"21 June 2021" Archive

CBIC issues 7 GST Circulars on 17th June 2021

D.O.No.74/CH(IC)/2020 21/06/2021

On the recommendations of the GST Council made in the 43rd meeting held on 28th May, 2021, CBIC has issued a number of circulars on 17th June, 2021. These clarification cover: applicability of GST rate on laterals/parts of Sprinklers or Drip Irrigation System;...

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Section 80IA allowed to a single Industrial Unit not all the units taken together

CIT Vs M/s. Bannari Amman Sugars Ltd. (Madras High Court)

CIT Vs M/s. Bannari Amman Sugars Ltd. (Madras High Court) Whether on the facts and In the circumstances of the case, the Income-Tax Appellate Tribunal was right in law in holding that the assessee is entitled deduction under section 80IA of the Act, even though where a company apart from his regular business and in […]...

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Depreciation allowable despite claim of entire cost of Asset as application of Income by Trust

CIT Vs Ramananda Adigalar Foundation (Madras High Court)

CIT Vs Ramananda Adigalar Foundation (Madras High Court) Issue Raised Whether on the facts and in the circumstances of the case, the Tribunal was right In holding ¢hat the assessee is entitled to claim depreciation on the assets jn the form of application of income, even though cost of purchase of asset was treated as […]...

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AP VAT: ACAR can review on application by dealer & other affected parties- HC

Gail (India) Ltd. Vs The Assistant Commissioner (CT) (Andhra Pradesh High Court)

Gail (India) Ltd. Vs Assistant Commissioner (CT) (Andhra Pradesh High Court) Section 67(5) of Andhra Pradesh Value Added Tax, 2005 pellucidly tells that authority for clarifications shall have the power to review, amend or revoke its rulings at any time for good and sufficient cause by giving an opportunity to the affected parties. It say...

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Mr. Amit Pradhan takes charge as Executive Director, IBBI

Press Release No. IBBI/PR/2021/13 21/06/2021

Mr. Amit Pradhan took charge as Executive Director, Insolvency and Bankruptcy Board of India (IBBI) in New Delhi today. Immediately before joining IBBI, he was serving as Chief General Manager and Adjudicating Officer in the Securities and Exchange Board of India (SEBI)....

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Section 206AB/206CCA applicability & Declaration wef 1.7.2021

Applicability of Section 206AB and 206CCA under the Income Tax Act,1961 and Declaration of Such: W.E.F. 1st July, 2021 The new Section 206AB and 206CCA are added in the Income Tax Act, 1961 by the Finance Bill, 2021. These Sections impose a higher rate of TDS / TCS if the transactions are done with the […]...

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Provisions And Taxability Under Black Money Act, 2015

Q.1 What is the Aim and Object of Black Money Act ? Ans. Aim is to  tax undisclosed foreign income and  foreign asset acquired  from such undisclosed foreign income and to punish the person indulging  in illegitimate means of generating money  and causing loss to the revenue. Object is to  prevent  such illegitimate income  and [&...

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TDS on Purchase of Goods | Section 194Q | Income Tax Act, 1961

Finance Act 2021 has introduced a new section on TDS – Section 194Q (TDS on purchase of goods), which will be coming in effect from 1st July 2021. In October 2020 the new provision on TCS (Section 206C 1H-TDS on sale of goods) was introduced, now a similar provision (sec. 194Q) is introduced to cover […]...

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Telangana HC Issues Practice Directions on Cheque Bouncing Cases

Circular No. 11/2021 21/06/2021

Pursuant to directions of Hon'ble Supreme Court of India, following Practice Directions are issued to all Courts dealing with cases under Section 138 of Negotiable Instruments Act, in Telangana State....

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Deduction of TDS/TCS for Non- Filers of Income Tax Return

Section 206AB and Section 206CCA of the Income Tax Act, 1961: Deduction of TDS/TCS for Non- Filers of Income Tax Return The Hon’ble Finance Minister had proposed various amendments to the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’ ) in her budget speech on 1st February, 2021, in order to rationalize various […...

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