Attention GST Taxpayers who are not under QRMP Scheme. Today is the last date to file your monthly GSTR-3B Return for the month of December, 2021. Late filing of GSTR-3B return will attract late fees and interest.
Posted inTC
Big Blow To Vijay Mallya From British Court
Vijay Mallya, a fugitive businessman from the country, has got a big setback from the British court. Vijay Mallya will now have to vacate the luxurious London Mansion house along with his family. The British Court has rejected Mallya’s plea. After the dismissal of the petition, Vijay Mallya is left with no other option but […]
Posted inBudget 2022
Budget 2022-23: Government May Increase Limit Of Rs 2 lakh interest Exemption On Home Loan
Indian Banks Association (IBA) is also expecting as much relief to home buyers from the budget. IBA has demanded in front of Finance Minister Nirmala Sitharaman to increase the scope of interest subvention on home loan from Rs 2 lakh in the upcoming budget. It is expected that people buying a house through a home […]
Posted inBUSINESS & ECONOMY
CBDT Notifies Provisions For Collection And Payment Of Securities Transaction Tax (STT) in Case Of Insurance Company
Vide Notification No. 9/2022, Dated 18th January 2022, CBDT has inserted rule 5A in the Securities Transaction Tax Rules 2004 which contains provisions related to collection and payment of securities transaction tax in case of Insurance Company. Securities Transaction Tax (1st Amendment), Rules, 2022 have been notified for this purpose. To Download the Notification, Please […]
Posted inINCOME TAX
CBDT Notifies Provisions For Computation Of Capital Gains Under Section 45(1B) Of Income Tax Act
Vide Notification No. 8/2022, Dated 18th January 2022, the CBDT has inserted rule 8AD in the income tax rules 1962 which contains provisions for computation of capital gains under section 45(1B) of income tax act. Income Tax (2nd Amendment) Rules 2022 have been notified for this purpose. To Download the Notification, Please Click Here
Posted inINCOME TAX
We Don’t Appreciate This Attitude Of CBDT Of Not Extending ITR Due Date: Gujarat High Court
The Gujarat High Court today said that: “Ask the highest authorities to file an affidavit that if any problem crop up, then they shall be immediately attended, and if such problems are not attended, then the officer shall be personally responsible for the same. If CBDT is to adopt a very obstinate attitude, which we […]
Posted inINCOME TAX
Income Tax Department Conducts Search And Seizure Operations in Haryana
The Income Tax Department had conducted a search and seizure operations on a diversified business group engaged in the manufacturing of plywood/plyboard, MDF board, inverter and vehicle batteries, and in the refining of lead on 11.01.2022. More than 30 premises spread across the cities of Yamuna Nagar, Ambala, Karnal, and Mohali have been covered in […]
Posted inBudget 2022
Budget 2022: Industry is Demanding To Abolish Commodity Transaction Tax (CTT)
In the 2013 budget, CTT i.e. Commodities Transaction Tax was imposed on commodity futures trading. Every year the industry demands its removal, but so far only disappointment has come. Industry believes that not only has there been a huge drop in volumes due to the imposition of transaction tax, but also big corporates have started […]
Posted inINCOME TAX
Breaking: Calcutta High Court Quashes Notices Issued Under Section 148 Of Income Tax Act
On 17th January 2022, Calcutta High Court has quashed notices issued under section 148 of the Income Tax Act. The court said that: Respectfully agreeing with the reasonings and views taken by the Allahabad High Court, Rajasthan High Court and Delhi High Court in the cases referred hereinabove, all these Writ Petitions herein are disposed […]
Posted inICSI
Practising Company Secretary Now Required To Provide Certificate Regarding Compliance Of ICDR Regulations For Preferential Issue
Vide notification dated 14th January 2022, the Securities and Exchange Board of India has notified Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2022. Earlier, the issuer was required to place a copy of certificate issued by statutory auditor before the general meeting of shareholders with respect to […]
