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Section 80IA deduction not restricted to Business Income: SC

April 28, 2021 6630 Views 1 comment Print

CIT Vs Reliance Energy Ltd. (Supreme Court) We have considered the submissions on behalf of the Revenue as it has a bearing on the interpretation of sub-section (1) of Section 80-IA of the Act. We hold that the scope of sub-section (5) of Section 80-IA of the Act is limited to determination of quantum of […]

Indian Red Cross Society imports of relief materials related to COVID-19 pandemic

April 28, 2021 1020 Views 0 comment Print

All permissions / licenses / authorizations required from other Government Departments / Agencies prior to the clearance of goods, if any, are deemed to have been given in respect of such imports in terms of this Instruction. In other words, these cases would not need to be referred to those agencies or the requirement may be suitably waived. This point must be implemented without exception.

Government extends timelines for Income Tax Assessment (Read Notification)

April 27, 2021 71370 Views 4 comments Print

Central Government has decided to extend the time limits to 30th June, 2021 in the following cases where the time limit was earlier extended to 30th, April 2021 through various notifications issued under the Taxation and Other Laws (Relaxation) and Amendment of Certain Provisions Act, 2020, namely:-

SC Restores Order Extending Limitation; Excluded period from 14.03.2021 in Limitation Computation

April 27, 2021 22386 Views 0 comment Print

In Re Cognizance For Extension of Limitation Vs XXXX (Supreme Court of India) FULL TEXT OF THE SUPREME COURT JUDGMENT/ORDER This Court took suo motu cognizance of the situation arising out of the challenge faced by the country on account of COVID-19 Virus and resultant difficulties that could be faced by the litigants across the […]

SEBI Policy on Provisional Credit Rating Rating for Debt Instruments

April 27, 2021 927 Views 0 comment Print

All Provisional Ratings (‘long term’ or ‘short term’) for debt instruments shall be prefixed as ‘Provisional’ before the rating symbol in all communications viz. rating letter, press release / rating rationale, etc.

Contactless Customs Processing during COVID-19 pandemic

April 27, 2021 846 Views 0 comment Print

it is decided that the requests relating to various items of work shall be received only through online by way of email to the concerned Deputy Commissioner / Assistant Commissioner along with a copy to the Additional Commissioner / Joint Commissioner, who will be the Nodal Officer.

Definitive Anti-dumping duty on imports of Toluene Di-isocyanate

April 27, 2021 1140 Views 0 comment Print

Seeks to impose definitive anti-dumping duty on imports of Toluene Di-isocyanate (TDI) having isomer content in the ratio of 80:20, originating in or exported from European Union, Saudi Arabia, Chinese Taipei and UAE, for a period of 5 years from the date of imposition of provisional ADD, i.e. 2nd Dec, 2020 vide Notification No. 28/2021-Customs […]

Notification No. 27/2021-Customs (ADD) Dated: 27.04.2021

April 27, 2021 2340 Views 0 comment Print

Seeks to rescind the notification No. 43/2020-Customs(ADD) dated the 2nd December, 2020 vide Notification No. 27/2021-Customs (ADD) Dated: 27th April, 2021. MINISTRY OF FINANCE (Department of Revenue) New Delhi Notification No. 27/2021-Customs (ADD) Dated: 27th April, 2021 G.S.R. 298(E).—In exercise of the powers conferred by sub-sections (2) and (5) of section 9A of the Customs […]

SEBI (Portfolio Managers) (Second Amendment) Regulations, 2021

April 26, 2021 1314 Views 0 comment Print

1. These Regulations may be called the Securities and Exchange Board of India (Portfolio Managers) (Second Amendment) Regulations, 2021. 2. They shall come into force on the date of their publication in the Official Gazette.

Weekly newsletter from Chairman, CBIC Dated 26.04.2021

April 26, 2021 852 Views 0 comment Print

Chief Commissioner, Mumbai — III Customs Zone, has issued a Public Notice containing a template for stakeholders seeking urgent clearances of Covid-related imported goods. This would simplify and help monitor the clearance process of such essential imports which are in compliance with specified standards, etc., as may be applicable. The said chart has been incorporated on the CBIC website by DG Systems. Trade should make use of this facility where needed.

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