Taxscan | Simplifying Tax Laws
  • Corporate Laws
  • MCA rules out out a blanket extension of Companies Fresh Start Scheme despite protests outside RoC [Read Circular]
  • January 15, 2021
January 15, 2021
The Insolvency and Bankruptcy Board of India (IBBI) has notified the IBBI (Model Bye- Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2021. The notification seeks to amend IBBI (Model Bye- Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2020. In regulation 5, sub-regulation (4A) “A shareholder director shall be an […]
January 15, 2021
The Gujarat Authority of Advance Ruling (AAR) ruled that the Contract provide particular services to customers of SPA in India amounts to composite supply. The applicant, M/s. Stovec Industries Ltd. is the supplier of products in the textile and graphics printing market and engaged in manufacturing Rotary screen printing machines and also offers products for […]
January 15, 2021
A Meeting of the Parliamentary Consultative Committee of the Ministry of Commerce and Industry was held today on the subject “New Foreign Trade Policy 2021-26”. The meeting was chaired by the Minister of State for Commerce and Industry Shri Hardeep Singh Puri and attended by Hon’ble Members of Parliament and senior officers of the Ministry. […]
  • Taxing Virtual Currencies
  • January 2, 2021
  • There are news reports of the Central Economic Intelligence Bureau (CEIB), proposing GST of 18% on bitcoin transactions.  The news reports indicate that a suggestion has been made to tax bitcoin under ‘intangible assets’ and impose GST on all transactions. Virtual Currencies and Cryptocurrencies A virtual currency is a digital representation of value that can […]
CBDT - Income Tax Officers - Penalty - False Entry in Books of Accounts - Taxscan
January 15, 2021

The Central Board of Direct Taxes (CBDT) notified the penalty under section  271AAD for false entry etc. in the books of accounts. The CBDT has inserted section 271AAD in the Income Tax Act, 1961, which will be effective from 9 April, 2020. As per 271AAD if during any proceeding, it is found that in the […]

Relief for Taxpayers - Gujarat High Court - Due date for Tax Audit Reports - Income Tax Returns - Taxscan
January 14, 2021

Denying the relief to Taxpayers and Professionals, the Gujarat High Court has rejected the petition seeking an extension of Due date for Tax Audit Reports & Income Tax Returns. Mr. S. N. Soparkar, the Senior Counsel for the writ applicant, Gujarat Federation of Tax Consultants submitted that having regard to the COVID-19 pandemic situation, the […]

Service Tax
January 14, 2021
The Supreme Court while staying the Judgment passed by the CESTAT decided to examine issues relating to Service Tax Payable By Parking Facility Operators in Malls. The CESTAT confirmed levy of Service Tax under the head “service of management, maintenance or repair of immovable properties” on operation of parking facilities provided by entities to Shopping Malls. The Tribunal's order was challenged by the appellant, Metropolitan Event Management on the grounds that while providing parking services to visitors is exempt, the
CBIC - filing of Bill - Coastal Goods - taxscan
January 15, 2021

The Central Board of Indirect Taxes and Customs (CBIC) notified the requirement of filing a Bill of Coastal Goods. The Board has received the representations that at various ports like Cochin, VoCPT (Tuticorin), Paradip, Haldia and Kolkata, Bill of Coastal Goods (BCG) is still required to be filed for pure coastal vessels operating from EXIM […]

CBIC - waiver of Bank Guarantee - Transhipment of Import & Export Cargo - Taxscan
January 15, 2021

The Central Board of Indirect Taxes and Customs (CBIC) notified the  waiver of Bank Guarantee for Transhipment of Import & Export Cargo via Sri Lanka and Bangladesh. The CBIC has received the representations that Customs authorities at some ports are insisting that ship owners provide Bank Guarantee for carriage of EXIM containers for transhipment from […]

DGFT - All India Plastic Manufacturers Association - CoO - exporters - Taxscan
January 10, 2021

The Director-General of Foreign Trade has authorized the  All India Plastic Manufacturers Association (AIPMA) to issue a certificate of origin (CoO) to all exporters. The DGFT in the exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy 2015-2020, made Enlistment under Appendix 2E of M/s All India Plastics Manufacturers’ Association (North Zone). […]

