Electronic Credit Ledger (ECL) could not be debited for purposes of making payment of pre-deposit of tax.

Act: Central Goods and Services Act, 2017 Facts of the case: The Petitioner is a partnership firm engaged in the business of execution of works contract including civil, electrical and mechanical.In the instant case, a demand was raised by the Deputy Commissioner of CT & GST, Barbil Circle, Jajpur, Odisha which resulted in an extra demand for [...]

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Guidelines for Implementation of the Opening of Current Accounts by Banks

RBI vide Notification no. RBI/2021-22/77 dated 4th August, 2021 has issued instructions in order to enforce credit discipline amongst the borrowers as well as to facilitate [...]

Master Direction – Reserve Bank of India [Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR)] Directions – 2021

RBI vide notification No. RBI/2021-22/80 dated 20th July, 2021 has issued Master Direction for Cash Reserve Ratio(CRR) and Statutory Liquidity Ratio(SLR). The provisions of [...]

Applicability and Due date for filing Annual Returns for FY 2020-21 under CGST Act, 2017

GST vide Circular No. 30/2021 dated 30th July, 2021 has mentioned the applicability and due date for filing Annual Returns for FY 2020-21. i.Every Registered Person [...]

Reversal of input tax credit (ITC) by revenue in case of loss by consumption of input which was inherent to manufacturing loss was not correct as such loss was not contemplated or covered by situations represented under section 17(5)(h)

vide decision of High Court of Madras in ARS Steels & Alloy International (P.) Ltd. v. State Tax Officer, Group-I, Chennai Facts of the case: The petitioners are [...]

Where Public Charitable Trust, doing educational services, gave donations to charitable and religious institutions for philanthropy only, exemption under section 11 cannot be denied merely because it was donating to ‘activities other than education’

vide Decision of High Court of Madras in Director of Income Tax Exemptions, Chennai v. Shanmuga Arts Facts of the case: 1. The respondent(assessee) is a Trust registered [...]

Relaxation on levy of additional fees in filing of certain forms under Companies act, 2013 and LLP act, 2008

MCA vide Circular No. 11/2021 dated 30th June, 2021 has notified that no additional fees shall be levied upto 31st August, 2021 for the delayed filing of forms (other than [...]

Clarification on extension of time of passing of ordinary and special resolutions by companies on account of Covid-19

MCA vide Circular No. 10/2021 dated 23th June, 2021 has clarified that companies can conduct their EGMs through VC or OAVM or transact items through postal ballot in [...]

Prudential norms for liquidity risk management for open ended debt schemes

SEBI vide Circular No. EBI/HO/IMD/DF3/CIR/P/2020/22 dated 25th June, 2021 has specified norms regarding holding of liquid assets in open ended debt schemes & stress [...]

Master Circular for Stock Exchange and Clearing Corporations

SEBI vide Master circular No. SEBI/HO/MRD2/MRD2_DCAP/P/CIR/2021/0000000591 dated 5th July, 2021 has issued master circular for Stock Exchange and Clearing Corporations. The [...]

Master Circular for Commodity Derivatives Market

SEBI vide Master Circular no. SEBI/HO/CDMRD/DMP/P/CIR/2021/589 dated 1st July, 2021 has issued Master Circular for Commodity Derivatives Market.Commodity Derivatives Market [...]

Compliance Check Functionality for Section 206AB & 206CCA of Income-tax Act 1961

Income tax vide Notification No. 01/2021 dated 22nd June, 2021 has released a new functionality Compliance Check for Section 206AB & 206CC to facilitate tax [...]

Guidelines under section 194Q of the Income-tax Act, 1961

Income tax vide Circular No. 75/2021 dated 25th June, 2021 has Issued guidelines under Section 194Q of the Income Tax Act, 1961. i. Finance Act, 2021 inserted a new [...]

Extension of Due date for Declaration in respect of Tax Arrears

Income tax vide Circular No. 13/2021 dated 30th June, 2021 has notified the last date for declaration to designated authority about the tax arrears under Direct Tax Vivad se [...]

Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic

Income tax vide Circular No. 12/2021 dated 25th June, 2021 has notified extension of various timelines under the Income-tax Act, 1961. (i) Uploading of the declarations [...]

Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit- Extension

RBI vide Notification No. RBI/2021-22/65 has approved the extension of Interest Equalization Scheme for pre and post shipment Rupee export credit, with same scope and [...]