The Search HSN Code functionality has been enhanced, where taxpayers can search the HSN code and the applicable Technical description through common parlance / trade description of the goods/ services as they are known in the Trade. It helps the taxpayers to search HSN Code by providing description/ part of a description. For creating awareness […]
Posted inEPFO
Want To Change Nomination in EPF/ EPF Account? Follow This Easy Way
EPFO tweeted, ‘If an EPF member wants to change the existing EPF or EPS nomination, then he can file a new nomination. The new EPF or EPS enrollment will supersede the previous enrollment. How to Change PF Enrollment To file e-nomination for PF account, EPF members need to visit http://www.epfindia.gov.in. There visit the ‘Services’ section […]
Posted inINCOME TAX
Don’t Miss Last Chance To File Income Tax Return For A.Y. 2021-22
The deadline set by the Income Tax Department for filing income tax returns for A.Y. 2021-22 has ended on December 31, 2021. But if you have not yet filed Income Tax Return, you still have a chance. You can file it till 31st March, 2022. ITR will have to be filled with penalty Let us […]
Posted inBUSINESS & ECONOMY
India Responded To America’s Comment On Russian Oil Deal
India has responded to the remarks made by the US on the move to import about 15 million barrels of crude oil from Russia. A report quoting government sources said that India has asked the US in a stern tone to ‘not to do politics on this matter’. Government sources said that India’s legitimate energy […]
Posted inINCOME TAX
Advance Tax Collection Increased By 41 Percent, Direct Tax Collection Also Increased By 48 Percent
Advance tax collection has increased by 41 percent in the current financial year in the country. With this, the tax collection from personal and corporate income has increased by more than 48 percent in the current financial year. This explains the continuous economic recovery in the economy affected by the corona virus epidemic. According to […]
Posted inINCOME TAX
Income Tax Department Conducts Searches in Mumbai
Income Tax Department carried out a search operation on 08.03.2022 on a cable operator of Mumbai, a State Govt employee and the businesses related to him. A total of 26 premises spread over Mumbai, Pune, Sangli and Ratnagiri were covered. During the search, it was found that a parcel of land at Dapoli was purchased […]
Posted inBUSINESS & ECONOMY
Merchandise Exports Will Cross $400 Billion Target This Year: Piyush Goyal
The country’s merchandise exports have reached $390 billion in the current financial year till March 14, 2022. Giving information on Thursday, Commerce and Industry Minister Piyush Goyal claimed that we will cross the export target of $400 billion in 2021-22. Addressing an event organized by the Automotive Component Manufacturers Association (ACMA), Piyush Goyal said that […]
Posted inBUSINESS & ECONOMY
Another Blow To Paytm: Macquarie Capital Cuts Shane’s Target Price To Rs 450
The good days of Paytm, the parent company of One97 Communications and digital payment services giant in India, are not in sight. Since the listing, Paytm’s shares have lost more than 71 percent, due to which founder Vijay Shekhar Sharma has been left out of the list of billionaires. Now the company has got another […]
![Bombay High Court Quashes Assessment Order Due To Not Granting Opportunity To Assessee [Read Judgement]](https://i0.wp.com/taxconcept.net/wp-content/uploads/2022/03/Screenshot_2022-02-19-08-20-44-64_4251af1b5b11394b318ec35cda6368c8-07561d73.jpg?resize=1050%2C606&ssl=1)
Posted inJUDGEMENT
Bombay High Court Quashes Assessment Order Due To Not Granting Opportunity To Assessee [Read Judgement]
In the case of Pankaj s/o Roshan Dhawan vs National E-Assessment Centre and Others, the Bombay High Court has held that: It is true that an alternate remedy by way of statutory appeal is available to the petitioner. However in view of the fact that it is apparent that the assessment order has been issued […]
Posted inBUSINESS & ECONOMY
Big News: Tata Group Will Launch its Digital Payment App. Google Pay, Phone Pe To Get Direct Competition
Now the Tata group is also taking a step forward in the race for digitalisation. In fact, the group has made preparations to join the UPI payments club. After the country’s most popular UPI-based service provider PhonePe, Google Pay, WhatsAppPay, AmazonPay and Paytm, the Tata Group may soon launch its own digital payments app. According […]
