"28 June 2021" Archive

Govt announces stimulus package of Rs 6,28,993 crore

Presentation of stimulus package of Rs 6,28,993 crore announced by Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman to support Indian economy in fight against COVID-19 pandemic...

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Posted Under: Finance |

Representation to increase GST Collection & give True Benefit of GST Amnesty Scheme

Representation to increase Government GST Collection (Tax Augmentation) and giving True Benefit of recent Amnesty Scheme announced in 43rd GST Council Meeting ALL ODISHA TAX ADVOCATES ASSOCIATION (AOTAA) Regd No : 270/7202000078 of 2020-21 Address : Link Road, Near Prime Hospital, Cuttack – 753012, Odisha, India Contact No : +91 890...

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Posted Under: Finance |

GST leviable on interest paid on late payment of invoices

AAR held that Indian company is liable to pay GST on reverse charge basis for amount paid as interest to its holding foreign company on late payment of invoices of imported goods, as the same is to be included value of supply as per Section 15(2)(d) of the Central Goods and Services Act, 2017...

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Posted Under: Finance |

FAQs – SEBI LODR amendments dated May 05, 2021

Ref: NSE/CML/2021/23 28/06/2021

The National Stock Exchange of India Limited has released a list of FAQs vide Circular  Ref: NSE/CML/2021/23 Dtd. 28th June, 2021 regarding the amendments introduced by the SEBI vide notification dated 05th May, 2021 in the existing provisions of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015. Q. No. Question Rep...

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Basic Ideas on The Contents of A Good Project Report

The pious and challenging resolution to adopt entrepreneurship as an occupation is the step preceding the establishment of any new business. This needs to identify attractive and effective business ideas after an in-depth evaluation of the prospects of the proposed entrepreneurship venture and the related challenges....

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Posted Under: Finance |

GST on arranging sales of goods to recipient located outside India

In re Teretex Trading Private Limited (GST AAR West Bengal)

In re Teretex Trading Private Limited (GST AAR West Bengal) Whether supply of services by the applicant by way of arranging sales of goods to the recipient located outside the country shall be considered as ‘export of services’ or not? In the instant case, the applicant has admitted that he procures purchase order for supply […...

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Insider Trading – Prevention, Control and Management

SEBI (Prohibition of Insider Trading) Regulations, 2015 Responsibilities of Compliance Officer under PIT Regulations 2(c) ♦ Compliance of Policies ♦ Compliance of Procedures ♦ Maintenance of Records ♦ Monitoring compliance of Rules for preservation of UPSI ♦ Monitoring of Trades ♦ Implementation of Code in guidance of ‘Board...

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Posted Under: Finance |

Section 194Q and Section 206C(1H)

Section – 194Q Deduction of Tax at Source on Payment of Certain Sum for Purchase of Goods Applicable Date: Provisions of Section 194Q are applicable from 01-07-2021. Who is liable and when to deduct tax under Section 194Q? The tax shall be deducted from the purchases made by a buyer if the following conditions are […]...

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Posted Under: Finance |

Applicability & Analysis Section 206AB and 206CCA

Applicability and Analysis Section 206AB and 206CCA of Income Tax Act, 1961 Introduction: Section 206AB and 206CCA are newly inserted sections in the Income Tax Act,1961 vide Finance Act, 2021. These sections are special provision for deduction/collection of tax at source at a higher rate for certain non-filers (specified person) of In...

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Posted Under: Finance |

ITAT upheld Section 68 addition of LTCG in Penny Shares

Vinay Kumar Dhingra (HUF) Vs ITO (ITAT Delhi)

Vinay Kumar Dhingra (HUF) Vs ITO (ITAT Delhi) Contention of Assessee:  1. The assessee fulfills all conditions specified u/s. 10(38) 2. Though the purchase of securities are off market, the sale of shares was made online on which STT has been duly paid. 3. The shares were held for approximately 18 to 20 months 4. […]...

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