TaxLiner | Summarizing Laws

2021-06-04 12:52:22 The GOI has issued Ad Hoc Exemption order No. 4/2021 dated 03.05.2021 to exempt IGST on imports of specified COVID-19 relief material (such as oxygen equipment and specified medicines) donated from abroad. The validity of the exemption notification is till 31st August 2021 (extended by another order recently).

This Order requires that the said goods must be imported free of cost for the purpose of Covid relief by a State Government or, any entity, relief agency or statutory body, authorised in this regard by any State Government.

The GOI has further issued Notification No.32/2021-Customs exempting the very same goods (exempted vide the Order) till 31st August 2021. The Notification requires that the imported goods must be donated to the Central Government or State Government or, on recommendation of State authority, to any relief agency, entity or statutory body for free distribution.

Though on a first blush, it may appear that the Notifications are overlapping, a closer perusal of the Notification make it clear that Notification 4/2021 covers free imports (by way of donations) by State Governments and authorized entities, Notification 32/2021 covers all imports in any manner (whether free or not) by any entity where such items are subsequently donated to the Government. Both the Notification operate in different spheres parallelly.

@HubofCA ओपन / कमेंट

2021-06-04 11:30:05 Tri-Weekly Summarized #Statutory News By Team, Join @HubofCA for Regular Updates:

• The RBI has decided to open a separate liquidity window of ₹15,000 crore with tenors of up to three years at the repo rate till March 31, 2022 for certain contact-intensive sectors i.e., hotels and restaurants; tourism – travel agents, tour operators and adventure/heritage facilities; aviation ancillary services – ground handling and supply chain; and other services.

• The ministry of Labour and Employment has issued draft Code on Social Security (Employee’s Compensation) (Central) Rules, 2021 wherein provision related to Form, manner and fee for application for claim or settlement, Rules to give effect to arrangements with other countries for the transfer of money paid as compensation and so on have been discussed in detail.

• The SEBI has enhanced overseas investments for mutual fund. As a result, Mutual Funds can make overseas investments subject to a maximum of US USD 1 billion per Mutual Fund, within the overall industry limit of US USD 7 billion.

• The Securities and Exchange Board of India (SEBI) and the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) have entered into a bilateral Memorandum of Understanding (MoU) for mutual co-operation and technical assistance. The objective of this MoU is to strengthen cross border co-operation in the area of securities regulation.

• The Central Board of Direct Taxes (CBDT) has notified Nodal officers of the State Police Agencies of Assam, Chhattisgarh, Punjab, Uttar Pradesh, West Bengal amp; Delhi Police as an Authority under section 138(1)(a)(ii) in connection with sharing of information through National Intelligence Grid (NATGRID) platform. ओपन / कमेंट

2021-06-04 10:49:01 4 Ps of success in corporate world!

I believe there are some skills which play a critical role in the success of people in corporate world.

1) Performance
Nothing can help you like performance in the corporate world. As long as you are good in what you do, you are respected in your team. Infact some see it as a hygeine factor.

2) People
While you go up the ladder, it is important for you to build your own team. A team which you can trust and deliver for you anytime. You take care of them and they take care of you.

3) Passion
Not every job is interesting everyday. But if you have all the passion to start your work on Monday every week with all josh, thats what will make you enjoy the corporate experience. Remember, passion for salary is different from passion for work :-)

4) Perception
A very important one but most constantly ignored. We are dealing with humans all around. Its natural for humans to form perceptions with what they know and its important to realize that you cant expect your bosses to know everything you do! Managing perception is an important skill you need to pickup sooner or later.

