It is announced for general information that during the year 2020-2021, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 7.1% (Seven point one percent) w.e.f. 1st July, 2020 to 30th September, 2020. This rate will be in force w.e.f. 1st July, 2020. The funds concerned are:
The annual membership and certificate of practice fee for FY 2020-21 has become payable w.e.f. 1st April, 2020, the last date for receiving both payment has been extended till 30th September, 2020 without additional Restoration and Entrance fees.
If the word ‘a’ as employed under Section 54 prior to its amendment and substitution by the words ‘one’ with effect from 01.04.2015 could not include plural units of residential houses, there was no need to amend the said provisions by Finance Act No.2 of 2014 with effect from 01.04.2015 which the Legislature specifically made it clear to operate only prospectively from A.Y.2015-2016.
Certain additions/amendments have been made in the MEIS Schedule which is Appendix 3B, Table 2 to harmonize it with the Notification no. 38 dated 01.01.2020 and the changes in the Finance (No. 2) Act, 2019, Filth Schedule as notified by CBIC. Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of […]
Life Insurers offering group credit life insurance schemes, where under, the members have availed moratorium on payment of EMIs are allowed to suitably modify the term and sum assured under such schemes, against collection of additional premium as may be required, in respect of such members, so that they may continue to be covered as per the revised loan repayment schedule.
Jai Prakash Garg Vs Adarsh thought Works Pvt. Ltd. (NAA) Based on the above facts The amount of benefit of ITC which was required to be passed on by the Respondent or the profiteered amount is determined as Rs. 1,70,28,230/- including the GST @12% on the basic profiteered amount of Rs. 1,52.03,777/- as has been […]
Value Labs Vs ACIT (ITAT Hyderabad) The issue which arises in the present appeal is against the adjustment made in the hands of the assessee on account of interest due on outstanding Receivables by treating the same as international transaction. Much reliance is placed on the explanation inserted under section 92B of the Act with […]
The very intent of the section 14A of the income tax Act is that no expenditure shall be allowed as deduction, in computing the Total income of the Assessee, if such expenditure is incurred to earn an income, which is exempt under Income tax act. That is to say that no deduction shall be allowed in respect of the expenditure incurred in relation to the income which does not form part of the Total Income of the Act.
Any Indian recognized stock exchange or any stock exchange of a foreign jurisdiction may form a subsidiary to provide the services of stock exchange in IFSC wherein at least fifty one per cent. of paid up equity share capital is held by such stock exchange and remaining share capital may be offered to any other person (whether Indian or of foreign jurisdiction) and such person shall not at any time
Notification No. 18/2020-Customs (ADD)- Seeks to extend anti-dumping duty on import of Phenol originating in or exported from South Africa, imposed vide Notification No. 32/2015-Customs(ADD) dated 10.07.2015, up to and inclusive of 9th January, 2021. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 9th July, 2020 Notification No. 18/2020-Customs (ADD) G.S.R. 435(E).—Whereas, the […]
