Case: Sapthagiri Hospitality Pvt Ltd. Dated: 30.07.2018 Query: Determination of the liability to pay tax on any goods or services or both. (Service provided to SEZ by Hotel). [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] To Download the Judgement, Please Click Here [/ihc-hide-content]
Posted inBUSINESS & ECONOMY
Banking and Financial News of 12th July 2021 at a Glance
12/07/2021: Today’s Banking / Financial News at a Glance:- 1.) Govt. extends deadline for transaction, legal advisors to bid for managing IDBI Bank sale till July 22 : The government has extended the deadline for transaction and legal advisors to bid for managing the IDBI Bank strategic sale by 9 days till July 22. The […]
Posted inINCOME TAX
Income Tax Recruitment 2021: 155 Vacancies Released for Inspector, Other Posts Under Sports Quota
The Income Tax department has invited applications to fill up 155 vacancies for meritorious candidates under the sports quota. Out of the total vacancies, 8 are for the post of Inspector of Income Tax, 83 for Tax Assistant and 64 for Multi-Tasking Staff. Interested candidates can visit the official website at incometaxmumbai.gov.in to apply for […]
Posted inGST
They can no longer be treated as trusts for the purposes of taxation statutes at least: ICICI Econet Internet and Technology Fund vs Commissioner of Central Tax (CESTAT Bangalore)
Trusts carried out activity of Venture Capital Funds. They managed the amounts invested by Contributors/Subscribers/ Investors. They had discretion over the distribution of dividend/profit to entities other than subscribers The impugned trusts have violated the principles of mutuality by concerning themselves in commercial activities and by using the discretionary powers to benefit a certain class […]
Posted inMAGAZINES
AAR Gujarat’s Judgement on Classification of Goods/ Service or Both
Case: Gokul Agro Resources Ltd dated: 30.08.2018 Query: Classification of goods and / or services or both. [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] To Download the Judgement, Please Click Here [/ihc-hide-content]
Posted inMAGAZINES
Supreme Court’s Judgement on Section 254(2A) of the Income Tax Act: DCIT vs Pepsi Foods Ltd
COURT: Supreme Court CORAM: B. R. Gavai J, Hrishikesh Roy J, Rohinton Fali Nariman J. SECTION(S): 254(2A) GENRE: Domestic Tax COUNSEL: Ajay Vohra, Deepak Chopra, Himanshu S. Sinha, Sachit Jolly, Vikramjit Banerjee ASG DATE: April 6, 2021 (Date of pronouncement) DATE: April 7, 2021 (Date of publication) CITATION: [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] Section […]
Posted inTC
RBI Asks Banks to Send Employees on 10-Day Surprise Mandatory Leave
The Reserve Bank of India (RBI) has asked banks to compulsorily send employees posted in sensitive areas of operation on ‘mandatory leave’ for a few days (not less than 10 working days). This has to be done without giving the employees any prior intimation, as per the RBI circular. This is being done as per […]
Posted inMAGAZINES
Calcutta High Court’s Landmark Interim Order in Petition Challenging Constitutional Validity of Section 194N of the Income Tax Act
Calcutta High Court passes landmark interim order in petition challenging constitutional validity of Section 194N of the Income Tax Act, 1961 which mandates the deduction of tax at source at the rate of 2% on cash withdrawals from banking company. Petitioner submitted that Section 194N of the said Act is beyond the legislative competence of […]
Posted inMAGAZINES
Bombay High Court’s Judgement on Section 245 of the Income Tax Act: Tata Communications Ltd vs UOI
Court: Bombay High Court CORAM: Abhay Ahuja J, Sunil P. Deshmukh J SECTION(S): 245 of the Income Tax Act GENRE: Domestic Tax COUNSEL: Atul Jasani, Harsh Kapadia, J.D. Mistri, Suresh Kumar DATE: April 6, 2021 (Date of pronouncement) DATE: April 24, 2021 (Date of publication) A.Y.: 2019-20 [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] Section 245 Adjustment […]
Posted inMAGAZINES
AAR Gujarat’s Judgement on ‘Financial Institution’ for the Purpose of Section 17(4) of the CGST Act and GGST Act
Case: National Dairy Development board. Dated: 20.2.2019 Query: Whether Applicant is considered as ‘Financial Institution’ for the purpose of section 17(4) of the CGSTAct and GGST Act. [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] Ruling by AAR: M/s National Dairy Development Board (GSTIN 24AADCN2029C1Z5) is to be considered as “Financial Institution” for the purpose of section 17(4)of […]
