Google keeps on bringing new features for its users every day. In such a situation, the company has brought great work and very beneficial Voice Parking Feature for its users. In this, users will get the facility to pay for parking using their voice. This is because of Google’s partnership with ParkMobile. Let us tell […]
Posted inEPFO
EPFO Reduces Interest Rates On Deposits
The two-day meeting of the Central Board of Trustees (CBT) of Employees’ Provident Fund Organization (EPFO) began in Guwahati on Friday. A major decision has been taken on Saturday after a thorough deliberation in the meeting. The interest rate on deposits in EPF has been changed and it has been reduced from 8.5 to 8.1 […]
Posted inBank / Bank Audit
Big Relief: RBI Lifted Restrictions On HDFC Bank. Know Details Here
The Reserve Bank of India has lifted all restrictions on private sector HDFC Bank’s Digital 2.0. Information in this regard has been provided by the bank to the stock exchange. It has been said by the bank that after the lifting of the ban, it can resume all types of digital initiatives. HDFC Bank on […]
Posted inMARKETS
NSE Scam: Chitra Ramkrishna Did Not Informed NSE About This Most Important Work
Chitra Ramkrishna, the former CEO of NSE, had given her advisor Anand Subramanian equal powers to an MD to have access to confidential information. Chitra did not informed the NRC and the board about this decision. This information came to light in the ongoing CBI investigation regarding the co-location scam in the National Stock Exchange. […]
Posted inAUTO
Uber Imposes Surcharge On Customers Due To Increase in Gas Prices
Crude oil and gas prices in the world have risen sharply since the start of the Russia-Ukraine war. This has a direct impact on the price of petrol, diesel and CNG. Meanwhile, Uber has decided to charge an additional surcharge per ride. Uber will charge a surcharge of $0.45 to $0.55 per ride and delivery […]
![Date Of Possession Of Residential House Should Be Taken As Date Of Purchase For Section 54 Of Income Tax Act [Read Judgement]](https://i0.wp.com/taxconcept.net/wp-content/uploads/2022/03/Screenshot_2022-02-19-08-20-44-64_4251af1b5b11394b318ec35cda6368c8-4f06dc42.jpg?resize=1050%2C606&ssl=1)
Posted inJUDGEMENT
Date Of Possession Of Residential House Should Be Taken As Date Of Purchase For Section 54 Of Income Tax Act [Read Judgement]
In the case of Reji Easow vs. Income Tax Officer, ITAT Mumbai has held that: In view of the above we are of the considered view that on the facts of the present case the date on which possession is by the Assessee (i.e. 02.04.2016) should be taken as the date of purchase. The requirement […]
Posted inJUDGEMENT
Decision By AO Without Giving An Opportunity To Assessee is in Violation Of Principle Of Natural Justice: ITAT Jaipur
In the case of DCIT vs. Saurabh Mittal, ITAT Jaipur has held that: The Assessing Officer has not brought any material on record to controvert the fact duly established by the supporting evidence of purchase bills, payment of consideration through bank, dematerialization of shares in the DEMAT account, allotment of the shares amalgamated new entity […]
Posted inMARKETS
Big Update On LIC IPO
With the announcement of LIC IPO, the atmosphere of discussions about it is intensifying. Questions like price bands, discounts for policy holders and retail investors are being discussed continuously. Due to the volatility in the market due to the Russia-Ukraine war, the government has not yet announced a specific date for the IPO, but it […]
Posted inINCOME TAX
Good Step By Income Tax Department To Help Taxpayers
The offices of the Income Tax Department will also open on all Saturdays of this month (March 2022) across the country. A senior official said on Friday that Finance Minister Nirmala Sitharaman had directed this to be done to address the grievances and cases of taxpayers. The income tax offices will be open every Saturday […]
Posted inBUSINESS & ECONOMY
Reliance Retail’s ‘Smart Bazaar’ Will Replace ‘Big Bazaar’
The name of Future Group’s Big Bazaar does not require any identity. But its name is going to change soon. Yes, according to a report, Reliance Retail’s Smart Bazaar is about to replace Big Bazaar. It is said that Reliance Retail is going to launch a new store brand Smart Bazaar. It is named after […]
