In the case of M/s A Daga Royal Arts vs. ITO, ITAT Jaipur has held that: Citation: Section 40A(3) Rule 6DD: No disallowance can be made for cash payments if the transaction is genuine and the identity of the payee is known. Rule 6DD is not exhaustive. The fact that the transaction does not fall […]
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Investment Tips: Diversified investment in Fixed Income products for better profits, know what is your policy
Whenever we talk about diversification, most of the times we think of investing in the stock market. Much of the conversation about this fundamental of investing is about equities. At the same time, there is no special conversation about fixed income. At the same time, investment products with guaranteed returns, like the stock market, require […]
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LIC Tax Saving Plan: Investing in these plans of LIC will save tax, know details
LIC Tax Saving Plan: Life Insurance Corporation of India (LIC) has launched a new savings insurance policy named Dhan Rekha with effect from 13th December 2021. According to a press release issued by LIC on 13th December, it is an individual savings life insurance plan. It has some special features. There are special premium rates […]
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GST Council did not seek opinion from states on increase in tax rates: Sources
The GST Council has not sought the opinion of the states on the increase in tax rates. Sources have given this information on Sunday. Sources said the panel of ministers looking to rationalize the GST rate is yet to submit its report to the GST Council. The council had last year constituted a panel of […]
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Importer in Kandla Heroin Case arrested by DRI
Officers of Directorate of Revenue Intelligence (DRI) are currently examining a consignment, imported by an Uttarakhand based firm at Kandla Port. The consignment arrived at Kandla Port from Bander Abbas port, Iran. The consignment, imported in 17 containers (10,318 bags), has gross weight of 394 MT and was declared as “gypsum powder”. So far, 205.6 kg of heroin, valued […]
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Attention GST Taxpayers Whose Aggregate Annual Turnover is More Than Rs 5 Crore
Attention GST Taxpayers whose aggregate annual turnover is more than Rs. 5 crore! Today (25th April 2022) is the last date for filing Form ITC-04 in respect of inputs/ capital goods sent to a job worker or received from a job worker for the period October 2021 to March 2022. Attention GST Taxpayers whose aggregate […]
Posted inINCOME TAX
Limitation Period For Filing Rectification Application Has To Be Computed From The Date Of “Communication” Of Order: ITAT Chandigarh
In the case of Jagmohan Gurbakshish Singh vs. DCIT, ITAT Chandigarh has held that: Citation: The limitation period for filing a Rectification Application has to be computed from the date of “communication” of the order and not from the date of passing the order. The fact that the order was pronounced in open court is […]
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ED Attaches Assets Worth 5.54 Crore Under PMLA 2022
Directorate of Enforcement (ED) has provisionally attached assets worth Rs. 5.54 Crore under the Prevention of Money Laundering Act (PMLA), 2002 in connection with a case registered against Ranjit Gogoi, the then Director of Information and Public Relation, Assam, and different private companies, for misappropriation of money of Government of Assam. ED initiated money laundering […]
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It is Painful That Department Officials Are Tempted To Ignore Principles Of Law And Natural Justice To Achieve Targets: ITAT Chandigarh
In the case of Greater Mohali Area Development Authority vs. DCIT, ITAT Chandigarh has held that: Citation: It is painful to note that the Dept officials in order to achieve targets at the close of the FY not only are tempted to ignore the principles of law and natural justice but cross their limits, in […]
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Big Breaking: Reliance Cancels Deal With Future Group
Reliance Industries on Saturday said its Rs 24,713 crore deal with Future Group cannot go ahead as secured creditors of Future Group have voted against the deal. The deal has now collapsed due to non-receipt of lenders’ approval. In this regard, this information has been shared by Reliance in a regulatory filing. Not Agreeing to […]
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Investment Tips: Rs 10,000 invested in 3 years 5 lakhs, know what is the plan
