"25 June 2021" Archive

Circular extending Income Tax Compliance Due Dates amid Covid-19

Circular No: 12 of 2021 25/06/2021

Extension of Income tax time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic- Objections to Dispute Resolution Panel (DRP) and Assessing Officer under section 144C of the Act, for which the last date of filing under that Section is 1st June, 2021 or thereafter, may be filed within the time provi...

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Twitter Blocks account of Ravi Shankar Prasad for one Hour

Friends! Something highly peculiar happened today. Twitter denied access to my account for almost an hour on the alleged ground that there was a violation of the Digital Millennium Copyright Act of the USA and subsequently they allowed me to access the account....

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Posted Under: Income Tax |

Govt extends 18 Income Tax Due Dates amid Covid 19

Ministry of Finance Government grants further extension in timelines of compliances Also announces tax exemption for expenditure on COVID-19 treatment and ex-gratia received on death due to COVID-19 Posted On: 25 JUN 2021 6:24PM by PIB Delhi A. Tax exemption Many taxpayers have received financial help from their employers and well-wishers...

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Posted Under: Income Tax |

BCI notifies amendment in rules for conduct & etiquettes of Advocates

Item No. 146/2020 25/06/2021

An Advocate shall conduct himself/herself as a gentleman/gentle lady in his/her day to day life and he/she shall not do any unlawful act, he/she shall not make any statement in the Print, Electronic or Social Media, which is indecent or derogatory, defamatory or motivated, malicious or mischievous against any Court or Judge or any member ...

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No penalty on importer for delay due to system related defect

T.G. Silks Vs Commissioner of Customs (CESTAT Chennai)

T.G. Silks Vs Commissioner of Customs (CESTAT Chennai) The issue is with regard late fee charges imposed for late filing of bills of entry. At the outset, it is to be stated that the cause of action in this appeal has occurred during the transition period of introduction of GSTIN registration. There were much technical […]...

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Madras high Court on quashing 143(2) sans GKN Driveshafts being followed

McKinsey Global Service India Private Limited Vs ACIT (Madras High Court)

McKinsey Global Service India Private Limited Vs ACIT (Madras High Court) 6. The contention of the petitioner is that the principles laid down by the Hon’ble Supreme Court of India, re-opening of assessment proceedings in the case of GKN Driveshafts India Ltd., Vs. ITO reported in (2003) 259 ITR 19 (SC) has not been complied [&helli...

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Revision petition to CIT maintainable despite dismissal of first appeal at CIT(A) at admission stage

S. Ravinder Vs CIT (Telangana High Court)

S. Ravinder Vs CIT (Telangana High Court) It is also to be noted that Section 251(1)(a) of the Act stipulates that an appeal filed before the appellate authority to be considered as disposed, would require such order under challenge to be either confirmed, reduced, enhanced or annulled. It goes without saying that the disposal is [&hellip...

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GST Impact & ITC Eligibility on Purchase/Sale of Motor Vehicle/Car/Bus With Charts & Table

Are you also Confused about all this??? Then here all your Questions about GST applicability and ITC availability of GST paid on Purchase and Sale of motor vehicle / car / bus will be answered. In this article, we will cover following things, – ITC on purchase of Motor Vehicle/Car/Bus.   – ITC availability if […]...

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Posted Under: Income Tax |

PMC Bank: RBI extends validity period of Directions

Press Release: 2021-2022/430-RBI 25/06/2021

Directions under Section 35-A of the Banking Regulation Act, 1949 (AACS) – Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra – extension of validity period of Directions...

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MSME UAM obtained till 30.06.2020 is valid till 31.12.2021: RBI

Circular No. RBI/2021-2022/63 FIDD.MSME & NFS.BC.No.12/06.02.31/2021-22 25/06/2021

The existing Entrepreneurs Memorandum (EM) Part II and Udyog Aadhaar Memorandum (UAMs) of the MSMEs obtained till June 30, 2020 shall remain valid till December 31, 2021. Reserve Bank of India RBI/2021-2022/63 FIDD.MSME & NFS.BC.No.12/06.02.31/2021-22 June 25, 2021 The Chairman/ Managing Director/Chief Executive Officer All Commercial...

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