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AO must pass separate orders to give effect to Tribunal orders

March 18, 2021 3906 Views 0 comment Print

NXP India Private Limited Vs ACIT (ITAT Bangalore) In this case AO passed a combined order giving effect to earlier orders of Tribunal with regard to original assessment and also reassessment order u/s. 143(3) r.w.s. 147 of the Act which is incorrect. The AO must have passed distinct and separate orders giving effect to the […]

Reporting & Accounting of Central Govt transactions of March 2021

March 18, 2021 699 Views 0 comment Print

The Government of India has decided that the date of closure of residual transactions for the month of March 2021 be fixed as April 10, 2021. In view of the ensuing closing of government accounts for the financial year 2020-21, receiving branches including those not situated locally, should adopt special arrangements such as courier service etc.

Deduction of amounts paid towards education cess allowable

March 18, 2021 1644 Views 0 comment Print

Piaggio Vehicles Private Limited Vs ACIT (ITAT Pune) Whether education cess can be allowed as deduction? The Ld. Senior Counsel for the assessee has placed strong reliance on the decision of the Hon’ble Bombay High Court in the case of Sesa Goa Limited Vs. Joint Commissioner of Income Tax, (2020) 107 CCH 0376 MumHC, Tax […]

Adverse reactions to Covid-19 vaccination covered under Mediclaim

March 18, 2021 576 Views 0 comment Print

There have been press reports raising doubts whether any adverse reactions to Covid-19 vaccination that require hospitalization will be covered by the health insurance policies.

Non allotment of audit to displaced auditors of Allahabad Bank by Indian Bank

March 18, 2021 3531 Views 2 comments Print

We have received several complaints from our members regarding non allotment of audit by Indian Bank to the auditors of erstwhile Allahabad Bank with the remaining term, during the year. We understand that the names of the Bank Branch Auditors of Allahabad Bank (merged with Indian Bank) have been sent to all Public Sector Banks as Non Continuing Auditors.

CMA Qualification Equivalent to PG-Degree as recognized by UGC

March 18, 2021 16005 Views 1 comment Print

The University Grants Commission (UGC) has resolved that Cost Accountant (CMA) qualification will be considered equivalent to postgraduate degree for appearing in UGC-NET. The National Eligibility Test (NET) is conducted for determining the eligibility of Indian nationals for the Eligibility of Assistant Professorship, Junior Research Fellowship or both, for Indian Universities and Colleges.

Building Trust Through Systems: Nirmala Patel on Mastering SAP Quality in Regulated Industries

March 18, 2021 546 Views 0 comment Print

SAP Quality Architect Nirmala Patel details her proven methodology for building robust SAP systems in regulated industries, leveraging metallurgy principles for precision, scale, and compliance.

HC dismisses PIL for framing rules for Uniform of Excise Officers

March 17, 2021 2328 Views 0 comment Print

As per the own case of the petitioner as set out in paragraph 19 of the writ petition there is practice of wearing Khakhi Uniform by the officers of different wings of the department which was started sometime in the year 1938. However, there is no uniformity in these uniforms. As such, it cannot be said that the insistence of wearing Uniform by the members of the petitioner’s association has been introduced recently in the department, without there being any order or direction.

Govt notifies last date for applying for RoSL claim

March 17, 2021 1167 Views 0 comment Print

In the online module for filing claims under RoSL, applications containing shipping bills with Let Export Order (LEO) date between 01.10.2017 and 06.03.2019 are required to be submitted separately. Similarly, separate application containing shipping bills with LEO date before 01.10.2017 needs to be submitted. Last date for submitting applications containing shipping bills with LEO date from 01.10.2017 date for filing applications containing shipping bills with LEO date before 01.10.2017 would be 31.12.2021.

Issues and concerns of trading community on GST

March 17, 2021 15825 Views 8 comments Print

We would like to express our firm view that tax offenders and tax avoidance must be dealt with strict actions but under the garb of such powers, the honest and law abiding traders should not be punished. We are of the considered view that the tax net under GST should be widen and revenue for both Union & State Government should be augmented but it can happen only when the GST taxation system is simplified and rationalised to the extent that even a small traders conducting business activities in remote area should be able to compliance the law in a most easiest way.

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