"19 July 2021" Archive

Tax exemption & Date extension to ameliorate COVID-19 stress

Tax exemption to ameliorate stress due to COVID-19 The Government has decided to provide income tax exemption to the amount received by a taxpayer for medical treatment from an employer or from any person for treatment of COVID-19 during the financial year 2019-20 and subsequent years. This was stated by Minister of State for Finance [&he...

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Posted Under: Income Tax |

Addition on estimation by AO do not call for initiation of penalty

ACIT Vs Remi Electrotechnik Ltd. (ITAT Mumbai)

ACIT Vs Remi Electrotechnik Ltd. (ITAT Mumbai) Assessing Officer levied penalty under section 271(1)(c) of the Act on estimate basis without any evidence on record with regard to concealment of income. Penalty under section 271(1)(c) of the Act is leviable to be imposed only where the assessee has concealed its particulars of income or fu...

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SEBI Consultation Paper for introduction of Swing Pricing

Consultation Paper for introduction of Swing Pricing is to solicit public comments / views on the proposal to introduce swing pricing mechanism to ensure fairness of treatment of entering, exiting and existing investors in Mutual Fund schemes, particularly during market dislocation....

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Posted Under: Income Tax |

IGST on repair cost, insurance & freight, on goods re-imported

Circular No. 16/2021-Customs 19/07/2021

Clarification regarding applicability of IGST on repair cost, insurance and freight, on goods re-imported after being exported for repairs, on the recommendations of the GST Council made in its 43rd meeting...

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No section 271(1)(b) Penalty if order was passed under section 143(3)

Jai Gopal Sondhi Vs ITO (ITAT Delhi)

Jai Gopal Sondhi Vs ITO (ITAT Delhi) We note that although the Assessing Officer has levied penalty in all the four cases for non-compliance of statutory notices, all the same he has proceeded to frame the assessment order u/s 143(3) of the Act. We also note that the CIT(A), while dismissing the assessees’ appeals has […]...

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GST Exemption For RWAS Above 7500 – Rethinking The Strategy?

Taxability of the Residents’ Welfare Association has always been a delicate issue due to the sheer number of stakeholders who get affected by it. While the government has always tried to protect the middle- and lower-class residents, it had shown no intention of completely exempting tax for the others....

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Posted Under: Income Tax |

Cheque Bounce and its Procedures

A cheque could be a medium of exchange that promotes cashless transactions in a degree economy. The utilization of cheques as a medium of exchange has exaggerated with time. Folks like better to offer cheques in transactions, rather than carrying currencies. Carrying currencies, particularly once the number is simply too giant, could be a...

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Posted Under: Income Tax |

International Trademark

A trademark is a sign capable of distinguishing the goods or services of one enterprise from those of other enterprises. Trademarks are protected by intellectual property rights....

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Posted Under: Income Tax |

Recovery of Money Dues Under Civil Law & Its Procedure

Banks and monetary establishments punctually registered with the bank of Asian countries give loan facilities to legal entities and people. within the event wherever the recipient fails to repay loan quantity or any half therefrom that additionally includes unpaid interests and different charges and/or debt becomes Non-Performing plus, ba...

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Posted Under: Income Tax |

Equipment Type Approval (ETA) License

A wing was established in 1952 by the Government of India called The Wireless Planning & Coordination (WPC). WPC is a branch of Department of Telecommunications established under the Ministry of Communications and Information Technology of the Government of India....

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Posted Under: Income Tax |

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