Meaning and applicability of composition Scheme Section 10 of the CGST Act, is an exception to the charging section i.e. section 9 of the CGST Act, 2017. Composition scheme in simple words can be explained as payment of tax at concessional rate on the basis of turnover. This scheme is designed to give benefit to […]
Sai Kripa Farms Vs ITO (Madhya Pradesh High Court) In this judgements notice issued u/s 148 have been stayed by the Madhya Pradesh High Court for being issued after 31st March, 2021 as per the omitted provisions. The petitioner has challenged the validity of the Notification No. 20/2021 dated 31.03.2021 and Notification No. 38/2021 dated […]
Mere dispatch of the order cannot be considered as service. The period of 2 months for filing the appeal has to reckon not from the date of order announced but from the date of receipt of said order by the assessee in terms of Section 35 of Central Excise Act, 1944.
Introduction: Sec 135 of the Companies Act prescribes certain criteria for mandatory CSR expenditure. If company fulfils any of the prescribed criteria, then it needs to constitute a CSR committee of Board which shall formulate and recommend CSR policy to spend at least 2% of the average net profit of the immediately preceding 3 FYs. […]
Remission of Duties and Taxes on Exported Products (RoDTEP) Rates Announced : Exporters Expressing Displeasure After a long wait Government has announced Remission of Duties and Taxes on Exported Products (RoDTEP) Rates for 8,555 Products and set aside ₹12,454 crore for refunds under the scheme for the current fiscal, that came as a huge relief […]
Introduction: The Ministry of Corporate Affairs (MCA) has imposed a penalty of Rs. 4 lakh on Oliveshine Mutual Benefit Nidhi Limited for failing to maintain a registered office, a violation of Section 12(1) read with Section 12(8) of the Companies Act, 2013. This article delves into the details of this penalty and the implications it […]
Amendments under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as made by SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2021 SEBI vide its notification dated 3rd August, 2021 has amended the SEBI (LODR) Regulations, 2015 which is applicable with effect from 1st January, 2022. This article covers the following key aspects:- Amendments […]
DCIT Vs Heilgers Development & Construction Company Pvt. Ltd (ITAT Kolkata) The loan amounts in question treated as deemed dividend u/s 2(22)(e) by the AO were taken by the assessee-company from the three concerns on interest and since the said lending companies were compensated by interest paid by the assessee-company on the loans, the assessee-company […]
The DGFT (Director General of Foreign Trade) has issued Notification No: 19/2015-20 dated: 17.08.2021 and thus detailed the scheme guidelines for RoDTEP (Remission of Duties and Taxes on Exported Products) As expected the RoDTEP benefits are lesser than the erstwhile MEIS (Merchandised Export Incentive Scheme) benefits which came to its end in 31.12.2020 Though the […]
Zeenath Transport Company Vs ACIT (ITAT Bangalore) The assessee during the year made payment of Rs.10 lakhs and 20 lakhs towards membership fee and legal fund respectively to Federation of Indian Mineral Industries. The federation of Indian Mineral Industries is an association of industries i.e engaged in the business of minerals and is a non […]
