"06 October 2021" Archive

SOFTEX Form for declaration of Software Exports

Any company carrying out IT/ ITES exports through ‘Data Communication links’ needs to submit the Softex Form for the said export. Interestingly, the term ‘Data Communication Links’ is not specifically defined. Taking the general meaning of the same, here, it means a virtual circuit that connects two or more devices for the purpose...

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Posted Under: Fema / RBI |

No auto cancellation of Registration of Purchasing dealer for fraud by selling dealer

Bright Star Plastic Industries Vs Additional Commissioner of Sales Tax (Orissa High Court at Cuttack)

Bright Star Plastic Industries Vs Additional Commissioner of Sales Tax (Orissa High Court at Cuttack) The Court finds merit in the contention of Mr. Harichandan that for the fraud committed by the selling dealer, which resulted in cancellation of a selling dealer’s registration, there cannot be an automatic cancellation of the registrat...

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Request to clarify provisions of TCS on sale of overseas tour package

Request for clarification & rationalization of provisions of TCS on sale of overseas tour program package u/s.206C(1G)(b) of the Income Tax Act, 1961 5th October, 2021 To 1. Smt. Nirmala Sitharaman, Hon’ble Finance Minister, Ministry of Finance, North Block, New Delhi – 110 001. 2. Shri Ajay Bhushan Pandey Hon’ble Revenue Se...

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Posted Under: Fema / RBI |

Corporate Compliance Calendar for October, 2021

CORPORATE Compliance CALENDAR  covers Compliance under Income Tax act, 1961, Compliance under Goods & Services Act, 2017, Compliance under Other Statutory Laws (PF, ESIC, Under Factories Act, 1948 and Contract Labour Regulation and Abolition Act, 1970 )  and Quarterly Compliances under SEBI (LODR) Regulations 2015....

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Computer accessories & peripherals entitled to higher depreciation rate

Waters (India) Private Limited Vs DCIT (ITAT Bangalore)

Waters (India) Private Limited Vs DCIT (ITAT Bangalore) It is settled position of law that computer and its accessories and peripherals are entitled to higher rate of depreciation of 60%. The CIT(A) held that the assessee is entitled to depreciation of 60% on printer and 15% on UPS by holding that UPS is not part […]...

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CBIC clarifies on GST rates & exemptions on 9 services

Circular No. 164/20/2021-GST 06/10/2021

Vide Circular No. 164/20/2021-GST CBIC clarifies GST rates Services by cloud kitchens/central kitchens, Supply of ice cream by ice cream parlors, Coaching services to students provided by coaching institutions and NGOs under the central sector scheme of Scholarships for students with Disabilities, Satellite launch services provided by NSI...

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CBIC clarifies on GST rates & classification for 12 Category of goods

Circular No. 163/19/2021-GST 06/10/2021

CBIC clarifies Circular No. 163/19/2021-GST regarding GST rates & classification (goods) on 12 Type of Goods i.e. i. Fresh vs dried fruits and nuts; ii. Classification and applicable GST rates on Tamarind seeds; iii. Coconut vs Copra; iv. Classification and applicable GST rate on Pure henna powder and leaves, having no additives; v. S...

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Review of Foreign Direct Investment (FDI) Policy on Telecom Sector

Press Note No. 4 (2021 Series) 06/10/2021

Government of India has reviewed the extant FDI policy on Telecom sector and has made the following amendment under the Consolidated FDI Policy Circular of 2020, as amended from time to time (FDI Policy):...

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5 Ways to Get Better Interest Rate on a Personal Loan

A personal loan can finance big expenses like those for education, wedding, home refurbishments, and also various emergencies. To optimise your user experience, look for various benefits offered by lenders like a flexible repayment tenure, and online applications and quick disbursals of loans. Balance transfers of existing personal loans ...

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Posted Under: Fema / RBI |

Section 194N: TDS on Heavy Cash Withdrawal from Banks/ Post Offices

With the amendment in Finance Act, 2020 section 194N was amended by substituting 83A which imposes 2% TDS on withdrawal of sum exceeding Rs. 1 crore. This section has came into effect from 1 st July 2020. Every person including – (i) Individuals (ii) HUF (iii) Company (iv) Partnership firms or LLP (v) Local authorities […]...

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Posted Under: Fema / RBI |

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October 2021