"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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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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Cases involving confiscation/ redemption fine are within ambit of SVLDRS, 2019

Cases involving confiscation/ redemption fine are within the ambit of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS, 2019) The Hon’ble High Court of Gujarat in M/S Synpol Products Pvt. Ltd. v. Union of India [R/Special Civil Application No. 21744 of 2019 dated February 27, 2020] held that taxpayers whose case involves c...

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Reassessment on the basis of change of opinion, bad-in-law

Uttarakhand Purv Sainik Kalyan Nigam Ltd. Vs ITO (ITAT Dehradun)

Uttarakhand Purv Sainik Kalyan Nigam Ltd. Vs ITO (ITAT Dehradu) Reassessment on the basis of change of opinion, bad-in-law, more-so, when the case was re-opened after the expiry of four year and there was no non-disclosure which could be attributable to the assessee A) Re-opening of assessment on the same issue which was dealt during scr...

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Enhancement by CIT(A) on an issue which were not part of reasons recorded for reopening the assessment are invalid

Harendra Singh Vs ITO (ITAT Delhi)

Harendra Singh Vs ITO (ITAT Delhi) CIT(A) while deleting the sole foundational issue on which the re-assessment proceedings were initiated, cannot go further and examine an issue which was not even the subject matter of re-assessment proceedings Since the reopening was to verify the purchase transaction and since the said transaction neve...

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July 2021