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Archive: 28 August 2021

Posts in 28 August 2021

TDS deductible on conveyance allowance by LIC to its Development Officers

August 28, 2021 3477 Views 0 comment Print

Life Insurance Corporation of India Vs. ITO (TDS) (Orissa High Court) The short question that arises is whether LIC had a statutory obligation to deduct tax at source while paying the conveyance/additional allowance to its development officers? In support of the contention that conveyance/additional allowance are not income and therefore not liable for deduction of […]

HC Directs petitioner to apply for provisional release of goods to Custom Authorities

August 28, 2021 1356 Views 0 comment Print

Hazel Mercantile Ltd. Vs Chief Commissioner of Customs (Gujarat High Court) We find from the records of the case is that the though it is a stand of the Union of India that there can be no provisional release of goods pending seizure for which reliance is placed on a decision in the case of […]

Notice for Customs Brokers Examination, 2022

August 28, 2021 3480 Views 0 comment Print

Applications are invited from Indian citizens to appear in the online written examination for issuance of license to act as a Customs Broker under Customs Brokers Licensing Regulations (CBLR), 2018, as amended. A copy of the regulations is available at www.cbic.gov.in and www.nacin.gov.in.

Total RuPay cards issued to PMJDY accountholders: 31.23 Crore

August 28, 2021 1104 Views 0 comment Print

Ministry of Finance Pradhan Mantri Jan-Dhan Yojana (PMJDY) – National Mission for Financial Inclusion, completes seven years of successful implementation More than 43.04 crore beneficiaries banked under PMJDY since inception, amounting to Rs. 146,231 crore “The journey of PMJDY led interventions undertaken over a short span of 7 years has in effect, produced both transformational […]

Trust under Indian trust Act, 1882

August 28, 2021 51834 Views 4 comments Print

A trust is a relationship in which a person or entity is bound by a fiduciary relationship to exercise that legal rights over the trust property for the benefits of any one or more individuals known as beneficiaries. The trust shall be governed by a set of written terms and conditions known as trust deed. […]

Understanding the Taxability of ESOP Gains

August 28, 2021 5307 Views 1 comment Print

According to Section 2(37) of companies Act, 2013, Employees stock option schemes  is an option given to the directors, employees or officers of the company or its holding and subsidiary company, the right to purchase or benefits or subscribe for the shares of the company at the pre determined price for a future dates.  Therefore […]

Retrospective Taxation in India

August 28, 2021 3840 Views 0 comment Print

Understanding retrospective taxation in India: a comprehensive guide to the concept, its objective, and its impact on foreign corporations.

CIT(A) cannot travel beyond issue selected under limited scrutiny

August 28, 2021 1206 Views 0 comment Print

Arjun Transport Company Private Limited Vs ITO (ITAT Mumbai) When a case is selected for ‘limited scrutiny’ to verify the disallowance made u/s 14A of the Act and AO makes disallowance u/s 14A in the assessment order passed u/s 143 of the Act then the CIT(A) cannot travel beyond the issue selected under ‘limited scrutiny’ […]

Delhi HC permits Salary payment from provisionally attached bank accounts

August 28, 2021 1911 Views 0 comment Print

SPNN Business Services Pvt. Ltd. Vs Commissioner of Central Tax (GST) (Delhi High Court) Hon’ble Delhi High Court directed the Revenue to permit the petitioner company to collect a sum of Rs. 2 crores from bank accounts provisionally attached by the GST Dept, to pay salaries of employees. Facts: The Commissioner of Central Tax (GST), […]

Terminology used in respect of Agriculture Lands

August 28, 2021 19635 Views 1 comment Print

KHASRA – Khasra means annual village register showing the possession of the land as a cultivator. A khasra is normally a field book containing a list of the tenants in occupation of Agriculture land and it is not one of the registers which are included in the record of rights which carries with it a […]

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