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Archive: May, 2021

Posts in May, 2021

COVID19 vaccination to be deferred by 3 months after recovery from illness

May 20, 2021 570 Views 0 comment Print

New Recommendations of NEGVAC accepted by Union Ministry of Health. As per new recommendations of NEGVAC, COVID19 vaccination to be deferred by 3 months after recovery from the illness. If infected with COVID after 1st dose, 2nd dose to be deferred by 3 months after clinical recovery from COVID-19 illness

SEBI Consultation Paper on Merger of ILDS/NCRPS/NCS Regulations

May 20, 2021 2541 Views 0 comment Print

Consultation Paper – Review and Merger of SEBI (Issue and listing of Debt Securities) Regulations, 2008 and SEBI (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013 into SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021

Section 194A TDS not applicable if amount was below threshold limit

May 20, 2021 2616 Views 0 comment Print

ACIT Vs Singareni Colleries Company Ltd. (ITAT Hyderabad) On careful reading of the Notes submitted by the assessee company it is clear that the assessee is providing interest at certain percentage and credited to the fund account. Further, he observed that it is also a fact that the insurance premium is paid out of interest […]

GST on Vaccine, Oxygen Concentrators & other allied items – An Analysis

May 20, 2021 4647 Views 0 comment Print

The current situation from which we all are struggling and fighting day in and day out is to eliminate COVID-19 as soon as possible by undertaking vaccines as per the criteria’s set by Central Government regarding Age limits, and following COVID appropriate behavior in the form of wearing masks, sanitizing hands, and maintain sufficient social […]

Central Finance Act, 2021 vis-a-vis Goods & Service Tax Acts

May 20, 2021 6138 Views 1 comment Print

The Central Finance Act 2021 has been passed by both the houses of parliament and the President has given assent on 28.03.2021. It has made several amendments to the Central Goods & Services Tax Act, 2017 (CGST Act) followed by corresponding changes in the respective State Goods & Services Tax Acts, 2017 (SGST Acts) and […]

No revenue recognized despite having incurred a cost- ITAT remanded matter back to AO/TPO

May 20, 2021 1215 Views 0 comment Print

Since in the financial statement for the relevant year (F.Y. 11-12), the auditor had made a clear disclosure that no revenue had been recognized on account of services rendered to SBI despite having incurred a cost of Rs. 3.2 crore and moreover, as per the matching ‘principl

No reassessment if AO fails to bring new material on record

May 20, 2021 1656 Views 0 comment Print

Reassessment made by AO in respect of assessee-bank was quashed as no new material was brought on record by AO in the reopening of assessment to establish that the income of the assessee had escaped assessment as assessee had already disclosed all the information necessary for completion of original assessment and the reopening of assessment made beyond four years from the AY under consideration.

Is GST registration threshold limit is one time or for every financial year?

May 19, 2021 7536 Views 0 comment Print

After 14 years of long effort by Dr. Kelkar Shah, Finally since 2017, The Government made 101st amendment in the constitution of india and implement GST  Act, 2017 and lot many changes have taken place since then. Due to a large number of amendments in the Act, there is a confusion as regards to threshold […]

I-T E-filing portal to close for 6 days- New Portal from 7th June

May 19, 2021 20823 Views 3 comments Print

The Income Tax Department is going to launch its new E-filing portal www.incometax.gov.in on June 7th, 2021. In preparation for this launch and for migration activities, the existing portal of the Department at www.incometaxindiaefiling.gov.in would not be available for a brief period of 6 days from 1st June to 6th June 2021. Launch of new […]

ICSI Requests to relax time gap between two meetings of listed entities

May 19, 2021 4599 Views 0 comment Print

ICSI Request to relax the time gap between two board/Audit Committee meetings of listed entities owing to the Second Wave of CoVID-19 pandemic

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