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 […]
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 […]
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). […]
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 […]
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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