"08 July 2021" Archive

RTI reveals No Penalty from Infosys for GSTN Portal incompetency

Due to non function and technical issue due to incompetency of GSTN Portal which is managed by the Infosys since July 2017, how much penalty received by the GST Council from Infosys from July 2017 to till date....

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Can GST be a good and simple tax in India?

Since GST has been introduced in the country, we have seen number of amendments some of them from retrospective effect. Some of the provisions in GST Acts, are practically not possible to implement and has raised hue and cry. Many have been challenged in court of law....

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Tribunal doubts whether tax treaty benefits can be extended to DDT

DCIT vs Total Oil India Pvt Ltd (ITAT Mumbai)

ITAT Mumbai expressed doubts on correctness of decisions of coordinate benches on dividend distribution tax (DDT) rate being restricted by treaty provision dealing with taxation of dividends in the hands of shareholders....

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Substantial benefit under MEIS scheme cannot be denied for inadvertent human error

K.I.International Limited Vs Commissioner of Customs (Madras High Court)

HC set aside the order rejecting the claim of assessee that disentitled assessee from claiming MEIS Scheme benefits and held that, assessee will be entitled for such benefits and shipping bills reveal a clear intention of the assessee to avail benefit under MEIS Scheme and directs Revenue Department to grant consequential benefits within ...

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ICAI notifies Revised FORM 18; Allows Partnership with CA, CS, CMA etc.

Notification No. 1-CA(7)/197/2021 08/07/2021

ICAI vide Notification No. 1-CA(7)/197/2021 dated 8th July, 2021 notifies revised format of FORM 18 which is a form to Intimate PARTICULARS OF OFFICES AND FIRMS and Changes in the same. Revised form 18 is applicable from 8th July 2021. Regulation by which form is modified is called Chartered Accountants (Amendment) Regulations, 2021. With...

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Tax Guru & Tax Connect 2nd Webinar on Direct Taxes Updates on 10.07.2021

Tax Guru in association with Tax Connect is Organizing a 1 and Half Hour Workshop for discussions on 'Monthly Direct Taxes Updates' on the following topics- Issues & Challenges in Tax Audit for AY 2021-22, Issues & Challenges in Income Tax Returns for AY 2021-22...

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Roadmap for LIBOR Transition

Notification No. RBI/2021-22/69 CO.FMRD.DIRD.S39/14.02.001/2021-22/Press Release: 2021-2022/505 08/07/2021

RBI issued an advisory to banks and other RBI-regulated entities emphasizing the need for preparedness for the transition away from London Interbank Offered Rate (LIBOR)....

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Review of Advance Intimation timelines for modifications in contract specifications of commodity derivatives contracts

Notification No. SEBI/HO/CDMRD_DOP/P/CIR/2021 /592 08/07/2021

Securities and Exchange Board of India Circular No.: SEBI/HO/CDMRD_DoP/P/CIR/2021/592 Dated: July 08, 2021 The Managing Directors / Chief Executive Officers All Recognized Stock Exchanges having Commodity Derivatives Segment Dear Sir / Madam, Sub: Review of Advance Intimation timelines for modifications in the contract specifications of c...

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Review of SEBI Sweat Equity and SBEB Regulations | Discussion Paper

SEBI (Issue of Sweat Equity) Regulations, 2002 (in short 'Sweat Equity Regulations') and SEBI (Share Based employee benefits) Regulations, 2014 (in short 'SBEB Regulations') were notified on September 24, 2002 and October 28, 2014 respectively....

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Acceptance & issuance of claims under MEIS, SEIS, ROSL, ROSCTL on hold

Trade Notices No. 08/2021-22-DGFT 08/07/2021

issuance of benefits/scrips under MEIS, SEIS, ROSL and ROSCTL Schemes would be on hold for a temporary period due to changes in the allocation procedure. During this period, no fresh applications would be allowed to be submitted at the online IT module of DGFT for these schemes and all submitted applications pending for issuance of scrips...

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