _Div1/P/CIR/2021/557 dated 29th April 2021, has provided certain relaxations  from  compliance  with  certain  provisions  of the SEBI  (Listing Obligations ...

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Rest in Peace Royalty!

Introduction: The word ‘Royalty’ has French origins. Recently, in earlier of March, this word had caught attention across the Globe due to television interview of ex-royal couple of the UK! However, here in India same has caught attention due to landmark ruling of the Honourable Supreme Court in case of Engineering Analysis Ce...

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Taxation of Seafarer/ Merchant -Navy In India

1. MEANING OF SEAFARER OR MERCHANT NAVY Firstly, there is no such term as ‘Seafarer’ or ‘Merchant Navy’ under the Income Tax Act, 1961 (‘Act’). There is no specific provision of exemption or taxation under Income Tax Act for ‘Seafarer’ or ‘Merchant Navy’. In general terms, a Seafarer or Merchant Navy Worker is someone ...

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Tax Free / Exempt Income Under Income Tax Act, 1961

As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax. Agricultural income is defined under section 2(1A) of the Income-tax Act. As per section 2(1A), agricultural income generally means: (a) Any rent or revenue derived from land which is situated in India and is used for agricultural purposes. (b) A...

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Section 234D- Interest on Excess Refund of Income Tax

Article discusses Interest under section 234D of Income TAx Act, 1961 on Excess refund granted to taxpayer which includes Manner of computation of interest U/s. 234D , Basic provisions related to Refund, Amount liable for interest and Adjustment under Section 234D(2). ...

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Section 147: Assessee cannot be put to mercies of careless, casual, arbitrary or whimsical exercise of power

Smt. Simar Kaur Vs ACIT (ITAT Chandigarh)

Simar Kaur Vs ACIT (ITAT Chandigarh) It is seen that the assessee has consistently maintained its challenge that notice was not issued as it has not been served. The tax authorities have rejected the challenge holding that non-receipt is not equivalent to non-service. It is seen that though the challenge is recorded the wording in [&helli...

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September 2021