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Archive: 16 June 2021

Posts in 16 June 2021

Department should provide reason for blocking input tax credit

June 16, 2021 2022 Views 0 comment Print

M/s. Mili Enterprise Vs Union of India (Gujarat High Court) High Court issued notices to the Government observing that the department should at least provide the reason for blocking the input tax credit and it should be specified in a notice under rule 86(A). FULL TEXT OF THE HIGH COURT ORDER /JUDGEMENT Heard learned Advocate […]

Representation to FM on Issues in New Income Tax Portal

June 16, 2021 1350 Views 0 comment Print

We are listing around 38 issues in portal and this is the beginning only because still we are working on preliminary aspects and further issues are bound to arise when we start working with the Portal and make Tax Compliances on behalf of our clients, the valued Tax Payers of the Nation.

Grievances due to newly launched website of Income Tax Department

June 16, 2021 4764 Views 1 comment Print

fter launching of the website by the Income Tax Department on 07th day of June, 2021 the members are facing the problems as discussed below:- 1. DSC is not getting registered or updated, 2. New Incorporated companies or Firms are not able to register themselves on ITD Portal ,

Fake GST invoices case: HC ask petitioner to approach Court of Special Judge for Economic Offences

June 16, 2021 3948 Views 0 comment Print

Vennapusa Venkata Subba Reddy Vs Union of India (Andhra Pradesh High Court) It is allegged that petitioner has issued fake GST invoices with a total turnover of Rs. 397,28,11,944/- without supply of goods to different business firms/companies by passing on a total fraudulent input tax credit of Rs. 61,30,33,274/- in respect of 21 firms, out […]

Scrutiny assessment cannot be reopened for non ratification of STPI approval by CBDT

June 16, 2021 615 Views 0 comment Print

M/s. Kone Elevators (India) Pvt. Limited Vs ACIT (Madras High Court) Undoubtedly, the assessee had not submitted the ratification certificate to be obtained from the CBDT for claiming exemption under Section 10B of the Act. However, there are certain confusions even within the Department Officials regarding production of such ratification certificate from the CBDT. The […]

Smart Enforcement App for Trucks to reduce compliance Logistics costs

June 16, 2021 846 Views 0 comment Print

Ministry of Commerce & Industry Smart Enforcement App for Trucks to reduce compliance Logistics costs; IT based solution to make enforcement mechanism technology driven; App to have wide ranging economic benefits for the state also Posted On: 16 JUN 2021 6:03PM by PIB Delhi On an average, a truck in India covers 50,000-60,000 km a […]

SEBI devise a framework to mitigate the risk of misuse of client’s fund

June 16, 2021 1203 Views 0 comment Print

Securities and Exchange Board of India CIRCULAR SEBI/HO/MIRSD/DOP/P/CIR/2021/577 June 16, 2021 To, All recognized Stock Exchanges Madam / Sir, Sub: Settlement of Running Account of Client’s Funds lying with Trading Member (TM) 1. SEBI, vide circular no. MIRSD/SE/Cir-19/2009 dated December 03, 2009 and SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/95 dated September 26, 2016, issued the guideline for settlement of running […]

Net Direct Tax collections for FY 2021-22 have grown at over 100%

June 16, 2021 2685 Views 0 comment Print

The figures of Direct Tax collections for the Financial Year 2021-22, as on 15.06.2021 show that net collections are at Rs.1,85,871 crore compared to Rs. 92,762 crore over the corresponding period of the preceding year, representing an increase of 100.4% over the collections of the preceding year.  

Section 194N – detailed analaysis and issues

June 16, 2021 4602 Views 0 comment Print

BARE ACT: Payment of certain amounts in cash. 194N. Every person, being,— i) a banking company to which the Banking Regulation Act, 1949 applies (including any bank or banking institution referred to in section 51 of that Act); ii) a co-operative society engaged in carrying on the business of banking; or iii) a post office, who […]

4 things to do for Financial Discipline or Planning for everyone

June 16, 2021 2358 Views 1 comment Print

These are financial advice that even the common man understands. I request everyone to follow. 4 things that are very, very necessary for any person, whether they know i or not in share market or insurance or mutual find. These are really basic advices. These four things will give so much Financial protection to your […]

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June 2021