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Archive: 14 November 2021

Posts in 14 November 2021

Central Vigilance Commission (Amendment) Ordinance, 2021

November 14, 2021 801 Views 0 comment Print

In section 25 of the Central Vigilance Commission Act, 2003, in clause (d), the following provisos shall be inserted, namely,— Provided that the period for which the Director of Enforcement holds the office on his initial appointment may, in public interest, on the recommendation of the Committee under clause(a) and for the reasons to be recorded in writing, be extended up to one year at a time:

Condonation of delay in filing ITR allowed as delay caused due to ‘genuine hardship’

November 14, 2021 31329 Views 0 comment Print

Delay  in filing return was condoned as CBDT, in virtually passing an assessment order on the return of income of assessee had traversed beyond the scope of its power to condone the delay under Section 119(2)(b) and had acted contrary to the provisions of Section 119(2)(b)

Minority being the victim need to be protected – Prevention of Oppression & Mismanagement

November 14, 2021 5703 Views 0 comment Print

Minority being the victim need to be protected – Prevention of Oppression and Mismanagement Introduction This article mainly deals with oppression and mismanagement. The Companies Act, 2013 under Chapter XVI covering Sections 241 to 246 deals with Oppression and mismanagement and Class Action. Further provisions for a class action are provided under Sections 245 and […]

Draconian provisions of penalty & prosecution of TDS/TCS compliance

November 14, 2021 33951 Views 11 comments Print

The concept of TDS was introduced by government through Chapter-XVII-B with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account […]

Legal Services under GST Law

November 14, 2021 13332 Views 2 comments Print

1. Definitions a. Legal Service – As per S. No. 2(zm) of Notification No. 12/2017 – Central Tax (Rate), Legal Service means any service provided in relation to advice, consultancy or assistance in any branch of law, in any manner and includes representational services before any court, tribunal or authority. b. Advocate – As per […]

Overview of Transfer Pricing

November 14, 2021 8568 Views 1 comment Print

Overview of Transfer Pricing Objective: – To understand the basic concept of Transfer pricing, Transfer Pricing Audit and adjustment along with key term used in Transfer Pricing. Transfer Pricing as describe in common parlance, where one business entity does business with other associate business entity. The sheer objective of Transfer Pricing Audit is to control […]

SEBI tightens norms pertaining to Related Party Transactions (RPTs)

November 14, 2021 9705 Views 1 comment Print

SEBI has recently amended the existing provisions pertaining to ‘Related Party’ and ‘Related Party Transactions’ vide notification of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2021 on 9th November, 2021 to strengthen the monitoring of Related Party Transactions and for better governance. Certain amendments shall come into […]

Educational and Training Services

November 14, 2021 1161 Views 0 comment Print

ARA, Rajasthan has pronounced judgment on 25.10.2021, in the case of Rahul Goyal, (2021) 36 J.K.Jain’s GST & VR 419, that; ‘The Services provided by the applicant to Mentors Eduserv, Bihar on “Principal to Principal” basis per Clause 13 of the agreement dated 10.2.2020 does not constitute employee-employer relation. As such, these Services are not […]

No addition on account of capitalization of royalty expenses as same is revenue in nature

November 14, 2021 2796 Views 0 comment Print

Payment of royalty by assessee in lieu of granting license under the royalty and technical knowhow agreement was to be treated as revenue in nature as assessee was already engaged in the manufacturing of motorcycle and Scooter and payment of royalty expenses was not with respect to setting up of manufacturing facility.

Overview of Retail Direct scheme introduced by RBI

November 14, 2021 4170 Views 0 comment Print

Earlier, it was very difficult for a retail investor to invest in Government Securities (G-Sec)/Treasury Bills (T-Bills)/Sovereign Gold Bond (SGB)/State Development Loan (SDL) due to lack of information about trading/dealings in these instruments, functioning of G-Sec market and more on.

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November 2021