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Vishnu Daya & Co LLP > Newsletter (Page 15)
29 July
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CBIC clarifies on applicability of SC ruling on timeline-extension to judicial/quasi-judicial proceedings

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The Supreme Court had passed suo moto orders granting relief to litigants by way of a blanket extension of the limitation period for filing of petitions, applications, suits, appeals or all other proceedings considering the exigencies due to the COVID-19 pandemic. This applies to the limitation prescribed under general law of limitation or under special laws. The Supreme Court of India had, vide its most recent order dated 27 April 2021, restored its previous order dated 23 March 2020 – extending all periods of limitation ending on 14 March 2021 until further orders. The Central Board of Indirect Taxes and Customs (CBIC) has issued...

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27 July
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Madras High Court decision | Maintenance charges in an Association in excess of Rs.7500 is only liable for GST

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The High Court of Madras held that The plain words employed in Entry 77 of Notification No. 12/2017- Central Tax (Rate) amended by Notification No. 2/2018- Central Tax (Rate) dated 25th January 2018, being, ‘up to' an amount of Rs.7,500/-can thus only be interpreted to state that any contribution in excess of the same would be liable to tax. The term ‘up to' hardly needs to be defined and connotes an upper limit. It is interchangeable with the term ‘till' and means that any amount till the ceiling of Rs.7500/- would be exempt for the purposes of GST. The intendment of the exemption...

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03 July
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Guidelines under section 194Q of the Income-tax Act- CBDT Circular No. 13 of 2021 dated 30th June, 2021

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The Central Board of Direct Taxes (CBDT) on 30th June 2021 has issued circular 13/2021 which provides clarifications on applicability of provisions of Sec. 194Q. The guidelines provide clarity on applicability of section 194Q on transactions carried out through recognised stock exchanges, clearing corporations, transactions with non-residents, advance payments, interplay with section 206C(1H) and section 194O and many more....

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26 June
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CBDT extends compliance deadlines in wake of severe pandemic and announces tax exemption on ex-gratia sum received for death due to COVID-19

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Due to the prevailing severe pandemic in the country, the Central Board of Direct Taxes (CBDT) has extended the time limits of certain compliances, vide Circular No. 12 of 2021 dated 25th June 2021. CBDT announces tax exemption on ex-gratia sum received for death due to COVID-19 for FY 2019-20 and subsequent years without any limit if received by an employee from its employer but limited to Rs.10 Lakh for the amount received from any other persons. (Press Release dated 25th June 2021) Please refer the below link to know more about the extension of time limits. ...

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Vishnu Daya & Co LLP is a Professional Services Firm under which dedicated professionals have developed core competence in the field of audit, financial consulting services, financial advisory, risk management, direct and indirect taxation services to the clients.

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Vishnu Daya & Co LLP

Chartered Accountants
GF 7 & 3rd Floor,Karuna Complex
No. 337, Sampige Road, Malleshwaram
Bangalore - 560003

Phone: +91-80-23312779
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