In the case of Sudhir Menon vs. ACIT, ITAT Mumbai has held that: A notice u/s 143(2) issued by the AO before the assessee files a return of income has no meaning. If no fresh notice is issued after the assessee files a return, the AO has no jurisdiction to pass the reassessment order and […]
Posted inBUSINESS & ECONOMY
Madhabi Puri Buch Appointed As SEBI Chairman. First Woman To Become SEBI Chairman
Financial Market Division of Ministry of Finance has issued Notification on 28th February 2022 which reads as under: In exercise of the powers conferred by sub section (1)(a) and sub-section (4) of section 4 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), read with rule 3 of the Securities and […]
Posted inGST
Provisional Attachment Under GST Act is Not Valid On Completion Of One Year: Rajasthan High Court
In the case of B.r. Construction Company vs Additional Director, the Rajasthan High Court has held that: The powers of provisional attachment and its inherent limitations in the nature of safeguards have been discussed at length in a recent judgment of the Supreme Court dated 20.04.2021 in Civil Appeal No.1155/2021- M/s Radha Krishan Industries Vs. […]
Posted inJUDGEMENT
ITAT Has To Rely Upon Investigation Conducted By AO: ITAT Mumbai
In the case of ITO vs. Iraisaa Hotels Pvt. Ltd, ITAT Mumbai has held that: The ITAT is an adjudicator and not an investigator. It has to rely upon the investigation / enquiry conducted by the AO. The Dept cannot fault the ITAT’s order and seek a recall on the ground that an order of […]
Posted inEPFO
EPFO: More Than 6.5 Crore People Are Waiting For This Benefit From EPFO
Private and government employees are going to get gifts before Holi next month. The Board of Employees’ Provident Fund Organization’s (EPFO’s) CBT Board has a meeting on March 12 in Guwahati. In the meeting, the interest rates for the current financial year of EPFO are to be discussed. The Central Board of Trustees (CBT) will […]
Posted inBUSINESS & ECONOMY
Sovereign Gold Bond: Opportunity To Buy Cheap Gold. Know Who Will Get Discount
The opportunity to buy gold at cheap rates has opened from today. If you also want to buy gold at cheap rates, then you can invest money in Sovereign Gold Bonds. From today i.e. February 28, investment in sovereign gold bonds is open and money can be invested here till March 4. Sovereign Gold Bond […]
Posted inINCOME TAX
If AO Failed To Conduct Proper Enquiry, It is Obligation Of ITAT To Conduct Proper Enquiry: ITAT Ahmedabad
In the case of Omni Lens Pvt. Ltd vs. DCIT, ITAT Ahmedabad has held that: If the AO has failed to discharge his obligation to conduct a proper inquiry, it is the obligation of the ITAT to ensure that effective inquiry is carried out. The AO has not examined the crucial aspect whether the bad […]
Posted inGST
Alert: GST Fraud By Forged Signature Of Deceased Person
In MP, the commercial tax department took a big action and caught a big scam. Action has been taken against bogus institutions passing on ITC to other firms by issuing fake bills. The department has caught the supply chain of bogus firms. Bogus turnover of crores of rupees was being done through these firms. Most […]
Posted inEPFO
Want To Update Mobile Number Or Email in EPF Account? Follow These Steps
Correct and updated mobile number in EPF helps in services like nomination and COVID-19 claim. At the same time, other important work will also be done in less time. Actually for this OTP is sent to the registered mobile number. Similarly, it will be easy to contact EPFO with a correct email ID. Follow these […]
Posted inINCOME TAX
Most Important News For Taxpayers! Get This Work Done Before 28 February
Let us tell you that after filing ITR to follow the process of Income Tax Return, it is also necessary to do E-Verify. But keep in mind, if you do not verify ITR in time, then it will be considered invalid. The last date for e-verification of ITR for A.Y. 2020-21 is 28 February 2022. […]
Posted inBUSINESS & ECONOMY
Want To Close Personal Loan Pre-maturely? Know Effect On Your Credit Score
In today’s time, the process of taking personal loan is very easy. For this, you can apply even sitting at home, or you can also apply for a personal loan by filling some minor documents by visiting the bank. You have to pay some interest every month on the loan, which can be a bit […]
