Notification No. 75/2021-Customs, Dated 23rd September 2021, CBIC has notified Electronic Duty Credit Ledger Regulations, 2021. These regulations will specify the manner of issuance and use if duty credit in the electronic ledger. Notification Link: Notification No. 76/2021-Customs, Dated 23rd September 2021, CBIC has notified the manner to issue duty credit for goods exported under […]
Posted inMAGAZINES
Business Concept’s Daily E-News Letter- 25-09-2021 Only for TC VIP Users
Business Concept’s Daily E-News Letter- 25-09-2021 Please Click on Read More » to Read Full News Note: Only TC VIP Users can Access It For New User- More information, Please Visit Here [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] GST & Income Tax Net Direct Tax Collections Till September 22 Grews 74%, Says Finance Ministry Gross direct […]
Posted inINCOME TAX
Income Tax Department’s Big Announcement on Verification of Income Tax Returns
Return of income furnished electronically u/s 142(1), 148, 153A and 153C of Income Tax Act during the period from 07/06/2021 to 30/09/2021 and verified through EVC instead of DSC, shall be deemed to have been furnished and verified as per Rule 12. READ REGULAR BUSINESS NEWS? CLICK HERE TO DOWNLOAD APP
Posted inJUDGEMENT
CIT Has Rejected the Appeals Without Hearing the Assessee, So We are Giving Opportunity of Being Heard to the Assessee: ITAT Agra
In the case of Smt. Poonam Shivhare vs A.C.I.T., ITAT Agra has held that Having carefully examined the order of the CIT(A) in the aforesaid cases, we find that the CIT(A) has rejected the appeals without hearing the assessee, although, he has discussed the issue on merits. In the light of these facts, we are […]
Posted inICAI
UDIN Update: Aligning the Time Limit of Generating UDIN from 15 Days to 60 Days
ALIGNING THE TIME LIMIT OF GENERATING UDIN FROM 15 DAYS TO 60 DAYS Standard on Quality Control (SQC 1) on Retention Period for Engagement Documentation (Working Papers) requires firms to establish policies and procedures for the timely completion of the assembly of audit files. It further provides for an appropriate time limit within which the […]
![Must Read: Assessee Gets Relief From ITAT Agra Due to Word "May" as Used in Section 69 of the Income Tax Act [Read Order]](https://i0.wp.com/taxconcept.net/wp-content/uploads/2021/09/1628329189_tax-1-1600x1200-3b59abf9.jpg?resize=1200%2C900&ssl=1)
Posted inJUDGEMENT
Must Read: Assessee Gets Relief From ITAT Agra Due to Word “May” as Used in Section 69 of the Income Tax Act [Read Order]
In the case of Smt. Uma Agarwal vs ITO, ITAT Agra has held that: The word “ may” had been used by the statute under section 69A, as had been used by the statute under section 69 of the Income Tax Act 1961, therefore applying the same analogy as laid down by SC in the […]
Posted inCOMPANY LAW
Big Breaking: ROC Mumbai Granted Extension to Company for Holding AGM
As per attached order of ROC Mumbai, the office has granted extension to a company for holding AGM. AGM Extension 2021- Key Provisions & Draft Application CS LALIT RAJPUT
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Business Concept’s Daily E-News Letter- 22nd September 2021. Only for TC VIP Users
Business Concept’s Daily E-News Letter- 22nd September 2021 Please Click on News Heading to Read Full News Note: Only TC VIP Users can Access It For New User- More information, Please Visit Here [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] GST How to File Form GST PMT-09 on GST Portal To file Form GST PMT-09, Please Navigate […]
Posted inGST
Learn About GST: How to Transfer Amount from One Head to Other Head in Electronic Cash Ledger on GST Portal
You can perform intra-head or inter-head transfer of amount, as available in Electronic Cash Ledger, using Form GST PMT-09. Form GST PMT-09 enables any registered taxpayer to perform, intra-head or inter-head transfer of amount, as available in Electronic Cash Ledger. Thus, a registered taxpayer can now file Form GST PMT-09 for transfer of any amount […]
Posted inTC
