shivangiverma10
November 3, 2021
1. The Punjab Chief Minister Charanjit Singh Chinni on Wednesday announced to scrap 40,000 pending cases of value-added tax (VAT), out of the total 48,000 cases related to the financial years 2014-15, 2015-16 and 2016-17, against traders and industrialists across the state. 2. He was addressing …
shivangiverma10
November 3, 2021
1. The Delhi Government has notified the that 1% Excise Duty for Indian Liquor on Wholesale rate will be applicable from 1st November, 2021. “In exercise of the powers conferred by sub- section (1) of section 81 of the Delhi Excise Act, 2009, the Lt. Governor …
shivangiverma10
October 8, 2021
Judgment:- In a major relief to the Bharat Coking Coal, the Kolkata Bench Customs, Excise and Service Tax Appellate Tribunal (CESTAT) held that the cenvat credit cannot be denied for setting up of Coal Handling Plant (CHP) used for evacuation of coal by rapid loading process. …
shivangiverma10
September 29, 2021
Judgment:- The Kerala High Court ruled that the high court was not empowered to waive the payment of interest under Customs Act as it is a statutory imposition. Facts of the case:- Mr. C.K. Karunakaran for the petitioner, Pomsy Food Products contended that proceedings of the …
shivangiverma10
September 2, 2021
1. The Central Board of Indirect taxes and Customs (CBIC) notified the extension of transitional provisions of Sea Cargo Manifest & Transhipment Regulations for cargo declaration forms. 2. The Board empowered under section 157, read with sections 30, 30A, 41, 41A, 53, 54, 56, sub-section (3) …
shivangiverma10
September 1, 2021
Judgment:- The Madras High Court held that the onus to prove the genuineness of transaction solely lies on the assessee, mere statutory approvals do not sanctify transaction. Facts of the case:- The assessee, M/s.Vishwatej Developers Private Limited had filed their return of income admitting loss and …
shivangiverma10
August 25, 2021
1. The Finance Minister, Nirmala Sitharaman in her Press Conference held at Mumbai declared a 30% hike in pension payout to bank staff. This will be on the basis of the last drawn salary. Pension payouts to bank employees could increase to Rs 30,000- Rs 35,000 …
shivangiverma10
August 24, 2021
1. The Finance Ministry has given the deadline to Infosys till September 15 to fix all glitches in Income Tax E-Filing Portal. 2. Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman took a meeting with Mr. Salil Parekh, MD & CEO, Infosys here today …
shivangiverma10
August 13, 2021
(Prime Minister Shri Narendra Modi on August 2nd launched the digital payment solution e-RUPI, a cashless and contactless instrument for digital payment. Prime Minister said that the eRUPI voucher is going to play a huge role in making Direct Benefit Transfer (DBT) more effective in digital …
1. There is no definition of the term “Shell Companies” in the Companies Act and it normally refers to a company without active business operation or significant assets, which in some cases are used for illegal purposes such as tax evasion, money laundering, obscuring ownership, Benami …
Accounting Standards Board The Institute of Chartered Accountants of India 2nd June, 2021 Exposure Draft of Definition of Accounting Estimates – Amendments to Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors As you are kindly aware that the Indian Accounting Standards (Ind AS) …
