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One-time waiver of Custom Duty as well as inspection
Instruction No. 105 To, All Development Commissioners Special Economic Zones Subject: One-time waiver of Custom Duty as well as inspection requirement in case of de-bounding of IT/ITeS Units in SEZs and exemption on the filing of BOE for goods sold by IT/ITeS SEZ unit which
Analysis of Finance Bill 2021 – Direct Tax Proposals
Analysis of Finance Bill 2021 – Direct Tax Proposals Tax Rates FB Clause 2 IT Act Section 4 Effective from AY 2021-22 / AY 2022-23 Tax Rates No change Depreciation on Goodwill FB Clause 3(i), 7, 18, 20 IT Act Section 2(11), 32, 50,
Madras HC in the case of L.Sivaramakrishnan Versus The Deputy Director
Case Covered: L.Sivaramakrishnan Versus The Deputy Director, The Directorate of Enforcement Facts of the Case: First Leasing Company of India Limited (in short “FLCI”) was a company incorporated under the Companies Act, 1956 and was into the business of giving industrial finance. Of course, it
Madras HC in the case of S. Dilliraj Versus The Deputy Director
Case Covered: S. Dilliraj Versus The Deputy Director, The Directorate of Enforcement Facts of the Case: Undisputed facts: First Leasing Company of India Limited (in short “FLCI”) was a company incorporated under the Companies Act, 1956 and was into the business of giving industrial finance.
Gujarat HC in the case of M/s Bharat Acid And Chemicals Versus Union of India
Case Covered: M/s Bharat Acid And Chemicals Versus Union of India Related Topic: Gujarat HC in the case of Cosmo Films Limited Versus Union of India Facts of the case: The facts of this case are very gross and shocking. Serious allegations have been levelled
Decoding of Finance Bill 2021
Decoding of Finance Bill 2021 Amendment in section 7 1. Scope of Supply w.e.f. 01.07.2017 7) (1) For the purposes of this Act, the expression “supply” includes–– (a) all forms of supply of goods or services or both such as sale, transfer, barter, exchange, license,
Madras HC in the case of R. Viswanathan Versus The Assistant Director
Case Covered: R. Viswanathan Versus The Assistant Director, Directorate of Enforcement Facts of the Case: The incontrovertible facts are as under: Viswanathan (1 st petitioner/A.1) was into the business of imports and exports in the name and style of “Mercantile India”. Between 1999-2002, Viswanathan (A.1)
Recent Amendments in GST covering E-Invoicing, Rule 86B and QRMP scheme
Recent Amendments in GST covering E-Invoicing, Rule 86B and QRMP scheme E-invoicing under GST Legal Provisions N. N. 68/2019-CT Rule 48(4) The invoice shall be prepared by such class of registered persons as may be notified by the Government, on the recommendations of the Council,
Highlights of Budget 2021-22
Highlights of Budget 2021-22 As we all are aware that the Budget for 2021-22 was announced on 1 st February 2021. Here is the complete compilation of all major amendments. 1. Income Tax Act • For Individual Taxpayers a) There is no change in Tax
DTVSV Scheme Extension: CBDT
Notification S.O.471(E).- In exercise of powers conferred by section 3 of the Direct Tax Vivad se Vishwas Act, 2020 (3 of 2020), the Central Government hereby makes the following amendment in the notification of the Government of India, Ministry of Finance ( Department of Revenue),
Explanatory Memoranda to Notification Nos. 02/2021-Customs to 15/2021-Customs, dated 1st February, 2021
Explanatory Memoranda to Notification Nos. 02/2021-Customs to 15/2021-Customs, dated 1st February 2021 S. No. Notification No. Description 1 02/2021-Customs, dated 1st February 2021 Seeks to further amend notification No. 50/2017-Customs dated 30th June 2017 so as to prescribe effective rate of Basic Customs Duty (BCD)
Notification No. 2/2021-Customs
Notification No. 2/2021-Customs [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 2/2021-Customs New Delhi, the 1st February 2021 G.S.R. (E).- In exercise of the powers conferred by