"26 August 2021" Archive

Secured Creditor haves priority in charge over dues of Income Tax Department

The Petitioner is an assignee of right, title and interest of the credit facilities to Borrower which is now in liquidation and the Petitioner has a secured and a prior charge over the attached properties of the Borrower. The Petitioner, due to the prior charge, has been aggrieved by the order of the Respondent which is seeking Income Tax...

Read More
Posted Under: Income Tax |

Refund allowed of Unutilized Education Cess, which couldn’t be transitioned into GST

Kirloskar Toyota Textile Machinery Pvt. Ltd. Vs Commissioner of Central Tax (CESTAT Bangalore)

Appellant contended that accumulated credits of Cesses were not transitioned into GST regime due to specific restriction under Section 140(1) of CGST Act. Appellant therefore had to resort to the option of refund under existing law to avoid lapsing of credit....

Read More

Object of Section 40A is to curb flow of black money & not to put an impediment to Business

The object of the provisions of Section 40A is to curb the flow of black money and not to put an impediment to the trade and Business The Hon’ble Tribunal accepted the plea of the assessee The writ petition of the CIT was reject ted by the Hon’ble PB and Hr. High Court The plea […]...

Read More
Posted Under: Income Tax |

TDS And TCS In Income Tax On Purchase of Goods

The Finance Act, 2021, has inserted Section 194Q, in Income Tax Act, 1961 with effect from 01.07.2021, to provide for the deduction of tax (TDS) on certain purchases. The TDS has to be deducted if the value or aggregate purchase value exceeds Rs. 50 lakhs during the previous year. As per Finance Act, 2021, Section […]...

Read More
Posted Under: Income Tax |

Street vendors included in PM SVANidhi Scheme beneficiaries

Press Release: 2021-2022/747 26/08/2021

The Reserve Bank has now decided to include street vendors identified as part of the PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres as beneficiaries under the PIDF Scheme. As hitherto, the street vendors in tier-3 to tier-6 centres will continue to be covered under the Scheme....

Read More

RBI appoints Shri Ajay Kumar as new Executive Director

Press Release: 2021-2022/746 26/08/2021

The Reserve Bank of India has appointed Shri Ajay Kumar as Executive Director (ED) with effect from August 20, 2021. Prior to being promoted as ED, Shri Ajay Kumar was heading the New Delhi Regional Office of the Bank as Regional Director....

Read More

Open letter to all FMCG Companies

Distributor who buys product against advance payment from the company and distributes them to market at his own  expense or credit. Distributor salesman, helper driver, hamal, and accountant employs many such  people and the retailers are the chain together involved in the entire process there are 4 latch distributors across the countr...

Read More
Posted Under: Income Tax |

Take action against Unethical & illegal business practices in e-pharmacy trade: CAIT

Confederation of All India Traders urges Minister of Commerce and Industry Shri Piyush Goyal to initiate action against E-pharmacy companies flouting ecommerce laws & rules to invade trade of lakhs of chemists. Text of their letter is as follows:- “Vyapar Bhawan” 925/1, Naiwala, Karol Bagh, New Delhi-110005. Phone: +91-11-45032...

Read More
Posted Under: Income Tax |

ADD on Natural Mica based Pearl Industrial Pigments excluding cosmetic grade

Notification No. 47/2021-Customs (ADD) [G.S.R. 590(E)] 26/08/2021

CBIC levy anti dumping duty on imports of  Natural Mica based Pearl Industrial Pigments excluding cosmetic grade  originating in or exported from China PR for a period of five years. Notification No. 47/2021-Customs (ADD) | Dated: 25th August, 2021. MINISTRY OF FINANCE (Department of Revenue) New Delhi Notification No. 47/2021-Customs (...

Read More

Cabinet approves MoU between ICAI and IPAR

Union Cabinet, chaired by Prime Minister, Shri Narendra Modi, has approved signing Memorandum of Understanding between Institute of Chartered Accountants of India (ICAI) and Institute of Professional Accountants of Russia (IPAR)....

Read More
Posted Under: Income Tax |

Search Posts by Date

December 2021
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031