Posted inBank / Bank Audit
Big Blow To Paytm Payments Bank
The days of Paytm, a leading digital payment service provider in the country, are not going well. Since its listing in the stock market, the process of breaking its shares continues, due to which the investors are suffering huge losses. On the other hand, the Reserve Bank of India has given another big blow to […]
![Breaking: Service Tax Liability Can Not Be Imposed Only On The Basis Of Form 26AS [Read Judgement]](https://i0.wp.com/taxconcept.net/wp-content/uploads/2022/03/CESTAT-d6ff7485.jpg?resize=1200%2C900&ssl=1)
Posted inJUDGEMENT
Breaking: Service Tax Liability Can Not Be Imposed Only On The Basis Of Form 26AS [Read Judgement]
In the case of M/s Luit Developers Private Limited vs Commissioner of CGST & Central Excise, Dibrugarh, the CESTAT Kolkata has held that: I also find that the appellant is a Pvt Ltd Company and figures in Form 26AS are already included in Revenue from Operations in the Profit/Loss Account of Balance Sheet, which is […]
Posted inBUSINESS & ECONOMY
Twist in The Story: Sahara Targets On SEBI in Patna High Court
Sahara India gave its reply in the Patna High Court in the issue of repayment of investors. Taking a dig at the capital markets regulator, Sahara said that the amount of Rs 24 thousand crore deposited with SEBI is for repayment of investors. But SEBI has not paid the investors in the companies of the […]
Posted inBUSINESS & ECONOMY
Russia- Ukraine War Will Increase Inflation in India: Raghuram Rajan
Former RBI governor Raghuram Rajan on Wednesday said India needs to revise its response to price controls in view of the impasse in global supply chains due to the Russia-Ukraine war. Rajan said that the objective of neither the government nor the RBI would be fulfilled if the war against inflation is lost. It is […]
Posted inEPFO
Upcoming Changes in PF Rules You Must Know
Provident Fund (PF) rules are going to change from April 1, 2022. This will have a direct impact on your pocket. From the new financial year, if you invest more than Rs 2.50 lakh in the PF account, then tax will have to be paid on its interest. Finance Minister Nirmala Sitharaman had announced the […]
Posted inGST
GST Update: Enhanced GST Registration Application User Interface
User Interface (UI) with respect to the address fields in the Registration Application GST REG-01 has been enhanced as follows:- > Incorporation of a map tile along with a drag and drop facility of address pinhead on to the exact location of the applicant’s address. > Once selected, the details will automatically fill in the […]
Posted inINCOME TAX
Facility To File These Forms is Now Enabled On Income Tax Portal
Income Tax E-filing Portal has posted an update that: Facility to file forms 10AB, 10IG, 10IH and 5C has been enabled after login under e-file -> Income Tax Forms -> File Income Tax Forms. Reportedly various forms are now available for filing on income tax e-filing portal. However there are some glitches in the portal […]
Posted inINCOME TAX
Alert: Income Tax Department Alerts Taxpayers To Reply To Notices By 31 March
If you are one such taxpayer and you have come under the scanner of income tax then this news is for you. The Income Tax Department has asked the taxpayers under investigation to respond to the notice by March 31, 2022. The Income Tax Department appealed to the taxpayers by tweeting about this on Wednesday. […]
Posted inINCOME TAX
Watch Episode-1 Of Returns And Refunds Under Income Tax
Income Tax Department’s Episode-1 of Returns & Refunds- Know about the Department’s Centralized Processing Centre and how well taxpayers have complied this filing season. With- Dr. Sibichen Mathew, IRS [Director of Income Tax (Centralized Processing Centre – ITR), Bengaluru] Get an insight into- Functions of CPC, How well the taxpayers complied this season and The […]
Posted inBUSINESS & ECONOMY
RBI Gives Big Gift To Exporters
The Reserve Bank of India (RBI) on Tuesday gave a big gift to the exporters. The central bank extended the Interest Equalization Scheme for pre and post shipment rupee credit for MSME exporters till March 2024 with an aim to boost outbound shipments. Explain that exporters get subsidy under this. Earlier last year in April 2021, this scheme […]