Mutual Fund SIP Investment Tips: If you are starting investment then mutual fund is the best. Mutual funds also have different investment options. One of these is the Dividend Yield Fund. Mutual Fund Dividend Yield Plans are good for investors who have good knowledge of the economy and markets. Mutual Fund Dividend Yield Plans are […]
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Yes Bank-DHFL Case: Rana Kapoor And Wadhawan Brothers Laundered Rs 5050 Crore, Says ED
The Enforcement Directorate (ED) has alleged that Yes Bank co-founder Rana Kapoor and Dewan Housing Finance Limited (DHFL) promoters Kapil and Dheeraj Wadhawan laundered Rs 5,050 crore through suspicious transactions. This was stated by the Enforcement Directorate in its second supplementary (third overall) chargesheet filed in a special court here recently against Rana Kapoor, his […]
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CIT(A) Has Power To “Enhance The Assessment”, But He is Not Entitled To Travel Beyond Subject- Matter And Assess New Sources Of Income: ITAT Jaipur
In the case of Jagdish Narayan Sharma vs. ITO, ITAT Jaipur has held that: The principle emerging from various pronouncements of the Supreme Court is that the first Appellate Authority is invested with very wide powers under Section 251(1)(a) of the Act and once an assessment order is brought before the authority, his competence is […]
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GST: Clarification By UP Government On Refund Of Tax Specified in Section 77(1) Of UPSGST Act And 19(1) Of IGST Act
Office of the Commissioner, Commercial Tax, Uttar Pradesh, (GST Section) Letter No. GST/2021-22/36/Commercial Tax Lucknow: Dated: 20 April, 2022 To All Zonal Additional Commissioner, Grade -1, Additional Commissioner, Grade -2, (S.I.R) Joint Commissioner, (Executive/Corporate Circle/ S.I.B) Commercial Tax, Uttar Pradesh. Subject: Clarification in respect of refund of tax specified in section 77(1) of the UPSGST […]
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Receive notice on filing income tax return, then know how to answer
The Income Tax Department sends a notice if any mistake is found in the ITR of an individual or entity. Which has to be answered soon. There are different types of notices from the Income Tax Department. Therefore, the answer for each category is also to be given separately. If there is any discrepancy in […]
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NITI Aayog to Hold Day-Long Workshop on ‘Innovative Agriculture’ on 25 April
As part of the Azadika Amrit Mahotsav, NITI Aayog is organizing a day-long national workshop on ‘Innovative Agriculture’ on 25 April, 2022. The workshop will be addressed by Union Ministers Narendra Singh Tomar and Parshottam Rupala, Gujarat Governor Acharya Devvrat, and NITI Aayog Vice Chairman Dr Rajiv Kumar, Member (Agriculture) Dr Ramesh Chand, and CEO […]
Posted inINCOME TAX
New Update On Income Tax E-Filing Portal You Must Know
Income tax e-filing portal has posted an update that: E-filing of ITR 1, ITR 2 and ITR 4 for AY 2022-23 is enabled ( ITR-1 & ITR-4 offline & online both, ITR-2-only offline). Taxpayers can download ITR Offline Utility through “Downloads” Menu option, fill and file the ITR through the same. Common Offline Utility (ITR-1 […]
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There are many benefits of investing in NPS, along with retirement savings, benefits are also available in Income Tax.
National Pension Scheme (NPS) is a retirement savings scheme launched by the Government of India, aimed at providing financial security to citizens when they do not actively earn exceptional tax benefits during the investment period post retirement. We do. When it was first launched in January 2004, it was open only to government employees. However, […]
Posted inINCOME TAX
Income tax is not applicable on income, but now these people will also have to file ITR
In order to bring more and more people under the purview of income tax, the Central Board of Direct Taxes has included some more people in the list of income tax return filers. These are people whose income is not subject to income tax. But, now they also have to file ITR. In this regard, […]
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Finance Minister Smt. Nirmala Sitharaman meets World Bank President Mr David Malpass in Washington D.C.
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman and World Bank Group President Mr. David Malpass met in Washington D.C., today, to discuss various issues, including India’s continued recovery from COVID-19 pandemic; impact of the Russia-Ukraine conflict on the world economy and India in particular; economy and role of the WBG; Single Borrower […]
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Finance Minister Smt. Nirmala Sitharaman participates in the 105th Meeting of the Development Committee Plenary in Washington D.C.
Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman participated in the 105th Meeting of the Development Committee Plenary in Washington D.C. today. The items on the agenda included Digitalisation & Development, Making Debt Work for Development & Macroeconomic Stability and World Bank Group’s Response to Global Impacts of the War in Ukraine: A Proposed […]
Posted inINCOME TAX
Addition Cannot Be Made On The Ground That Directors Of Share Subscribers Did Not Turn Up Before The AO: ITAT Kolkata
In the case of ITO vs. Wiz-Tech Solutions Pvt. Ltd, ITAT Kolkata has held that: To sum up section 68 of the Act provides that if any sum found credited in the year in respect of which the assessee fails to explain the nature and source shall be assessed as its undisclosed income. In the […]
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Attention GST Taxpayers Who Are Under QRMP Scheme
Attention GST taxpayers who are under QRMP Scheme and having principal place of business in Group-2 states. The last date to file GSTR-3B Return for the quarter January- March 2022 is 24th April 2022. Late filing of GSTR-3B Return will attract late fees and interest. Group-2 states: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, […]
Posted inINCOME TAX
There is No Restriction That Assessee Cannot File Revised Return After Issuance Of Notice u/s 143(2): ITAT Mumbai
In the case of Mahesh H. Hinduja vs. ITO, ITAT Mumbai has held that: There is no bar / restriction in the provisions of section 139(5) of the Act that the assessee cannot file a revised return of income after issuance of notice under section 143(2) of the Act. It is trite law, the assessee […]
Posted inINCOME TAX
These Persons Are Mandatorily Required To File Income Tax Return
Vide Notification dated 21st April 2022, the CBDT has notified category of persons who are now mandatorily required to file income tax return: (i) if his total sales, turnover or gross receipts, as the case may be, in the business exceeds sixty lakh rupees during the previous year; or (ii) if his total gross receipts […]
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Shri Piyush Goyal urges States to put the NICDC projects on fast track and set a deadline for acquisition and allotment of land in industrial nodes and clusters
Shri Goyal says there should be no land squatting but units must be set up soon that would lead to absorption of new technologies and creation of jobs World wants to do business with us and it is now upon us to seize the opportunity: Shri Goyal Union Minister of Commerce and Industry, Consumer Affairs, […]
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CBDT Notifies Mandatory Conditions For Filing Income Tax Return
Vide Notification dated 21st April 2022, the CBDT has notified some more mandatory conditions for filing income tax return (ITR). The conditions for furnishing return of income in respect of persons referred to in clause (b) of sub-section (1) of section 139 in terms of clause (iv) of the seventh proviso to sub-section (1) of […]
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Legal Entity Identifier (LEI) for Borrowers
All Scheduled Commercial Banks (Excluding Regional Rural Banks), All India Financial Institutions, Small Finance Banks, Local Area Banks, Primary (Urban) Co-operative Banks, and Non-Banking Financial Companies (including Housing Finance Companies) Madam/Dear Sir, Legal Entity Identifier (LEI) for Borrowers Please refer to Para 3 of DBR.No.BP.BC.92/21.04.048/2017-18 dated November 2, 2017, on the captioned subject. On a review, […]
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Finance Minister Smt. Nirmala Sitharaman attends FATF Ministerial Meeting in Washington D.C.
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman attended the FATF Ministerial Meeting in Washington D.C. on 21st April 2022, conducted along-side the 2022 Spring Meetings of the World Bank Group and the International Monetary Fund (IMF). This meeting focussed on Ministers’ providing strategic direction, by endorsing the FATF’s strategic priorities for the years […]
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High Court Imposes 25% Penalty Of Demand For Non-mentioning Of Buyer’s Complete Address in Tax Invoice
In the case of RKS Agencies Vs State Tax Officer, the fault of petitioner is that petitioner’s full address is not mentioned on tax invoice. So, the department has issued notice and raised demand. The department has also seized goods and vehicles. When the petitioner go to the Madras High Court against the said demand […]