Posted inBUSINESS & ECONOMY
This Big Change is Going To Happen in This Bank After February 28. Know Details Here
An important news is coming out for the customers of Lakshmi Vilas Bank and DBS Bank India Limited. Due to the merger of these two banks, a big change is going to happen. The existing IFSC of the bank’s branches will work only till February 28. The new IFSC will be applicable from 1st March […]
Posted inGST
Maharashtra GST Department Issues Circular On Assessment Of Non Genuine/ Non Existent Taxpayers
Vide internal circular no. 03A of 2022, dated 25.02.2022, the Maharashtra GST department has issued guidelines on assessment of non genuine/ non existent taxpayers under GST. The Circular can be read as under: Synopsis Assessment of return non-filers w/s 62 is done as a measure to ensure filing of return. However, the taxpayers are detected […]
Posted inJUDGEMENT
Non-Resident Assessee Earning Income From Multiple Sources Can Adopt Provisions Of IT Act For One Source And DTAA For Other Source: ITAT Mumbai
In the case of Dimension Data Asia Pacific Pte. Ltd vs. DCIT, ITAT Mumbai has held that: If a non-resident assessee derives income from multiple sources in India, it is entitled to adopt the provisions of the Act for one source and the DTAA for the other source, whichever is more beneficial to it, even […]
Posted inICAI
ICAI Important Announcement: CA Foundation, CA Intermediate, CA Final And CA’s Examinations To Be Held On These Dates
On 25th February 2022, The ICAI has notifies examination dates and places for CA Foundation, CA Intermediate, CA Final and CA’s Examination. According to the Notification issued by the ICAI, the examination dates are attached in the below picture: Examination Places and Examination Fees as notified in the notification
Posted inJUDGEMENT
AO Cannot Assess Share Premium As Income On The Ground That It is “Excessive”: ITAT Mumbai
In the case of DCIT vs. Varsity Education Management Pvt. Ltd, ITAT Mumbai has held that: The AO cannot assess the share premium as income on the ground that it is “excessive”. The share premium worked out in the Valuation Certificate is the minimum amount that can be collected by the assessee under RBI regulations. […]
Posted inGST
CBIC Issues Big Update On E-Invoice Under GST
Vide Notification No. 01/2022- Central Tax, Dated 24th February 2022, the CBIC has reduced the applicability of e-invoice. Now, e-invoice requirements will be applicable to taxpayers whose aggregate turnover above Rs. 20 crore in any of the previous years from 2017-18 till 2021-22. Copy of Notification attached:
Posted inBUSINESS & ECONOMY
Russia- Ukraine Crisis LIVE: PM Modi Spoke To Vladimir Putin On Telephone, Appealed To Stop Violence in Ukraine Immediately
In view of the situation after the start of war between Russia and Ukraine, Prime Minister Narendra Modi on Thursday spoke to Russian President Vladimir Putin over telephone. In the conversation, Prime Minister Narendra Modi appealed to Russian President Vladimir Putin to stop the violence immediately. The Prime Minister’s Office (PMO) has given this information. […]
Posted inBUSINESS & ECONOMY
Russia- Ukraine Crisis LIVE: Russian President Vladimir Putin Warns Other Countries
Russia- Ukraine Crisis Russia’s President Vladimir Putin warned other countries that any attempt to interfere with Russian action would have “results they have never seen before.” Loud explosions were heard in Kiev (the capital of Ukraine), Kharkiv, Odessa and other cities in Ukraine. Pictures and videos were released by Ukrainian border guards in this regard and it […]
Posted inBUSINESS & ECONOMY
Russia- Ukraine Crisis LIVE: Ukraine Breaks All Diplomatic Relations With Russia
Russia- Ukraine Crisis The ongoing conflict between Ukraine and Russia has now turned into a war. Russia has attacked Ukraine. According to a report by news agency AFP, more than 40 Ukrainian soldiers and 10 civilians have died in the attack. The Russian military has fired missiles at several cities in Ukraine. After the attack, Ukraine announced the severance […]
Posted inBUSINESS & ECONOMY
Russia- Ukraine Crisis LIVE: PM Modi To Hold Big Meeting On Russia- Ukraine Crisis
