"06 August 2021" Archive - Page 2

Income Tax refund cannot be withheld without assigning any reason

Mcnally Bharat Engineering Company Limited and Anr. Vs ACIT (Calcutta High Court)

If a statute provides an act to be done by a particular authority and in a particular manner, it should only be done by that authority and in that manner or not at all noted that the Respondent acted arbitrarily by withholding the refund without assigning any reason though the statute mandates for recording the same....

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Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2021

Notification No. S.O. 3206(E) 06/08/2021

The MoF has notified Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2021 to amend the existing Foreign Exchange Management (Non-debt Instruments) Rules, 2019 vide its notification dated 06th August, 2021, which shall come into force from 09th August 2021 i.e. the date of publication in the Official Gazette Insertion...

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MahaRERA: Invoking Force Majeure for Covid-19 Pandemic second wave

Order No. 21/2021 06/08/2021

Whereas, in view of COVID-19 (Corona Virus) Pandemic and consequent nation-wide lockdown with effect from March, 2020, reverse migration of labourers to their native places and break in supply chain of construction material, the construction activities of real estate projects across the country had been severely impacted....

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DGFT amends Paras 4.82, 4.83, 4.84 of HBP 2015-20

Public Notice No. 20/2015-20 06/08/2021

Amendments are made in Para 4.82, 4.83, 4.84 of Hand Book of Procedure 2015-20 purely as a onetime temporary measure in view of difficulties expressed by the trade due to COVID -19 situation....

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Financial Parameters – RBI allows Revised timelines for compliance

RBI/2021-22/80 DOR.STR.REC.38/21.04.048/2021-22 06/08/2021

In view of the resurgence of the Covid-19 pandemic in 2021 and recognising the difficulties it may pose for the borrowers in meeting the operational parameters, it has been decided to defer the target date for meeting the specified thresholds in respect of the four operational parameters, viz. Total Debt / EBIDTA, Current Ratio, DSCR and ...

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RBI allows banks to extend export credit using any widely accepted Alternative Reference Rate

No. RBI/2021-2022/79 DOR.DIR.REC.37/04.02.002/2021-22 06/08/2021

In view of the impending discontinuance of LIBOR as a benchmark rate, it has been decided to permit banks to extend export credit using any other widely accepted Alternative Reference Rate in the currency concerned. All other instructions in this regard shall remain unchanged....

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Reasons of Failure in CA Exams

It is crucial and critical to understanding that CA is not the same as other accounting courses. Everyone understands that taking the CA exam / CA final exam is not easy. Hence, it is correct to say that there are no shortcuts and only hard work and patience will pay off in the end. The […]...

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Posted Under: Income Tax |

All about ITR-1(SAHAJ)

ITR-1 (SAHAJ) This return is applicable for a Resident Individual (other than Not Ordinarily Resident) having Total Income from any of the following sources up to Rs. 50 lakhs 1. Salary/Pension 2. One House Property 3. Other sources (Interest, Family Pension, Dividend etc.) 4. Agricultural Income up to Rs. 5,000 Note: ITR-1 cannot be use...

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Posted Under: Income Tax |

Taxability of gifts received from clients as a result of good work

Komal, a renowned fashion designer, is famous across Pune city for designing stylish and elegant ladies wear. She designs suits, dresses, and other clothing & accessories for the middle-to-rich class of society. Once, Namrata, wife of a leading diamond merchant of the city, hired Komal to design a nightgown for a family function. Koma...

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Posted Under: Income Tax |

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

The SEBI has notified a new set of regulations to amend the existing SEBI (Prohibition of Insider Trading) Regulations, 2015 which shall come into force as on the date of its publication in the Official Gazette. The amendment relates to the provisions of reward to informants. Sr. No. Amendment Comments 1 Substitution, Omission: Regulation...

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Posted Under: Income Tax |

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August 2022