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Archive: 22 July 2021

Posts in 22 July 2021

Continuous disclosures in compliances by REITs – Amendments

July 22, 2021 528 Views 0 comment Print

All complaints including SCORES complaints received by the REIT shall be disclosed in the format mentioned in Annexure – A on the website of the REIT and also filed with the recognized stock exchange(s), where its units are listed within 21 days from the end of financial year or end of quarter, as the case may be

Union Cabinet approves PLI Scheme for Specialty Steel

July 22, 2021 576 Views 0 comment Print

Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi, approved the Production Linked Incentive (PLI) Scheme for specialty steel. The duration of the scheme will be five  years,  from 2023-24 to 2027-28.With a budgetary outlay of ₹6322 crores, the scheme is expected to bring in investment of approximately ₹40,000 crores and capacity addition of 25 MT for speciality steel. The scheme will give employment to about 5,25,000 people of which 68,000 will be direct employment.

DGFT amends Validity period for import & Revalidation of Authorisation

July 22, 2021 7200 Views 0 comment Print

Para 4.41 of Handbook of Procedures 2015-20 is amended to allow only one revalidation for a period of 12 months to Advance Authorisations issued on or after 15.08.2020 (instead of 2 revalidation of 6 months each, provided earlier).

Essential Defence Services Bill, 2021 introduced in Lok Sabha

July 22, 2021 558 Views 0 comment Print

Essential Defence Services Bill, 2021 is introduced in Lok Sabha on 22/07/2021 to replace Essential Defence Services Ordinance, 2021. As Parliament was not in session and urgent legislation was required to be made, the President promulgated the Essential Defence Services Ordinance, 2021 on the 30th June, 2021. Essential Defence Services Bill, 2021 is a bill […]

Debts Recovery Tribunals and Debts Recovery Appellate Tribunals Electronic Filing (Amendment) Rules, 2021

July 22, 2021 1095 Views 0 comment Print

(1) These rules may be called the Debts Recovery Tribunals and Debts Recovery Appellate Tribunals Electronic Filing (Amendment) Rules, 2021. (2) They shall come into force on the date of their publication in the Official Gazette.

Director Identification Number

July 22, 2021 27879 Views 0 comment Print

Director Identification Number (DIN) A unique identification number is issued by the Central Government to a person who intends to be a Director in a new company or an existing company, that UIN is called Director Identification Number (DIN). It is compulsory for a person to obtain a DIN who is to be appointed as […]

Professional charges incurred during company acquisition cannot be treated as revenue expenses

July 22, 2021 4524 Views 0 comment Print

M/s Steer Engineering Pvt. Ltd. Vs Addl. CIT (ITAT Bangalore) M/s. Steer Engineering Pvt. Ltd. (Appellant) acquired the business of two companies namely Concord United Products Pvt. Ltd., and M/s. Aditya Precision Deposition Moulding Pvt. Ltd. and incurred Rs.1,20,820/- as professional fees for drafting business transfer agreements and legal opinions. The Appellant claimed it as […]

Section 11 exemption cannot be denied for providing hostel facilities to staff & students

July 22, 2021 2757 Views 0 comment Print

Durga Charitable Society Vs JCIT  (ITAT Delhi) Charitable Society providing hostel facilities to staff and students is integral part of ‘Educational Activities’,  and Section 11 exemption allowed Durga Charitable Society (Appellant) is a Society duly registered under Society Registration Act, 1860 and is engaged in running various educational institutions, medical colleges and charitable hospitals. Assessing […]

FM message to Income Tax Department on 161st Income Tax Day

July 22, 2021 999 Views 0 comment Print

Nirmala Sitharaman Minister of Finance and Corporate Affairs Government of India Dy. No. 1759745 FM/FMP/2021 22/07/21 Message My heartiest felicitation to the Income Tax Department on the occasion of the 161st Income Tax Day. System of Direct Tax in India, though, is much older than that. Our ancient texts are replete with references to planned […]

No Service Tax on Interest earned on gold loans

July 22, 2021 1821 Views 0 comment Print

Indian Overseas Bank Vs Commissioner of GST & Central Excise (CESTAT Chennai) Interest earned on gold loans is taxable and does not fall within negative list as Section 66D(n) of the Act excludes interest earned only on monetary Loans and advances, but not to lending of Gold. Revenue is of the opinion that only if […]

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