@HubofCA ओपन / कमेंट

2021-06-04 06:30:07 Parents’ association writes to Finance Minister, ICAI as CA Students insists to Postpone CA Exams, increase attempts

SEBI finds Insider Trading in Shares of Infosys Limited

Income Tax: Affidavits from Family Members sufficient to prove Genuineness of Cash Gift, rules ITAT

Income Tax Return: Detailed Guide on filling ITR‐1 SAHAJ

GST Evasion: Rajasthan High Court grants Bail to CA accused of creating Fictitious Firms, wrongfully availing ITC

Relief to Dreamz Infra India: Karnataka High Court quashes Parallel Proceedings by State Govt. as IBC to override State Act

Direct Tax Collection: Corporate Tax collection fell below Personal Income Tax collection for the first time in 12 years

Once Export obligation fulfilled, Manufacturer can’t be Constrained to clear particular Products in DTA in proportion to Export of specific product: CESTAT

Join @HubofCA for Daily One-Liner Top Stories #StatNews ओपन / कमेंट

2021-06-03 16:30:05 #Banking News & Updates By @HubofCA:

• IDBI Bank invites applications for post of IT head on contract basis

• ACKO clocks Rs 100 crore from employee group health insurance premium in FY21

• India's IDBI Bank secures USD 239 million debt judgement in UK High Court

• HDFC Bank plans to become carbon neutral by 2031-32

• 'Banks can take over Vijay Mallya's properties worth Rs 5,600 cr': Mumbai PMLA court

• Public sector banks list Rs 82,500 crore NPAs for bad bank

• Banks can now sell Mallya’s Rs 5,646 cr properties, securities

• Credit to pick up, slippages to slide in FY22: Bank of Baroda CEO Sanjiv Chadha

• Banks, asset managers want RBI to allow sale of fraud loans to ARC ओपन / कमेंट

2021-06-03 14:55:12 Moneycontrol Market Reports
Taking Stock | Sensex, Nifty, midcap index close at record high; realty stocks shine

@HubofCA ओपन / कमेंट

2021-06-03 14:46:00 Story from the desk of: I am Fellow Chartered Accountant

Practice in the last 5 years has not been easy. I remember the day, i was sitting on my chair with Zero Client base but i never regretted the decision i made. I had left the job after serving 1 year, since job was not my cup of tea. Parents had denied for practice because they knew that my life would not be easy and never wanted me do to struggle. Without telling them i applied for COP (Certificate of Practice). I knew that only the ''practice makes a man perfect'' and I don't want my heart to stop beating. Finally my journey started and I travelled from ACA to FCA. Also the road from Associate to #Fellow was not smooth because each day i had different job that i had never done it before.

Once thing that i would like to share that my practice has taught me is ''Patience''. You should have Patience if you are in Practice. Practice and Knowledge take time to grow and only Practice makes a man perfect.

@HubofCA ओपन / कमेंट

2021-06-03 11:42:01 Quality of leader..help others to succeed

@HubofCA ओपन / कमेंट

2021-06-03 06:30:04 Land Owner Promoters can avail GST paid to Developers on Sale of Land: CBIC

5% GST payable Maintenance, Repair or Overhaul Services on Ships, Other Vessels, their Engines, Other Components: CBIC

5% GST to be payable on Diethylcarbamazine: CBIC

GSTN enables Auto-population of HSN description based on HSN Code

GST E-Way Bill: NIC releases Changes in Blocking of GSTIN & Bill generation

CBDT to Share Information with State Police Agencies of 6 States through NATGRID platform

Know the Procedure to File, & TCS Credit Received on GST Portal

Income Tax: Non-Receipt of Reassessment Notice Equivalent to Non-Service, rules ITAT

Join @HubofCA for Daily One-Liner Top Stories #StatNews ओपन / कमेंट

2021-06-03 01:30:00 Changelog in Channel:

• Daily News will now have one news extra instead of Heading. Counting it to 8.

• Banking News issues is now fixed. Watch results yourself.

• Blue Color showing Corporate: Channel logo changed accordingly.

• New website IRCCL has been added.

• Tri-Weekly i.e. news at paragraph level is added.

• Minor Changes like Vector Images Changes in Business & Daily News.

• Channel title to be changed as: "CA Updates - One Liners", for the sake of Simplicity.

• Something really cool, coming soon :) if time permits.

!Nikhil & !Butti ओपन / कमेंट