Ministry of Finance has released today ₹75,000 crore to the States and UTs with Legislature under the back-to-back loan facility in lieu of GST Compensation. This release is in addition to normal GST compensation being released every 2 months out of actual cess collection.
Through the coordinated efforts of Government, Private Institutions, Civil Society, NGOs and Private Citizens overcame the health crisis caused by second wave of Covid-19 pandemic. More than 100 donors across India made donations of equipment/kits/disposables etc. to ESIC Hospitals amounting to the sum of Rs.13 Crore.
Carraro India Private Limited Vs DCIT (ITAT Pune) It is seen that the assessee paid commission of Rs.58.65 lakh to overseas agents for export orders obtained by them in overseas territories. Section 195 mandates the deduction of tax at source from any sum paid by the assessee which is ‘chargeable under the provisions of this […]
DCIT Vs Hurkisondas Nurrotumdas Hospital & Research Centre (ITAT Mumbai) Going by the factual matrix as enumerated in the preceding paragraphs, it could be noted that the terms of arrangement with consultant Doctors was different from employee-doctors. The consultant doctors were paid based on the services rendered by them and on the basis of doctors’ […]
It has been brought to our notice through an application in Hon’ble Supreme Court that FIRs are still being lodged by some police authorities under the struck down provision of Section 66A of IT, Act, 2000. Hon’ble Supreme Court has taken a very serious view in the matter.
During the financial year 2020-21 the CGST zones and the Directorate General of GST Intelligence (DGGI) have booked about 8000 cases involving fake ITC of over Rs. 35000 crore. During the financial year 426 persons including 14 professionals such as CAs, Lawyers and masterminds, beneficiaries, directors etc were arrested.
CBDT approves M/s Patanjali Research Foundation Trust, Haridwar under the category Research Association for Scientific Research for the purposes of section 35(1)(ii) of Income-tax Act, 1961 read with rules 5C and 5D of the Income-tax Rules, 1962 vide Notification No. 79/2021-Income Tax | Dated: 12th July, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD […]
Ocwen Financial Solutions Pvt. Ltd. Vs ACIT (ITAT Bangalore) During the previous year relevant to assessment year, the assessee had spent on buy-back of shares and debited the same to Profit & Loss account. The expenditure was disallowed by the AO in his draft assessment order holding the same to be capital expenditure. Hon’ble High […]
Export of Eggs, Potatoes, Onions, Rice, Wheat Flour, Sugar, Dal, Stone Aggregates and River Sand has been permitted to the Republic of Maldives under bilateral trade agreement between Government of India and Government of Maldives during the period 2021-22, 2022-23 and 2023-24 as per the quantities indicated in the Table at Para 1 above. The […]
Effect of this Public Notice: Para 2.96 (b) of Chapter-2 of Handbook of Procedures, 2015-2020 stands deleted, and revised format of ANF-2C is notified as a step towards reducing regulatory compliance burden. Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi -110 011 Public […]