Amidst the ongoing war with Russia, Ukraine has appealed to the Indian government for help. After which PM Modi, who is on an election tour in UP, has spoken of a meeting regarding the Ukraine crisis. Many officers of the security department will involve in this meeting. #BigBreaking यूपी से लौटने के बाद यूक्रेन संकट पर पीएम […]
Posted inBUSINESS & ECONOMY
Russia- Ukraine Crisis LIVE: Crude Prices At Highest Level For The First Time in 7 Years
Russia has attacked Ukraine. The war has broken out. Soon after this news, crude oil has also come to a boil. The price of Brent Crude has crossed $ 100 per barrel. At the same time, gold has gone beyond $ 1930 at a 13-month high in the global market. Russian President Vladimir Putin has announced a military operation in […]
Posted inBUSINESS & ECONOMY
Russia- Ukraine Crisis LIVE: Indian Share Market in Fear Due To War
Indian markets started with a red mark on the fourth day of the week amid rising tensions between Russia and Ukraine and reports of explosions on the Ukrainian capital and other areas. The market opened with a heavy fall on the day of expiry. There was a fall of 1426.28 points i.e. 2.49 percent in the Sensex […]
Posted inBUSINESS & ECONOMY
Russia- Ukraine Crisis LIVE: Russian Currency At Its Lowest Level, Indian Market At Low Level Of The Day
War finally broke out between Ukraine and Russia. Russia attacked Ukraine on Thursday morning according to Indian time. Russia carried out airstrikes in several areas, including the Ukrainian capital, in which more than 100 Ukrainian army soldiers are reported to be killed. However, the Defense Minister of Ukraine has denied this fact. The Russian currency ruble has also seen […]
Posted inINCOME TAX
If Decision is Challenged On The Issue Of Jurisdiction As Well As Merits, Appellate Authority Should Decide Both Issues: ITAT Mumbai
In the case of ITO vs. Mohanraj Trading & Exchange, ITAT Mumbai has held that: If a decision is challenged by the assessee both on the issue of jurisdiction as well as on merits, the appellate authority has to decide both issues. He cannot decline to decide one of the issues on the basis that […]
Posted inBUSINESS & ECONOMY
Fraudsters Can Cheat You in The Name Of Jobs: Income Tax Department
Due to the unemployment reaching a record level, there is a situation of crisis in front of the people regarding their livelihood. In such a situation, people want to get a job by any means. Some thugs and fraudsters are taking advantage of this condition of the people. In fact, the Income Tax Department has […]
Posted inJUDGEMENT
Employer Will Compensate For The Loss Due To Delay in EPF Contribution: Supreme Court
The employer will have to compensate the loss for delay in contribution to the Employees’ Provident Fund (EPF). The Supreme Court has given this arrangement on Wednesday. According to the news of PTI, a bench of Justice Ajay Rastogi and Justice Abhay S Oka said that the Employees’ Provident Fund and Miscellaneous Provisions Act provides […]
Posted inMARKETS
Russia- Ukraine Crisis Dominates Global Market, Indian Market Lost its Momentum
The increased possibility of open war between Russia and Western countries over Ukraine is not giving the domestic stock market a chance to recover. Even though the domestic stock market started well on Wednesday, but by the end of the evening, all the bullshit got lost. After the end of the day’s trading, both Sensex […]
Posted inMARKETS
Bikaji is Coming With IPO Of Rs 1000 Crore
Bikaji Foods International, a Rajasthan-based namkeen and sweets maker, is about to come out with its IPO. This IPO of Bikaji Foods is going to be worth 1000 crores. Bikaji has submitted draft papers for this with the market regulator SEBI. Bikaji Foods, the market leader in the family pack segment, manufactures over 250 products. […]
Posted inBUSINESS & ECONOMY
Don’t Scan QR Code To Receive Money. SBI Alerts Customers
Today, in the modern era where all the work is now being done online, especially in the Corona era, the use of cashless transactions has increased. In such a situation, thugs find new ways to cheat people. In the recent past, there have been cases of fraud by scanning the QR code from the mobile. In view of […]