2 Archive - 10 July 2021

"10 July 2021" Archive

7 RTI Questions & 7 Evasive replies given by GSTN after 4 Years of GST

An attempt to verify robustness of technology driven implementation of biggest tax reforms of independent India through GSTN and success of it’s helpdesk As we all are aware of on 1st July 2017 at the stroke of midnight Honourable Prime Minister launched GST which is a biggest tax reform of independent India and was discussed […]...

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GST, Income Tax, DGFT, FEMA, Customs Updates dated 09.07.2021

On 1st July 2017, the GST has celebrated its 4th anniversary. The ministry has issued certificates of appreciation to over 54,000 GST payers who have made substantial contribution in payment of GST in cash along with timely filing of returns, to mark the 4th anniversary of the historic tax reform. The Goods and Services Tax […]...

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Sections in Companies Act which has Penal Provisions subjected to In-House Adjudication Framework

Sections in Companies Act which has Penal Provisions subjected to In-House Adjudication Framework With the Advent of Companies Amendment Act 2020 MCA has focused on In-House Adjudication. In house Adjudication Mechanism has been brought forth to unburden the NCLT and special Courts under Companies Act 2013. Non-Compliances by the Companie...

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Joint and Constructive Liability under IPC

Now let us discuss about the concept of joint Liability according to the Indian penal code section 34 stated 'when a criminal act is done by several persons, in furtherance of the common intention of all, each of such person is liable for that act in the same manner as if it were done by him alone'...

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Comparative Analysis of Section 194Q & Section 206(1H)

Section 194Q of the Income Tax Act, 1961 is applicable with effect from 1st July 2021 to any buyer who is responsible for paying any sum to any resident seller for purchase of any goods of the value or aggregate of value exceeding fifty lakh rupees in any previous year. The buyer, at the time […]...

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FORM NFRA -2 National Financial Reporting Authority

FORM NFRA – 2 is governed by Section 132 of the Companies Act, 2013 and rule 3 and 5 of the National Financial Reporting Authority Rules, 2018. This is a  Annual Return to be filed by Auditor with the National Financial Reporting Authority (NFRA). Applicability of FORM NFRA – 2 Applicable on Auditors of below mentioned comp...

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Updates of RBI, SEBI, MCA for the month of June-July 2021

Article contains  Updates of RBI, SEBI, MCA for the month of June-July 2021 on following topics – ♦ Retail & Wholesale trade can migrate to Udyam Registration Portal ♦ Standard Operating Procedure for listed subsidiary company desirous of getting delisted through a Scheme of Arrangement wherein the listed parent holding com...

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CESTAT Bangalore confirms service tax demand on VCF trust

M/s. ICICI Econet Internet and Technology Fund Vs. Commissioner Of Central Tax (CESTAT Bangalore)

M/s. ICICI Econet Internet and Technology Fund Vs. Commissioner of Central Tax (CESTAT Bangalore) Any start-up needs huge financial support and presently this is being done by alternative investment funds (AIFs) or venture capital fund (VCFs). These funds are pooled investment vehicles with a certain set of contributors. In India, these f...

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Section 194P of Income Tax Act: Analysis

Section 194P – TDS in case of specified senior citizen – Relaxation from filing ITR Section 194P was inserted in the Income Tax Act, 1961 vide the Finance Act, 2021 Applicability: In case of a specified senior citizen, the specified bank shall, after giving effect to the: ♦ deduction allowable under Chapter VI-Aand ♦ reba...

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Guidelines on TDS under Section 194Q of Income Tax Act, 1961

Guidelines under Section 194Q of the Income Tax Act, 1961- Circular No. 13 of 2021 dated 30th June, 2021 The Finance Act, 2021 inserted a new section 194Q in the Income tax Act 1961 (Act) which takes effect from 1st day of July, 2021.  Applicability of Section 194Q- “Buyer” means a person whose total sales, […]...

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