"01 November 2021" Archive

Reverse Charge Mechanism Under GST- Detailed Analysis

Everyone would have heard about GST (Goods and Services Tax) and paid it too. However, what makes GST difficult to understand as a concept is its complexity and depth. There are a lot of terms associated with GST that you must comprehend to be able to find your way around it. One of the important […]...

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Income Tax Dept rolled out new Annual Information Statement

Roll out of new Annual Information Statement (AIS) Income Tax Department has rolled out the new Annual Information Statement (AIS) on the Compliance Portal which provides a comprehensive view of information to a taxpayer with a facility to capture online feedback. The new AIS can be accessed by clicking on the link “Annual Information S...

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Procedure for utilising MEIS Scrip for payment of customs duty

Public Notice No. - 92/2021 01/11/2021

It has been informed by the trade that the facility of recording of transfer and ownership details of MEIS scrip is not functional on the DGFT website for some time now. As a temporary measure, the following procedure is prescribed for an importer intending to utilize the MEIS Scrip for payment of customs duty....

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Income Tax Department conducts searches in Bihar & Jharkhand

The Income Tax Department carried out search and seizure operation on a prominent road construction contractor in Bihar and Jharkhand. The search action was initiated on 27.10.2021 at various premises located in Bihar, Jharkhand, Maharashtra, and West Bengal. The searches revealed that the group has been suppressing its profits by inflati...

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SOP on application filed under SEBI (LODR) Regulations, 2015 w.r.t. Scheme of Arrangements

Notice No. 20211101-8 01/11/2021

Standard Operating Procedure (SOP) on application filed under Regulation 37 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 w.r.t. Scheme of Arrangements...

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No Penalty for failure to maintain books when Assessee submitted Audit Report & Audited Accounts

Aum Jewels Vs ITO (ITAT Delhi)

In our considered opinion, Audit Report and Audited Statement of Accounts are the outcome of books of account maintained by an assessee. If these documents are available, then it can be safely presumed that the assessee must have maintained proper books of account, which would enable the auditors to furnish audit report....

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Notices, Appeal, Revisions, Search & Seizure under Income Tax

NOTICE: If any person is receiving notice then they need to act on the notice. Recently CBDT which is known as Central Board of Direct Tax has launched the scheme that is termed as Centralized Communication Scheme, the scheme says that all the communication shall be made in electronic mode. There are different types of […]...

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Set-off And Carry Forward of Losses

There can be profit and also losses in every type of business, where losses are difficult to digest. Though Income Tax Act in India provides for the benefits of losses too. The law contains the provisions for set off and carry forward of losses. SET OFF OF LOSSES: Set off of losses means making adjust […]...

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GST collection for Oct 2021 registered 2nd highest since GST implementation

The gross GST revenue collected in the month of October 2021 is ₹ 1,30,127 crore of which CGST is ₹ 23,861 crore, SGST is ₹ 30,421 crore, IGST is ₹ 67,361 crore (including ₹ 32,998 crore collected on import of goods) and Cess is ₹ 8,484 crore (including ₹ 699 crore collected on import of goods)....

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Whether Copyright Registration not Necessary to Sue for Infringement?

Registration under the Trade Marks Act confers specific distinct rights unavailable to an unregistered proprietor. Important amongst these is the right to sue for infringement. This is only available to a registered proprietor....

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November 2022