"09 September 2021" Archive

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

Circular No. 17/2021-Income Tax | (Release ID: 1753603) 09/09/2021

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;...

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

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 r...

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Posted Under: Income Tax |

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

#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 www.gst.gov.in and you can check the additional orders and notices where the SCN would be present. Alternatively Please visit the common portal www.gst.gov.in and go […]...

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Posted Under: Income Tax |

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

Circular No. RBI/2021-22/97 DOR.CRE.REC.47/21.01.003/2021-22 09/09/2021

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 He...

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Government Provides Big Boost to Exporters

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 relat...

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Posted Under: Income Tax |

Notification No. 32/2021-Customs (N.T./CAA/DRI) | Dated: 08.09.2021

Notification No. 32/2021-Customs (N.T./CAA/DRI) [S.O. 3639(E).] 08/09/2021

Notification No. 32/2021-Customs (N.T./CAA/DRI) | Dated: 08.09.2021 Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 32/2021-Customs (N.T./CAA/DRI) New Delhi, dated 08.09.2021 S.O. 3639(E). In pursuance of notification No. 60/20...

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New guidelines regarding Hearing of Complaint filed before MahaRERA

Order No. 13/2021 08/09/2021

MahaRERA to lay down procedure in the matter of grant of adjournments when complaints are listed for hearings before the respective Bench of MahaRERA as well as in the matter of submission of documents on which partiel rely upon/ place reliance in the complaints as filed and the mode of hearing of complaints:...

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

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 cap...

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Posted Under: Income Tax |

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

Barring private equity partners (India) private limited Vs ACIT (ITAT Delhi)

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/- e...

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

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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Posted Under: Income Tax |

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