CBDT has issued updated common offline utilities for filing ITR-1 to ITR-5 for the Assessment Year 2021-22 It is notable that common offline utility for ITR-7 was issued on 28th December 2021 which is available for download. For ITR-6, only excel based utility is available as of now. To Download the utilities, Please Click Here […]
![Breaking: Goods in Transit Cannot Be Seized On The Ground Of Under Valuation [Read Judgement]](https://i0.wp.com/taxconcept.net/wp-content/uploads/2022/01/Screenshot_2022-01-07-17-03-51-55_4251af1b5b11394b318ec35cda6368c8-aabe4f96.jpg?resize=1035%2C716&ssl=1)
Posted inJUDGEMENT
Goods in Transit Cannot Be Seized On The Ground Of Under Valuation
In the case of M/s Karnataka Traders vs State of Gujarat, the Gujarat High Court has held that: On careful consideration of the facts and circumstances of the case and the submissions made by the respective advocates for the parties, we find the force in the contention of the learned advocate appearing for the petitioners […]
Posted inINCOME TAX
Omicron Does Not Affect Return Filing. You Have To Just File Through Laptop: Revenue Secretary Tarun Bajaj
In a video, Revenue Secretary Tarun Bajaj is saying that Omicron does not affect return filing. You have to just sit on your laptop and file the return.
Posted inINCOME TAX
CBDT Revises Tax Audit Report Schema
CBDT has revised income tax audit schema on 6th January 2022. The schema was previously updated on 3rd November 2021 and 2nd December 2021. This schema is containing following changes: To Download the PDF Containing Information About Change in Schema,
Posted inBUSINESS & ECONOMY
These Are Great Investment Plans For Children in 2022. Future Will Be Bright
With the beginning of the new year, we also make changes in our financial planning. According to the need, make some changes or include some new products. While doing financial planning, concrete planning should also be done about the future of the children. At the time of your children’s education, marriage, you do not face […]
Posted inINCOME TAX
Breaking: Petition in Gujarat High Court For Seeking No Late Fees on ITR Filing
Chartered Accountants Association, Surat (CAAS) has filed a writ petition before Hon’ble Gujarat High Court through Adv. Dr. Avinash Poddar asking for no penalty, interest or late fees until New Income Tax Portal becomes glitch-free, setting up Grievance Redressal Committee & honouring Citizens Charter. Hearing Tomorrow in Court No.3 Sr. No.17. CAAS has filed a […]
Posted inINDIA
Alert: Rajasthan Government Issues Guidelines Due To Spreading Of COVID-19
Due to spread of COVID-19 virus in the Rajasthan state, the Rajasthan Government has issued guidelines which will be applicable from 7th January 2022.
Posted inINDIA
District Wise COVID-19 Status in Rajasthan (05.01.2022)
Table showing district wise COVID-19 status in Rajasthan (Date: 05.01.2022 upto 6.00 PM) Total COVID positive today: 1883 Cumulative COVID positive: 960453 Cumulative recovered: 946470
Posted inBUSINESS & ECONOMY
Big News: Airtel Payments Bank Gets Scheduled Bank Status From RBI
Airtel Payments Bank has been given schedule bank status by the Reserve Bank of India (RBI). With this, Airtel Payments Bank can now pitch for Requests for Proposals (RFPs) and primary auctions issued by the government. Schedule Bank Status From RBI Airtel Payments Bank said in a statement that RBI has given it the status […]
Posted inBUSINESS & ECONOMY
Government Revises Rate Of Interest On Deposits Under Special Deposit Scheme
Notification Dated 3rd January 2022 Ministry of Finance, Department of Economic Affairs The notification reads as under: It is hereby notified that the deposits made under the Special Deposit Scheme for Non Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No. F. 16(1) PD/75 dated 30th […]
Posted inBUSINESS & ECONOMY
Government Notifies PNB Housing Finance Ltd To Perform Aadhaar Authentication Under Money Laundering Act
Notification in F. No. P-12011/11/2021-ES Cell-DOR, Dated 4th January 2022 Ministry of Finance, Department of Revenue The notification reads as under: In exercise of the powers conferred by sub section (1) of section 11A of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government on being satisfied that the reporting entity namely, […]
Posted inBUSINESS & ECONOMY
CBIC Issues Clarification On Tweets Claiming Sudden Increase in Rate Of Duty On Certain Imports
CBIC issues clarification regarding factually incorrect tweets claiming that the government has increased the rate of duty on imports against certain commodities post alignment of Customs Tariff to the Harmonized System of Nomenclature (HS)-2022 of World Customs Organisation.
