"04 October 2021" Archive

Disclosure of Complaints against Stock Exchanges & Clearing Corporations

Circular No. SEBI/HO/CDMRD/DoC/P/CIR/2021/636  04/10/2021

Securities and Exchange Board of India CIRCULAR SEBI/HO/CDMRD/DoC/P/CIR/2021/636  October 04, 2021 To, The Managing Directors / Chief Executive Officers All Recognized Stock Exchanges and Clearing Corporations having Commodity Derivatives Segment Dear Sir / Madam, Sub: Disclosure of Complaints against the Stock Exchange (s) and the Clear...

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Provisional Attachment of Property Under Section 83 of CGST Act In Certain Cases

In this article we have tried to analyze the fact that Section 83 of CGST Act can be applied if the Commissioner can freeze your bank account and attach the property if the Taxpayer and Any Person who commits any offence and the Commissioner wants to protect the Interest of the Revenue of the government he has the power to attach the prop...

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Posted Under: SEBI |

Guidelines for conducting GST inspection, evolving proposals & adjudication

Circular No. 23/2021 04/10/2021

There are certain issues arising out of such empowerment of officer who concluded inspection to raise demand as adjudication officer. In order to demarcate the functions of inspection and adjudication independently without influence from each other, the instructions issued in the circular second cited is withdrawn with immediate effect....

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Weekly newsletter from Chairman, CBIC dated 04/10/2021

D.O.No.91/CH(IC)/2020 04/10/2021

The month of October has started off on a positive note, with the gross GST revenue collection achieved being Rs. 1,17,010 crores for the month of September, 2021. This is higher by 23% compared to the corresponding period of the previous year....

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Due date for Aadhaar number seeding with UAN extended by Delhi HC till 30.11.2021

Association of Industries and Institutions Vs Union of India & anr. (Delhi High Court)

High Court while extending the date for mandatory E-Seeding of Aadhar number with UAN  was extended from 30/09/2021 till 30/11/2021 subject to the following of certain interim directions issued....

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Denial of exemption u/s 11 would be restricted to amount in violation of provision of section 13

IILM Foundation Vs Asst. Director of Income Tax (Exemption) (ITAT Delhi)

Where there was violation of the provision of section 13, the entire exemption under section 11 would not be denied instead expenditure which could not be treated as application of income and in violation under section 13, same should alone be disallowed....

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Preferential Allotment of Shares – Key Factors, Procedure & Timeline

There are various ways through which a company can raise capital i.e. issue of equity, preference shares, issue of debentures, bonds, deposits etc. If the shareholders are not willing to dilute their stake then they may go for issue of debentures, bonds, accepting deposits etc. Another way is issue of shares (equity or preference) by [&he...

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Posted Under: SEBI |

Why Removal of Audit of MSMCs will be disastrous

1) Most important point is the existence of Very nature of Limited liability concept, which exposed the creditor with unlimited risk who are highly remain unsecured, that includes Govt also. So, it gives the unlevered power to Promoters to expose the business to high risk and leave the liability of the company unsettled and yet […]...

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Posted Under: SEBI |

Advisory regarding absconding & escape prisoners- use of ePrisons to leverage technology

V-17013/23/2021-PR 04/10/2021

Considering the importance of taking timely action in the event of any inmate absconding/ escaping from custody/prison, it is considered necessary to have recent photographs of prisoners updated in the system and also generate immediate alerts which would enable tracking of such inmates by the law enforcement agencies....

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Clarification regarding Entry 11A of Schedule B’ under Maharashtra VAT

Trade Circular No. 27T of 2021 04/10/2021

It is clarified that, this benefit is available for RCS flights on both - origin as well as departure airports. This benefit is available for operating all RCS-UDAN flights by Fixed Wing Aircraft, Helicopters and Seaplanes at any Airport/ Heliport/ Helipad/ Water Aerodrome located within the State of Maharashtra subject to the conditions ...

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