"24 June 2021" Archive

DGGI Officers entitled to issue summons under Section 70 of CGST Act

Yasho Industries Limited Vs Union of India (Gujarat High Court)

Yasho Industries Limited Vs Union of India (Gujarat High Court) Section 70 empowers the proper officer under the Act to summon any person to give evidence and produce documents in connection with the inquiry initiated against him and the said proceedings are deemed to be judicial proceedings within the meaning of Section 193 and Section [...

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Point of interception of goods is an important evidence in Customs

Mohammed Haroon Vs Additional Director General (Madras High Court)

Assessable person cannot be denied access to vital piece of evidence which can prove him innocent in the eyes of law by the department. Further, since this was not done, adverse inference must be necessarily drawn against the Respondent....

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Analysis of 7 Recent GST Circulars

GST law is full of confusions and different interpretations on taxability, applicability of exemption notifications and classification of goods and services. Recently CBIC, apex body for GST administration on the recommendation of GST Council, has clarified on issues of taxability, classification / rate / exemption in respect of the follo...

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List of RoC Filings to be made through Straight Through Process (STP)

Straight through Process (STP) is the procedure used by India’s Ministry of Corporate Affairs (MCA) when it comes to approving electronic forms filed with it. It is a system through which e-filing is auto approved without manual interruption. Following is a list of e-forms which are approved through STP. Form Description  When is S...

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Section 194Q: TDS on purchase of goods – Analysis

Section 194Q was inserted in the Income Tax Act, 1961 vide the Finance Act, 2021 Applicability: Any person, being a buyer who is responsible for paying any sum to any seller (being a resident) for purchase of any goods (including capital goods), where the value or aggregate of such values, exceeds ₹50 lakhs in any […]...

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Comparative Analytical Summary of Section 206C(1H) & 194Q

Comparative Analytical Summary of Section 206C(1H) & 194Q of Income Tax Act 1961: i Section & purpose 206C(1H) for Tax Collection at Source 194Q for Tax Deduction at Source ii Introduced by Finance Act & applicable to Finance Act 2020 & applicable to Seller Finance Act, 2021 & applicable to Buyer iii With effect from ...

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Income Tax Department conducts searches in Raipur

Specific actionable intelligence was received by the Income Tax Department that a set of people were to carry out an outside-the-books cash transaction of a substantial amount at Raipur, Chhattisgarh. Upon further investigations, the input was found to be credible and the hawala dealer was identified....

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Covid-19: ICSI provides 100% CS Executive Programme registration fee concession

ICSI has decided to financially support such students who are facing financial constraints due to the pandemic by way of extending 100% concession in fee payable at the time of registration to the Executive Programme....

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Analysis of Section 194Q of Income tax Act

DISCUSSION ON SECTION 194Q AT A GLANCE ♦ Introduction The Finance Act, 2021, has widened the scope of the TDS Chapter in the Income Tax Act, 1961 by introducing a new section namely 194Q dealing with ⇓ TDS on  Purchase of Goods w.e.f. 1st July 2021.  This new TDS provision is just a replica of  section […]...

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Analysis of TDS on Freight Payments Under Section 194(6)

A Critical Analysis Of Tds On Freight Payments Under Section 194 (6) Of The Income Tax Act, 1961 MEANING AND IMPORTANCE OF TDS IN GENERAL Tax Deducted at Source (TDS) is a system introduced by Income Tax Department, where the person responsible for making specified payments such as salary, commission, professional fees, interest, rent, co...

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