DRI seizes 3004 kg of Heroin at Mundra – arrest of eight persons (Ministry of Finance Press Release dated 22 Sept 2021)

In its continued crackdown on smuggling of Heroin into India,Directorate of Revenue Intelligence (DRI) detained two containers on 13.09.2021for examination that had arrived at Mundra Port from Kandhar, Afghanistan via Bandar Abbas, Iran. The containers were declared to contain Semi-processed Talc Stones. Detailed examination of the containers led to the seizure of 2988 kgs of heroin fromContinue reading “DRI seizes 3004 kg of Heroin at Mundra – arrest of eight persons (Ministry of Finance Press Release dated 22 Sept 2021)”

Income Tax Department conducts searches in West Bengal (MOF Press Release dated 21st Sept 2021)

The Income Tax Department carried out a search and seizure operation on 17.09.2021 on a prominent group engaged in manufacturing of steel products. 25 premises consisting of 8 residences, 9 offices and 8 factories, spread over Kolkata, Durgapur, Asansol and Purulia and other regions of West Bengal were covered in the operation. The search operation hasContinue reading “Income Tax Department conducts searches in West Bengal (MOF Press Release dated 21st Sept 2021)”

Income Tax Department conducts searches in Delhi, Punjab and West Bengal (MOF Press Release dated 21st Sept 2021)

The Income Tax Department carried out a search and seizure operation on 18.09.2021 on a leading business house of India involved in manufacture of textile and filament yarn having corporate offices in Delhi, Punjab and Kolkata. During the course of the search operation, many incriminating documents, loose sheets, diaries, digital evidences etc have been recoveredContinue reading “Income Tax Department conducts searches in Delhi, Punjab and West Bengal (MOF Press Release dated 21st Sept 2021)”

Income Tax Department conducts searches in Nagpur (MOF Press Release dated 20 Sept 2021)

The Income Tax Department carried out a search and seizure operation on 17.09.2021 in the case of a prominent public figure in Nagpur and his family members. The group is having wide business interest spanning the fields of Education, Warehousing and Agri-business in Nagpur and other parts of Maharastra. More than 30 premises were coveredContinue reading “Income Tax Department conducts searches in Nagpur (MOF Press Release dated 20 Sept 2021)”

Government to start and institutionalise 24 hours “Helpline” for assistance to exporters and resolution of issues

Ministry of Finance & Commerce Press Release dated 20 Sept 2021 Government to start and institutionalise 24 hours “Helpline” for assistance to exporters and resolution of issues- Shri Piyush Goyal Our aim is to make ‘Brand India’ a representative of quality, productivity, talent & innovation – Shri Piyush Goyal Vanijya Saptah shows our strong resolveContinue reading “Government to start and institutionalise 24 hours “Helpline” for assistance to exporters and resolution of issues”

Income Tax Department conducts searches in Mumbai and other regions (Ministry of Finance Press Release dated 18th Sept 2021)

The Income Tax Department conducted a search and seizure operation at various premises of a prominent actor in Mumbai and also a Lucknow based group of industries engaged in infrastructure development. Total 28 premises spread over Mumbai, Lucknow, Kanpur, Jaipur, Delhi, and Gurgaon have been covered in the search operation.  Video : Tax Department conductsContinue reading “Income Tax Department conducts searches in Mumbai and other regions (Ministry of Finance Press Release dated 18th Sept 2021)”

Government extends certain timelines to ease compliances (Ministry of Finance Press Release dated 17th Sept 2021)

The Central Government, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the Covid-19 pandemic, has, on consideration of representations received from various stakeholders, decided to extend timelines for compliances under the Income-tax Act, 1961 (hereinafter referred to as “the Act”) in the following cases, as under:Continue reading “Government extends certain timelines to ease compliances (Ministry of Finance Press Release dated 17th Sept 2021)”

Central Government relaxes provisions of TDS u/s 194A of the Income-tax Act, 1961 in view of section of 10(26) of the Act (Ministry of Finance Press Release dated 17th Sept 2021)

The Central Government in exercise of the powers conferred by sub-section(1F) of section 197A of the Income-tax Act, 1961(“the Act”) notified that no deduction of tax shall be made on the following payment under section 194A of the Act, namely payment in the nature of interest, other than interest on securities, made by a Scheduled BankContinue reading “Central Government relaxes provisions of TDS u/s 194A of the Income-tax Act, 1961 in view of section of 10(26) of the Act (Ministry of Finance Press Release dated 17th Sept 2021)”

Measures for streamlining compliances in GST (45th GST Council Meeting dated 17th Sept 2021)

Refer YouTube video link https://youtu.be/H0VJVlQoYrU Aadhaar authentication of registration to be made mandatory for being eligible for filing refund claim and application for revocation of cancellation of registration. Late fee for delayed filing of FORM GSTR-1 to be auto-populated and collected in next open return in FORM GSTR-3B. Refund to be disbursed in the bank account, which is linked withContinue reading “Measures for streamlining compliances in GST (45th GST Council Meeting dated 17th Sept 2021)”

FAQs regarding Central Government guarantee to back Security Receipts issued by NARCL for acquiring of stressed loan assets (MOF Press Release dated 16 Sept 2021)

What isNational Asset Reconstruction Company Limited (NARCL)? Who has set it up? NARCL has been incorporated under the Companies Act and has applied to Reserve Bank of India for license as an Asset Reconstruction Company (ARC). NARCL has been set up by banks to aggregate and consolidate stressed assets for their subsequent resolution. PSBs willContinue reading “FAQs regarding Central Government guarantee to back Security Receipts issued by NARCL for acquiring of stressed loan assets (MOF Press Release dated 16 Sept 2021)”