BUSINESS

In a major relief for Tata Education and Development Trust, the Income Tax Appellate Tribunal (ITAT) bench consisting of Justices PP Bhatt, President, ITAT , on 24th July ruled in favour of the trust in their appeal against commissioner income tax (CIT) appeal order wherein a demand of more than …

India and UK held the 14th Joint Economic and Trade Committee meeting on 24th July, 2020 virtually. It was co-chaired by Minister for Commerce and Industry Piyush Goyal and UK Secretary of State for International Trade , HE , Ms Elizabeth Truss. They were assisted by Minister of State for …

The Special Liquidity Scheme of Rs. 30,000 crore for NBFCs and HFCs is being implemented w.e.f. 1st July, 2020 as a follow up of one of the announcements under Aatma Nirbhar Bharat package made by the Union Minister for Finance & Corporate Affairs Nirmala Sitharaman on 13th May, 2020. The …

The Delhi Customs, IGI Airport, has booked a case of smuggling of Foreign Cigarettes (3700 Dandas) without pictorial warning imprinted on them on 23rd July, 2020 by 13 Indian passengers stranded in Dubai due to COVID-19. The passengers were travelling from Dubai to Delhi via Flight No. EK-510 and arrived …

The Competition Commission of India (CCI) approves acquisition of Krishnapatnam Port Company Limited by Adani Ports and Special Economic Zone Limited. The proposed combination envisages acquisition of equity shareholding along with management controlof Krishnapatnam Port Company Limited (KPCL) by Adani Ports and Special Economic Zone Limited (Adani Ports). Adani Ports …

Acting on specific intelligence the Directorate General of Goods and Service Tax Intelligence, Headquarters (DGGI, Hqrs) has unveiled a racket of clandestine clearance of cigarettes through a factory run in Kota. Searches were conducted at various places in Kota and Nagaur on 17.07.2020, including the factory, trading firms, godowns, secret …

A Memorandum of Understanding (MoU) was signed between the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) today, for data exchange between the two organisations. The MoU was signed by Pramod Chandra Mody, Chairman, CBDT, and M. Ajit Kumar, Chairman, CBIC, in …

The new Form 26AS is the faceless hand-holding of the taxpayers to e-file their income tax returns quickly and correctly. From this Assessment Year, taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers’ financial transactions as specified in the Statement of Financial Transactions (SFTs) …

The Fifteenth Finance Commission today held a meeting with Union Minister Hardeep Singh Puri and senior officials of the Ministry of Housing & Urban Affairs (MoHUA) on issues including property taxation by Urban Local Bodies (ULBs). This was in context with the Commission’s recommendations for 2020-21 which had mandated the …

The issue of GST rate on alcohol based hand sanitizers has been reported in few sections of media. . It is stated that hand sanitizers attract GST at the rate of 18%. Sanitizers are disinfectants like soaps, anti-bacterial liquids, dettol etc which all attract duty standard rate of 18% under …