Posted inICAI
Draft Bank Branch Auditors’ Panel of Chartered Accountants/ Firms For The Year 2021-22
Professional Development Committee The Institute of Chartered Accountants of India 16th January, 2022 Draft Bank Branch Auditors’ Panel of Chartered Accountants/firms for the year 2021-22 Dear Sir/Madam, We are pleased to inform that the Draft Bank Branch Auditors’ Panel(MEF) of Chartered Accountants/firms for the year 2021-22 has been hosted at http://www.meficai.org Kindly note that it […]
Posted inBUSINESS & ECONOMY
This Scheme Of LIC Will Strengthen Financial Level Of Those Who Earn Less. 110% Benefit On Maturity
The name of the smallest plan of LIC is Bhagya Lakshmi Plan. This scheme can prove to be very helpful for those people who are financially weak. Bhagya Lakshmi plan has been specially introduced for the low income group people. This scheme is of low sum insured, in which no GST is applicable. Let us […]
Posted inBUSINESS & ECONOMY
Bank Holiday Calendar: Banks Will Be Closed On These Days in 2022
This year banks are going to be closed for many days in different states of the country. These days customers will not be able to withdraw or deposit money in their respective bank branches. However, all the services available online will continue as before, people will not see any problem in it. Let’s take a […]
Posted inBUSINESS & ECONOMY
Startup India is Acting As A Force Multiplier: Piyush Goyal
The office of Union Minister Shri Piyush Goyal has tweeted that: Empowering Ideas, Energising India. PM Narendra Modi Ji’s dream for Aatmanirbhar Bharat is being built on innovation & enterprise. By providing a facilitative environment to entrepreneurs, Startup India is acting as a force multiplier. The office has posted a video, which can be viewed […]
Posted inINCOME TAX
Assessee Can Demand Personal Hearing in Faceless Assessment Due To Mandatory Requirement u/s 144B Of Income Tax Act- Delhi High Court
In the case of Bharat Aluminium Company Ltd. vs Union Of India & Ors., the Delhi High Court has held that: Consequently, this Court is of the opinion that an assessee has a vested right to personal hearing and the same has to be given, if an assessee asks for it. The right to personal […]
Posted inBUSINESS & ECONOMY
Bank Of Baroda Customer? This Most Important News is For You!
If your account is also in Bank of Baroda then this news is for you. Let us tell you that the government bank BOB is coming up with a new rule for its account holders. Under this rule, confirmation will be necessary for checks of 10 lakhs or more. This new rule is regarding check […]
Posted inBUSINESS & ECONOMY
Want To Invest And Save Tax Too? Invest Money in These Schemes!
If you are employed then you should start investing from the very first day itself. If your salary comes under the income tax slab and you are taxed, then you can invest in such schemes, where tax saving scheme is available from the government. At present, there are many such schemes in the country, where […]
Posted inBUSINESS & ECONOMY
Bar Council Of India Issues Notification For Election Of Chairman And Vice Chairman
Bar Council of India has issued a notification on 14th January 2022 regarding election of Chairman and Vice Chairman. The notification reads as under: The election of Chairman and Vice Chairman shall be held at a meeting of the Council at a time and place to be fixed either by the Chairman or by the […]
Posted inINCOME TAX
Extension Of Even 3 Months Will Not Sufficient If Glitches in Income Tax Portal Will Continue: Gujarat HC
In the case of Southern Gujarat Income Tax Bar Association Vs Union of India, the Gujarat High Court has stated that “we appreciate the decision taken by the CBDT to extend the time period upto 15th February 2022, but the assessees should be in a position to make the best of this extended time period. […]
Posted inGST
Breaking: Government Rescinds Anti Dumping Duty On Colour Coated Steel
Vide Notification No. 2/2022- Customs (ADD), Dated 13th January 2022, Government has rescinded anti dumping duty on colour coated steel. The notification reads as under: In exercise of the powers conferred by sub sections (1) and (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 18 and 23 […]