Central Govt - Customs Authority - Advance Rulings Regulations 2021 - Taxscan
January 5, 2021

The Central Government notified the Customs Authority for Advance Rulings Regulations, 2021. The Authority will be empowered to hear and determine all applications and petitions. The Authority may, if any difficulty arises in giving effect to its order or advance ruling, either suo motu or on a petition made by the applicant or the Principal […]

chennai-port-trust-taxscan
December 7, 2020

A two-judge bench of the Madras High Court has denied the benefit of exemption of urban land tax to Chennai Port Trust under the provisions of the Tamil Nadu Urban Land Tax Act of 1996. While considering an appeal filed by the State, Chief Justice Amreshwar Pratap Sahi and Justice Senthilkumar Ramamoorthy ruled that the […]

No plan - impose Property Tax - Union Territory of J&K - LG Manoj Sinha - opposition - Taxscan
October 20, 2020

The Lieutenant Governor (LG) of Jammu and Kashmir, Manoj Sinha while Putting speculations to rest said that the Union Territory administration would not levy any property tax on the people in Jammu and Kashmir. Earlier this month, the Union home ministry had empowered the union territory’s administration to impose the property tax following an amendment […]

International Tax - UN Committee- Software payments - Royalties - Taxscan
September 16, 2020
The United Nations(UN) Committee of Experts on International Cooperation in Tax Matters has issued a discussion draft for comment on a proposed change in the UN Model Double Taxation Convention to include software payments in the definition of royalties. This change, proposed, would affect Article 12, paragraph 3, of the UN Model Convention Between Developed […]
tax revenues - US state - Michigan - Taxscan
September 14, 2020
The US state of Michigan could be set to become the most lucrative in America for tax revenues derived from casino gaming, according to new forecasts from MichiganSharp on Michigan’s potential iGaming revenues. Revenue projections of $250 million have been made across online casino and poker games, which could yield as much as $60 million […]
Margin Scheme - Repossessed Vehicle - Sindhu Mangat - Taxscan
September 2, 2020
(An analysis of decision of UK Upper Tribunal in the matter of Volkswagen Financial Services [2020] UKUT 0042 (TCC) and question it raises for margin scheme under Indian GST) Margin scheme not applicable   for sale of repossessed vehicles made by financier on termination of hire purchase agreements  … Volkswagen Financial Services UK Ltd Vs. The […]
MCA - Companies Fresh Start Scheme - RoC - Taxscan
January 15, 2021
The Ministry of Corporate Affairs (MCA) ruled out  a blanket extension of Companies Fresh Start Scheme despite protests outside the Registrar of Companies (RoC). The government notified the Scheme for condonation of delay for companies restored on RoC between 1 December, 2020 and 31 December, 2020 under section 252 of the Companies Act, 2013. The […]
IBBI - Model Bye-Laws - Insolvency Professional Agencies - Amendment - Taxscan
January 15, 2021
The Insolvency and Bankruptcy Board of India (IBBI) has notified the IBBI (Model Bye- Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2021. The notification seeks to amend IBBI (Model Bye- Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2020. In regulation 5, sub-regulation (4A) “A shareholder director shall be an […]
MCA - Holding of AGM through Video Conferencing - Taxscan
January 15, 2021
The Ministry of Corporate Affairs ( MCA ) has issued Clarification on the holding of annual general meetings (AGM) through video conferencing (VC) or another audiovisual means. A Circular issued by MCA said that in continuation of this Ministry’s General Circular No. 20/2020, dated 05th May 2020 and after due examination, it has been decided […]
MCA - CSR funds - public outreach - COVID-19 Vaccination program - Taxscan
January 14, 2021
The Ministry of Corporate Affair (MCA) issued the clarification on the spending of Corporate Social Responsibility (CSR) funds for Awareness and public outreach on the COVID-19 Vaccination program. The Government issued the circular in continuation to this Ministry’s General Circular No. 10/2020 dated March 23, 2020 wherein it was clarified that spending of CSR funds […]
NCLT Koci - Nebil Nizar - NCLT - Josco Jewellers - share capital - Taxscan
January 12, 2021
The National Company Law Tribunal (NCLT), Kochi Bench allowed the Josco Jewellers Private Limited to cut down on authorised share capital from Rs. 120 crore to Rs.1 crore. The Petitioner Company,  Josco Jewellers Private Limited has been doing the business such as to manufacture, refine, process, formulate, prepare or otherwise acquire, invest in, own, hold, […]
RBI - Cooling Period - Bank Branch Audit - CA - Taxscan
January 11, 2021
The Reserve Bank of India (RBI) notified the change in norms on eligibility, empanelment, the appointment of Statutory Branch Auditors in Public Sector Banks from years 2020-21 onwards. The RBI notified Rotation Policy instead of Cooling Period for Bank Branch Audit for CAs. In other words, the concept of compulsory rest for two years for […]
SEBI - Securities and Exchange Board of India - Alternative Investment Funds - Amendment - Regulations - Taxscan
January 11, 2021
The Securities and Exchange Board of India (SEBI) notified the Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2021 to further amend the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012. The SEBI seeks to amend regulation 20 which states the general obligations in which the Manager shall be […]
SEBI - SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations - Taxscan
January 11, 2021
The Securities and Exchange Board of India (SEBI) notified the SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2021 which seeks to amend SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In Schedule III, in Part A, under point A, in clause 16, the existing sub-clause (l) shall be substituted with Specific features and details […]
Kerala Budget 2021 - reduction of VAT - CNG LNG - CNG - Taxscan
January 15, 2021

