"05 August 2021" Archive

Summary of Latest Changes in GSTR 9 & GSTR 9C by ICMAI

A short time ago, the Central Board of Indirect Taxes and Customs issued the Central Goods and Services Tax (Sixth Amendment) Rules, 2021 that amended Central Goods and Services Tax Rules, 2017. Various amendments have been made in Rule 80 of CGST Rule pertaining to Annual Return (FORM GSTR-9) and Statement of Reconciliation (FORM GSTR-9C...

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No Tax for Interest on Swiss Bank Accounts based on mere assumption

ACIT Vs Krishan Lal Madhok (ITAT Delhi)

ACIT Vs Krishan Lal Madhok (ITAT Delhi)  A.C.I.T. on the basis of information received from the Government of France under the Double Taxation Avoidance Convention wrongfully assumed  that Shri Krishan Lal Madhok was earning an interest at the rate of 4% from his foreign Swiss Bank account, thereby included the same in his income while ...

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Taxation Laws (Amendment) Bill, 2021

Bill No. 120 of 2021 05/08/2021

Taxation Laws (Amendment) Bill, 2021 is introduced in Lok Sabha on 05th August 2021. Bill is further to amend the Income-tax Act, 1961 and the Finance Act, 2012. Bill will benefit Vodafone, Cairn UK who are having capital Gain Tax Disputes. The Bill proposes to amend the Income-tax Act, 1961 so as to provide that […]...

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No interest on reversal of wrongful availment of credit under GST

The Hon’ble Madras High Court in the case of M/s F1 Components Pvt. Ltd. v. The State Tax Officer, Chennai [W.P. No.6631 of 2021 And WMP No.7188 of 2021, dated July 09, 2021] partly set aside the order passed by the Revenue Department to the extent that interest on remittances by way of adjustment of […]...

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Transportation Revenue Vis-A-Vis Sections 44AA, 44AB, 44AD & 44AE

Transportation Revenue Vis-A-Vis Sections 44AA, 44AB, 44AD AND 44AE of The Income Tax Act, 1961- A Critical Analysis In this Article, the Author has made an attempt to analyse the provisions of Section 44AA, Section 44AB, Section 44AD and Section 44AE of the Income Tax Act, 1961 in the context of requirements and applicability of [&hellip...

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In-depth analysis of Limited Liability Partnership (Amendment) Bill, 2021

Limited Liability Partnership (Amendment) Act, 2021 After receiving the approval of Union Cabinet on 28th July, 2021, the Ministry of Corporate Affairs (MCA) had tabled the ‘Limited Liability Partnership (Amendment) Bill, 2021’, in the upper house of the Indian Parliament. On 4th August, 2021, the bill was passed by the upper house (R...

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Investment adviser may provide implementation services to advisory clients but not for fees

Notification No. SEBI/HO/IMDI/DOFI/OW/P/2021/17965 05/08/2021

There is restriction under the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 for a registered IA to charge any implementation fees from its clients, at IA’s group or family level. Further, as per the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, the lAs cannot receiv...

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SEBI (Prohibition of Insider Trading) (Second Amendment) Regulations, 2021

Notification No. No. SEBI/LAD-NRO/GN/2021/37 05/08/2021

These regulations may be called the Securities and Exchange Board of India (Prohibition of Insider Trading) (Second Amendment) Regulations, 2021....

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CBIC Notifies Rate of Exchange of Foreign Currencies wef 06.08.2021

Notification No.65/2021 - Customs (N.T.) 05/08/2021

  CBIC notifies Rate of Exchange of Foreign Currencies against Indian Rupees with effect from 6th August, 2021, vide Notification No. 65/2021 – Customs (N.T.) | Dated: 5th August, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi ***** Notification No.65/20...

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MCA exempts foreign & companies incorporated outside India from provisions of sections 387 to 392

Notification No. S.O. 3156(E). 05/08/2021

Exemption from Chapter XXII: Companies Incorporated Outside India Central Government hereby exempts (a) foreign companies; (b) companies incorporated or to be incorporated outside India, whether the company has or has not established, or when formed may or may not establish, a place of business in India,, from the provisions of sections 3...

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