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Archive: 05 January 2022

Posts in 05 January 2022

Transfer of Immovable Property for Less than Stamp Duty Value -Implications

January 5, 2022 18066 Views 1 comment Print

The most essential condition of Sections 43CA ,50C & 56(2)(x) is that the Sale Consideration in whole or part should be received on or before date of registration of agreement only through ECS/RTGS/NEFT/EFT/IMPS/UPI/BHIM or other approved means of money transfer. In this case the Stamp Duty Value at the date of agreement will be allowed to be considered as Sale Consideration instead of Stamp Duty Value at the date of transfer of property under consideration.

E Way Bill and Documents to be Carried While Transporting Goods

January 5, 2022 72249 Views 0 comment Print

E-Way Bill can be generated by the transport  companies carrying the goofs, the driver, the owner of the merchandise or the recipient of the goods before the movement begins. It is mandatory  for the land, air, and maritime transport of merchandise but not motorized carriers such as hand cart m bullock cart etc.

Annual Information Statement – Outward foreign remittance/ purchase of foreign currency

January 5, 2022 28062 Views 2 comments Print

‘Annual Information Statement’ for every taxpayer is prepared based on the information collected from various sources. For the information category ‘Outward foreign remittance/ purchase of foreign currency’, ‘Annual Information Statement’ will majorly collect information from Form 15CC. The said information category is briefly explained in the present article. Various information sources for the information category […]

Thane CGST Commissionerate busts Rs. 22 crores fake GST ITC racket

January 5, 2022 1299 Views 0 comment Print

Thane CGST Commissionerate busts Rs. 22 crores fake GST Input Tax Credit racket Operation is a part of large-scale effort by CGST Mumbai Zone to stamp out fake ITC networks The officers of Thane CGST Commissionerate of Mumbai Zone have busted a fake Input Tax Credit racket involving GST of Rs 22 Crores. Acting on […]

Govt clarifies on increase in rate of duty on imports against certain commodities

January 5, 2022 873 Views 0 comment Print

Clarification regarding factually incorrect tweets claiming that the government has increased the rate of duty on imports against certain commodities post alignment of Customs Tariff to the Harmonized System of Nomenclature (HS)-2022 of World Customs Organisation. CLARIFICATION Effective 01.01.2022, the Customs Tariff has been aligned to the Harmonized System of Nomenclature (HS)-2022 of the World […]

Piyush Goyal thanks PM for deferring GST Rate increase for Textiles sector

January 5, 2022 906 Views 0 comment Print

Shri Piyush Goyal thanks the Prime Minister for the decision to defer the increase of GST slab from 5% to 12% for Textiles sector while addressing All India Textiles Association Special focus on getting concessional duties for Textile products in all the ongoing FTA negotiations with major countries like UK, UAE, Canada, EU, Australia – […]

Comments made during Mediation or Settlement Proceedings cannot be relied by Courts: SC

January 5, 2022 681 Views 0 comment Print

Arjab Jena@ Arjab Kumar Jena Vs. Utsa Jena @ Pattnaik (Supreme Court of India) We disapprove the observations made in the impugned order which refer to the comments made during the course of the mediation or settlement proceedings. The High Court should not have taken the aforesaid comments on record, as the same would impede […]

Master Circular – Bank Finance to Non-Banking Financial Companies (NBFCs)

January 5, 2022 3387 Views 0 comment Print

The ceiling on bank credit linked to Net Owned Fund (NOF) of NBFCs has been withdrawn in respect of all NBFCs which are statutorily registered with RBI and are engaged in principal business of asset financing, loan, factoring and investment activities.

DRAFT IRDAI (Obligations of an Insurer in respect of Motor Third Party Insurance Business) Regulations, 2022

January 5, 2022 942 Views 0 comment Print

IRDAI proposed amendment to IRDAI (Obligations of an Insurer in respect of Motor Third Party Insurance Business) Regulations, 2015 vide DRAFT IRDAI (Obligations of an Insurer in respect of Motor Third Party Insurance Business) Regulations, 2022. ***** Insurance Regulatory and Development Authority of India Ref. No: NON-LIFE Date: 05-01-2022 DRAFT IRDAI (Obligations of an Insurer […]

SEBI advises Exchanges & Depositories to display Link to Lodge complaint

January 5, 2022 498 Views 0 comment Print

In order to increases the awareness regarding online grievance redressal mechanisms, all Recognized Stock Exchanges including Commodity Derivatives Exchanges/ Depositories / Clearing Corporations are advised to display the following on the home page of their websites and mobile apps: 1. link / option to lodge complaint with them directly and 2. link to SCORES website/ link to download SCORES mobile app.

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