"04 August 2021" Archive

Interest payable under section 234A of Income Tax Act

As we know, an income tax return is to be furnished within the prescribed time limit. In case of failure, the taxpayer will be liable to pay interest for delay in filing of an income tax return. Accordingly, such interest is payable as provisions of section 234A of the Income Tax Act, 1961. Recently, while […]...

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Posted Under: Income Tax |

Ban on online games of skills played with stakes as unconstitutional: Madras HC

Junglee Games India Private Limited Vs The State of Tamil Nadu (Madras High Court)

Junglee Games India Private Limited Vs The State of Tamil Nadu (Madras High Court) The petitioners complain of an over-paternalistic stance taken by the State in bringing about sweeping amendments to an existing law that, according to the petitioners, infringe their fundamental rights and are otherwise unreasonable to the point of being ...

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Guidelines on Opening of Current Accounts by Banks

Circular No. RBI/2021-22/77 DOR.CRE.REC.35/21.04.048/2021-22 04/08/2021

In case of borrowers who have not availed of CC/OD facility from any bank, there is no restriction on opening of current accounts by any bank if exposure of the banking system to such borrowers is less than ₹5 crore....

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Activity of filling gas received through pipeline into cylinders by compression not amounts to manufacture

Popular Carbonic Pvt. Ltd. Vs Commissioner of Central Excise (CESTAT Chennai)

Popular Carbonic Pvt. Ltd. Vs Commissioner of Central Excise (CESTAT Chennai) (i) The issue is to whether the process of compressing carbondioxide and subsequent filling in cylinder amounts to manufacture in terms of Chapter Note 9 to Chapter 28 of the Tariff Act has been settled in favour of the appellant by the Tribunal in […]...

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Reassessment proceeding against BCCI quashed due to failure of issuance of Notice

DCIT Vs Board of Cricket Control in India (ITAT Mumbai)

DCIT Vs Board of Cricket Control in India (ITAT Mumbai) Deputy Commissioner of Income Tax has challenged correctness of the order dated January 09, 2019 passed by CIT(A) quashing the reassessment order passed by the Appellant without issuance of notice under Section 143(2) of the Income Tax Act, 1961 (IT Act), for the assessment year [&he...

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Charitable trust running medical store require to take GST registration irrespective of any pecuniary benefits

Sale of medicines at lower rate by the charitable trust is a taxable supply and Goods and Services Tax (GST) registration is required for medical store run by  such charitable trust....

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Upload e-BRC by 15.09.2021 for shipping bills with LEO upto 31.03.2020 on which RoSCTL scrip been claimed

Trade Notice No. 13/2021-22 04/08/2021

All IECs/firms, who have been issued scrips under RoSCTL for shipping bills upto 31.03.2020, are requested to get the related e-BRCs uploaded in the DGFT portal by their AD banks latest by 15.09.2021, failing which action as per para 4.96 of HBP, as notified vide PN 58 dated 29.01.2020 would be initiated by the jurisdictional RAs....

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Requirement of minimum number & holding of unit holders for unlisted InvITs

Circular No. SEBI/HO/DDHS/DDHS_Div3/P/CIR/2021/611 04/08/2021

Registered unlisted InvITs which have already issued units as on the date of this circular, shall comply with the provisions of sub-regulation (3) of Regulation 26B of the InvIT Regulations within a period of six months from the date of this circular....

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Maintenance of Current Accounts in multiple banks by Mutual Funds

Circular No. SEBI/HO/IMD/IMD-I/DOF5/P/CIR/2021/610 04/08/2021

It is clarified that mutual funds should maintain current accounts in an appropriate number of banks for the purpose of receiving subscription amount and for payment of redemption / dividend / brokerage / commission etc. to facilitate financial inclusion, convenience of investors and ease of doing business....

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SEBI modifies Operational Guidelines for FPIs and DDPs

Circular No. SEBI/ HO/ FPI&C/ P/ CIR/ 2021/609 04/08/2021

For operationalizing the aforementioned amendment to the SEBI (Foreign Portfolio Investors) Regulations, 2019, the Explanation provided under Para 2 (ii) (b) of Part A of the Operational Guidelines for FPIs and DDPs, issued vide circular dated November 05, 2019, stands modified...

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September 2021