Akshit Gadhia

Author of Tax Concept. Also, he is the Owner of Gadhia  Associate. The author is an avid reader and the author likes to write on various regulatory compliances. Currently, the Author Is pursuing CS, LLB, and ACCA. He has vast experience in Company Law and Roc Filings, Direct and Indirect Tax, Accounts, and Audits, and many other regulatory forms filings.

0x0-a27ced4d

Non Fungible Token

What is a Non-Fungible Token (NFT)   Non-fungible means that it’s unique and can’t be substituted with something else. For example, a bitcoin is fungible, it can be traded one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, …

Non Fungible Token Read More »

Budget-2-2-6d12a9fe

Budget 2022

Banking The banking sector has shown signs of recovery. Bank credits have increased from 6 percent in 2020-21 to 7.3 percent in 2021-22, though bank deposits have reduced from 11.3 percent in 2020-21 to 9.6 percent in 2021-22. In the post-COVID-19 phase, the focus of the banking industry is on innovation, in rendering banking services …

Budget 2022 Read More »

954956-supreme-court-1-add5b353

Daughters can inherit fathers’ self acquired properties: Sc

CASE LAW; Arunachala Gounder (Dead) Vs Ponnusamy (2022 LiveLaw (SC) 71) Facts:1. The Court was considering the question of whether a sole daughter could inherit her father’s separate property dying intestate (prior to the enactment of Hindu Succession Act, 1956). 2. The property in question was admittedly the self-acquired property of the father. 3. The …

Daughters can inherit fathers’ self acquired properties: Sc Read More »

FORM_10-IE_CANVA-d3d5b30b

Salaried person without business income are not required to file Form 10-IE under Income Tax

Now, the individual taxpayers have a choice to either opt for the new tax regime or the old tax regime. A new tax regime under section 115BAC is available to Individuals and HUF to pay income tax at lower slab rates when compared to normal slab rates. The concessional tax rate is available subject to …

Salaried person without business income are not required to file Form 10-IE under Income Tax Read More »

download-320987c9

HC Landmark Judgment – Rajasthan HC quashes 148 notices issued on or after 01/04/2021

Rajasthan High Court has followed Allahabad High Coury’s order. High Court has quashed all 148 notices issued on or after 01/04/2021 without following the mandates of section 148A. HC gave liberty to AO to initiate proceedings as per law. Therefore in my view, the present petitions deserve to succeed. Accordingly, the writ petitions are allowed. …

HC Landmark Judgment – Rajasthan HC quashes 148 notices issued on or after 01/04/2021 Read More »

TDS Rate Chart for FY 2022-23/AY 2023-24

Central Board of Direct Taxes (CBDT) has issued the further Guidelines on TDS

The Central Board of Direct Taxes (CBDT) has issued the further Guidelines for Section 194-O, Section 194Q, and Section 206C (1-I) of Income Tax Act, 1961 vide a Circular No. 20/2021 dated 25th November 2021 for removing certain difficulties. The Finance Act, 2020 and the Finance Act, 2021 have inserted sections 194-O, 194Q, and 206C(1H) …

Central Board of Direct Taxes (CBDT) has issued the further Guidelines on TDS Read More »

download-773e8fa1

Amount received by the NGO from Central or State Government are cover under GST or Not?

The Maharashtra Bench of AAR in the case of Jaishankar Gramin VA Adivasi Vikas Sanstha vide order dated 10th November 2021 has held that the amount received by the said NGO from Central and/or State Government towards some charitable activities which are not exempted from the purview of GST. It has been held that as …

Amount received by the NGO from Central or State Government are cover under GST or Not? Read More »

download-13764a70

SEBI Amendments

SEBI issued Circular No. SEBI/HO/CFD/DIL2/CIR/P/2019/94 on19 August 2019, specifying the fines to be imposed by the StockExchanges for non-compliance with certain provisions of SEBI(ICDR) Regulations, 2018. In partial modification of the same, para 9A is inserted after para 9: “9A. The Stock Exchanges may deviate from the provisions of thecircular, wherever the interest of the …

SEBI Amendments Read More »

mediacion-a339b03f

Mediation Bill, 2021

The Ministry of Law and Justice released the Draft Mediation Bill, 2021, for public comment and ideas from all stakeholders. Because India is a party to the Singapore Convention on Mediation, the Bill proposes to create a separate law on mediation for domestic & international matters. The bill also considers the international practice of referring …

Mediation Bill, 2021 Read More »

download (2)-836be427

Professional fees paid to directors of a company will be disallowed if it is not in excess of market rate?

The assessee, engaged in the business of health club and fitness services, filed its return declaring a total income of Rs.3,56,370/-.In scrutiny assessment proceedings, the AO disallowed payment of professional fees Rs.6,35,656/- paid to the Directors and donations of Rs.6,000/- paid during Ganesh Utsav. The assessee submitted that it had entered into an MoU with …

Professional fees paid to directors of a company will be disallowed if it is not in excess of market rate? Read More »

paytm-removed--4d1ba818

Paytm IPO

One97 Communications, the parent company of fintech platform Paytm, has received the nod from the Securities and Exchange Board of India (SEBI) for its Rs 16,600 crore initial public offering (IPO), according to sources privy to the matter. While Rs 8,300 crore will be primary share sale, Rs 8,300 crore will be an offer for …

Paytm IPO Read More »

download (1)-9eca9371

Get Benefit of buying Electric Vehicle in income tax Act

Tax policies are designed to meet the socio-economic objectives of the Government. Now, the Purchase of Electric Vehicles offers Tax benefits (Section 80EEB) and many more advantages. Get Benifit of Section 80EEb for the benefits of buying an Electric Vehicle (EVs). Taxpayers are eligible for a deduction of Rs. 1,50,000 under section 80EEB on the …