![CGST Act As Amended Upto 01.01.2022 [Download Free E-Book]](https://i0.wp.com/taxconcept.net/wp-content/uploads/2022/01/Screenshot_2022-01-04-09-19-43-97_4251af1b5b11394b318ec35cda6368c8-b937e285.jpg?resize=1049%2C545&ssl=1)
Posted inGST
CGST Act As Amended Upto 01.01.2022 [Download Free E-Book]
CBIC has launched e-book on CGST Act 2017 (as amended upto 1st January 2022). Reportedly, section 16(2)(aa) and some other sections of the CGST Act 2017 are notified w.e.f. 1st January 2022. This information is containing in the e-book. To Download the E-Book, Please Click Here (Searching for Best Insurance Plan for you and your […]
Posted inGST
Received Notice For Reversal Of ITC On The Basis Of GSTR-2B? Read This Article!
Assessments made on the basis of GSTR-2B (up to 31st December 2021) may be denied on the ground of section 164(3) of CGST Act. Section 164(3) states that Government has the power to give effect to rules not earlier than the date on which the provisions of this Act come into force. Section 16(2)(aa) is […]
Posted inINCOME TAX
No Personal Hearing At Faceless Appeal Centres: CBDT
Vide Notification Number 139/2021, Dated 28th December 2021, CBDT has notified Faceless Appeal Scheme 2021. It has stated in the notification that: (1) A person shall not be required to appear either personally or through authorised representative in connection with any proceedings under this Scheme before the income-tax authority at the National Faceless Appeal Centre […]
Posted inINCOME TAX
CBDT Notifies Authorities To Perform e-Appeal Functions Under Faceless Appeal Scheme
Notification Number 141/ 2021, Dated 29th December 2021 In exercise of powers conferred by sub sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961 (hereinafter referred to as the Act) and in supersession of the notification No. 81 of 2020 of Government of India in the Ministry of Finance, […]
![Government Amends Customs Notification Number 36/2001 [Read Notification]](https://i0.wp.com/taxconcept.net/wp-content/uploads/2022/01/Screenshot_2021-11-18-08-48-52-12_4251af1b5b11394b318ec35cda6368c8-2624be55.jpg?resize=1056%2C599&ssl=1)
Posted inBUSINESS & ECONOMY
Government Amends Customs Notification Number 36/2001 [Read Notification]
Notification Number 107/2021- Customs (N.T.), Dated 31st December 2021 In exercise of the powers conferred by sub section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient to do so, has made the amendments in the […]
![Government Amends Customs Notification Number 45/2021 [Read Notification]](https://i0.wp.com/taxconcept.net/wp-content/uploads/2022/01/Screenshot_2021-11-18-08-48-52-12_4251af1b5b11394b318ec35cda6368c8-2b4342e8.jpg?resize=1056%2C599&ssl=1)
Posted inBUSINESS & ECONOMY
Government Amends Customs Notification Number 45/2021 [Read Notification]
Notification Number 61/2021 (Customs), Dated 31st December 2021 In exercise of the powers conferred by sub section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendment in the notification of […]
Posted inBUSINESS & ECONOMY
Government Notifies Sea Cargo Manifest And Transhipment (Ninth Amendment) Regulations 2021
Vide Notification Number 109/2021- Customs (N.T.) Dated 31st December 2021, Government has notified Sea Cargo Manifest and Transhipment (Ninth Amendment) Regulations 2021 to amend the Sea Cargo Manifest and Transhipment Regulations 2018. In the said regulations, in regulation 15: In sub-regulation (2), for the words, figures and letters, “till 31st December 2021, 2021”, the words, […]
![Government Amends Customs Notification Number 07/2020 [Read Notification]](https://i0.wp.com/taxconcept.net/wp-content/uploads/2022/01/Screenshot_2021-11-18-08-48-52-12_4251af1b5b11394b318ec35cda6368c8-73e9dba9.jpg?resize=1056%2C599&ssl=1)
Posted inBUSINESS & ECONOMY
Government Amends Customs Notification Number 07/2020 [Read Notification]
Notification No. 108/2021- Customs (N.T.) Dated 31st December 2021 In exercise of the powers conferred by sub-section (2) of section 75 of the Customs Act, 1962 (52 of 1962) and sub-section (2) of section 37 of the Central Excise Act, 1944 (1 of 1944), read with rules 3 and 4 of the Customs and Central […]
Posted inINCOME TAX
