"28 January 2022" Archive - Page 3

Production Linked Incentive Scheme For Textiles Sector

Recently Government of India promulgated Production linked Incentive scheme for various sectors to increase innovation and productivity and support Make in India initiative. In the chain of the said schemes, a new scheme is notified  for Textile sector, vide Notified vide Notification No. 12015/03/2020-IT dated 24.09.2021 and published o...

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Posted Under: Income Tax |

Invitation for EOI for Appointment of Concurrent Auditors for KCCB Bank’s branches

The Kangra Central Co-operative Bank, Dharamshala, Himachal Pradesh Invitation for EOI for Appointment of Concurrent Auditors for Bank’s branches Address : Dharamshala, Himachal Pradesh | Phone : 01892-224969 | Email : [email protected] Last Date to Apply – Feb, 15 2022 Invitation for EOI for Appointment of Concurrent Auditors for Ba...

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Posted Under: Income Tax | ,

Section 7 : Scope of Supply under CGST Act,2017

Today we will summarize the scope of supply under GST.  So, let’s follow the section 7 of CGST Act, 2017, limb by limb. Section 7(1) Inclusions in supply Sec 7(1) Supply Includes Sec 7(1)(a) Sec 7(1)(b) Sec 7(1)(c ) ♦ All forms of supply of goods &/or services such as -Sale, -Transfer, -Barter, -Exchange, -Licence, -Rental, ...

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Posted Under: Income Tax |

Application is acceptable once all conditions prescribed u/s 9(5)(i) of IBC are satisfied

Ashimara Housing Private limited Vs Vibrus Homes Private Limited (NCLT Delhi)

Ashimara Housing Private limited Vs Vibrus Homes Private Limited (NCLT Delhi) Facts-  An amount of Rs. 32,43,000/- was paid as an advance to the Corporate Debtor by the Operational Creditor. This deposit is towards the advance licence fee. By filing this application, the Petitioner has claimed that since the amount was not refunded, ther...

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Posted Under: Income Tax | |

GST Not Leviable On Cash Discount/Incentive/Schemes Provided Through Credit Note Without Adjustment Of GST

Whether the Applicant can avail the Input Tax Credit of the full GST charged on invoices of the supply or a proportionate reversal of the same is required in case of post purchase Cash discount for early payment and incentive/schemes provided through credit note without adjustment of GST by the supplier to the applicant?...

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Posted Under: Income Tax |

Amendments in SEBI (LODR) Regulations, 2015 (5th May, 2021 to 24th January 2022)

The Securities Exchange Board of India has brought many amendments in the SEBI (LODR) Regulations, 2015 effective from 5th May 2021, 7th September 2021, 1st April 2022, and 24th January 2022. The attached PDF contains a comparison of old and amended Regulations with remarks. It may be noted that only material amendments are covered in [&h...

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Posted Under: Income Tax |

The Journey of Income Tax Slabs

Budget is  a  document of expectations  and hope for an Economy. It shows the intent and direction that the policy makers has decided for the economy of the nation. The people of the nation with every budget has lots of expectation especially relating to slab rates. From Highest income tax rate of 97.75% for individuals […]...

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Posted Under: Income Tax |

OECD BEPS Action Plan 2- Rise of Substantialism

In this era of accelerated globalisation, cross border tax interactions have been high on the political agenda of the multinational entities (‘MNE’). Globalisation, inter-alia brings in inter-country mobility of corporate presence, employees, technology, intellectual property, know-how etc. With increased cross border movement of such...

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Posted Under: Income Tax |

Charitable Trust eligible for 30% Standard deduction against House Property Income

Vishwa Kalyan Society Vs DCIT  (ITAT Ahmedabad)

Vishwa Kalyan Society Vs DCIT (ITAT Ahmedabad) Brief facts of the case are, that the assessee is a Charitable Trust, having income under the heads Income from House Property and Income from Other Sources. The assessee has filed its return of income online on 29-09-­2012 showing taxable income as NIL with a refund claim of […]...

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GST Aadhaar Authentication – Headache with lot of future repercussions

Why GST Aadhaar Authentication needed? > IGST (Export) refund in Automatic route >ITC refund in export  >ITC refund in Inverted duty > New Registration WILL BE STUCK until Primary Authorized Signatory’s Aadhaar is not AUTHENTICATED So DO now If name mismatch or for any other reason  if  Aadhaar Authentication  Failed...

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Posted Under: Income Tax |

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