Get Benefit of buying Electric Vehicle in income tax Act Read More »

download-c355a1bd

Work from Home is No Reason to cancel the GST Registration: Calcutta High Court

The Calcutta High Court held that the GST registrations cannot be canceled for not operating from premises due to COVID-19. The petitioner, International Value Retail Private Limited has challenged inter alia impugned show-cause notice and subsequent final impugned adjudication order of rejection of application of the petitioner dated 29th September 2020 for revocation of cancellation …

Work from Home is No Reason to cancel the GST Registration: Calcutta High Court Read More »

download-d2a2edd7

GST payable on Complete Billing amount including Employer portion of EPF & ESl Amount: AAR

The West Bengal Authority of Advance Ruling (AAR) ruled that GST is payable on complete billing amount including employer portion of Employees’ Provident Fund  (EPF) and Employees’ State Insurance (ESl) amount. The applicant, Ex-servicemen Resettlement Society is a registered society providing security services and scavenging services (Karma Bandhus) to different Medical Colleges & Hospitals, District …

GST payable on Complete Billing amount including Employer portion of EPF & ESl Amount: AAR Read More »

income-tax-regime-change-620x400-35dffac1

exemption to Non-Resident, Foreign Company from furnishing Income Tax Return

The Central Board of Direct Taxes (CBDT) exempts Non-resident and foreign companies from furnishing Income Tax returns subject to some conditions. In exercise of the powers conferred by sub-section (1C) of section 139 of the Income-tax Act, 1961, the Central Government exempted the class of persons namely a non-resident, not being a company; or a …

exemption to Non-Resident, Foreign Company from furnishing Income Tax Return Read More »

images-2d972ab6

NFRA Issues Audit Quality Review Report

MCA Press Release dt. 23/09/2021: NFRA issues Audit Quality Review (AQR) report of statutory audit of IL&FS Transportation Networks Limited (ITNL) for FY 2017-18 The National Financial Reporting Authority (NFRA) has issued Audit Quality Review (AQR) report of the statutory audit of IL&FS Transportation Networks Limited (ITNL) for the Financial Year 2017-18. The statutory auditor …

NFRA Issues Audit Quality Review Report Read More »

CBIC Issues Clarification in Respect of Refund Under Section 77(1) of the CGST Act and 19(1) of the IGST Act

SRI MARG HUMAN RESOURCES PVT LTD

The Petitioner is a Company employing about 15,000 employees with security guards who were deployed in various industrial units in and around Chennai andKarnataka. The allegation against the petitioner company is that the petitioner company had fraudulently availed input tax credit on fictitious invoices to discharge the GSTliability. It is estimated that approximately, the fraud …

SRI MARG HUMAN RESOURCES PVT LTD Read More »

swarajya_2021-09_a75d7376-9b25-4f77-9b8d-6bbe1649fcd5_Telecom_image1-7bcf2413

Relief package for Telecom Sector

The relief package provided much-needed relaxation to telecom companies — Vodafone Idea, Reliance Jio, and Bharti Airtel. “These are expected to protect and generate employment opportunities, promote healthy competition, protect interests of consumers, infuse liquidity, encourage investment and reduce regulatory burden on Telecom Service Providers (TSPs),” the Cabinet said. The package primarily provided relief to …

Relief package for Telecom Sector Read More »

1598812651-0006-332990a7

GST: Section 83 of the CGST Act

Section 83 of the CGST Act empowers the Commissioner to attach provisionally any property, including bank account, belonging to the taxable person or any person specified in sub-section (1A) of section 122. But such powers must be invoked judiciously and according to the law. The power to order a provisional attachment under GST is entrusted …

GST: Section 83 of the CGST Act Read More »

today-s-news-shows-current-newspaper-d-rendering-130556865-5540179b

Today’s top News

RBI standardises bank locker rules : Reserve Bank of India (RBI) has standardised the rules for opening and maintaining bank lockers across banks, in response to directions by a two judge bench of the Supreme Court in February. RBI has asked all bank boards to frame a agreement for safe deposit lockers based on a …

Today’s top News Read More »

Check refund status from the new website of Income Tax Department

Suggestion on an error in Income Tax Portal

Suggestive measures against going on technical glitches at Income Tax Portal 1 Availability of ITR 3 Form It is now available by JSON format for selection 2 ITR V (acknowledgement) and ITR Forms not available for download The Forms are available for download now. Works faster in non-working hours. Try downloading before 10 AM or …

Suggestion on an error in Income Tax Portal Read More »

images-0b090f5d

Things individuals should keep in mind while filing ITR for AY 2021-22

It is very important to file an income tax return (ITR) on or before the due datewith complete and accurate information about income and other information askedto fill in the ITR form. Incomplete ITR details or inaccurate information may leadto an ITR being treated as invalid or even imposition of a penalty on the assessee. …

Things individuals should keep in mind while filing ITR for AY 2021-22 Read More »

1616066711_supreme-court-4-d3e3d8a7

New Conditions in clarificatory nature to existing Tax Law can’t be presumed to Be Retrospective – Supreme Court

The Apex Court held that the new conditions in clarificatory nature to existing Tax Law can not be presumed to be retrospective in nature. The assessee, M.M. Aqua Technologies Ltd. claimed a deduction of Rs.2,84,71,384/- under Section 43B based on the issue of debentures in lieu of interest accrued and payable to financial institutions. By …

New Conditions in clarificatory nature to existing Tax Law can’t be presumed to Be Retrospective – Supreme Court Read More »