GST Breaking: CBIC Waives Off Late Fees and Interest for One Day Due to Glitches in GST Portal
CBIC has tweeted on 20th September 2021 that: A few taxpayers have reportedly faced difficulty in the updation of their Electronic Cash Ledger on September 20, 2021 while filing their GSTR-3B returns. To mitigate their difficulties, GSTN has been directed to take up the issue of waiver of late fee and interest for one (1) […]
Posted inBUSINESS & ECONOMY
DGFT Issues Trade Notice in Respect of IECs Not Updated on DGFT Website After 1st January 2005
Vide Trade Notice No. 18/2021-2022, DGFT has said that All IECs which have not been updated after 01.01.2005 shall be de-activated with effect from 06.10.2021. DGFT Further Said, It may further be noted that any IEC so de-activated, would have the opportunity for automatic re-activation without any manual intervention or a physical visit to the […]
Posted inTC
CBIC Issues Clarification on Doubts Related to Scope of “Intermediary” in GST
Representations have been received citing ambiguity caused in interpretation of the scope of “Intermediary services” in the GST Law. The matter has been examined. In view of the difficulties being faced by the trade and industry and to ensure uniformity in the implementation of the provisions of the law across field formations, the Board, in […]
Posted inTC
CBIC Issues Clarification on Various Issues in GST
To ease the understanding of GST law, CBIC has issued clarifications on some GST related issues like section 16(4) of the CGST Act 2017 governing input tax credit in GST, Compulsion of carrying physical copy of invoice under GST etc. Circular No. 160/16/2021-GST, Dated 20th September 2021. To Download the Circular in PDF,
Posted inMAGAZINES
Business Concept’s Daily E-News Letter- 20th September 2021. Only for TC VIP Users
Business Concept’s Daily E-News Letter- 20th September 2021 Please Click on News Heading to Read Full News Note: Only TC VIP Users can Access It For New User- More information, Please Visit GST Non-filers of 1 Monthly GST Return to be Barred from Filing GSTR-1 from Next Year Businesses that default on filing summary return […]
Posted inGST
Must Read: Why Invoices in GSTR-1/ IFF are Now Most Important for Claiming ITC and to Avoid Paying Extra GST in Cash
GST Council, in its 45th meeting, has recommended that when Section 16(2)(aa) of the CGST Act will be notified, then Rule 36(4) of the CGST Rules will be amended to provide that ITC of only invoices/ debit notes is allowed which are uploaded by the supplier in his GSTR-1/ IFF and are communicated to the […]
Posted inGST
Read! Who Will Not be Able to File GSTR-1 From Next Year
GST Council in its 45th meeting, has recommended that Rule 59(6) of the CGST Rules 2017 to be amended w.e.f. 01.01.2022 to provide that a registered person shall not be allowed to file GSTR-1, if he has not file GSTR-3B for the preceding month (previous month). Because of this amendment, a taxpayer will not be able […]
Posted inGST
11 Decisions of GST Council Which Every Professional Should Read
GST Council, in its yesterday’s meeting, has taken many decisions relating to important aspects of GST. Here is the compilation of 11 decisions which every professional should read: (1.) Relaxation in filing Form GST ITC-04: Now, Form GST ITC-04 to be filed as under: Once in 6 months, whose annual aggregate turnover is above Rs. […]
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Must Read: List of Issues and Suggested Solutions on GST Portal
GST Portal – Common Errors & Suggested Solutions: Below is a useful compilation of common issues reported on GST portal and suggested solutions. You can search errors based on module/ form. You may like to check these before approaching Help Desk. To Download the Compilation PDF, Source: gst.gov.in
Posted inICAI
CA-IPCC Exam Results May be Declared on 19th or 20th September
Central Council Member of ICAI CA Rajesh Sharma has tweeted that: Beloved CA Students,Results of CA Intermediate exams can probably be declared on 19th or 20th of September. Stay connected through ICAI Website. ICAI cares for its students.
