"07 October 2021" Archive

GST Council Newsletter September 2021

Highlights of 45 GST Council Meeting Recommendations of 45 GST Council Meeting Several people centric decisions taken by GST Council The 45th meeting of the GST Council was held on 17.09.2021 at Lucknow under the chairmanship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The GST Council has inter-alia made...

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What If ITC of F.Y. 20-21 Is Still Not Reflecting In GSTR 2A

If there is any credit that is still pending to be taken for F.Y. 20-21, then the same needs to be taken before the due date of furnishing of the return for the month of September 2021 under Section 39 of the CGST Act....

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I-T Dept conducts searches on certain businessmen/middlemen in Maharashtra

Income Tax Department conducts searches on certain businessmen/middlemen in Maharashtra The Income Tax Department carried out a search operation that commenced on 23.09.2021 on a big syndicate involving certain businessmen/middlemen of Maharashtra and some persons holding public offices. The intelligence was developed over 6 months. In al...

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New Re-engineered Form 15CA & 15CB Submission Process

Income-tax Department has introduced a completely new re-engineered Form 15CA and Form 15CB submission process based on various feedbacks provided by numerous corporates and professionals all over India. These transformations will simplify the preparation, assignment, submission, and verification process involved in the entire filing cycl...

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Gist of GST Circular No. 163 & 164 dated 06th October 2021

clarification regarding GST rates & classification on various Goods as per the recommendations of the GST Council in its 45th meeting held on September 17, 2021 in Lucknow Gist of Circular No. 163/19/2021-GST dated October 06, 2021 ♦ CBIC clarifies applicability of GST on fresh and dried fruits and nuts The exemption from GST to [&h...

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Inclusion of ‘Paytm Payments Bank Limited’ in Second Schedule of RBI Act

Notification No. RBI/2021-22/109 DOR.RET.REC.58/12.07.160/2021-22 07/10/2021

Paytm Payments Bank Limited has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide notification DoR.LIC.No.S926/16.03.006/2021-22 dated September 06, 2021 and published in the Gazette of India (Part III - Section 4) dated October 02-October 08, 2021....

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Prohibition on export of Red Sanders wood in log form relaxed

Notification No. 35/2015-2020 [S.O. 4141(E).] 07/10/2021

Prohibition on export of Red Sanders wood in log form has been relaxed for export of 810.1894 MT of Red Sanders wood in log form Forest, Environment & Climate Change Department, Government of Odisha. Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan New Del...

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GOI releases ₹ 40,000 crore to States/ UTs in-lieu of GST compensation shortfall

Ministry of Finance today released an amount of ₹40,000 crore to the States and UTs with Legislature under the back-to-back loan facility to meet the shortfall in GST Compensation.  Earlier on 15th July, 2021 an amount of ₹75,000 crore was released to the States & UTs with legislature....

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Presumptive Taxation Scheme under Section 44AE

Section 44AE(3)] The assessee will be deemed to have been allowed the deductions under sections 30 to 38. Accordingly, the written down value of any asset used for the purpose of the business of the assessee will be deemed to have been calculated as if the assessee had claimed and had actually been allowed the deduction in ....

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Representation on Erroneous Intimations Issued U/S 143(1)(A) of Income Tax Act, 1961

Section 143(1)(a) of the Act provides that where a return has been made under section 139, or in response to a notice under sub-section (1) of section 142, such return shall be processed after making specific adjustments as mentioned under clauses (i) to (v) of 143(1)(a) to the compute of the total income or loss. An adjustment shall be m...

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