GSTR-1 enhancements & improvements : The statement of outward supplies in FORM GSTR-1 is to be furnished by all normal taxpayers on a monthly or quarterly basis, as applicable. Quarterly GSTR-1 filers have also been provided with an optional Invoice Furnishing Facility (IFF) for reporting their outward supplies to registered persons (B2B supplies) in the first […]
Posted inGST
Status Note on GST compensation released to States/UTs
₹ 2.78 lakh crore of compensation released to States for the year 2020-21 itself ; nothing is pending for the year Centre released ₹ 7.35 lakh crore and compensation of ₹78,704 crore pending only for the year 2021-22 At the time of introduction of GST, the Constitution amendment provided that the Parliament, by law shall […]
Posted inINCOME TAX
AO Has No Jurisdiction To Insist That Assessee Should Adopt A Particular Method To Determine Value Of Shares: ITAT Mumbai
In the case of DCIT vs. Ozoneland Agro Pvt. Ltd, ITAT Mumbai has held that: Section 56 allows the assessees to adopt one of the methods of their choice. But,the AO held that the assessee should have adopted only one method for determining the value of the shares.In our opinion,it was beyond the jurisdiction of […]
Posted inBUSINESS & ECONOMY
ED Attaches Assets in A Case Of Criminal Misconduct By Public Servant
Enforcement Directorate (ED) has provisionally attached assets worth Rs 1.28 Crore belonging to Upendra Nath Mandal and his wife Supriti Mandal in a case of criminal misconduct by a public servant. The attached assets include immovable properties in the form of one Residential Duplex apartment in Kolkata and one car belonging to Supriti Mandal. ED […]
Posted inBUSINESS & ECONOMY
ED Arrests BSF Commandment in A Money Laundering Case
Directorate of Enforcement (ED) has arrested Satish Kumar (the then commandment, 36- Battalion, BSF) in a money laundering case related to cattle smuggling at Indo-Bangladesh International Border. He had received Proceeds of Crime (POC) of Rs 12.8 Crore from Md Enamul Haque in the accounts of his wife & his father in law. This Proceeds […]
Posted inBUSINESS & ECONOMY
Indian Exports Registers Growth Of 106%
Exports of Indian Chemicals has registered growth of 106% in 2021-22 over 2013-14. India’s exports of Chemicals for 2021-22 hit a record at US$ 29296 Million, whereas in 2013-14 India’s Chemical exports was US$ 14210 Million. Highlighting the achievement in a Tweet, Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and […]
Posted inGST
Attention GST Taxpayers Who Are Under Composition Scheme
Attention GST Taxpayers who have opted for Composition Scheme! File your Return in Form GSTR-4 for FY 2021-22 before due date April 30, 2022. Attention GST Taxpayers who have opted for Composition Scheme! File your Return in Form GSTR-4 for FY 2021-22 before due date April 30, 2022. pic.twitter.com/MOsn7AMhhC — CBIC (@cbic_india) April 27, 2022
Posted inBUSINESS & ECONOMY
Exports of Indian chemicals register growth of 106% in 2021-22 over 2013-14
India exports chemicals to more than 175 countries; new markets include Turkey, Russia and North East Asian Countries Exports of Indian Chemicals has registered growth of 106% in 2021-22 over 2013-14. India’s exports of Chemicals for 2021-22 hit a record at US$ 29296 Million, whereas in 2013-14 India’s Chemical exports was US$ 14210 Million. Highlighting […]
Posted inGST
CGST Commissionerate Mumbai South Arrests Co-conspirator in a Fake Input Tax Credit Claim of Rs. 11.07 Cr; Proprietor arrested earlier
CGST Mumbai South Commissionerate has detected tax evasion of Rs. 876 Crores, recovered Rs. 14.4 Crores so far Anti-Evasion Unit of Mumbai South CGST Commissionerate has arrested the co-conspirator in a case of M/s New Laxmilal & Co. (GSTIN 27ACAPS6257K1ZS) involving fake ITC of Rs. 11.07 Cr on the strength of bogus invoices of Rs […]
Posted inGST
Biggest Update On GSTR-1 Return
Big update on GSTR-1 return is that “submit” button has been replaced with “proceed to file/ summary” Now you don’t required to generate GSTR-1 summary and then submit it before filing. You just have to click on “proceed to file/ summary button” and the return will be ready for filing. This is a good step […]
Posted inINCOME TAX
Huge jump in net direct tax collection, reaches all-time high of Rs 14.09 lakh crore
There has been a huge jump in the net direct tax collection during the financial year 2021-22. It has reached its highest level. JB Mohapatra, Chairman, CBDT gave this information. Mohapatra said that the net direct tax collection (income tax and corporate tax) has reached an all-time high of Rs 14.09 lakh crore in FY […]
Posted inINCOME TAX
Jagran Trending: Income Tax Planning is a profitable deal from April itself, know where to invest to save tax
Do you fall under the category of taxpayers? If yes, then you should start your tax planning from the beginning of the financial year i.e. April month itself. This will not only enable you to take proper investment decisions but will also save you from the burden of lump sum investment for tax saving. Tax […]
Posted inGST
GST collection to be a record Rs 1.50 lakh crore in April! Why is the Finance Ministry making such a claim?