Posted inBUSINESS & ECONOMY
Vijay Shekhar Sharma Out Of The Club Of Billionaires
Since the listing in the stock market, the shares of Paytm have not only become a problem for the investors, but on the other hand the company’s founder Vijay Shekhar Sharma is also giving one blow after the other. According to Forbes data on Wednesday, Sharma has been out of the billionaire club due to […]
Posted inBUSINESS & ECONOMY
Battle of Badshahat: Legal Battle Going On For More Than A Year Between Amazon, Reliance And Future Group
The ‘Holi Milan’ between Reliance Group, Future Group and Amazon has now turned into ‘Mahabharat’. At the center of this Mahabharata is nothing but the Indian retail market, whose battle to become the king is going on between Reliance and Amazon. In this, Future Group has also been suffering for more than a year. In […]
Posted inBUSINESS & ECONOMY
Shock To Anil Ambani: CEO Of Debt-Ridden Reliance Capital Resigns
Anil Ambani-led Reliance Capital has suffered a major setback. Actually, the company’s CEO Dhananjay Tiwari has resigned from his post. This information has been shared on behalf of the company. The regulatory filing said that he retired on March 15, 2022. The reasons for the resignation were not disclosed However, the company has not clarified […]
Posted inBUSINESS & ECONOMY
SBI Cuts India’s GDP Growth Forecast, Rupee Will Break Further Against Dollar
More than 15 days have passed since the war between Russia and Ukraine and the conflict is not taking its name to stop. Both countries are suffering huge losses from this war and its affect is clearly visible on other countries of the world as well. Meanwhile, India’s largest lender State Bank of India (SBI) […]
Posted inBUSINESS & ECONOMY
Amazon Vs Future: No Solution Came Out Of Mutual Talks Outside Court, Matter Will Be Heard in Supreme Court
Amazon told the Supreme Court on Tuesday that it and Future Group had held extensive talks to reach a settlement, but no progress had been made on arbitration on the assets of Future Retail Ltd (FRL). Supreme Court will hear on March 16 Along with this, it was argued on behalf of Amazon that despite […]
Posted inBank / Bank Audit
Bank Holidays: Settle The Work Related To Bank Soon
If you have any big work related to the bank in recent times, then it will be beneficial to do it before Holi. Actually, this week banks will be closed for four consecutive days. This week is the festival of Holi, due to which there will be no work in the banks and banks will […]
Posted inMARKETS
No Plan To Start Regulated Cryptocurrency: Government
The government clarified on Tuesday that it has no plans to introduce a cryptocurrency regulated by the RBI. Minister of State for Finance Pankaj Choudhary expressed the government’s opinion in a written reply to a question on cryptocurrencies in the Rajya Sabha. He said that currently cryptocurrencies are completely unregulated in the country and RBI […]
Posted inEPFO
Pension Of Rs 1000 is Not Enough For EPFO Subscribers: Parliament’s Committee
A pension of Rs 1,000 is not enough for the subscribers of Employees’ Provident Fund Organization (EPFO). It needs to be increased. A committee of Parliament on Tuesday said that giving Rs 1,000 as minimum monthly pension to subscribers under EPFO’s pension scheme is too low. In such a situation, it is necessary that the […]
Posted inINCOME TAX
No Plan To Change Capital Gains Tax: Finance Ministry
Clarifying the government’s stand on Tuesday, sources in the finance ministry said the central government has no plans to reform the capital gains tax structure at present. Sources have rubbished media reports that the government wants to reform the capital gains tax structure to increase its earnings and increase spending on welfare schemes. In a […]
Posted inBUSINESS & ECONOMY
Enforcement Directorate Attaches Assets Worth More Than One Crore Of 2 Businessmen
The Enforcement Directorate, taking action against two big businessmen of Gujarat, has attached their properties worth Rs 1.04 crore. This action has been taken under the Prevention of Money Laundering Act. Giving information on Tuesday, the ED said that these traders had allegedly sold fake injections of Remdesivir last year during the second wave of […]
Posted inBank / Bank Audit
