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Archive: 25 August 2021

Posts in 25 August 2021

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6447 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

2 more arrested by DGGI Gurugram Unit for input tax credit fraud

August 25, 2021 654 Views 0 comment Print

DGGI Gurugram Zonal Unit (GZU), Haryana, has earlier busted a case wherein total fake ITC of  Rs 176 crore has been fraudulently passed on by Sh. Sanjay Goel, Prop of M/s. Redamancy World, and Sh. Deepak Sharma, the de–facto controller of 8 non-existent firms.

Karnataka HC: Wipro gets supplementary 3% interest on deferred tax refund

August 25, 2021 2190 Views 0 comment Print

Wipro Limited Vs JCIT (Karnataka High Court) Karnataka High Court allowed the additional 3% interest on the delayed Income Tax Refund to Wipro ( Petitioner) from the Deputy Commissioner of Income Tax (DCIT) (Respondent). The Petitioner approached the Writ Court to challenge the order in which the Respondent, DCIT, denied additional 3 percent interest on […]

Foreign Account Tax Compliance Act (FATCA)

August 25, 2021 8325 Views 0 comment Print

The seeds of financial crisis were sown long back when the interest rates were fiercely low with very lenient lending norms leading to creation of housing price bubble in U.S. The bubble bursted and the period of 2007-2009 marked as an epic financial collapse leaving people jobless and their investments worthless. With the unemployment rates […]

348 companies fail to meet criteria for declaration as Nidhi company

August 25, 2021 1098 Views 1 comment Print

Government cautions stakeholders as 348 companies fail to meet requisite criteria for declaration as Nidhi company under Companies Act 2013 and Nidhi Rules 2014 Under section 406 of the Companies Act, 2013 (CA, 2013) and Nidhi Rules, 2014 (as amended), companies incorporated as Nidhi Companies need to apply to the Central Government in form NDH-4 […]

ITC not available on Canteen Services provided to Employees

August 25, 2021 7632 Views 0 comment Print

Tata Motors Ltd has sought a clarification whether ITC will be available on GST charged by service provider on canteen facility provided to employees working in factory and whether the same would be restricted to extent of cost borne by the Applicant. Along with that it has also been sought if GST is to be applicable on Nominal amount received by Applicant for usage of the canteen facility by the employees.

SEBI issues Circular on Security & Covenant Monitoring using Distributed Ledger Technology

August 25, 2021 972 Views 0 comment Print

A system using block chain technology for non-convertible securities along with the underlying assets would be created and all charges and asset valuation transactions shall be recorded by the respective entities including Issuers, Debenture Trustees, Credit Rating Agencies, etc. The system will give permissions to the Debenture Trustees, Issuers, Credit Rating Agencies etc. to update the data/ information and would be accessible to other entities like stock exchanges, depositories etc.

MCA issues updated FAQs on Corporate Social Responsibility (CSR)

August 25, 2021 8967 Views 0 comment Print

MCA has vide General Circular No. 14/2021 dated 25.08.2021 issued updated FAQs on Corporate Social Responsibility (CSR) and withdrawn 4 earlier FAQs and clarifications issued by it from time to time. The FAQs on CSR broadly covers  Applicability of CSR, CSR Framework, CSR Expenditure, CSR Activities, CSR Implementation, On-going Project, Treatment of Unspent CSR Amount, […]

CBI Files Chargesheet against 18 Accused Including CA, Businessman & Bank Manager

August 25, 2021 1221 Views 0 comment Print

CBI Files Chargesheet Against 18 Accused Including Chartered Accountant, Businessman; Then AGM & Then Manager of Syndicate Bank For Causing An Alleged Loss Of Rs. 209 Crore (Approx) To Bank

Overseas entity not include branches of Indian banks/financial institutions operating in IFSC

August 25, 2021 366 Views 0 comment Print

RBI clarified that definition of term overseas entity in abovementioned section shall not include branches of Indian banks and branches of other Indian financial institutions operating in IFSC.

Bank Employees Family Pension to be increased to 30% of last pay drawn

August 25, 2021 504 Views 0 comment Print

In a bid to provide relief to families of bank employees, the Government has approved the Indian Banks’ Association’s proposal to increase the family pension to 30% of last salary drawn.  This move would make family pension go up to as much as Rs 30,000 to Rs 35,000 per family of bank employees. 

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