After the epidemic, as the business is coming back on track, the revenue of the government is also increasing. Now quoting Finance Ministry sources, CNBC-TV18 has claimed that the Goods and Services Tax (GST) collection may increase to Rs 1.45-1.50 lakh in April. If this happens, it will be the highest ever since the […]
Posted inMARKETS
LIC IPO: Size reduced to protect the market, may become the 5th largest company after Infosys
The government has reduced the size of the IPO of Life Insurance Corporation of India (LIC). Experts say that the main reason for this is to keep the stock market stable and prevent the exodus of foreign investors from the domestic market. Also, the government first wants to know what its actual value should be. […]
Posted inINCOME TAX
Tax Benefits on Home Loans: Tax savings on home loan, avail benefits like this
Tax Benefits on Home Loans. The central government has introduced many benefits for home buyers so that more and more people can fulfill their dream of having their own house. One of the most important benefits of being a home owner are the tax benefits. In fact, a home loan is a long-term investment, which […]
Posted inBUSINESS & ECONOMY
Issue of commemorative coin on the occasion of Birth Centenary of Shri Jawaharlal Darda
MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 26th April, 2022 G.S.R. 317(E).—In the exercise of the powers conferred by clauses (d) and (e) of sub-section (2) of section 24 of the Coinage Act, 2011 (11 of 2011), the Central Government hereby makes the following rules, namely:- 1. Short title and commencement.- […]
Posted inINCOME TAX
Who Can File ITR-1
ITR-1 return is applicable for a Resident (other than Not Ordinarily Resident) Individual having Total Income from any of the following sources up to ₹ 50 lakh (a) Salary / Pension (b) One House Property (c) Other sources (Interest, Family Pension, Dividend etc.) (d) Agricultural Income up to ₹ 5,000.
Posted inINCOME TAX
Who Can Not File ITR-4
ITR-4 cannot be used by a person who: (a) is a Director in a company (b) has held any unlisted equity shares at any time during the previous year (c) has any asset (including financial interest in any entity) located outside India (d) has signing authority in any account located outside India (e) has income […]
Posted inINCOME TAX
Who Can File ITR-4
ITR-4 return is applicable for an Individual or Hindu Undivided Family (HUF), who is Resident other than Not Ordinarily Resident or a Firm (other than LLP) which is a Resident having Total Income up to ₹ 50 lakh and having income from Business or Profession which is computed on a presumptive basis (u/s 44AD/ 44ADA/ […]
Posted inINCOME TAX
Who Can Not File ITR-1
ITR-1 cannot be used by a person who: (a) is a Director in a company (b) has held any unlisted equity shares at any time during the previous year (c) has any asset (including financial interest in any entity) located outside India (d) has signing authority in any account located outside India (e) has income […]
Posted inBUSINESS & ECONOMY
NITI Aayog Organizes National Workshop on “Innovative Agriculture”
NITI Aayog, as a part of Azadi ka Amrit Mahotsav celebrations, organized a National Level Workshop on “Innovative Agriculture” in Vigyan Bhawan, New Delhi on 25th April, 2022 from 9:00 AM to 4:30 PM. Dr. Neelam Patel, Senior Adviser, Agriculture and Allied Sectors (AAS) Vertical, NITI Aayog welcomed the participants and cited the need to understand the […]
Posted inGST
CBIC: Revised Guidelines For National Risk Management Committee For GST & Customs
Vide circular dated 23rd April 2022, the CBIC has issued revised guidelines for National Risk Management Committee (NRMC) for GST and Customs. CBIC has said in the circular that: The NRMC shall be convened once every year and will have the following main (but not limited to) functions: 1.) Review the effectiveness of existing Risk […]
Posted inBUSINESS & ECONOMY
RBI imposed a fine of Rs 1.12 crore on Bank of Maharashtra, what is the whole matter?
