Introduction: The Finance Act, 2020, inserted Sub-Section (1H) in Section 206C to provide for the collection of tax by a seller from the amount received as consideration for the sale of goods if it exceeds Rs. 50 lakhs in any previous year. On the similar lines, the Finance Act, 2021, has inserted a new Section […]
Framework for setting up of International Trade Financing Services Platform (‘ITFS’) for providing Trade Finance Services at International Financial Services Centres (‘IFSCs’).
The Finance Act, 2021 has inserted a new Section 194P of Income Tax Act, 1961 to provide relief to a senior citizen who is 75 years or more from the burden of filing of return of income. It provides that if tax has been deducted under the newly inserted provision, such senior citizen shall be […]
1) Who is responsible to deduct TDS under section 194O of Income Tax Act, 1961? Any person, being E-commerce operator facilitating sale of goods or provision of services of an E-commerce Participant through its digital or electronic Facility or platform (by whatever name called). 2) Is there any definition for E-commerce, E-commerce Operator and E-commerce Participant? […]
State of Uttar Pradesh & Ors Vs Dr. Manoj Kumar Sharma (Supreme Court of India) It is common knowledge that the Executive has become autocratic and deliberately disobey/discard the declarations of law and directions of the Courts. Consequently, when such matters crop up before the High Courts, they summon the highhanded officials to explain the circumstances […]
Sahil International Vs ACIT (Bombay High Court) 1. Mr. Jain, learned counsel for the Petitioner states that despite enforcement of the amended Income Tax Act, 1961 with effect from 01.04.2021, the Respondents purport to invoke repealed provisions of Section 148 of the Income Tax Act without following provisions of amended Act, issuing notice dated 07.06.2021. […]
Raj Veer Singh Vs ACIT (ITAT Delhi) We are of the considered view that no doubt provisions contained u/s 234E under which late fee has been levied for defaults of period in filing the TDS/TCS statements/returns but coordinate Benches of the Tribunal have followed one approach, though there are conflicting decisions of different High Courts […]
WHEREAS, the Extradition Treaty Between the Government of the Republic of India and the Government of the Republic of Malawi was signed at Lilongwe on the 5th November, 2018 and the Instruments of Ratification of the said Treaty were exchanged at New Delhi on the 26th February 2021;
In re Aadhya Gold Private Limited (GST AAR Karnataka) Whether GST is to be paid only on the difference between the selling price and purchase price as stipulated under Rule 32(5) of CGST Rules, 2017, if applicant purchases used/second hand gold jewellery from individuals who are not dealers under the GST and at the time […]
In re Ramohalli Krishnrao Karthik (GST AAR Karnataka) In the instant case, the applicant has sought advance ruling in respect of the supplies undertaken by M/s. Mysore Stoneware Pipes and potteries Private Limited and not with respect to the supplies undertaken by the applicant. Thus the application is not admissible and liable for rejection in […]
