2 Archive - 16 July 2021

"16 July 2021" Archive

Memorandum on problems being faced in relation to New Income Tax Portal

The Income Tax Return for the AY 2021-22 cannot be filed through any software or directly by uploading JSON file because this functionality has not been enabled at the Income Tax Portal. Due to this, the Public at large, who are applying for/ renewal of its Bank Loans, for applying tenders to various organization and for applying visa for...

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Posted Under: Income Tax | ,

CBI to enquire validity of alleged Email sent by Income Tax Dept

Three C Homes Pvt. Ltd. Vs ACIT (Delhi High Court)

CBI to enquire as to whether the email dated 31st May, 2021 had been issued to assessee or not, and if so, by whom. In the event it was found that the email dated 31st May, 2021 had been forged and fabricated by assessee it would initiate action under Sections 191/192/196 of the IPC. However, if it was found that the email dated 31st May,...

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No Penalty without evidence & for mere small difference in time

Air India Ltd. v. Commissioner of Customs (CESTAT Chennai)

The second allegation is that appellants have violated Regulation 5(n), by allowing unauthorised persons to enter into the area. Though, it is stated in the show-cause notice that the appellants have allowed unauthorised persons to access the premises, there is no evidence to support the same. The details of such unauthorised persons seen...

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Block Mechanism in demat account of clients undertaking sale transactions

Circular No. SEBI/HO/MIRSD/DOP/P/CIR/2021/595 & PR No .23/2021 16/07/2021

If securities for sale are blocked in the depository system in favour of clearing corporation, all margin would deemed to have been collected and penalty for short/non collection of margin including other margins shall not arise. The facility of block mechanism shall be available to the clients from August 01, 2021....

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IFRS Practice Statement – Management Commentary

IASB has issued the ED of revised IFRS Practice Statement - Management Commentary, which is not mandatory in nature. The revised Practice Statement would supersede the existing Practice Statement, issued in year 2010. The purpose of this ED is to obtain feedback on the IASB’s proposals....

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Posted Under: Income Tax |

DGFT invites suggestions on New Foreign Trade Policy (2021-26)

Trade Notice No. 09/2021-22 16/07/2021

In order to prepare a new five year Foreign Trade Policy, suggestions/inputs are invited from various stakeholders for New Foreign Trade Policy (2021-26)...

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SEBI introduces Expected Loss (EL) based Rating Scale

Circular No. SEBI/HO/MIRSD/MIRSD_CRADT/P/CIR/2021/594 16/07/2021

Expected Loss (EL) based Rating Scale may be used by CRAs for ratings of projects/ instruments associated with infrastructure sector to begin with:...

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Investment in Share Market: Fundamental V/S Technical

Ever wondered what is the difference between Fundamental and Technical approaches to Stock Picking? Is Technical Analysis a form of betting your money? Is only investing with Fundamentals in mind enough? Hope you are all enjoying the upswing in the market post March, 2020. Sensex & Nifty has bounced back & have bounced back in a ...

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Posted Under: Income Tax |

4 Important Examination Tips for all CA/CS/CMA Students

We all know that Professional Exams are hard to crack and have their own set of patterns and passing criteria. Only studying is not enough here; adequate planning before appearing for the exam is necessary. So, below are 4 MUST-HAVE THINGS for all the CA/CS/CMA students: 1. INDEXATION:Having your hand-made, detailed index of each subject...

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Posted Under: Income Tax |

GST implications on Amazon Seller Rewards under Seller Flex Model

With the lockdown being imposed due to Covid-19, online business has grown manifold. Many traditional businesses are selling their goods online, whether through their own websites or through E-Commerce portals like Amazon. To push online business further, portals like Amazon come up with different models to ensure faster delivery of goods...

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Posted Under: Income Tax |