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Archive: 10 November 2021

Posts in 10 November 2021

Joint Representation on NFRA Consultation Paper on Statutory Audit

November 10, 2021 9651 Views 1 comment Print

9th November, 2021 To, Shri Ashok Kumar Gupta Chairperson National Financial Regulatory Authority chairperson@nfra.gov.in Subject: – Joint Representation on Consultation Paper – September, 2021 on Statutory Audit and Auditing Standards for Micro, Small and Medium Companies (MSMCs) 1. Bombay Chartered Accountants’ Society 2. Karnataka State Chartered Accountants Association 3. Chartered Accountants Association, Ahmedabad 4. Chartered […]

A brief on Foreign Contribution Regulations in India

November 10, 2021 4362 Views 0 comment Print

FCRA i.e. Foreign Contribution Regulation Act was earlier enacted in year 1976 by Ministry of Home Affairs (MHA) to regulate the foreign funding that received by various charitable institute, political parties, print and other media and to prevent the foreign organizations or individuals from influencing the social, political economic and religious matters in India. The […]

DGFT notifies ‘Hamilton Steel Logistics Inc’ as PSIA

November 10, 2021 951 Views 0 comment Print

M/s Hamilton Steel Logistics Inc is recognized for Pre-Shipment Inspection Certificates as per provision of Para 2.55(e) of HBP, 2015-20 from the date of issue of this Public Notice. Details of approved spectrometers and survey meters for issuance of PSIC by this agency are annexed.

CAIT requests CCI to revoke approval given to Amazon regarding Future Group acquisition

November 10, 2021 1092 Views 0 comment Print

In a detailed representation sent today to Competition Commission of India (CCI), Confederation of All India Traders (CAIT) requested the CCI to revoke the approval given to Amazon in 2019 regarding the acquisition of the Future Group. Confederation of All India Traders (CAIT) Ref. No.: 3198/1/50 08th November, 2021 Shri Ashok Kumar Gupta, Chairman, Competition […]

Service Tax on Coal Block Cancellation Compensation

November 10, 2021 5700 Views 0 comment Print

Hon’ble CESTAT, Kolkata Bench, vide its Order No. 75689/2021 dated 10.11.2021 has pronounced its judgement on a very important and vexed issue, in favour of the assessee, which will benefit many Corporates which have received similar demand notices for levy of Service Tax on the compensation amount received by them, consequent to cancellation of coal blocks by the Hon’ble Supreme Court in 2014, by invoking the provisions of Section 66E(e) of the Finance Act, 1994.

Credit Information Companies (Amendment) Regulations, 2021

November 10, 2021 7773 Views 0 comment Print

(1) These regulations may be called the Credit Information Companies (Amendment) Regulations, 2021. (2) They shall come into force on the date of their publication in the official gazette.

Complaint filed by Company cannot be denied merely because Managing Director’s name appeared first in complaint

November 10, 2021 5082 Views 0 comment Print

Bhupesh Rathod Vs Dayashankar Prasad Chaurasia (Supreme Court of India) Complaint filed by Company u/s 138 of NI Act could not be denied merely because Managing Director’s name appeared first in complaint. Conclusion: Merely because Managing Director’s name appeared first as acting on behalf of the Company on the registered complaint, respondent could not contended […]

Return filing process for Tax Audits under New Income Tax Portal

November 10, 2021 54960 Views 5 comments Print

Return filing process for Tax Audits under New Income Tax Portal-Form 3CB, 3CD and DSC registration for Tax professionals(CA) How to file 3CB & 3CD for Tax Audit Cases under New Income Tax Portal : Step 1 : First  login to  taxpayers account   –  https://eportal.incometax.gov.in/iec/foservices/#/login Step 2 : Navigate to  E-File > Income Tax Forms  […]

No additions for cash deposit duly explained with cash flow statement 

November 10, 2021 3759 Views 0 comment Print

Smt. Renukaben Umedsinh Parmar Vs ITO (ITAT Surat) The assessing officer made addition by taking his view that assessee is a Government Employee and was maintaining bank account and that a person who is maintaining bank account will not keep such huge cash in hand which is abnormal. The ld.CIT(A) concurred with the finding of […]

Reclamation & rehabilitation expenditure allowable under section 37(1)

November 10, 2021 2625 Views 0 comment Print

Held expenditure of reclamation and rehabilitation had to be allowed as a deduction under section 37(1) of the Act as expenditure incurred wholly and exclusively in connection with the business of the assessee.

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