The issue before the Appellate Authority for Advance Ruling, Kerala (‘AAAR’) was the taxability of discounts reimbursed by Castrol India Limited to its authorized dealer (i.e. ‘the Appellant’), against supplies made by the Appellant at a discounted price to its customers. Facts of the case: M/s Santhosh Distributors (‘Appellant’) an authorized dealer of Castrol India
The Central Board of Indirect Taxes and Customs (CBIC) vide its Circular No 157/13/2021 – GST dated 20th July 2021 issues clarification with respect to the extension of limitation under GST Law in terms of Hon’ble Supreme Court’s Order dated 27th April 2021. Circular No. 157/13/2021-GST File No: CBIC-20006/10/2021 Government of India Ministry of Finance
MINISTRY OF FINANCE (Department of Revenue) New Delhi Notification No 37/2021 – Customs New Delhi 19th July 2021 G.S.R. 494(E).— In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to
CMINISTRY OF FINANCE (Department of Revenue) New Delhi Notification No 36/2021 – Customs New Delhi 19th July 2021 G.S.R. 493(E).—In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to
The Central Board of Direct Taxes (CBDT) vide its Press Release dated 20th July 2021 further extends the electronic filing of Income Tax Forms 15CA/15CB till 15th August 2021. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 20th July, 2021 PRESS RELEASE CBDT grants further relaxation in
The Central Board of Direct Taxes (CBDT) vide its Notification No 77/2021 dated 07th July 2021 amends the rules relating to computation of short term capital gains and written down value under section 50 where depreciation on goodwill has been obtained by inserting Rule 8AC. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT
MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)NOTIFICATIONNew Delhi, the 2nd July, 2021 G.S.R. 470(E).—In exercise of the powers conferred by section 48 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct taxes hereby makes the following rules further to amend the Income-tax Rules,1962, namely:─ 1.
NO ITC REVERSAL REQUIRED IN CASE OF LOSS ARISING FROM THE MANUFACTURING PROCESS In the recent order passed by the Hon’ble High Court of Madras in the matter of M/s. ARS Steels & Alloys International Private Limited v/s The State tax officer, Group-1, Inspection, Intelligence – 1, Chennai (2021 VIL-484-MAD) in respect of the requirement for
The Institute of Company Secretaries of India (ICSI) request the Ministry of Corporate Affairs (MCA), Government of India for extension of timeline for filing of CFSS-2020 and DPT-3 from 30th June 2021 to 31st July 2021. Shri Rajesh Verma,SecretaryMinistry of Corporate AffairsGovernment of IndiaShastri BhawanDr. Rajendra Prasad RoadNew Delhi -110001 Subject: Request for extension of
The Central Board of Direct Taxes (CBDT) vide its Notification No 74/2021 dated 25th June 2021 notify the extension of date of various compliances due to outbreak of coronavirus in the country. 1. Date of passing the order for assessment or reassessment under the Income-tax Act under section 153 or section 153B extended till 30th