Posted inMAGAZINES
Want to Take Health Insurance Cover for Your Parents During COVID-19? Here are the Options
The COVID 19 is wreaking havoc in India. Not only physically and mentally, but financially too. Medicines and oxygen are costing much more, and hospitalization expenses too have gone up manifold. We have been getting many queries on how insurance cover can be increased or taken, especially for parents. Those in formal employment may have […]
Posted inMAGAZINES
Checking into a Hotel for COVID-19 Treatment? Here’s How You Can Claim Reimbursement from Your Insurer
If hospitals running short of beds and you have tied up with hotels to act as depending on the facilities available, patients could get access to doctor visits, nursing services, monitoring and even oxygen support at such hotels. In fact, a few state governments, too, have converted some hotels into temporary COVID-19 care facilities. [ihc-hide-content […]
Posted inMAGAZINES
‘All 12-Digit Numbers are Not Aadhaar’: UIDAI Tweets Steps to Avoid Fraud
The Unique Identification Authority of India (UIDAI) on Thursday warned that all 12-digit numbers are not Aadhaar. It has issued caution against such frauds asking Aadhaar card verification before accepting it as an identity proof. [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] The statutory authority has said that Aadhaar card verification online is possible in simple steps […]
Posted inMAGAZINES
Rupee Slumps 17 Paise to 74.79 Against US Dollar in Early Trade
The rupee depreciated 17 paise to 74.79 against the US dollar in opening trade on Thursday, following a strong dollar overseas and subdued sentiment in the domestic equities. However, lower crude prices and fresh foreign fund inflows restricted the rupee’s fall, forex traders said. At the interbank foreign exchange, the domestic unit opened weak at […]
Posted inGST, MAGAZINES
GSTN Shares Insights on Important Changes Related to QRMP Scheme Implemented on the GST Portal for the Taxpayers
Few important changes related to QRMP Scheme implemented on the GST Portal for the taxpayers are as given below: A.Auto population of GSTR-3B liability from IFF and Form GSTR 1 : A taxpayer under QRMP Scheme can declare their liability through optional IFF for Month 1 and Month 2 of a quarter & Form GSTR-1 for […]
Posted inMAGAZINES
BPSC Recruitment 2021: Auditor, Project Manager Exam Dates Announced
The Bihar Public Service Commission (BPSC) has released the dates of the auditor and project manager exams which were postponed due to COVID-19 pandemic. The Commission has notified that these exams will be held in August. [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] Detailed notice regarding these exams is available on the official website of the Commission […]
Posted inGST
GST Revenue for June 2021 is 2 Percent Higher than The Revenue Collected in June 2020
The gross GST revenue collected in the month of June’ 2021 is ₹92,849 crore of which CGST is ₹16,424 crore, SGST is ₹20,397, IGST is ₹49,079 crore (including ₹25,762 crore collected on import of goods) and Cess is ₹6,949 crore (including ₹809 crore collected on import of goods). The above figure includes GST collection from […]
Posted inMAGAZINES
PhonePe Partners Flipkart to Digitise Cash-on-Delivery Payments
Digital payments platform PhonePe on Monday said it has partnered with Flipkart to enable pay-on-delivery service for the e-commerce major’s orders. PhonePe’s dynamic QR code solution will enable customers who earlier opted for ‘cash on delivery’ to pay digitally through any UPI app at the time of delivery, PhonePe said in a statement. This will help reduce personal contact while ensuring safety […]
Posted inMAGAZINES
Analysis | Under Sashidhar Jagdishan, HDFC Bank is Fighting Two Enemies Simultaneously
A closer look at the first quarter (April-June) numbers of India’s largest private lender shows that the resurgence of COVID-19 has taken a toll on its books. Business growth has slowed down. There is abundant caution over the selection of new loans, including retail assets. On the other hand, the Reserve Bank of India (RBI) audit on […]
Posted inMAGAZINES
4 Lesser Known Insurance Policies to Claim from If You Lose a Loved One due to COVID-19
Usually, we think of tapping the life insurance policy of a deceased, which she may have bought in her lifetime. But without our knowing about them, we end up getting free life insurance covers at times. These are typically called add-on covers in insurance parlance; most of them come absolutely free or with very nominal […]
