In the case of ITO vs Synergy Finlease Pvt. Ltd, ITAT Delhi has held that: It is against the human probability that anyone will invest and pay share premium of Rs. 50/- per share without having any net worth of the company or any future prospectus of earning by the company. The current directors have […]
Posted inJUDGEMENT
Breaking: Delhi High Court Quashes Notices Issued Under Section 148 Of The Income Tax Act
On 15th December 2021, the Delhi High Court has quashed notices issued under section 148 of the Income Tax Act (issued on or after 1st April 2021). The court said: “Keeping in view the aforesaid conclusions, Explanations A(a)(ii)/A(b) to the Notifications dated 31st March, 2021 and 27th April, 2021 are declared to be ultra vires […]
Posted inTC
Fixed Deposit: Take Care Of These Important Things
Fixed Deposit has been a very popular way of investing in India. But in the time of COVID, the FD rates given by banks have come down. If you want to invest in FD, then it is important to keep some special things in mind. Choose your tenure wisely While investing in FD, it is […]
Posted inINCOME TAX
CBDT Rolls Out Scheme For E-Verification Of Taxpayer Information. Know About its Scope And Procedure
Vide notification dated 13th December 2021, the CBDT has launched E-Verification Scheme 2021. The notification contains following information: Short title and commencement Definitions under the scheme Scope of the scheme Electronic Collection and Verification Random Allocation of Information Issue and service of notice Response to notice No personal appearance Communication exclusively by electronic mode Authentication […]
Posted inMAGAZINES
Alert: More Than 600 Fake Apps Are Giving You Loans. Delete Them Immediately
At present, many cases of cyber fraud have been seen in the country, where many people have become victims of fraud. Actually, there are many such apps, through which fraudsters are cheating people online. According to the report, more than 600 loan giving fake apps (illegal lending apps) are running in the country and these […]
Posted inINCOME TAX
Not Received Tax Refund? Know-How To File ITR Complaint Online Directly
If advance is deducted on the basis of your estimated investment in a financial year, but after the final paper is submitted by the end of the financial year, it is found that more tax has been deducted according to your liability, then income tax You have to apply for ITR refund to get the […]
Posted inJUDGEMENT
Adoption Of Stamp Valuation As Sale consideration is Not Justified Without Any Evidence: ITAT Mumbai
In the case of Sir Mohd. Yusuf Trust vs ACIT, ITAT Mumbai has held that: The value adopted for the purpose of payment of stamp duty is not disputed by the assessee. The assessing officer has not brought on record that the property under sale was not was under various encumbrances and the assessee was […]
Posted inTC
Alert: You May Loss Your Personal Data And Money By Clicking On This Fake Message
Fake Message Alert: Social media is a very good tool of information for us, but we should be very careful in its use. One wrong decision of yours leads you to big loss. Do not blindly believe all the information available on social media. Nowadays one such message is becoming viral on social media, in […]
Posted inBUSINESS & ECONOMY
Know About The Benefits And Rules Of SBI Gold Current Account
SBI Current Account benefits: If you have a business and do daily transactions then you need a current account. India’s largest bank is offering many great benefits (SBI Current Account benefits) on the opening of State Bank of India Current Account. There is a special account in SBI namely SBI Gold Current Account. In this, […]
Posted inJUDGEMENT
Tax Authorities Are Not Required To Put On Blinkers While Looking At Documents: ITAT Ahmedabad
In the case of Ashish Tandon vs ACIT, ITAT Ahmedabad has held that: “Coining of” the concept was in the course of the employment of the assessee, and, therefore, the plea that it belonged to the assessee, in his individual capacity, is too naïve to meet any judicial approval. In any case, there is no […]
Posted inICAI