The Reserve Bank of India has imposed a penalty of Rs 1.12 crore on Bank of Maharashtra for default in compliance with Know Your Customer (KYC) and other instructions. The central bank said in a statement that this penalty has been imposed on Bank of Maharashtra for violation of risk management guidelines, provisions related to […]
Posted inBudget 2022
7th Pay Commission: These three allowances of central employees will increase, good news will be available soon
After the increase in dearness allowance of central government employees, the expectation of increase in other allowances has increased. Soon the central employees can get good news about this. The Modi government has increased the dearness allowance of central employees by 3 percent. It has now increased to 34 percent. Other allowances which have cleared […]
Posted inBUSINESS & ECONOMY
Issue of commemorative coin of Rs.100 on the occasion of centenary year of University of Delhi
MINISTRY OF FINANCE (Department of Economics Affairs) NOTIFICATION New Delhi, the 22nd April, 2022 G.S.R. 311(E).—In exercise of the powers conferred by clauses (d) and (e) of sub-section (2) of section 24 of the Coinage Act, 2011(11 of 2011), the Central Government hereby makes the following rules, namely: – 1. Short title and commencement.- (1) […]
Posted inINCOME TAX
Corrigendum to Notifcation No 37 of 2022 published in Part II, Section 3, Sub section (i), of the Gazette of India vide G.S.R. 307(E) dated 21.04.2022
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDUM New Delhi, the 25th April, 2022 G.S.R. 313(E).—In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes) No. 37/2022 in F.No. 370142/01/2020-TPL(Part I), published in Part II, Section 3, Sub-section (i), of the Gazette […]
Posted inINCOME TAX
Disallowance u/s 14A & Rule 8D Has To Be Made Even If Assessee Not Earned Any Tax-Free Income On Investment: ITAT Amritsar
In the case of Lally Motors India (P.) Ltd vs. PCIT, ITAT Amritsar has held that: Citation: Disallowance u/s 14A & Rule 8D has to be made even if the assessee has not earned any tax-free income on the investment. Cheminvest 378 ITR 33 (Del) is not binding on the AO as it is a […]
Posted inBUSINESS & ECONOMY
Breaking: Government Blocks 16 You Tube Channels
Utilizing the emergency powers under the IT Rules, 2021, the Ministry of Information & Broadcasting, 2021, vide two separate orders on 22.04.2022, issued directions for blocking of sixteen (16) YouTube based news channels and one (1) Facebook account. The blocked social media accounts include six Pakistan based and ten India based YouTube news channels, having […]
Posted inBank / Bank Audit
List Of Bank Holidays in May 2022
If you have any important work related to the bank, then settle them till last of April only. Actually, the month of April is about to end and the month of May is going to start with the bank holidays. In the beginning of the month, there will be no work in the banks for […]
Posted inMARKETS
Big Update On LIC IPO You Must Know
The IPO of the country’s largest insurance company LIC (Life Insurance Corporation of India) may open on May 4. At the same time, it is likely to be closed on May 9. News agency PTI gave this information on Monday quoting sources. Through this IPO, the government will sell its 3.5 percent stake in LIC. […]