In a Kerala Budget 2021 presented by Kerala Finance Minister Thomas has proposed to reduce the Value Added Tax ( VAT ) on CNG/LNG to 5%. The present VAT on CNG/LNG is 14.5%. The Finance Minister said that It is understood that this high tax rate is an impediment for attracting new investments and for […]

Kerala Budget 2021 - Dr. Thomas Issac - Vehicle Tax - Building Tax waiver - Eco-friendly Constructions - Taxscan
January 15, 2021
The Kerala Finance Minister T.M. Thomas Isaac has presented the Kerala Budget 2021 claiming Kerala had scripted a success story in the management of COVID-19. He has also proposed the relaxation inmotor vehicle tax for electric and hybrid vehicles. Also, he also proposed the 50% waiver was announced on one-time building tax for eco-friendly constructions. […]
Complaints - FIR - economic offences - Madhya Pradesh High Court - Police - Taxscan
January 14, 2021
The Madhya Pradesh High Court issued the directions to the Police Officers said that the Complaints/FIRs filed in respect of economic offences must be disposed of properly. Number of petitions are filed before the High Court as the Police does not take any decision on a complaint made by a party regarding economic offences. In […]
Online Workshop - Basics of GST - GST - Taxscan
October 16, 2020

The Lawctopus & NoticeBard’s is organising 4-Hour Online Workshop on the ‘Basics of GST’ on October 17 and 18th. This 2-day online workshop on ‘Basics of GST’ will cover important aspects related to GST – such as applicability, registration, returns and law, commerce and will introduce you to the commonly used concepts of Reverse Charge […]

TDS Survey -TDS -Deduction - Deposits - Short - Deduction - Taxscan
February 21, 2020

The Income Tax Appellate Tribunal (ITAT), Kolkata bench has held that the provisions of disallowance under section 40(a)(ia) of the Income Tax Act, 1961 does not apply to the short deduction of tax as it covers only cases of non-deduction of tax. The department, while completing the proceedings against the assessee-Company, has invoked sec.40(a)(ia) disallowance […]

Fox Mandal - International Tax Practice - Taxscan
September 9, 2020
Fox Mandal & Associates has appointed Mr. Sandip Mukherjee as Director, International Tax Practice. Sandip would operate from the Pune office and lead the international tax practice of the firm in Southern & Western India. His addition is a part of the firm’s strategic expansion of its Tax Advisory vertical. Sandip has spent about 27+ […]
November 9, 2017
The DMD Advocates has advised Infradigital Technologies Private Limited, a company promoted by Eros Labs Pte. Ltd. in selling its business undertaking engaged in the business of production and distribution of spiritual, devotional and religious audio-visual content and literature to Innertech Media Solutions Private Limited. Innertech is a portfolio company of Times Internet Limited. The business division was transferred […]