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Archive: 12 July 2021

Posts in 12 July 2021

Customs duty exempted on API/excipients for Amphotericin B & COVID test kits material

July 12, 2021 750 Views 0 comment Print

CBIC exempt basic customs duty on imports of specified API/ excipients for Amphotericin B and raw materials for manufacturing COVID test kits, till specified period vide Notification No. 35/2021–Customs Dated: 12th July, 2021. MINISTRY OF FINANCE (Department of Revenue) New Delhi Notification No. 35/2021–Customs Dated: 12th July, 2021 G.S.R. 487(E).—In exercise of the powers conferred […]

Poultry meal not eligible for exemption under Notification No. 2/2017-Central Tax (Rate)

July 12, 2021 2511 Views 0 comment Print

Sushi Pet Nutri science (GST AAAR Telangana) Issue 1: The product ‘poultry meal’ manufactured and supplied by appellant falls under Tariff Item No. 2301 10 10 of the Customs Tariff Act, 1975. The impugned order is modified accordingly. Issue 2: The product ‘poultry meal’ manufactured and supplied by appellant is not eligible for the exemption contained […]

Retail Investors allowed to Open Gilt Accounts with RBI

July 12, 2021 1143 Views 0 comment Print

As part of continuing efforts to increase retail participation in government securities, ‘the RBI Retail Direct’ facility was announced in the Statement of Developmental and Regulatory Policies dated February 05, 2021 for improving ease of access by retail investors through online access to the government securities market – both primary and secondary – along with the facility to open their gilt securities account (‘Retail Direct’) with the RBI.

Section 35(1)(ii): CBDT approve ‘Patanjali Research Foundation Trust’

July 12, 2021 1419 Views 0 comment Print

CBDT approves M/s Patanjali Research Foundation Trust, Haridwar under the category Research Association for Scientific Research for the purposes of section 35(1)(ii) of Income-tax Act, 1961 read with rules 5C and 5D of the Income-tax Rules, 1962 vide Notification No. 79/2021-Income Tax | Dated: 12th July, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD […]

FAQs on Multi-disciplinary Partnership Firm of CA in Practice

July 12, 2021 43305 Views 3 comments Print

Frequently Asked Questions (FAQs) on Multi-disciplinary Partnership Firm of Chartered Accountants in Practice (MDP CAs in Practice) Q.1 What is meaning of the term “MDP CAs in Practice?” Response: “MDP CAs in Practice” is abbreviation of the term “Multi-disciplinary Partnership Firm of Chartered Accountants in Practice”. MDP CAs in Practice means the firm which has […]

Notional rent not leviable if a flat is inhabitable and in a ruinous condition

July 12, 2021 1446 Views 0 comment Print

Explore ITAT Mumbai’s rulings in Amit Jalan vs ACIT cases, covering issues like notional rent for vacant flats and municipal ratable values.

Applicability of GST on Reverse Charge Mechanism for Import of Service

July 12, 2021 44595 Views 3 comments Print

Applicability of GST on Reverse Charge Mechanism for Import of Service  GST is Levy in accordance with the concept of supply. According to section 7(1) (b) of CGST Act’ 2017 supply includes “import of services” for a consideration whether or not in the course or furtherance of business. According to section 7 (4) of IGST […]

Role of Information technology in Business Strategy

July 12, 2021 8103 Views 1 comment Print

The design of the Information systems architecture and acquisition of technology are important aspects of an entity business strategy. Choice regarding technology can be critical to achieving entity objectives. Technology decisions should be a input to the strategy process helping to define innovations and seeking to increase revenue rather than merely an after the fact […]

Expenses incurred on buy back of shares allowed as revenue expenditure

July 12, 2021 4059 Views 0 comment Print

Ocwen Financial Solutions Pvt. Ltd. Vs ACIT (ITAT Bangalore) During the previous year relevant to assessment year, the assessee had spent on buy-back of shares and debited the same to Profit & Loss account. The expenditure was disallowed by the AO in his draft assessment order holding the same to be capital expenditure. Hon’ble High […]

Weekly newsletter from Chairman, CBIC Dated 12/07/2021

July 12, 2021 711 Views 0 comment Print

In a significant step towards digitization, transparency and ease of doing business, Version 2.0 of the AEO web-app has been launched. It enables online filing, real time monitoring and processing of AEO applications for T2 and T3 certificates.

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