Author: Raju and Prasad Chartered Accountants
– Act: Central Goods and Services Act, 2017 Assessee filed declaration in time for transitioning credit of earlier laws to GST but said credit was not transitioned in assessee’s electronic credit ledger due to technical glitches in the GST Portal. GST Officer was directed to give transition of Credit claimed by assessee into assessee’s electronic credit ledger in Form GST PMT-2
vide decision of High Court of Telangana in BMW India Financial Services (P.) Ltd. v. Union of India
Facts of the case:
The petitioner is into the [...]
– Act: The Income Tax Act ,1961 When there are no findings that a trust is established with a clear motive of earning profits, the assessee cannot be rejected for registration under Section 12AA
vide Decision of High Court of Madras in Commissioner of Income Tax, Salem v. Angels Educational Trust
Facts of the case:
1. The assessee is a Trust [...]
Clarifications on Corporate Social Responsibility(CSR)- FAQs
MCA vide Circular No. 14/2021 dated 25th August, 2021 has issued clarifications including FAQs( Frequently Asked Questions) relation to Corporate Social [...]
Introduction of T+1 rolling settlement on an optional basis – w.e.f 1st January, 2022
SEBI vide Circular No. SEBI/HO/MRD2/DCAP/P/CIR/2021/628 dated 7th September, 2021 has introduced T+1 rolling settlement on an optional basis. i. SEBI has been [...]
Tendering of shares in open offers, buy-back offers and delisting offers by marking lien in the Demat account of the shareholders- disclosure to investors
SEBI vide Circular No. SEBI/HO/IMD/IMD-II DOF3/P/CIR/2021/621 dated August 31st, 2021 has mandated mutual funds to disclose the following to the investors in [...]
Extension of Due date for Declaration in respect of Tax Arrears- extended till 30th September, 2021
Income tax vide Circular No. 94/2021 dated 31st August, 2021 has notified the last date for declaration to designated authority about the tax arrears under [...]
Extension of time lines for electronic filing of various Forms under the Income-tax Act,1961
Income tax vide Circular No. 17/2021 dated 9th September, 2021 has notified extension of various timelines under the Income-tax Act, 1961. i. The due date of [...]
Credit Risk Mitigation (CRM) for offsetting – non-centrally cleared derivative transactions of foreign bank branches in India with their Head Office
RBI vide Notification No. RBI/2021-22/97 dated 9th September, 2021 has issued notification for offsetting non-centrally cleared derivative transactions of [...]
Master Direction on Financial Statements – Presentation and Disclosures
RBI vide Notification no. RBI/2021-22/83 dated 30th August, 2021 has issued Master Direction to Banks on Financial Statements- Presentation and Disclosures. [...]
Master Direction – Classification, Valuation and Operation of Investment Portfolio of Commercial Banks (Directions), 2021
RBI vide notification No. RBI/2021-22/81 dated 25th August, 2021 has issued Master Direction for Classification, Valuation and Operation of Investment [...]
Waiver of Late fee for filing Form GSTR-3B under CGST Act, 2017- extended upto 30th November, 2021
GST vide Notification No. 33/2021 dated 29th August, 2021 has waived the late fee for filing Form GSTR-3B. i. Registered persons who failed to furnish Form [...]
No Tax demand can be issued or raised without issuing notice under section 74(1) of the Act
vide decision of High Court of Telangana in Deem Distributors (P.) Ltd. v. Union of India
Facts of the case:
The petitioner is a partnership firm and is [...]
No assessee can be compelled to continue any exemption, if it intends not to avail same. It is always open for an assessee to arrange its affairs in a manner which it feels it would be beneficial, and it cannot be compelled to continue its operations/activities in a particular manner which would be prejudicial to its interest.
vide Decision of High Court of Telangana in Telangana State Pollution Control Board, Hyderabad v. Central Board of Direct Taxes, New Delhi
Facts of the [...]
Filing of Form CIRP 8 under the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
IBBI vide Circular No. IBBI/CIRP/42/2021 dated 20th July, 2021 has notified the resolution professional to file Form CIRP 8 intimating details of his opinion [...]
Clarification on spending of CSR Funds for Covid-19 Vaccination
MCA vide Circular No. 13/2021 dated 20th July, 2021 has clarified that spending of CSR funds for COVID-19 vaccination for persons other than the employees of [...]