Posted inINCOME TAX
CBDT Issues Clarification On Form 10CCB Of Income Tax Act
CBDT has issued a clarification on Form 10CCB on 12th January 2022. The clarification reads as under: To avoid errors in form filing and verification, kindly ensure that following points are considered: 1.) Please assign Form 10CCB to respective Chartered Accountant(CA) from “My CA” functionality 2.) Once CA successfully submits the form, taxpayer can accept/reject […]
Posted inGST
Alert For Taxpayers Who Are Under QRMP Scheme in GST
Attention Taxpayers who are under QRMP Scheme in GST. Today is the last date to file your GSTR-1 Return for the quarter October, 2021 to December, 2021. If you will not file your GSTR-1 return for the said quarter today, then corresponding ITC will not be available to buyers in their GSTR-2B as per section […]
Posted inGST
Very Good News For GST Taxpayers. Know Details Here
Good news for GST taxpayers is that government is launching interest calculator in GSTR-3B Return very soon which will calculate accurate head-wise interest on late payment of tax. Return filing will be easy because we have to not calculate interest. According to government, this functionality will arrive at the system computed interest on the basis […]
Posted inJUDGEMENT
Train Your Officers That How To Apply Their Mind While Recording Reasons: Bombay High Court To CBDT
In the writ petition no. 3581 of 2021, the Bombay High Court has held on December 20, 2021 that: 4.) In the affidavit in reply, the same Mr. Suryavanshi states “as Annexure – 2 is the copy of the approval u/s 151 of the Act ”. There is no annexure – 1 mentioned anywhere. Moreover, […]
Posted inINCOME TAX
BIG News: Income Tax Audit Due Date Extended
Today, the CBDT has extended the due date for filing income tax audit from 15th January 2022 to 15th February 2022. The due date for filing audited ITR has been extended from 15th February 2022 to 15th March 2022.
Posted inINCOME TAX
BREAKING: Government Should Consider Glitches in The New Income Tax Portal- Gujarat High Court
In a petition filed by Chartered Accountants Association, Surat (CAAS), the Gujarat High Court has stated that “portal is something which is within the control of the respondents and if there are any technical problems in the same, it only the respondents who can take care of such problems.”– CAAS has intimated in a statement […]
Posted inBank / Bank Audit, TC
Story Behind The Words “CA Se Dur Raho”
Co-Founder of Lenskart.com Peyush Bansal made a comment in his talk show Shark Tank India that “CA se dur raho”. After these words used by him for CAs, the CA fraternity has started mentioning him at social media handles. CA Neetu Jain posted at LinkedIn that “Peyush Bansal you owe an apology to CA fraternity […]
Posted inINDIA
Government Issues Revised Discharge Policy for COVID-19
Government has issued revised discharge policy for COVID-19 on 9th January 2022. The revised discharge policy is aligned with the COVID-19 clinical management protocol, guidelines for home isolation of mild COVID-19 cases and advisory on Covid 19 testing strategy issued by Ministry of Health & FW. The policy document contains guidelines for treatment and discharge […]
Posted inINCOME TAX
Legal Notice To CBDT For Not Extending ITR Due Date
The All Odisha Tax Advocates Association (AOTAA) has sent a legal notice to the Central Board of Direct Taxes (CBDT) for not extending the deadline for filing Income Tax Return (ITR) for the assessment year 2021-2022. The AOTAA said that despite all the technical glitches in the new portal of the Income Tax Department, the […]
Posted inGST
Alert: CBIC Issues Guidelines For Recovery Under Section 79 Of CGST Act
Vide instruction no. 01/2022- GST, dated 7th January 2022, CBIC has issued guidelines for recovery proceedings under section 79 of the CGST Act 2017 where cases are covered under explanation to sub-section (12) of section 75 of the CGST Act 2017. The guidelines read as under: Sub-section (12) of section 75 of the CGST Act, […]