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Archive: 12 March 2022

Posts in 12 March 2022

CBI court awards rigorous imprisonment to then Assistant Commissioner of Customs

March 12, 2022 1383 Views 0 comment Print

The Special Judge, CBI Cases, Ernakulam(Kerala) has sentenced Shri K.S. Chandrasekhar, then Assistant Commissioner of Customs, Air Cargo Complex, Cochin International Airport, Nedumbassery, Ernakulam(Kerala) to undergo three years Rigorous Imprisonment with fine of Rs.1,20,000/-.

Corporate Social Responsibility That Firms Have To Follow: Terms & Regulations

March 12, 2022 6225 Views 0 comment Print

The concept of Corporate Social Responsibility (referred as CSR) has become a dominant concept which is mandatorily followed by business vide Section 135 of The Companies’ Act, 2013. Thus, every entity is required to furnish its CSR report explaining such activities otherwise one may suffer from serious consequences of it with a charge of heavy penalty.

E-Invoice – A Recent Cover in GST

March 12, 2022 3756 Views 3 comments Print

With the Notification No. 01/2022- Central Tax dated 24/02/2022 the turnover limit is further reduced to Rs. 20.00 Crores to cover a large number of taxpayers within the ambit of E-INVOICE under GST. The essence of GST is to remove the cascading effect of tax and to pass on the GST credit at each stage. […]

Whether Income Tax Attachment Order will Be Considered as Bar on Sale of Assets of A Company in Liquidation under IBC ,2016

March 12, 2022 1911 Views 0 comment Print

It is clear that the Income Tax -Department does not enjoy the status of a secured creditor, on par with secured creditor covered by a mortgage or other security interest, who can avail the provisions of Section 52 of the Code. At best it can only claim a charge under the attachment order in terms of the provisions of Section 281 of the Act,1961.

Strike Off a Company

March 12, 2022 66297 Views 1 comment Print

STRIKE OFF A COMPANY A Company goes for strike off when the management no longer wishes to carry on the business further. Strike off simply means removing of the name of the company from the Registrar of Company. Section 248 of The Companies Act 2013 states about the provisions of Strike off of company. BY […]

Advance Tax Compliance under Income Tax Act, 1961

March 12, 2022 5508 Views 0 comment Print

Advance Tax refers to Income tax collected in advance from the taxpayer for the year before the end of the concerned financial year. Advance Tax is payable by the taxpayer during a financial year in every case where the amount of tax payable exceeds Rs 10,000/- Advance Tax is calculated on the basis of expected […]

Shri Narayan Rane launches MSME Innovative Scheme

March 12, 2022 996 Views 0 comment Print

Shri Narayan Rane launches MSME Innovative Scheme (Incubation, Design and IPR) & MSME IDEA HACKATHON 2022 under MSME Champions Scheme Union Minister for MSME Shri Narayan Rane today launched the MSME Innovative Scheme (Incubation, Design and IPR) along with the MSME IDEA HACKATHON 2022. Speaking on the occasion Shri Rane said MSMEs have an important role to […]

Recent Updates In GST till 11.03.2022

March 12, 2022 22248 Views 0 comment Print

Now that election results of five state assemblies which went to polls is February – March, 2022 have been announced with BJP winning four states, while one going to AAP party for the first time. These results reflects that there is going to be stability in policy making and Governance which will only be beneficial […]

Maharashtra Amnesty Scheme, 2022 for GST Department

March 12, 2022 180156 Views 9 comments Print

Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Scheme -2022 is applicable regarding concessions on various taxes levied by Sales Tax Department before introduction of GST Act and duration of this Amnesty Scheme will be from April 1, 2022 to September 30, 2022.

Appeal under GST

March 12, 2022 116838 Views 4 comments Print

Any person aggrieved with the order passed by an adjudicating authority can file an appeal in GST before the First Appellate Authority. Who is Adjudicating Authority? Adjudicating Authority is the authority which passes an order or decision against which we appeal. Who is First Appellate Authority? (i)  The first appellate authority would be Commissioner (Appeals) […]

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March 2022