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Section 80P Deduction denied on Interest income on Bank FD- proportionate cost allowable

June 23, 2021 5022 Views 0 comment Print

Karnataka Judicial Officers Credit Co-operative Society Ltd. Vs ITO (ITAT Bangalore) The next issue relates to the deduction claimed by the assessee u/s.80P(2)(d) of the Act in respect of interest income. Identical issue has been considered by the co-ordinate bench in the case of Karkala Co-op Bank Ltd (supra). For the sake of convenience, we […]

CESTAT remanded case back to proper officer | Section 149 | Customs Act, 1962

June 23, 2021 2652 Views 0 comment Print

Lenovo India Private Limited Vs Commissioner of Customs (CESTAT Chennai) Hon‟ble High Court of Madras in the case of M/s. Hewlett Packard Enterprise India Pvt. Ltd. v. Joint Commissioner of Customs & ors. reported in 2020 (10) T.M.I. 970 – Madras High Court has held that the proviso to Section 149 contemplates an opportunity to […]

PM Blog on Reforms by Conviction and Incentives

June 23, 2021 609 Views 0 comment Print

The Covid-19 pandemic has come with whole new set of challenges to Governments across the world in terms of policy-making. India is no exception. Raising enough resources for public welfare while ensuring sustainability is proving to be one of the biggest challenges.

Collect evidences to take action against errant suppliers: NAA

June 22, 2021 942 Views 0 comment Print

I have been further directed to request you to take all possible steps envisaged under the GST Laws to ensure that the legislative intent of Section 171 of the CGST Act is complied with and to issue appropriate directions to your officers to take action as mandated under Section 171 of the CGST Act and wherever required, to utilise the powers conferred vide provisions of Section 67 (12) of the CGST Act for collection of evidence which may be required to take action against errant suppliers of various goods and services.

Clarification on Operation of Joint B Type Accounts under National Savings Schemes — Regarding

June 22, 2021 6585 Views 0 comment Print

All the operations of account including closure, issue of duplicate passbook and transfer of account etc shall be allowed to be carried out by either of the joint depositors or survivor in case of Joint B Type account in respect of all the schemes except Senior Citizens Savings Scheme under National Savings Schemes.

How to use Offline Utility for Statutory Forms on new Income Tax Portal

June 22, 2021 26346 Views 0 comment Print

1. Overview All users registered on the e-Filing portal can choose to use the Offline Utility when filing Income Tax Statutory Forms. With this service, you can file Income Tax Statutory Forms by uploading the utility-generated JSON: Post login to the e-Filing portal, or Directly through the Offline Utility This service on the e-Filing portal offers an […]

Introduction of Negotiated Large Trade facility on Stock Exchanges

June 22, 2021 1758 Views 0 comment Print

In order to facilitate a vibrant capital market ecosystem in GIFT-IFSC and to attract global investors and foreign capital, it has been decided to introduce a NLT facility for derivatives on the stock exchanges.

Issue of Pension slip by Pension Disbursing Banks on monthly basis

June 22, 2021 1503 Views 0 comment Print

Pension Disbursing Banks to issue pension slip to pensioners after credit of pension on their registered mobile numbers through SMS and email (wherever available) also.

AP VAT: ACAR can review on application by dealer & other affected parties- HC

June 21, 2021 1026 Views 0 comment Print

Gail (India) Ltd. Vs Assistant Commissioner (CT) (Andhra Pradesh High Court) Section 67(5) of Andhra Pradesh Value Added Tax, 2005 pellucidly tells that authority for clarifications shall have the power to review, amend or revoke its rulings at any time for good and sufficient cause by giving an opportunity to the affected parties. It says […]

Mr. Amit Pradhan takes charge as Executive Director, IBBI

June 21, 2021 2946 Views 0 comment Print

Mr. Amit Pradhan took charge as Executive Director, Insolvency and Bankruptcy Board of India (IBBI) in New Delhi today. Immediately before joining IBBI, he was serving as Chief General Manager and Adjudicating Officer in the Securities and Exchange Board of India (SEBI).

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