Posted inINCOME TAX
CBDT Grants Further Relaxation in Online Filing of Form 15CA and 15CB on Income Tax E-filing Portal
CBDT grants further relaxation in electronic filing of forms 15CA & 15CB in view of difficulties reported by taxpayers in filing of the forms online on incometax.gov.in. Date for submission of forms in manual format to the authorised dealers is extended to 15th July, 2021. Press Release is attached:
Posted inMAGAZINES
RBI Tweaks Rule: Now Get Interest Even after Fixed Deposit (FD) Matures; Details Inside
The Reserve Bank of India (RBI) on Friday in a review of rules on unclaimed deposit with banks said, customers can still earn interest rates after Term Deposit (TD) matures and proceeds are unpaid. Until now, unclaimed deposits attracted the rate of interest applicable to savings deposits in case a term deposit matured and the […]
Posted inMAGAZINES
CBI Raids 40 Locations in Fresh Probe in UP’s Gomti Riverfront Project
The Central Bureau of Investigation (CBI) on Monday launched searches at over 40 locations in Uttar Pradesh and a few other states after registering a fresh case to investigate alleged irregularities in Gomti Riverfront project, launched by then Samajwadi Party government in 2015 with Akhilesh Yadav as the chief minister, people familiar with the development […]
Posted inTC
PCMC Sero-survey Finds 70% Children in 6-18 Age Group have Antibodies Against COVID-19
While experts have been predicting a third wave of coronavirus infections which is likely to affect children more, residents of Pimpri-Chinchwad can breathe a tad easy as a serological survey has revealed that children in the age group of 6-18 years have 70 per cent antibodies. The sero-survey was carried out over a period of […]
Posted inMAGAZINES
Delta Variant: No Antibodies in 16% after Second Dose of Covishield, Says Study
Neutralising antibodies against the Delta variant (B1.617.2) were not observed in 58.1% of serum samples from those given one shot of the Oxford/AstraZeneca vaccine produced in India as Covishield, according to a yet-to-be peer reviewed study by researchers from the Indian Council of Medical Research (ICMR). After two doses, the neutralising antibodies could not be […]
Posted inMAGAZINES
UK Children Use Orange and Lemon Juice to Generate Fake Positive COVID-19 Test, Leave People Puzzled
While the world is taking all the possible precautions to stay far away from the coronavirus as much as possible, some school going children in the United Kingdom have found a bizarre way to generate fake ‘positive’ result in a COVID-19 lateral flow test by pouring few drops of orange juice in it. The trend, […]
Posted inMAGAZINES
Infosys Turns 40: Sudha Murthy Recollects How She Helped NR Narayana Murthy by Handing Over Her Savings
Sudha Murthy, a social entrepreneur, writer, teacher and wife of IT doyen NR Narayana Murthy, has still not forgotten the time in 1981 when she handed over her savings of Rs10,000 to her husband. With that money, Murthy and six other engineers together founded Infosys on July 7, 1981. Addressing the media, Sudha Murthy said, […]
Posted inINCOME TAX
Important Update on TDS/ TCS Returns Filed through New Income Tax E-filing Portal
All TDS/ TCS returns filed at New IncomeTax E-filing Portal before 3rd July, 2021 have been rejected due to incorrect version (5.1) mentioned at ITD website. ITD has now corrected the version to 7.1. Kindly efile your TDS/ TCS returns again. Ignore this if efiled your TDS/ TCS returns at NSDL-TIN FC. Source: Please Click […]
Posted inTC
ED Arrested Director of M/s Monarch Universal Group in Money Laundering Case
Directorate of Enforcement (ED) has arrested Gopal Amarlal Thakur, Director of M/s Monarch Universal Group on 01.07.2021 in a case of Money laundering involving amount of more than Rs. 50 Crore. Directorate of Enforcement initiated investigation against the group on the basis of FIRs and Charge sheets filed by Maharashtra Police under the provisions of […]
Posted inMAGAZINES
Want to Link PAN with Aadhaar Card using Income Tax E-filing Portal? Here’s How You can Do It
Registered and unregistered users can now link their Aadhaar to their PAN card on the new Income Tax portal with the help of the ‘Link Aadhar’ service. A taxpayer must link his Aadhar with Pan to file his income tax returns and the Aadhaar number must be mentioned during the process. The Central government has, […]