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Archive: 22 October 2021

Posts in 22 October 2021

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

May 15, 2024 7059 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.

ICAI Takes action against 22 Members | 490 extra Audit- 490K Penalty

October 22, 2021 54816 Views 2 comments Print

ICAI has issued 22 Notifications Dated 22nd October 2021 by which it has Taken action against 22 Chartered Accountants for Violation of Code of Ethics and for Professional Misconduct. In one case ICAI has Taken against a member and member has been ordered to pay a fine of Rs. 1000/- for each case of audit […]

Consultation Paper Capping of ISINs for Corporate Bonds

October 22, 2021 684 Views 0 comment Print

With a view to boosting liquidity in corporate bonds, SEBI, vide circulars dated June 30, 2017 and March 28, 2018 on consolidation and re-issuance of debt securities (ISIN circulars), provided specifications related to International Securities Identification Number (ISINs) for corporate bonds.

HC issues notice on Plea challenging Constitutional Validity of CGST Rule 90(3)

October 22, 2021 1206 Views 0 comment Print

Rule 90(3) read with the Circular dated 18.11.2019 providing for fresh application after deficiency memo to also be filed within limitation for original application is ultra vires

Working Capital Adjustments In Transfer Pricing

October 22, 2021 16707 Views 0 comment Print

What is Transfer Pricing? Transfer pricing is an accounting practice followed to establish an agreed price at Arm’s length during a transaction between associated enterprises. The transactions can be in terms of goods and services. There are five methods which can be used to get to the agreed price where the profits are divided fairly […]

Withdrawal of tax exemption for interest accrued on EPF in specified cases

October 22, 2021 2784 Views 1 comment Print

Withdrawal of tax exemption for interest accrued on Employees Provident Fund (EPF) in specified cases Finance minister Nirmala Sitharaman in her budget speech had proposed to cap the tax exemption for interest accrued on Employees Provident Fund (EPF) and Voluntary Provident Fund (VPF) in the third Union Budget she presented. The Income Tax Act, 1961, presently provides […]

Battle of levy of Interest on reversal of input tax credit wrongly availed

October 22, 2021 20370 Views 0 comment Print

Recently, many taxpayers have received notices from the GST authorities demanding interest on subsequent reversal of input tax credit (‘ITC’) wrongly availed by them. The said demands are generally pertaining to initial years of GST wherein the lawmakers and taxpayers, both were evolving to adopt the newly introduced statute. Due to the demands pertaining to […]

RBI releases draft Master Direction on Prudential Regulation for AIFIs – 2021

October 22, 2021 474 Views 0 comment Print

Reserve Bank of India Date : Oct 22, 2021 RBI releases draft Master Direction on Prudential Regulation for AIFIs – 2021 The Reserve Bank has today placed on its website the Draft Reserve Bank of India (Prudential Regulations on Basel III Capital Framework, Exposure Norms, Significant Investments, Classification, Valuation and Operation of Investment Portfolio Norms and […]

Shri Piyush Goyal calls for free trade within rules-based multilateral trading system

October 22, 2021 378 Views 0 comment Print

The Minister of Commerce and Industries, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyaltoday called for free trade within a rules-based multilateral trading system with honesty and transparency as core values.

Whether Gift to Shareholder’s Son is Deemed Dividend?

October 22, 2021 1647 Views 0 comment Print

Issue: Whether gift or amount paid by a closely held company to relative of shareholder will be treated as deemed dividend?  In this article we are going to analyse a situation in which a company has gifted Rs. 50,000/- to one of shareholders’s son and AO has consider the gift as deemed dividend.  PROBLEM: Mr. […]

Commercial expenditure paid to parent company in terms of agreement is allowable

October 22, 2021 450 Views 0 comment Print

ACIT Vs Dong Woo Surface Tech India Pvt. Ltd (ITAT Chennai) Facts- The parent company M/s. Dongwoo HST Co. Ltd renders supervisory services to the assessee by dispatching expatriates to India for carrying out work for which the assessee company has agreed to pay supervisory and managerial fees vide agreement dated 25.12.2007. The scope of […]

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