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Archive: 25 June 2021

Posts in 25 June 2021

Circular extending Income Tax Compliance Due Dates amid Covid-19

June 25, 2021 40380 Views 6 comments Print

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 provided in that Section or by 31st August, 2021, whichever is later;

Twitter Blocks account of Ravi Shankar Prasad for one Hour

June 25, 2021 5796 Views 0 comment Print

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.

Govt extends 18 Income Tax Due Dates amid Covid 19

June 25, 2021 69519 Views 12 comments Print

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 for meeting their expenses […]

BCI notifies amendment in rules for conduct & etiquettes of Advocates

June 25, 2021 6576 Views 0 comment Print

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 of Judiciary, or against State Bar Council or Bar Council of India nor shall any Advocate engage in any willful violation, disregard or defiance of any resolution or order of the State Bar Council or Bar Council of India and any such act/conduct shall amount to misconduct and such Advocates would be liable to be proceeded with under Section-35 or 36 of the Advocates’ Act, 1961.

No penalty on importer for delay due to system related defect

June 25, 2021 588 Views 0 comment Print

Explore the CESTAT Chennai case of T.G. Silks vs. Commissioner of Customs, addressing late fee charges during the GST transition. Uncover technical challenges, system defects, and the waiver possibility under Notification No. 26/2017.

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

June 25, 2021 7401 Views 0 comment Print

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 […]

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

June 25, 2021 1074 Views 0 comment Print

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 […]

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

June 25, 2021 130701 Views 9 comments Print

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 […]

PMC Bank: RBI extends validity period of Directions

June 25, 2021 1944 Views 0 comment Print

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

MSME UAM obtained till 30.06.2020 is valid till 31.12.2021: RBI

June 25, 2021 3894 Views 0 comment Print

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 Banks (including Small Finance Banks, Local Area Banks and […]

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