Posted inBUSINESS & ECONOMY
Have You Invested in This Scheme Of Post Office? Do This Important Work By 31 March
There is big news for those investing in the post office small savings scheme. Actually, from April 1, there is going to be a change in the rules of these schemes which will directly affect the customers. According to the new rules, it has now been made mandatory for customers to open a savings account or bank […]
Posted inBUSINESS & ECONOMY
Government Fixes Tariff Value Of Some Imported Goods
Notification No. 15/2022- Customs (N.T.) Dated 8th March 2022 The Government has fixed tariff value of imported goods: Crude Palm Oil RBD Palm Oil Others – Palm Oil Crude Palmolein RBD Palmolein Others – Palmolein Crude Soya bean Oil Brass Scrap (all grades) Gold (refer notification for detailed description) Silver (refer notification for detailed description) […]
Posted inGST
Issue SCN Under GST in Time Bound Manner: Delhi Government
GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE & TAXES (POLICY BRANCH) VYAPAR BHAWAN, I.P.ESTATE, NEW DELHI-110002 No. F. 3(409)/GST/policy/2021/1054-1058 Dated: 04/03/2022 To, (i) All Special/Additional/Joint Commissioners (ii) All Ward In charges Subject- Issuance of SCNs in time bound manner- regarding. The Instruction No. 02/2021-22/GST-Investigational regarding issuance of SCNs in time bound manner […]
Posted inGST
GSTN is Organizing Webinars On Enhanced HSN Functionality Deployed On GST Portal
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 inBUSINESS & ECONOMY
Government Extends Due Date For Submitting Applications Under Merchandise Exports From India Scheme (MEIS)
Vide notification no. 58/2015-2020 dated 7th March 2022, the Central Government has extended due date for submitting applications under Merchandise Exports From India Scheme (MEIS). As mentioned in the notification: The last date for submitting applications under MEIS (for exports made in the period – 01.04.2020 to 31.12.2020), ROSCTL, ROSL and 2% additional ad hoc […]
Posted inJUDGEMENT
Section 263(1) Of Income Tax Act Obligates CIT To Give The Assessee An Opportunity Of Being Heard: ITAT Mumbai
In the case of Ambuja Cements Limited vs. CIT, ITAT Mumbai has held that: Citation: Section 263(1) of Income Tax Act obligates the CIT to give the assessee an opportunity of being heard before passing of his order. While the CIT is entitled to consider a point which is not stated in the show-cause notice, […]
Posted inMARKETS
Former NSE CEO Chitra Ramkrishna’s Troubles Increased
Former NSE CEO Chitra Ramakrishna’s troubles have increased in the National Stock Exchange (NSE) co-location case. In fact, she was arrested on Sunday and was produced before the special court. From where she has been sent on seven days CBI remand. Along with this, a Delhi court has extended the CBI custody of former NSE […]
Posted inBUSINESS & ECONOMY
RBI Alerts Bank Customers On This Serious Matter
In a booklet published titled ‘Beware – A Booklet on Modus Operandi of Financial Fraud’, RBI said fraudsters are using innovative methods to defraud people unaware of the techno financial ecosystem and embezzle their hard-earned money. The booklet provides information on modus operandi of fraudsters, precaution against fraudulent transactions and digital hygiene. Based on a […]
Posted inBUSINESS & ECONOMY
India’s GDP Growth Will Be Less Than Eight Percent Next Year
The fierce war between Russia and Ukraine has been going on for the last 11 days. The impact of this conflict seems to be falling on the economies of many countries around the world including India. You can guess this from the fact that China has reduced its GDP target for this year to the lowest 5.5 […]
Posted inBudget 2022
Budget 2022 Presents A Roadmap For Next 25 Year: Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman said in a post-budget discussion on Monday that the budget for the financial year 2022-23 presented by her on February 1 has been prepared keeping in mind the next 25 years. Which will go a long way in maintaining continuity and providing a tax-friendly regime. Along with this, during the […]