Posted inMAGAZINES
GST Breaking: Webinar on GST Registration and Revocation- An Overview
Directorate General of Taxpayer Services is conducting a Webinar/ Outreach on “GST Registration & Revocation – An Overview.” on September 16, 2021 at 3 pm. Link for the session: Please Click Here Meeting number: 2519 529 4628 Password: 1234
Posted inMAGAZINES
Must Read- Taxpayer Should Reverse ITC Which Was Claimed in Excess of Allowed Under Rule 36(4) of the CGST Rules: AAR West Bengal
In the case of EASTERN COALFIELDS LTD, AAR West Bengal has held that: Considering the fact of the case in the light of the aforesaid provisions of the GST Act and rules made there under, we are of the opinion that the applicant has availed of input tax credit in excess of his entitlement prescribed […]
Posted inMAGAZINES
Breaking: ICAI has Exempted Students from Paying Fees Who Have Lost Their Parent Due to COVID
Important Announcement by ICAI: Exemption of CA Course fee for students who have lost any of their parent during Covid-19 pandemic. This scheme would only be applicable for the period of 1st April 2020 to 31st March 2023. FAQs: READ REGULAR BUSINESS NEWS? CLICK HERE TO DOWNLOAD APP
![Major Setback to Those Who have Followed the Judgement of Gujarat High Court in Respect of Inverted Duty Structure As Supreme Court Quashes the Judgement [Read Judgement]](https://i0.wp.com/taxconcept.net/wp-content/uploads/2021/09/1628329189_tax-1-1600x1200-46011791.jpg?resize=1200%2C900&ssl=1)
Posted inMAGAZINES
Major Setback to Those Who have Followed the Judgement of Gujarat High Court in Respect of Inverted Duty Structure As Supreme Court Quashes the Judgement [Read Judgement]
In the case of Union of India & Ors. vs VKC Footsteps India Pvt Ltd, the Supreme Court has quashed the judgement of Gujarat High Court and Upheld the judgement of Madras High Court in respect of Inverted Duty Structure. Mainly, the judgement has two parts: (1.) Net ITC means ITC only on Inputs (Goods). […]
Posted inMAGAZINES
Assessee has Explained the Source of Cash Deposits in the Bank, Therefore We Direct to Delete the Addition Made by AO: Jodhpur ITAT
In the case of Ashok Kumawat vs ITO, Jodhpur ITAT has held that: We have considered the rival contentions and carefully perused the material available on record. From perusal of the record, we observed that during the assessment proceedings, the A.O. had raised any doubt/query on the credit entries appearing in the bank statement, except […]
Posted inMAGAZINES
Expenses Have Been Duly Verified From the Books Which are Duly Audited and Certified by Independent Chartered Accountant/ Auditor, So We Direct to Delete the Disallowance: Jodhpur ITAT
In the case of M/s Indira Education Institute & Health Society, Udaipur vs ITO (Exemption) Udaipur, Jodhpur ITAT has held that: We have considered the rival contentions and carefully gone through the orders of the authorities below. From perusal of the record, we found that during the year under consideration the assessee has claimed the […]
Posted inTC
Due to Failure of GST Portal Even After 4 Years, the Anger of Professionals is Erupting on the Portal
Even after 4 years of GST implementation, yesterday, GST portal was not able to process many GSTR-1 due to technical glitches in the portal. Yesterday was also the due date to file monthly GSTR-1 for August 2021. So consequently, if supplier has not filed GSTR-1 within due date then ITC of the same will not […]
Posted inMAGAZINES
Income Tax Department Issues Excel Based Utility for ITR-5
Excel Based Offline Utility for ITR-5 has been issued by Income Tax Department. So Chances that Excel Based Utility for Other ITR forms may be issued soon. This Utility is for A.Y. 2021-22 (F.Y. 2020-21)
Posted inMAGAZINES
ICAI’s Announcement on CA Exam Results
Important Announcement by ICAI- Results of the Chartered Accountants Final Examination (Old course & New Course) & Foundation Examination held in July 2021 are likely to be declared on Monday, 13th September 2021(evening)/Tuesday, 14th September 2021.
Posted inMAGAZINES
CBDT Issues Clarification Regarding Carry Forward of Losses in Case of Change in Shareholding Due to Strategic Disinvestment
CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment. Section 79 of the Income-tax Act, 1961 not to apply in a case involving change in shareholding due to such strategic disinvestment.
Posted inMAGAZINES
Do You Know About Very Useful Option Added by Income Tax Department in New Income Tax E-filing Portal
Very useful option has been added by Income Tax Department in New Income Tax E-filing Portal. Now, Communication from Income Tax Department will be sent to both Primary and Secondary Mobile Number and E-mail. This will help in receiving all communication in single Mobile/ E-mail.