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Archive: 09 September 2021

Posts in 09 September 2021

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 513 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

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

May 15, 2024 7491 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.

CBDT extends due dates of ITR & various Audit reports for AY 2021-22

September 9, 2021 95127 Views 5 comments Print

The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31st July, 2021 under sub-section (1) of section 139 of the Act, as extended to 30th September, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st December, 2021;

E-Book on Notifications, Circulars, Order under GST Law, 2017

September 9, 2021 4947 Views 0 comment Print

Recently I have complied Notifications under Central Tax, Central Tax (Rate), IGST Tax, IGST Tax (Rate), UTGST Tax, UTGST Tax (Rate), Circulars on Compensation cess and Ordinances, Orders, Instructions under CGST Act, Press Releases under CGST Act,2017 from 01/07/2017 to 31/07/2021 at one place along with link provided by GSTN site  to refer original Notifications, […]

FAQ About GST Refund Rejection Order and Recredit of ITC Under PMT 03

September 9, 2021 25683 Views 1 comment Print

#1 I have been served with a SCN for a refund application. From where can I get the SCN and reply to the same? Reply : Please visit the common portal and you can check the additional orders and notices where the SCN would be present. Alternatively Please visit the common portal and go […]

CRM for offsetting gross exposure of foreign bank branches in India to Head Office

September 9, 2021 738 Views 0 comment Print

Reserve Bank of India RBI/2021-22/97 DOR.CRE.REC.47/21.01.003/2021-22 September 09, 2021 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir/Madam, Large Exposures Framework – Credit Risk Mitigation (CRM) for offsetting – non-centrally cleared derivative transactions of foreign bank branches in India with their Head Office Please refer to circular No. DBR.No.BP.BC.43/21.01.003/2018-19 dated June 03, 2019 on […]

Government Provides Big Boost to Exporters

September 9, 2021 696 Views 0 comment Print

Under the decisive leadership of Hon’ble Prime Minister Shri NarendraModi, Government of India has decided to budget Rs 56,027 crore in this Financial Year FY 21-22 itself in order to disburse all pending export incentives due to exporters. This amount includes claims relating to MEIS, SEIS, RoSL, RoSCTL, other scrip based schemes relating to earlier policies and the remission support for RoDTEP and RoSCTL for exports made in the 4th quarter of FY 20-21. Benefits would be disbursed to more than 45,000 exporters, out of which about 98% are small exporters in the MSME category.

Analysis of Amendment made by Finance Act, 2021 for Section 45(4) & 9B 

September 9, 2021 14496 Views 2 comments Print

Hello friends, here we discussed the provision of transfer of capital asset to partner/member on dissolution or reconstitution of the specified entity [Section 45(4) and section 9B] [W.e.f A.Y. 2021-22]. 1) SECTION 45(4) OF INCOME TAX ACT, 1961 Before Amendment, As per section 45(4), the profits or gains arising from the transfer of a capital […]

Revised TMA for Specified Agriculture Products Scheme

September 9, 2021 11982 Views 1 comment Print

It has now been decided to introduce the ‘Revised Transport and Marketing Assistance (TMA) for Specified Agriculture Products Scheme’ for the exports effected on or after 01.04.2021. The earlier scheme would remain in operation for the exports effected up to 31.03.2021.

Import policy of Mercury revised from ‘Free’ to ‘Restricted’

September 9, 2021 978 Views 0 comment Print

Notification No. 24/2015-2020 Import policy of Mercury has been revised from ‘Free’ to ‘Restricted’ subject to obtaining Prior Informed Consent from MoEF&CC.

Interest on Non-Convertible Debenture- Shown in P&L A/c but offered for taxation on Maturity

September 9, 2021 5340 Views 0 comment Print

Barring private equity partners (India) private limited Vs ACIT (ITAT Delhi) If the Assessee select the option to received Interest on Non-Convertible Debenture at maturity but showing yearly interest in P/L account but offered to tax at the Maturity then AO cannot raise objection. The assessee had subscribed to 7500 NCDs of Rs. 1,000/- each […]

Invocation of Section 69C if Assessee is Opting for Presumptive Taxation

September 9, 2021 6285 Views 0 comment Print

If assessee opts for presumptive taxation it cannot claim any deduction of any expenditure including Depreciation. Since no deduction is allowed the AO is not permitted to add back the income as unexplained expenditure.

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