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Archive: 05 July 2021

Posts in 05 July 2021

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 3006 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

CBDT allows manual filing of Form 15CA/15CB till 15.07.2021

July 5, 2021 21930 Views 0 comment Print

In view of the difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal www.incometax.gov.in, It has now been decided to extend the aforesaid date to 15th July 2021. Ministry of Finance CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB Posted On: 05 JUL 2021 As […]

Iron scrap supply under invoices of bogus firms detected

July 5, 2021 2055 Views 0 comment Print

On the GST front, by innovating and using the recently introduced `RFID-Vehicle related Report’, an analysis of risky vehicles was undertaken by the officers of DGGI (SZU). The verification revealed that iron scrap was being supplied by existent but un-registered firms under the invoices for GST ITC of non-existent and bogus firms. Envelopes recovered from the drivers of the detained trucks contained the invoices of fake firms whose invoices are used for passing of ITC as well as the firms actually supplying the goods. The total ITC passed on by the above-mentioned non-existent firms is Rs. 14.48 Crore.

Technical glitches at transition stage to GST should not affect statutory right of dealers

July 5, 2021 1482 Views 0 comment Print

Union Of India Vs Merchem India Pvt. Ltd (Kerala High Court) It is significant to note that the statute does not provide for any provision for lapsing of unutilized input tax credit for non filing of TRAN-1. The input tax credit is required by law to be credited to the electronic credit ledger of an […]

Master Circular for Stock Exchange & Clearing Corporations

July 5, 2021 807 Views 0 comment Print

Securities and Exchange Board of India MASTER CIRCULAR SEBI/HO/MRD2/MRD2_DCAP/P/CIR/2021/0000000591 July 5, 2021 To, All Recognized Stock Exchanges All Recognized Clearing Corporations Dear Sir/Madam, Sub: Master Circular for Stock Exchange and Clearing Corporations 1. SEBI, from time to time, has been issuing various circulars/directions to Stock Exchanges and Clearing Corporations. In order to enable the users […]

SEBI SOP for handling of technical glitches by MIIs

July 5, 2021 1281 Views 0 comment Print

SEBI releases Standard Operating Procedure for handling of technical glitches by Market Infrastructure Institutions (MIIs) and payment of Financial Disincentives thereof

Issue of No Objection Certificate for release of 1% of Issue amount

July 5, 2021 957 Views 0 comment Print

SEBI decided to reduce the time period after listing for submitting the application to 2 months from the existing period of 4 months as stated in above mentioned circular. The same is subject to the condition that all issue related complaints have been resolved by the merchant banker/ issuer.

How to appear for CSEET through Remote Proctored mode

July 5, 2021 297 Views 0 comment Print

CSEET (CS Executive Entrance Test) to be held on 10th July 2021 is being held online through Remote Proctoring Mode. Detailed instructions regarding the same have already been sent to the candidates by Email and are also available at Admit Card.

Reassessment vitiated if required procedure not been followed

July 5, 2021 2184 Views 0 comment Print

Sh. Chand Singh Vs DCIT (ITAT Delhi) n the present case it is an undisputed fact that there was a failure by the AO to comply with the mandatory requirement of disposing of the objections raised by the assessee to the reopening of assessment in terms of the law laid down by the Hon’ble Supreme […]

Interest Rate on GPF & other similar funds w.e.f. 1st July, 2021

July 5, 2021 5838 Views 0 comment Print

Rate of Interest on General Provident Fund (GPF) and other similar funds for Q2 of FY 2021-22 – General Provident Fund and other similar funds shall carry interest at the rate of 7.1% (Seven point one percent) w.e.f. 1st July, 2021 to 30th September, 2021. This rate will be in force w.e.f. 1st July, 2021. […]

Submission of Statement of Financial Transactions for Interest Income-Reg.

July 5, 2021 2199 Views 0 comment Print

In continuation to the SB Order No. 01/2017 dated 29.03.2017, the undersigned is directed to inform that Government of India, Ministry of Finance, (Dept. of Revenue, CBDT) vide Notification dated 12.03.2021 issued vide GSR 175(E), has inserted the following sub rule in Rule 114E of Income Tax Rules, 1962.

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