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NEWS category- GST / INCOME TAX / BUSINESS & ECONOMY / JUDGEMENT

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GST

1. New GST slabs: Why you may have to pay more for ghee, butter, cheese next year

GST / October 5, 2021

The next few meetings of the GST Council would take the country’s new indirect tax regime closer to the goal of providing a transparent tax system with minimal exemptions and fewer rates. Sources working on the GST rate rationale said that a three rate tax structure may become a reality early next fiscal after the …

2. GST: E-way Bill generation at a six-month high in September

GST / October 5, 2021

E-way bill generation for goods transportation under the Goods and Services Tax (GST) system came in at 6.79 crore September, the highest since the start of the current financial year, as economic activity gathers pace ahead of the festive season. E-way bill generation has been registering a steady rise since June after falling to below …

3. Requirements of issue of FORM GST DRC-01 and FORM GST DRC-01A have been Statutorily Ingrained in the CGST Rules

GST / October 5, 2021

4. GST Registration can’t be Cancelled if Business not carried out from Premises due to Covid 19 Norms, Protocols: Calcutta HC

INCOME TAX / October 5, 2021

The Calcutta High Court has ruled that goods and service tax registration cannot be cancelled if business was not carried out from the premises, due to the nationwide Covid pandemic.The order was issued in case of an appeal filed by International Value Retail against revenue department and GST authorities, where the latter had issued a …

5. GST Webinar in English on the topic ‘Functionality to fetch BoE details by Taxpayers’ on 5/10/2021 at 4 pm

Date- 05.10.2021 Tuesday

Time- 1600 Hrs to 1630 Hrs

Speaker- Sh. Sanjay Kumar Sharma SM, GSTN

YouTube Link

INCOME TAX

1. Salaried? Want to save Income Tax? Claiming deduction under Section 80C? Must avoid these mistakes

INCOME TAX / October 5, 2021

Save Income Tax By Section 80C Claim Deductions: There is a common question in everyone’s mind: how to save income tax on salary? And if you want an answer to the question then there are many legitimate ways to save tax under the Income Tax Act, 1961. Section 80C belongs to the same, it is …

2. Planning to file ITR? Know how to prepare yourself for Income Tax Return filing for AY 2021-2022

INCOME TAX / October 2, 2021

ITR Filing Tips for FY 2020-21 (AY 2021-2022): The deadline to file the income tax return for salaried or small business individuals has been further extended to 31st December 2021. ITR Filing Tips for FY 2020-21 (AY 2021-2022): The deadline to file the income tax return for salaried or small business individuals has been further extended …

3. Cases pertaining to ‘Pandora Papers’ to be investigated : CBDT

Government takes note of the data trove in the ‘Pandora Papers’ leak.
Govt issues directions that investigation in cases of Pandora Paper leaks as appearing in the media under the name ‘PANDORA PAPERS’ will be monitored through the Multi Agency Group headed by Chairman, CBDT.

4. Seychelles’ Tax Inspectors Without Borders (TIWB) programme launched in partnership with India

Tax Inspectors Without Borders (TIWB), a joint initiative of the United Nations Development Programme (UNDP) and the Organisation for Economic Cooperation and Development (OECD), launched its programme in Seychelles on 4th October, 2021. India was chosen as the Partner Administration and has provided Tax Expert for this programme.

5. IT Dept Raids- During the search, evidence related to bogus payments to suppliers for generating cash, hawala transactions, over-invoicing

The Income Tax Department carried outa search and seizure operation on 30.09.2021 on 37 premises spread across multiple cities including Mumbai, Pune, Noida & Bangalore. These groups/individuals were in varied businesses such as cable manufacturing, real estate, textile, printing machineries, hotels, logistics etc.

During the course of the search operation, several incriminating documents, loose sheets, diaries, emails and other digital evidences etc. have been unearthed which indicates ownership of a large number of foreign bank accounts and immovable properties, unreported to the Department. These groups/individuals utilized the services of a Dubai based financial service provider to create a dubious and complex web of foreign companies and trusts based in tax havens such as Mauritius, UAE, BVI, Gibraltar etc. to hold their unaccounted assets.

