Whole of the Trade & Industry is looking forward towards New Foreign Trade Policy 2021-26 on the background of the dream of Hon Prime Minister to make Indian Economy $ 5 Trillion by 2025 and appeal to the citizens be “Vocal for Local” and “Be Local and Go Global”. Ministry of Commerce is now with …
If a Registered Valuer contravenes the provisions of valuation such as impartial , true & fair valuation of Assets, the valuer shall be liable to a penalty of fifty thousand rupees from 24th March 2021 instead of minimum twenty-five thousand rupees and maximum up to one lakh rupees. (Section 247 (3) of Companies Act, 2013)
Unpaid Dividend Account – Penalties for non -compliance on unpaid dividend by company has been reduced to Rs.1 Lakh and in case of continuing failure, further penalty of five hundred rupees for each day of default subject to a maximum of ten lakh rupees and every officer of the company who is in default shall be liable …
MCA has notified that for the financial year commencing on or after the 1st day of April, 2021, every company which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction and cannot be disabled. (MCA Notification …
High court decides that GST Refund cannot be denied without issuing show cause notice. (Held in Navneet R. Jhanwar Vs State Tax Officer and others (Jammu and Kashmir High Court)
Applications for import authorization for restricted items need to be submitted online with effect from 22.03.2021 and import authorizations would be issued from DGFT HQ, Udyog Bhawan, New Delhi, all pending applications have been migrated to this new system and will be processed suitably at DGFT(HQ). In case of requests for re validation or amendment of import …
To address the rumours that some GST Officers are pressurising tax payers to discharge the GST Liability maximum in cash for the month of March 21 even though the Input Tax Credit is available in the credit ledger, CBIC has issued a press note on 20th March 2021 stating that all tax payers are free to …
Extension in Loan moratorium period – Supreme Court today refused to extend the 6 month loan moratorium period offered by the RBI last year specifying that it’s a policy decision on the part of Center & RBI.
Going forward application of Import Authorisation for import of Denatured Ethyl Alcohol (DEA) to DGFT will require additional documents / information such as a) Imports and usage pattern of last five years indicating year wise production of finished product/products mentioning Chemical/IUPAC name and its chemical structure and corresponding consumption of Denatured Ethyl Alcohol also with balance …
Launch of e-way Bill blocking/unblocking history facility in ACES-GST Application pan India level for Tax Officers by using interfaces such as GSTIN, PAN, Business legal Name, Trade name, Mobile no. & Email ID to search the e-way bills. This feature will be available for a selected period with the options of either E-way blocking history …
Central Scrutiny Centre ( CSC) has been established by Ministry of Corporate Affairs (MCA) for carrying out scrutiny of e-forms filed by the companies under the Act and the rules made thereunder, findings of the scrutiny will be forwarded to the concerned Jurisdictional Registrar of Companies for further necessary action. It will come into force …
Ministry of Corporate Affairs (MCA) has redefined ‘Managerial Person or persons’ under part II heading ‘Remuneration’ in schedule V of the companies Act , 2013 as “Managerial Person or Persons or Other Director or Directors”. The term ‘or other director or directors’ shall mean a non-executive ‘director or an independent director’. It further notifies maximum Remuneration payable by …
MAHARASHTRA REAL ESTATE REGULATORY AUTHORITY(MahaRERA) has Standardized Formats for uploading Legal Title Report , Consent of allottees for extension of completion date of the project and Consent of allottees for major alteration or additions in the sanctioned plans. (MahaRERA Circular No.:- 28/2021 dated 08th March 2021)
To avoid rejection of IGST scrolls due to invalid IFSC code on account of bank mergers all the Importers, Exporters, Customs Brokers & other stakeholders to PSU banks merger & amalgamation are advised to change IFSC Codes along with account nos. through online bank management / AD code registration facility provided on ICEGATE. (Customs Public Notice No. 21 …
Garment and made-up exporters who have Rebate of State Levies (RoSL) Scheme arrears for shipping bills with Let Export Order (LEO) prior to 1.10.2017 , last date for submitting applications to obtain the scrip would be 31.12.2021. (DGFT Public Notice No. 43/2015-2020 Dated 17th March, 2021)
Due to the recent judgement by Hon’ble SC in the case of M/s Canon India Private Limited Vs Commissioner of Customs, Additional Director General (ADI) of Director of Revenue Intelligence (DRI) are not the proper officer to issue Show Cause Notice (SCN) resulting in to the entire proceedings as invalid , hence Central Board of …
The Plastic Export Promotion Council, Mumbai is authorised under Appendix 2E of Foreign Trade Policy (2015-2020) for issuing Certificate of Origin (Non-Preferential).
Bill towards amendment in Insurance Act has been introduced in Rajya Sabha , wherein the limit of foreign investment in Indian insurance companies to be enhanced from existing 49 %. to 74 %.
In the Income-tax Rules, new Rule 29BA, has been introduced whereby a person responsible for making payment to a Non-Resident or to a Foreign company any sum (other than salary) will have to make an application in Form No. 15E requesting to issue a certificate after determining the appropriate proportion of such sum which will be …
In the Income-tax Rules, new Rule 29BA, has been introduced.(17.03.2021) Read More »
To support pre-filling of return of income, from the date to be specified a statement of financial transaction containing information relating to capital gains on transfer of listed securities or units of Mutual Funds, dividend income, and interest income mentioned in the specified table shall be furnished by the persons such as recognized stock exchange …
