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16th Instalment of Rs. 5000 crore to States to meet GST compensation shortfall

February 16, 2021 354 Views 0 comment Print

The Ministry of Finance, Department of Expenditure has released the 16th weekly instalment of Rs.5,000 crore to the States today to meet the GST compensation shortfall. Out of this, an amount of Rs.4,597.16 crore has been released to 23 States and an amount of Rs.402.84 crore has been released to the 3 Union Territories (UT) with Legislative Assembly (Delhi, Jammu & Kashmir & Puducherry) who are members of the GST Council.

SOP on preventive measures to contain spread of COVID-19 in offices

February 15, 2021 1272 Views 0 comment Print

Offices and other workplaces are relatively close settings, with shared spaces like workstations, corridors, elevators & stairs, parking places, cafeteria/canteens, meeting rooms and conference halls etc. and COVID-19 infection can spread relatively fast among officials, staffs and visitors.

Margin for derivative contracts

February 15, 2021 903 Views 0 comment Print

Directions are being issued to allow posting and collection of margin for permitted derivative contracts between a person resident in India and a person resident outside India.

Exclusion of employees of Regional Rural Banks from purview of EPF & MP Act, 1952

February 15, 2021 2700 Views 0 comment Print

It is hereby informed that the matter regarding exclusion of employees of Regional Rural Banks from the purview of EPF & MP Act, 1952 has been examined at the Head Office and it is observed that RRBs got excluded from purview of EPF & MP Act, 1952 in the consequence of judgement dated 25.4.2018 of Hon’ble Supreme Court of India in SLP No. 39288

Tariff Notification No. 16/2021-Customs (N.T.), Dated: 15.02.2021

February 15, 2021 1536 Views 0 comment Print

Tariff Notification No. 16/2021-CUSTOMS (N.T.), Dated: 15.02.2021 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver – Reg. Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 16/2021-CUSTOMS (N.T.) New Delhi, 15th February, 2021  S.O.675(E).– In […]

Section 50C- AO to adopt guideline value on sale date of agreement & not on sale deed date

February 15, 2021 4434 Views 0 comment Print

N.A. Haris Vs Add. CIT  (ITAT Bangalore) In this case, there is no dispute that the agreement to sale the impugned residential flats were entered into financial years 2006-2007 and 2007-2008. There is no dispute for this fact. Now the contention of the assessee is that for determining guideline value by invoking the provisions of […]

Section 68 addition unjustified when Assessee submit confirmation & bank statement of Creditor

February 13, 2021 1479 Views 0 comment Print

Aarya Organic Foods & Ayurvedic Industries Pvt. Ltd. Vs ITO (ITAT Delhi)  As far as addition of Rs.5 lakh of amount received from Sh. Jasbir Singh is concerned, we find that CIT(A) has given a finding that his confirmation, bank statement evidencing bank transfer is on record but since he had not given source of […]

Control and Regulation of e-Commerce Platform

February 13, 2021 444 Views 0 comment Print

Considering the cross-cutting nature of e-Commerce, different laws and regulations across sectors govern the present e-Commerce activities, some of which are; Consumer Protection Act, 2019, Finance Act 2020, Information Technology Act, 2000, Foreign Exchange Management Act, 2000 and Competition Act, 2002.

Update Your IEC Yearly or face Deactivation

February 12, 2021 148974 Views 35 comments Print

All IEC holders are now legally required to update and validate their IEC Details, even if there are no changes, from April to June once every year through Online system, failing which their IEC shall be de-activated and no import or export activity will be possible. IEC related provisions in Chapter-1 and Chapter-2 of Foreign […]

EPFO guideline for correction in name father/spouse/gender

February 12, 2021 14673 Views 1 comment Print

Correction in member profile has been allowed to rectify the errors in name, father/husband name, DOB and gender. However, it has been observed that complete name and profile change has been made in certain cases leading to fraudulent withdrawals.

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