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Archive: 15 July 2021

Posts in 15 July 2021

Interest on late payment of service tax is compensatory in nature & shall be treated as a permissible deduction

July 15, 2021 7815 Views 0 comment Print

The Hon’ble ITAT, New Delhi in DCIT v. Planman HR Pvt. Ltd. (ITA No.5152/Del/2017, dated July 15, 2021) disposed of the appeal filed by the Revenue Department (Respondent) and upheld the order passed by the Commissioner of Income Tax (Appeals) (CIT Appeals), deleting the disallowance of INR 54,31,041/- being interest on late payment of service […]

CBIC CRP for speedy clearances of COVID-19 vaccines at airports

July 15, 2021 519 Views 0 comment Print

Recognizing that efficient and expeditious release of temperature-sensitive vaccines would be a critical requirement in the collective fight against the COVID-19 pandemic, CBIC has proactively put in place a COVID Response Plan (CRP) ( Annexed herewith) for speedy clearances of COVID-19 vaccines at all major airports.

₹ 75,000 crore released to States & UTs with Legislature as GST Compensation shortfall

July 15, 2021 435 Views 0 comment Print

Ministry of Finance has released today ₹75,000 crore to the States and UTs with Legislature under the back-to-back loan facility in lieu of GST Compensation.  This release is in addition to normal GST compensation being released every 2 months out of actual cess collection.

Calcutta HC too stays reassessment proceedings U/s. 148 R.W. 148A

July 15, 2021 15015 Views 0 comment Print

Honourable Calcutta High Court too stayed the reassessment proceedings under section 148 read with section 148A , notices issued post 31/03/2021 and the notifications of extension of notices , following the ratio of the other HC judgements on similar issues . Interim order of STAY PASSED 

Anomaly In Limitation date for completion of TP Assessment Proceedings

July 15, 2021 18510 Views 1 comment Print

KSCAA has made a representation highlighting an anomaly in Transfer Pricing Assessment  proceedings (TP proceedings’) concerning the AY 2018-19. Full text of their representation is as follows:- KARNATAKA STATE CHARTERED ACCOUNTANTS ASSOCIATION (R) CA. Kumar S jigajinni | President KSCAA CA. Pramod Srihari | Secretary KSCAA 13th July 2021 To, Smt. Nirmala Sitaraman Hon’ble Union […]

ESIC felicitates donors to ESIC Hospitals during COVID-19 Pandemic

July 15, 2021 456 Views 0 comment Print

Through the coordinated efforts of Government, Private Institutions, Civil Society, NGOs and Private Citizens overcame the health crisis caused by second wave of Covid-19 pandemic. More than 100 donors across India made donations of equipment/kits/disposables etc. to ESIC Hospitals amounting to the sum of Rs.13 Crore.

GST on Reimbursement of expenses by Supplier

July 15, 2021 37788 Views 0 comment Print

With the globalization of businesses being on the rise, there has been an equivalent rise in the complexity of transactions.  The management for the smooth conduct of their business receives various goods and services from different suppliers. However, suppliers, sometimes for the sake of convenience, provide additional goods and services to their intended customers/ recipients […]

No need for cause & effect relationship for claiming expenditure u/s 37(1)

July 15, 2021 1284 Views 0 comment Print

M/s. Vijaya Bank Employees Housing Co-operative Society Ltd. Vs ACIT (ITAT Bangalore) Conclusion: In present facts of the case it was observed by the Hon’ble Bench that where a deduction is necessary in order to ascertain the profits and gains, such deductions should be allowed. Profits should be computed after deducting the expenses incurred for […]

Implementation of RMS for processing of Duty Drawback claims

July 15, 2021 1659 Views 0 comment Print

RMS will process the shipping bill data after the Export General Manifest (EGM) is filed electronically and will provide required output to ICES for selection of shipping bills for risk-based processing of duty drawback claims.

Pocket guide for NBFC compliances from FY 2019-2020 onwards

July 15, 2021 5688 Views 0 comment Print

(A) Annual Compliances Checklist to be done by an NBFC (Non-taking Public Deposit) Asset Size – Below Rs. 100 Crores Return Name Return Overview Frequency Who will Submit Timeline for submission of Return DNBS 02 Important Financial Parameters Annual NBFC 60 Days DNBS 10 Statutory Auditor Certificate Annual Statutory Auditor One month from the date […]

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