BUSINESS & ECONOMY

1. SEBI proposes minimum price ceiling for IPOs, Review of Price Band and Book Building Framework for public issues

Review of Price Band and Book Building Framework for public issues

Markets regulator Sebi on Monday proposed a minimum price cap of five per cent for public issues and sub-categorization for non-institutional investors through a ‘book building’ process.

SEBI, in a consultation paper, has invited comments on its proposals for review of the price range and book building draft for the public issue.

These comments can be given till 20 October 2021.

2. Finance Minister Smt. Nirmala Sitharaman celebrates 53rd Foundation Day of the ICSI

Company Secretaries should look beyond their existing set of responsibilities and partner with the Ministries and the Regulatory Authorities in easing compliances for the tax paying citizens, this was said by Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman at the 53rd Foundation Day celebrations of the Institute of Company Secretaries of India (ICSI) here today.

Chief Guest and the Finance Minister, Smt. Sitharaman, appreciated the ICSI for attuning the celebration with Azadi Ka Amrit Mahotsav and choosing the theme “Powering Atmanirbhar Bharat through Entrepreneurship and Innovation” in tandem with this vision.

3. ICAI Members’ Journal The Chartered Accountant – October 2021 Issue

ICAI Members’ Journal The Chartered Accountant – October 2021 Issue
To Access the Journal please visit Click here to Read

4. RBI Master Circular – Prudential norms on Income Recognition, Asset Classification and
Provisioning pertaining to Advances

Please refer to the Master Circular No. DBR.No.BP.BC.2/21.04.048/2015-16 dated July 1, 2015 consolidating instructions / guidelines issued to banks till June 30, 2015 on matters relating to prudential norms on income recognition, asset classification and provisioning pertaining to advances.

5. Health Minister Mansukh Mandaviya Launches Drone Based Covid-19 Vaccine Delivery

October 5, 2021

Union health minister Mansukh Mandaviya on Monday launched Indian Council of Medical Research’s (ICMR) drone response and outreach (called i-Drone) for the Northeast region. The project was launched from Nagaland and marks the government’s first step towards undertaking delivery of Covid-19 vaccine in the remote corners of the country using drones. The ICMR-led pilot project …

6. Payment Defaults: RBI Suspends Boards of Two Srei Companies

 October 5, 2021

The Reserve Bank of India (RBI) on Monday said that it has superseded the boards of Kolkata-based non-banking financial companies (NBFCs) Srei Infrastructure Finance and Srei Equipment Finance. The two companies will now be referred for insolvency proceedings in the second such instance after Dewan Housing Finance (DHFL). ‘In exercise of the powers conferred under …

JUDGEMENT

1. A Representative Office of a Foreign Enterprise is Not a Taxable Unit. Foreign Enterprise is the Taxable Unit: ITAT Mumbai

In the case of DZ Bank AG – India Representative Office vs. DCIT, ITAT Mumbai has held that:

30.) In the light of the above discussions, as also bearing in mind entirety of the case, it is clear that, on the facts and in the circumstances of this case and in law, there is no income, other than the interest income of DZ Bank AG from its clients in India, on which tax liability under article 11 has already been discharged, taxable in the hands of the assessee bank. So far as this taxability is concerned, the assessee did not have any obligations to file the income tax return under section 115A(5) as it existed at the relevant point of time. It is difficult not to miss the fact that we are looking at a situation in which an income, which has already been brought to tax in the hands of the assessee under a treaty provision, is being sought to be taxed again in the hands of the same assessee, in the same assessment year but only under a different provision in the same tax treaty. We cannot, and donot, approve such an approach. The impugned demands are, thus, also devoid of legally sustainable merits from this point of view as well. We, therefore, uphold the plea of the assessee against taxability of interest income of Rs 29,41,57,201 and commitment fees etc of Rs 1,98,14,938, in the hands of the assessee bank, additionally under article 7 of the Indo German tax treaty also. That finding is, however, without prejudice to the taxability of the interest income under article 11 of the Indo German tax treaty. We make it clear that the income in question could only be taxed under article 11, and not additionally under article 7 also, but the income is taxable nevertheless, subject to the exemptions set out in and under the scheme of article 11, on gross basis.

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