"22 June 2021" Archive

Chhattisgarh VAT: ITC can be claimed only within Stipulated Timeline

M/s Aman Auto Vs State of Chhattisgarh (Chhattisgarh High Court at Bilaspur)

M/s Aman Auto Vs State of Chhattisgarh (Chhattisgarh High Court)  The Supreme Court in ALD Automotive Pvt. Ltd., 2019 SCC 225 (supra) while dealing with the input tax credit held that the condition under which the concession and benefit is given is always to be strictly construed. It further held that in the event it […]...

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New Income Tax e-filing portal – ICAI to provide its support & inputs to CBDT & Infosys

The Ministry of Finance had asked ICAI to constitute a task force of 7 representatives to look into the technical glitches / issues being faced on the new Income Tax portal. Accordingly, taking cognizance of the matter, a team of 7 members was constituted by CA. Nihar N Jambusaria, President, ICAI to analyse the issues being faced reg. ne...

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Medical relief a charitable purpose under section 2(15) of Income Tax Act, 1961

As per Section 2(15), of the Income Tax Act 1961 ‘charitable purpose’ nclude relief of the poor, education, yoga, medical relief, preservation of environment ( including watersheds, forests and wildlife) and preservation of monuments or places or objects’ of artistic or historic interest, and the advancement of any other obj...

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TDS on Purchase of Goods in Income Tax w.e.f. 01/07/2021

Arjuna (Fictional Character): Krishna, Finance Act 2021 introduced a new section 194Q for TDS on Purchase of goods which will be effective from 01.07.2021. Krishna (Fictional Character): Arjuna, in the previous year a new provision of TCS was introduced on the sale of goods from 01/10/2020 and now a provision of TDS on purchase of goods ...

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Conducting of Board meetings through Video Conferencing (VC).

Every year, all Companies have to conduct at least 4 meetings of its Board and 1 meeting of its Members called Annual General Meeting. These meetings can be conducted either in physical mode or in Video Conferencing/Other Audio Visual Means mode. Earlier, there were restrictions on certain agenda items to be discussed in the Board [&helli...

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Dynamic QR code on B2C invoices: Government issues additional clarifications

The Government vide the Notification No 14/2020 – Central Tax dated 21st March 2020 made it mandatory for taxpayers with aggregate turnover exceeding INR 500 crores to mention Dynamic QR code on B2C invoices. However, the Government vide Notification No 6/2020 – Central Tax dated 30th March 2021 waived off the penalty for non-complian...

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1 जुलाई 2021 टीडीएस / टीसीएस की बढ़ी हुई दरें रिटर्न फाइल नहीं करने वालों के लिए टीडीएस/ टीसीएस की दर :- 206AB एवं 206CCA

1 जुलाई 2021 टीडीएस / टीसीएस की बढ़ी हुई दरें रिटर्न फाइल नहीं करने वालों के लिए टीडीएस/ टीसीएस की दर :- 206AB एवं 206CCA 1 जुलाई 2021 से जिन व्यक्तियो...

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Reg. Excise exemption on Ethanol/Methanol blended Petrol, & High-speed diesel

Circular No. 1078/02/2021 - CX 22/06/2021

References have been received seeking clarification on applicability of exemption from Basic Excise duty and other cesses, under different notifications, in case the blending of motor spirit (commonly known as petrol) and ethanol or methanol, is done within the refinery....

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Collect evidences to take action against errant suppliers: NAA

NA 22/06/2021

I have been further directed to request you to take all possible steps envisaged under the GST Laws to ensure that the legislative intent of Section 171 of the CGST Act is complied with and to issue appropriate directions to your officers to take action as mandated under Section 171 of the CGST Act and wherever required, to utilise the po...

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Clarification on Operation of Joint B Type Accounts under National Savings Schemes — Regarding

SB Order No. 12/2021 22/06/2021

All the operations of account including closure, issue of duplicate passbook and transfer of account etc shall be allowed to be carried out by either of the joint depositors or survivor in case of Joint B Type account in respect of all the schemes except Senior Citizens Savings Scheme under National Savings Schemes....

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June 2022