The Central Board of Direct Taxes (CBDT) announced that the lower remuneration paid to fund managers for Financial Year 2020-21 requires no approval but it will require approval in Financial Year 2021-22. The CBDT, has decided to provide that for the financial years 2019-20 and 202021 in cases where the remuneration paid to the fund […]
The Uttarakhand High Court while keeping in mind the hardships suffered due to COVID-19 pandemic, directed the Central Board of Direct Taxes (CBDT) to leniently consider representation on the extension of due date for filing Tax Audit Report and Income Tax Return. The Dehradun Chartered Accountants Society has filed this PIL with the prayer to […]
The Director-General of Foreign Trade (DGFT) introduced the online e-PRC System for Application seeking Policy/Procedure relaxation. Presently, the Directorate is receiving applications for seeking policy/procedure laxation in terms of Para 2.58 of FTP 2015-20 in manual form. As a consequence, the rest of the process also happens in manual mode and takes time. As a […]
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 […]
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 […]
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). […]
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 […]
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 […]
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 […]
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 […]
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 […]
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