ICAI is Providing GST Software To Chartered Accountants At Lowest Prices. Check Details Here
ICAI is providing GST software to Chartered Accountants at lowest prices. FEATURES OF SPEQTA GST SOFTWARE (1.) GSTR-1 Rate wise Report (2.) GSTR-1 Customer wise Report (3.) Compare Tax Paid as per GSTR-3B Vs Tax payable in GSTR-1 and Tax as per Books (4.) GSTR-2A Supplier wise report (5.) Month wise ITC availed in GSTR-3B […]
Posted inBUSINESS & ECONOMY
PhonePe Launches Health Insurance Cover At Just Rs 999. Know Details Here
PhonePe has launched a health insurance plan for Rs 999. The company’s latest health insurance plan Health@999 will meet the needs of first time health insurance buyers. Especially young people who are buying their first health insurance cover to save themselves from the cost of treatment. The latest offering is a first of its kind […]
Posted inJUDGEMENT
Revaluation Of Asset Held By Partnership Firm Does Not Result in Capital Gain in The Hands Of Retiring Partner: ITAT Mumbai
In the case of D.S. Corporation vs ITO, ITAT Mumbai has held that: The partnership firm continued to exist even after the retirement of Smt. Hemlata Shetty and Shri Sudhakar Shetty from the partnership. There was only a reconstitution of partnership firm on their retirement without there being any dissolution and the land properly acquired […]
Posted inJUDGEMENT
Supreme Court’s Judgement On Recalling Of Order By ITAT Under The Income Tax Act
In the case of CIT vs Reliance Telecom Ltd., Supreme Court has held that: 1.) Feeling aggrieved and dissatisfied with the impugned common judgment and order dated 08.08.2017 passed by the High Court of Judicature at Bombay in Writ Petition No. 1432/2017 and Writ Petition No. 1406/2017, by which the High Court has dismissed the […]
Posted inBUSINESS & ECONOMY
Most Important: CBIC Launches Separate Portal For All Information Related To GST, Customs, Service Tax etc.
CBIC has launched a revamped tax information portal, through which all indirect tax legislations, rules, regulations and forms will be available for ease of reference of taxpayers. The content on this portal is being continuously updated and expanded in a phased-manner. Eventually, information under all categories in Customs, GST, Central Excise and erstwhile Service Tax […]
Posted inBUSINESS & ECONOMY
Must Read: Term Insurance Rates Are Set To Increase From The New Year
If you are thinking of taking a term insurance plan, then decide soon. Actually, from January 2022 i.e. new year, there is bound to be a big increase in the rates of term insurance plans. According to Tarun Chugh, MD and CEO, Bajaj Allianz Life Insurance, insurance companies have given a deadline to increase rates. […]
Posted inBUSINESS & ECONOMY
Chartered Accountant Arrested For Blindly Signing Balance Sheets And Issuing Bogus Form 15CB
Enforcement Directorate has arrested Ravi Kumar, Chartered Accountant, M/s HAR Associates, New Delhi on 27.11.2021 in a case of laundering of 1100 Crore to Hong Kong, SAR, China by sending Foreign Outward Remittances from select Bank branches of SBI and SBM at Mumbai by using forged Air Way Bills (AWBs) and fabricated Cloud CCTV Storage […]
Posted inTC
Fact Check: Order Claiming Educational Institutions Will Be Closed in Rajasthan is Fake
An order of Rajasthan Government is circulating in social media which is claiming that due to spreading of COVID-19 virus, Rajasthan Government has directed all educational institutions to close their educational activities from 6th December 2021 till further order. But Rajasthan’s news agency 1st India News has claimed that education department itself is in confusion […]
Posted inBUSINESS & ECONOMY
If Your Saving Account is in SBI, Then This Big Alert is For You!
If your Saving ccount is in the country’s largest government bank i.e. State Bank of India, then this news is for you. State Bank of India told through a tweet to make its customers aware that how you can avoid online fraud. Let us tell you that these days digital transactions are increasing very fast, […]
Posted inJOB
Finding Job in Your Language Will Become Easier! You Can Create Profile in Hindi Language On LinkedIn!
