"22 November 2021" Archive

Detailed Analysis on Demand, Recovery, SCN Procedures under GST

Goods and Services Tax (GST) is a system where one person determines the tax and pay the tax by self-assessment. When the tax is paid by doing self-assessment, there is likely to be a chance that the tax may be short paid without any malice intention or there may be also a chance that the assessees may pay the tax short intentionally or k...

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Summary of Important Changes in GST Rate Applicable From 01.01.2022

Article summarises the following changes in GST Rates wef 01.01.2022 Textile sector rate changes (goods) applicable from 01.01.2022 (Notification No. 14/2021-CT (Rate) dt. 18.11.2021 Textile sector rate changes (services) applicable from 01.01.2022 (Notification No. 15/2021-CT (Rate) dt. 18.11.2021 Footwear sector rate changes (goods) app...

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The Revision of Tax Audit Reports

Tax audit is a cross-examination of the books of accounts of the taxpayer by a practicing Chartered Accountant under the Income Tax Act 1961.  Section 44AB deals with the conditions under which Tax audit becomes mandatory for some taxpayers. The underline idea of a tax audit is to verify the accuracy of the financial records […]...

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Comparative Analysis of Trusts, Societies & Section 8 Companies

ndia’s social consciousness is deeply engraved with the generosity of social service, which have evidently existed in various forms since ages, like the concept of daana, dakshina, bhiksha etc. There are many different ways through which individuals, companies etc. can help bring wellbeing, prosperity to one’s life as well as society ...

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Addition & Cessation of Partner/Designated Partner in LLP

The Limited Liability Partnership is governed primarily by the provisions of the Limited Partnership Act, 2008 (LLP Act, 2008) and secondary, by the clauses mentioned in the Limited Partnership Agreement. However, with respect to the addition or removal of the designated partner or partner in the Limited Liability Partnership, there is no...

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Registration with G&JEPC mandatory for Import or export of rough diamonds

Notification No. 43/2015-2020 - DGFT 22/11/2021

Import of rough diamonds shall not be permitted unless the concerned importer is registered with Gems & Jewellery EPC, which is the designated importing and exporting authority of India for Kimberley Process Certification Scheme (KPCS)....

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Food Safety and Standards (Alcoholic Beverages) Amendment Regulations, 2021

F. No. Std/SP-21/T(Alcohol-3) 22/11/2021

These regulations may be called the Food Safety and Standards (Alcoholic Beverages) Amendment Regulations, 2021. They shall come into force on the date of their publication in the Official Gazette. FOOD SAFETY AND STANDARDS AUTHORITY OF INDIA NOTIFICATION New Delhi, the 22nd November, 2021 F. No. Std/SP-21/T(Alcohol-3).—The following dr...

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3.35% Interest on deposits under Senior Citizens Welfare Fund wef 01.04.2021

Notification No. F. No. 13/20/2014-NS 22/11/2021

Ministry of Finance notifies interest rate at 3.35% with effect from 1st April, 2021 on deposits made under the Senior Citizens Welfare Fund. MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 22nd November, 2021 F.No. 13/20/2014-NS.—It is hereby notified that the deposits made under the Senior Citizens Wel...

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RBI includes Baroda UP Bank in Second Schedule to RBI Act, 1934

Circular No. RBI/2021-22/133 DOR.Rur.REC.70/31.04.002/2021-22 22/11/2021

We advise that the name of Baroda UP Bank has been included to and names of three erstwhile Regional Rural Banks (RRBs) have been excluded from the Second Schedule to the Reserve Bank of India Act, 1934, ...

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Mr. Sandip Garg takes charge as Executive Director, IBBI

Press Release No. IBBI/PR/2021/31 22/11/2021

Mr. Sandip Garg took charge as Executive Director, Insolvency and Bankruptcy Board of India (IBBI) in New Delhi today. Immediately before joining IBBI, he was serving as Commissioner (Exemptions), Income Tax, Pune....

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November 2021