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Interest subsidy under TUF scheme for setting up of new unit is capital receipt

October 24, 2020 3549 Views 0 comment Print

DCIT Vs Orbit Exports Ltd. (ITAT Mumbai) We find that assessee had also received interest subsidy under TUF scheme of Rs.56,54,913/- and interest subsidy of Rs.29,18,192/- from Government of Gujarat and Maharashtra. We find that this subsidy originally was offered as revenue receipt by the assessee in its return of income, which was sought to […]

Digital Signature & e-Sign using Aadhaar for getting IEC

October 24, 2020 35133 Views 4 comments Print

Q 1. Why Digital Signature Certificate (DSC) is required for getting IEC issued from DGFT? Ans. DSC has been re-introduced in IEC to strengthen the IEC issuance and modification processes. Q 2. What type of DSC tokens are allowed and what are the validations? Ans. We support Class-2 and Class-3 token. Both Individual and Organisation […]

Extend Due dates of GST Annual Returns & Income Tax audit

October 23, 2020 59811 Views 2 comments Print

Bhartiya Udyog Vyapar Mandal has made a representation for Extension of Due date of GST Annual Returns and Income Tax audits and compliance of Notices to Honble Union Finance Minister, Smt. Nirmala Sitharaman. Text of the Representation is as follows:- BHARTIYA UDYOG VYAPAR MANDAL Smt. Nirmala Sitharaman Honble Union Finance Minister North Block, Raisin Hills […]

Whether a BRLM can share bidding data available on website of stock exchanges for IPO?

October 23, 2020 771 Views 0 comment Print

i. Whether a BRLM can share the standalone or aggregate bidding data available on the website of the stock exchanges for IPO, Rights issue, and FPO of specified securities and units with the investors, during the bidding period; ii. Whether a BRLM can share the standalone or aggregate bidding data available on the website of the stock exchanges for IPO, Rights issue, and FPO of specified securities and units with investors, as and when requested by such investors, during the bidding period;

Uploading of Admit Card & Options to opt out from November 2020 attempt

October 23, 2020 2145 Views 0 comment Print

1. Uploading of Admit Card: Admit Card for Chartered Accountant November 2020 Examinations will be uploaded on November, 2020. 2. Options to opt out from November 2020 attempt for all: Opt out window will open on 7. November, 2020

Digital Payment Transactions – Streamlining QR Code infrastructure

October 22, 2020 798 Views 0 comment Print

i. The two interoperable QR codes in existence – UPI QR and Bharat QR – shall continue as at present. ii.  Payment System Operators (PSOs) that use proprietary QR codes shall shift to one or more interoperable QR codes; the process of migration shall be completed by March 31, 2022. iii. No new proprietary QR codes shall henceforth be launched by any PSO for any payment transaction.

Processing of applications for registrations of AIFs & launch of schemes

October 22, 2020 1005 Views 0 comment Print

While processing applications for registration of AIFs and launch of new schemes, it has been observed that the Manager of AIF often proposes to set up an Investment Committee with the mandate to provide investment recommendations or advice to the Manager.

Regulatory measures to continue till November 26, 2020

October 22, 2020 642 Views 0 comment Print

It has been decided that the regulatory measures introduced vide SEBI Press Release dated March 20, 2020 shall continue to be in force till November 26, 2020.

Advance ruling cannot be given if both members have different views

October 22, 2020 885 Views 0 comment Print

In re Abhishek Darak (GST AAR Uttarakhand) In this case both the members have different views on the taxability of ‘sale of developed land/plot’, the other issues related to it becomes irrelevant and hence, the ruling cannot be given to such related issues. In light of above discussion & findings, we have different views in […]

Extend due date for filing of Tax Audit reports, TP Audits & ITR

October 21, 2020 107169 Views 41 comments Print

Request for Extension of due date for filing of Tax Audit reports, Transfer Pricing (TP) Audits and Income-tax returns-AY 2020-21 till 31st March 2021.

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