It will now be possible to create a profile in Hindi on the professional network LinkedIn. The company also added Hindi as the first Indian language. LinkedIn said in a statement that by adding Hindi, it will provide greater access to professional and networking opportunities for Hindi speakers in India and around the world. LinkedIn […]
Posted inGST
RTI: Recovery Of Only Rs 0.89 Crore Done By Government in CGST Jodhpur Zone Out Of ITC Frauds Detected Worth Rs 183.64 Crore
Reply to an RTI application has revealed that in CGST Jodhpur zone, ITC frauds worth Rs 183.64 crore are detected from April 2018 to March 2021 but only Rs 0.89 crore are recovered till March 2021. Reply to RTI is attached as under:
Posted inBUSINESS & ECONOMY
Online Payment System Will Change From 1st January 2022. Know About New System!
From January 1, the method of online payment will change in the country. For this, the Reserve Bank of India (RBI) has issued a guideline. Following the guidelines of RBI, Google has also announced changes in online payment methods from January 1. Google will not save card information According to the information, Google will not […]
Posted inTECH
Good News! No Need To Visit Bank Branch For SBI YONO Business App
If you want to use SBI YONO Business then this news is for you. Today we will tell you how you can easily register yourself on this app (Yono Business App). Yono Business app has been launched by State Bank of India, whose basic objective is to provide platform to Corporate and SME i.e. small and medium […]
Posted inMARKETS
Today Only One Cryptocurrency is Making Profit. Know The Name!
The crypto currency market is in great discussion these days. People had taken it as the easiest way to become rich. But suddenly due to the strictness of the governments of many countries around the world, the rates of many cryptocurrencies from bitcoin have gone downhill. Although the rates of many cryptocurrencies are still going […]
Posted inINCOME TAX
CBDT Extends Last Date For Updation Of UDINs At Income Tax Portal
UDIN Directorate The Institute of Chartered Accountants of India 30th November 2021 Last Date of updation of UDINs at e-filing Portal The CBDT has extended the last date for updating UDINs for all the IT forms at the e-filing portal to 31st January, 2022. For any clarification, please write us at udin@icai.in. UDIN Directorate
Posted inBUSINESS & ECONOMY
Alert: Invested in The Property? Know What is in The New Circular
According to the Government order, as per Rule (18) of the Central Civil Services (Conduct) Rules, 1964, all the Central employees are required to report the transactions related to movable/immovable property in their office and prior Approval is mandatory. In this case it has been found by the head office that this rule is not being […]
Posted inINCOME TAX
Solution Of TDS Return Uploaded On New Income Tax Portal But Not Showing On Traces Portal
If you have uploaded TDS return on new Income Tax Portal but the same is not showing on Traces Portal, then please send an email to contactus@tdscpc.gov.in with screen shot of Income Tax Portal & Traces Portal. Source: https://twitter.com/CaSondagar/status/1465624336044232706?s=20
Posted inBUSINESS & ECONOMY
Breaking: Cryptocurrency Will Not Be Recognized in The Country- Nirmala Sitharaman
If you invest in the world’s most popular cryptocurrency, Bitcoin, then you may get a big setback. In fact, Finance Minister Nirmala Sitharaman said in her reply in the Lok Sabha on 29 November 2021 that there is no proposal to recognize bitcoin as a currency in India. Also told the House that the Government […]
Posted inJUDGEMENT
Breaking: AO Should Allow TDS Credit To Employee Even if The Employer Has Not Deposited TDS
In the case of Kartik Vijaysinh Sonavane Vs DCIT, Gujarat High Court has held that: The facts being almost identical, no separate reasoning are desirable and the petition is being ALLOWED. The department is precluded from denying the benefit of the tax deducted at source by the employer during the relevant financial years to the petitioner. […]
Posted inINCOME TAX
Not Received Income Tax Refund Yet? Know How To File Complaint To Income Tax Department!
If advance is deducted on the basis of your estimated investment in a financial year, but after the final paper is submitted by the end of the financial year, it is found that more tax has been deducted according to your liability, then income tax You have to apply for ITR refund to get the […]