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  • All About Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Proposed amendments to IFRS 4)

    In July 2014, the IASB issued the completed version of IFRS 9 Financial Instruments, which sets out the requirements for recognising and measuring financial instruments. IFRS 9 replaces IAS 39 Financial Instruments: Recognition and Measurement and has an effective date of 1 January 2018 with early application permitted.

    All About Summary of recent Amendments to the Equity Listing Agreement

    Securities and Exchange Board of India [SEBI] has, on 5 April 2010, directed Stock Exchanges [SE] to amend the Equity Listing Agreement [LA]. The amendments to LA puts in place of earlier decisions of SEBI Board meetings held on 22 September 2009 and 9 November 2009 and are applicable to companies listed on SE in India. The highlights of the amendments to LA are as

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  • Article on Assessee is entitled to refund of Anti-Dumping Duty paid provisionally

    Assessee is entitled to refund of Anti-Dumping Duty paid provisionally even when the Assessment Order on the Bills of Entry is not challenged

    Circuit Systems India Pvt. Ltd. (the Appellant) imported Glass Epoxy Copper and filed 5 Bills of Entry for the period October 2003 to January 2004 (Impugned period). During the Impugned period, the Anti-Dumping Duty was payable by the Appellant provisionally in terms of the Notification No.

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  • All About on DTC to be bulkier than existing Income Tax Act

    he proposed Direct Taxes Code (DTC), which will replace the archaic Income Tax Act, is bulkier than the existing law, as the new legislation also seeks to substitute the current Wealth Tax Act.

    While the proposed DTC has 319 sections and 22 schedules, there are 298 sections

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  • Article on High Value Income Tax Appeal Cases

    The finance ministry's decision to significantly increase the limit for the income tax department to appeal disputes in higher forums will reduce litigation and ensure smoother transition to the proposed direct tax code, say experts. The monetary limit for an appeal before the Income Tax Appellate Tribunal has been increased to Rs 50 lakh from Rs 20 lakh by the

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  • All About Clearance of containers and imported goods

    Subject: Clearance of containers and imported goods – regarding

    Instances have come to notice of the Board that clearance of some containers were allowed without filing of Bill of Entry and payment of Customs duty by using forged signatures of Customs officials on manual Out of Charge orders (gate passes) leading to substantial loss of revenue to the Government exchequer. These cases highlight the high propensity to commit fraud and

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  • All About Clearance of containers and imported goods

    Subject: Clearance of containers and imported goods – regarding

    Instances have come to notice of the Board that clearance of some containers were allowed without filing of Bill of Entry and payment of Customs duty by using forged signatures of Customs officials on manual Out of Charge orders (gate passes) leading to substantial loss of revenue to the Government exchequer. These cases highlight the high propensity to commit fraud and

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  • Article on Restrictions on Filing of GSTR-1/ IFF in case of GSTR-3B non-filers: Rule 59(6) implemented

    In a yet another moves to ensure timely compliances and to mitigate the cases of GST frauds, the CBIC made Rule- 59(6) of CGST Rules effective from 01st September 2021. This can be seen as a big technical measure of the Government to curb the tax evasion. We all are aware that every GST registered person is required to file GSTR-1 return on monthly/ quarterly basis.

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  • All About Will ailing India’s Auto Sector finally get A GST Rate Reduction?

    Higher taxes on automotive sector have a negative impact and the government needs to look at the solution, Revenue Secretary Tarun Bajaj said on Wednesday.

    "I quite agree with automotive sector. Two-wheelers and four-wheelers were not only charged 28 per cent Goods and

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  • All About Revalidation of 80G and 12A – Process and Procedure

    The charitable institutions are eligible for certain tax exemptions and benefits in India. The exemptions and benefits are dealt with under Sections 12A/12AA and 80G of the Income Tax Act, 1961. The institutions availing benefits under Section 12A and 80G had to revalidate their registrations under these two sections before August 2020 to continue to obtain the

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  • All About Interplay of section 36 & section 43B

    The Chennai Bench of the Indian Income-tax Appellate Tribunal (ITAT) on 17 June 2020 issued its decision that a company’s contribution to the employee provident fund on behalf of employees deposited to the credit of employees with the fund after the due date specified in the Provident Fund Act, but by the due date for filing the company’s income tax return for the

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