"28 October 2021" Archive

Govt Notifies revised rates of variable DA effective from 01.10.2021

File No.1/26(1)/2021-LS-II 28/10/2021

Central Government Notifies revised rates of variable Dearness Allowance (DA) effective from 1st October 2021 vide order dated 28/10/2021. File No.1/26(1)/2021-LS-II Government of India Ministry of Labour & Employment Office of the Chief Labour Commissioner(C) New Delhi Dated: 28/10/2021 ORDER In exercise of the powers conferred by Ce...

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ADD on ‘Seamless tubes, pipes and hollow profiles of iron etc.

Notification No. 64/2021-Customs (ADD) 28/10/2021

Seeks to impose anti-dumping duty on ‘Seamless tubes, pipes and hollow profiles of iron, alloy or non-alloy steel (other than cast iron and stainless steel), whether hot finished or cold drawn or cold rolled of an external diameter not exceeding 355.6 mm or 14″ OD’ originating in or exported from China PR for a period [&...

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Maintenance of current accounts in multiple banks by Stock Brokers

Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2021/653 28/10/2021

RBI vide circular no. DOR.No.BP.BC.30/21.04.048/2020-21 dated December 14, 2020 has permitted banks to open specific accounts which are stipulated under various statutes and instruction of other regulators/regulatory departments, without any restrictions placed in terms of the RBI circular dated August 06, 2020....

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TRQ quantity for India-Mauritius CECPA revised

Public Notice No. 31/2015-2020 [File No. 01/93/180/63/AM-21/PC-2[B]/e- 27749] 28/10/2021

TRQ quantity for the items listed in Table 4 of Notification No. 51/2021-Customs dated 22nd October, 2021 on India-Mauritius CECPA has been revised. The date for submission of online applications with DGFT has been extended from 31.10.2021 to 31.12.2021...

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Reg. Adjustment of interest in MIS account in case of death of joint holder

S.B. Order 29/2021 28/10/2021

Regarding adjustment of interest through HINTTM menu for premature closure of PPF account, deceased claim closure of SCSS/SSA account in CBS post offices and payment of excess deposit amount in MIS in case of death of joint account holder....

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GOI releases balance amount of ₹ 44,000 crore to States & UTs of GST compensation

Government of India releases balance amount of ₹ 44,000 crore to States and UTs (with Legislature) under the back-to-back loan facility in-lieu of GST compensation The Ministry of Finance has released ₹44,000 crore today to the States and UTs with Legislature under the back-to-back loan facility in lieu of GST Compensation. After taki...

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Posted Under: Corporate Law |

Gold Monetization Scheme, 2015 – Interest on premature closure of deposit in case of death of depositor

RBI/2021-22/115 DoR.AUT.REC.62/23.67.001/2021-22 28/10/2021

Gold Monetization Scheme, 2015- Interest on premature closure of the deposit in case of death of depositor before and after lock-in period...

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Case of non-payment of GST of Rs. 12.9 crore detected in Navi Mumbai

D.O.No.94/CH(IC)/2020 28/10/2021

With regard to anti-evasion cases, based on data mining and analytics, Navi Mumbai Commissionerate has detected a case of 12.9 crore of non-payment of GST relating to erection, commissioning, repair & maintenance services. In this case a recovery of Rs. 8.43 crores has been made so far....

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RBI Governor: Auditing challenges in financial sector

Address by Shri Shaktikanta Das, Governor, Reserve Bank of India at the National Academy of Audit and Accounts (NAAA), Shimla on October 25, 2021 is the motivation for this article. His speech is available in RBI website. Though I have covered major part of his speech, enough input on the necessity of audit, the procedure […]...

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Posted Under: Corporate Law |

Addition under section 69A unsustainable for cash deposited as facilitator

Ashish Natvarlal Vashi Vs ITO (ITAT Surat)

Ashish Natvarlal Vashi Vs ITO (ITAT Surat) Conclusion- Cash deposited in bank was transferred to insurance company by way of insurance premium in the name of respective insurer – Assessee acted as facilitator and not the owner of the cash deposited in bank account – Addition not possible under section 69A. Facts- The assessee deposite...

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