2 Archive - 14 May 2022

"14 May 2022" Archive

Intermediary Services under GST law

Intermediary topic is litigated / Check latest ruling on intermediary services/ Whether the service provider will be considered as intermediary service provider? / Does the activity fall under intermediary services? / What are the five checks/tests to be applied in case of intermediary services? / Why do you consider intermediary a subjec...

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Department of Telecom issues SOP for Deduction Verification

Department of Telecom issues SOP for Deduction Verification Aims to ensure greater levels of standardization, efficiency as well as transparency and accountability in the deduction verification process Department of Telecommunications (DoT), Ministry of Communications has issued a Standard Operating Procedure (SOP) to ensure greater level...

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Listed Companies need not send hard copies of annual report till 31.12.2022

SEBI Circular No. SEBI/HO/CFD/CMD2/CIR/P/2022/62 Dated: 13.05.2022 on Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Applicability: All Listed entities | Effective Date: May 13, 2022 Summary of the Circular: MCA vide Circular dated May 05, 2022 has extend...

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An Appeal to Regularize Income Tax Reassessment Proceedings

As per Section 147 of Income Tax Act, 1961, if the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may, subject to the provisions of  sections 148 to 153, assess or reassess  such  income  and also any other income chargeable to tax which […]...

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CGST Thane Commissionerate busts fake ITC racket worth Rs. 8 Crore

CGST Thane Commissionerate busts fake Input tax credit racket worth Rs. 8 Crore Thane Central GST Commissionerate has busted a fake GST Input Tax Credit (ITC) racket and arrested the proprietor of a Dahisar based firm. Acting on a specific input from Central Intelligence Unit of CGST Mumbai zone, the anti-evasion wing of CGST Thane Commi...

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Prohibit e-pharmacy platforms in India to safeguard public health: CAIT

We maintain of that e-pharmacy marketplaces are not only operating without valid pharmacy licenses but have also been failing to undertake reasonable due diligence gravely compromising consumer safety and health....

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Country’s first Pan-India helpline for senior citizens

Country’s first Pan-India helpline for senior citizens: Elder Line (Toll Free No- 14567) India is expected to have nearly 20% elderly population i.e. over 300 million senior citizens by 2050. It is significant; as many countries have a population less than this number. This age group faces various mental, emotional, financial, legal and...

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DGFT notifies Conditions for export of wheat

Trade Notice No. 06/2022-23 14/05/2022

As a transitional arrangement, export will be allowed in case of shipments where Irrevocable Letter of Credit (ICLC) has been issued on or before the date of this Notification, subject to submission of documentary evidence as prescribed; or...

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Basics of Banking: Items of Profit and Loss Account

Profit and Loss Account: Profit and loss account of a banking company is prepared in vertical form. ‘Form B’ of the Third Schedule of the Banking Regulation Act, 1949 is to be used for preparing Profit and Loss Account. It is Divided into 4 sections: I. Income II. Expenditure III. Profit/Loss and IV. Appropriations (I). [&hell...

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Section 455 of Companies Act 2013 Dormant Company status

Where a company is formed and registered under this Act for a future project or to hold an asset or intellectual property or if company is an inactive company, may make an application to the Registrar in such manner as may be prescribed for obtaining the status of a dormant company. Inactive Company means:- The […]...

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February 2023