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Archive: 02 August 2021

Posts in 02 August 2021

Multi-Disciplinary Partnership (MDP) – ICAI

August 2, 2021 17412 Views 0 comment Print

1.’MDP CAs in Practice’ is an abbreviation of the term ‘Multi-disciplinary Partnership Firm of Chartered Accountants in Practice’. The provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations 1988   amended way back and permit the members of the Institute of Chartered Accountants of India to form multi-disciplinary partnership firms with specified professionals. […]

Section 194Q Buyer’s obligation for TDS on Purchase of Goods

August 2, 2021 3651 Views 2 comments Print

On 1/10/2020, new section 206C(1H) relating to TCS on sale of goods was introduced. It states that, the seller at the time of sale of goods of the value aggregating to Rupees Fifty Lakhs or more in previous year should deducted TCS. Further the following year a new section was introduced in the Finance Bill […]

One Person Company (OPC) amendments effective from 1st April 2021

August 2, 2021 30003 Views 0 comment Print

After the Companies Act 2013 (the Act), there is an entity available for the budding entrepreneur. The Act, brought in sweeping changes in the corporate world, has also opened the doors for the entrepreneur looking to set up a company all by himself. This has been made possible by bringing in the concept of One Person Company (OPC).

Taxation of Shares & Securities for FY 2020-21 | AY 2021-22

August 2, 2021 63246 Views 7 comments Print

Taxation on Capital gain on shares & securities has always been a matter of concern for investors since special rates apply on Income from capital gain. In the table below, we have bifurcated the capital gain assets on the basis of period of holding & type of entities: ASSETS PERIOD OF HOLDING SHORT TERM/ LONG […]

Omission of Rules by CBDT – Notification no. 83/2021 dated 29 July 2021

August 2, 2021 5907 Views 0 comment Print

CBDT vide notification dated 29 July 2021 [Notification No. 83/2021/F. No. 370142/30/2021-TPL] has omitted certain Rules due to provisions becoming redundant owing to omission or applicability of such provisions not relevant now as the same has expired long time ago. Further, the same is to ease the burden of the taxpayer in certain circumstances where […]

DGGI Bhubaneshwar detected irregular availment of ITC of Rs. 120.58 Cr

August 2, 2021 570 Views 0 comment Print

DGGI Bhubaneshwar Zonal Unit has detected irregular availment of ITC to the tune of Rs. 120.58 crore by a company engaged in constructing railway lines on Build Own Operate and Transfer model. During investigation, the company accepted the lapse and reversed the entire amount of wrongful ITC to the extent of Rs. 120.58 crore.

Constitution (Scheduled Tribes) Order (Amendment) Bill, 2021

August 2, 2021 498 Views 0 comment Print

Constitution (Scheduled Tribes) Order (Amendment) Bill, 2021 was introduced in Rajya Sabha on 02nd August 2021. Constitution (Scheduled Tribes) Order (Amendment) Bill, 2021 further amend the Constitution (Scheduled Tribes) Order, 1950 to modify the list of Scheduled Tribes in relation to the State of Arunachal Pradesh. Full text of the Bill is as follows:- AS […]

Search conducted on CA based In Faridabad by GST Department

August 2, 2021 4149 Views 0 comment Print

GOVERNMENT OF INDIA / MINISTRY OF FINANCE OFFICE OF THE COMMISSIONER, GOODS & SERVICES TAX G.S.T. BHAWAN, & BLOCK  ‘C’ & ‘D”, NEW C.G.O. COMPLEX. NH-IV, FARIDABAD-121001, HARYANA (Search conducted on CA based In Faridabad) In pursuance of an investigation into fake invoices of Rs. 47.22 crores (duty involvement of Rs. 10.33 crores) issued by […]

Rampant Corruption- SC takes a strict view & orders Termination of a Judicial Officer

August 2, 2021 1605 Views 0 comment Print

Rajinder Goel Vs High Court Of Punjab And Haryana & Anr. (Supreme Court of India) It cannot be denied that there is rampant corruption in all the three pillars of our Constitution. No wonder India is ranked very high in World Corruption Perception Index. However, the number of cases of corruption which are booked under […]

GST on Project Works Contractor

August 2, 2021 16914 Views 1 comment Print

There has been a lot of confusion on taxability of various activities undertaken by projects works contractor. In this article a detailed analysis of various activities is discussed. Generally, Project works contractor engages in various kinds of construction of Dams, Canals, Bridges, Roads, Railways. Construction of dams, canals, bridges etc., is crucial for the infrastructural […]

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