There Was No Loss To Public Sector Banks in Last Three Quarters: Government
On behalf of the Central Government, it was told in the Rajya Sabha that in the last three quarters, no public sector bank has suffered losses, that is, their health has become better. Apart from this, the profit of all public sector banks stood at Rs 48,874 crore during this period. Minister of State for […]
Posted inAUTO
Good News: Now Vehicle Scraping Facility Will Be Digital
The Ministry of Road Transport and Highways (MoRTH) informed through a draft notification that now the works related to scrap vehicles will be conducted digitally. This amendment will simplify the process of vehicle scraping for all vehicle owners, RVSF operators, regional transport authorities. All the processes are being time bound so that the ease of […]
Posted inJUDGEMENT
Order Passed After Limitation Period Under Section 206C Of Income Tax Act is Void: ITAT Jaipur
In the case of ITO vs. Eid Mohammad Nizamuddin, ITAT Jaipur has held that: Citation: Though section 206C does not impose any limitation period for the AO to hold the assessee to be in default for collection of tax at source, a reasonable time limit of four years has to be read into the statute. Orders […]
Posted inJOB
BPSC Recruitment 2022: Vacancy Out For 107 Posts
The youth of Bihar has a good chance of a government job. Here the vacancy is out for Assistant Town Planning Supervisor. Bihar Public Service Commission (BPSC) has invited applications for 107 posts. This vacancy has been released for appointment in the Urban Development and Housing Development Department of the state government. The last date […]
Posted inBUSINESS & ECONOMY
These States Had Not Given Relief On Petrol And Diesel To Public
Nine states of the country did not cut petrol and diesel VAT, due to which the public has to buy them at expensive rates. Union Petroleum and Natural Gas Minister Hardeep Singh Puri told the Rajya Sabha on Monday that the central government cut central excise tax in November 2021, but nine states, including Maharashtra […]
Posted inGST
Big Relief: GST Reduced in Repair And Maintenance Services in Aviation Sector
On Monday, it was decided to reduce GST on some services in the aviation sector. These include in-house maintenance, repair and overhaul services (MRO) services. The GST on them has been reduced from 18 per cent to 5 per cent. The information about the reduction of GST on these services has been shared by the […]
Posted inBank / Bank Audit
Breaking: Micro Finance Lenders Cannot Charge More Interest From Customers- RBI
The Reserve Bank of India (RBI) on Monday said that micro-finance lending institutions cannot charge more interest from customers. A micro-finance loan refers to a guarantee-free loan given to a family with an annual income of up to Rs 3 lakh. Along with this, these lenders have also been asked by the RBI to fix […]
Posted inBUSINESS & ECONOMY
Major Setback To End Consumer: Wholesale Inflation Increased Due To Russia Ukraine Crisis
On Monday, the common man of the country has once again suffered a major setback. Actually, wholesale inflation has increased in the month of February. If we look at the data released by the government, then it has come to the level of 13.11 while jumping. Significantly, in January, wholesale inflation was at 12.96 per […]
![Breaking: GST Department Can Not Cancel GST Registration By Only Mention Firm As "Bogus" [Read Judgement]](https://i0.wp.com/taxconcept.net/wp-content/uploads/2022/03/GST-REGISTRATION-CANCELLATION-5a48c131.png?resize=300%2C168&ssl=1)
Posted inJUDGEMENT
Breaking: GST Department Can Not Cancel GST Registration By Only Mention Firm As “Bogus” [Read Judgement]
In the case of Apparent Marketing Private Limited Vs State Of U.P., the Allahabad High Court has held that: 20.) Remarkably, despite reply having been furnished by the assessee, the order dated 2 1.08.2020 is as vague and defective as the initial notice inasmuch as, only reason given in that order is that the assessee […]
Posted inINCOME TAX
Benefits Of Filing Income Tax Return (ITR)
If you have not filed Income Tax Return (ITR) yet, then the last date for filing ITR for the financial year 2020-21 is near. March 31, 2022 is the last chance to file the return (belated) with penalty. ITR has many advantages. Increases the ability to take loan If you are going to take a […]