CBDT Notifies Bureau of Indian Standards (BIS) For Availing Exemption Under Section 10(46) Of The Income Tax Act
Vide Notification No. 142/2021, dated 31st December 2021, CBDT has notified BIS to avail exemption under section 10(46) of the Income Tax Act 1961. The notification reads as follows: In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for […]
Posted inBUSINESS & ECONOMY
Crypto Exchange WazirX Raided For GST Evasion. Read Complete Details Here
The Mumbai East Commissionerate of GST said that the country’s largest crypto exchange WazirX, which deals in cryptocurrencies, was evading GST for a long time. Revealing the tax evasion of these crores, the officials have now recovered a fine of more than Rs 49 crore after levying interest and penalty on the exchange. According to […]
Posted inBUSINESS & ECONOMY
Know These ATM Rules Before Withdrawing Money From ATM
From January 1, 2022, withdrawing money from ATM has become expensive. You will have to pay a higher price for every withdrawal transaction after the free withdrawal limit. According to the instructions issued by the Reserve Bank of India (RBI) in June 2021, customers of banks will have to pay Rs 21 for ATM withdrawals […]
Posted inTECH
How To Check If Your Aadhaar is Not Linked With Mobile Number Or Not?
Aadhaar card has become the most important document today. Now it’s not just used as your identity. Rather, it has become necessary for many facilities. At the same time, for all the online services of UIDAI, your Aadhaar card should be linked to your mobile phone. But how do you know whether your Aadhaar number is linked […]
Posted inINDIA
COVID Vaccination: Registration For 15-18 Year Children Start From Today
Registration of corona vaccine is starting for 15 to 18 year old children in India. Prime Minister Narendra Modi had announced on Christmas that all children of 15 to 18 years in the country will be given the corona vaccine. Health Minister Dr Mansukh Mandaviya tweeted, “Children are safe, country’s future is safe! On the occasion […]
Posted inMARKETS
These 4 Stocks Will Generate Good Earnings in 2022
Amidst the volatility in the market last year, investors have got good returns. Nifty gave returns of more than 23 per cent. The strong performance of the market is expected to continue in 2022. Ruchit Jain, Lead Research Analyst, brokerage firm FivePaisa.com has given an investment advice on 4 stocks on the technical update for 2022. These stocks can […]
Posted inINCOME TAX
CBDT Notifies Rules For Claiming Deduction Under Section 10A(1B)(b) Of The Income Tax Act 1961
Vide Notification Dated 29th December 2021, the CBDT has notified rules for claiming deduction under Section 10A(1B)(b) of the Income Tax Act 1961. Income Tax (35th Amendment) Rules 2021 have been notified for this purpose. The amendment reads as under: 2.) In the Income-tax Rules, 1962 (hereinafter referred to as principal rules), after rule 16D, […]
Posted inGST
Alert: Government Abolished GSTR-2A [Read Notification]
Vide Notification No. 40/2021- Central Tax, Dated 29th December 2021, the government has amended Rule 36(4) of the CGST Rules w.e.f 1st January 2022. Amended rule reads as follows: “(4) No input tax credit shall be availed by a registered person in respect of invoices or debit notes the details of which are required to […]
Posted inGST
Breaking: Government To Announce Extension For GSTR-9 And GSTR-9C- Sources
Timsy Jaipuria has tweeted that: Sources to CNBC TV said that Government likely to announce extension of Due Date to file GSTR-9 and-9C for FY20-21 from 31st Dec to February 28, 2022. Notification likely soon. ATTN TAXPAYERS & CAs!Sources to @CNBCTV18Live Govt likely to announce extension of Due Date to file GSTR 9 and 9C […]
Posted inINCOME TAX
CBDT Notifies Revised Faceless CIT Appeal Scheme. Check Details Here
Vide Notification Dated 28th December 2021, the CBDT has notified Faceless Appeal Scheme 2021. As per the new scheme, a personal hearing through Video Conference can be requested and when request is made the same shall be allowed. No discretion with the CIT (A) to refuse such request of oral hearing through VC. The relevant […]