New update for new income tax e-filing portal is that: Form No. 3CB-3CD is now available under E-file>> Income Tax Forms on incometax.gov.in Form No. 3CB-3CD is required to be filed by those assessee, who are required to furnish audit report under the provisions of the Income Tax Act 1961. READ REGULAR BUSINESS NEWS? CLICK […]
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Income Tax Department Mentioned Twitter Handle of Ministry of Information and Broadcasting of Pakistan in Its Tweet
Yesterday, official twitter handle of Income Tax Department has tweeted that CBDT has extended due dates for filing various returns and forms under the Income Tax Act. In its tweet, it has mentioned various ministers and ministries, but it has also mentioned twitter handle of Ministry of Information and Broadcasting of Pakistan. On this tweet, […]
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Breaking: CBDT Extends Due Date for Filing ITR for the AY 2021-22
On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961(the “Act”), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various […]
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In the Interest of Justice and Fair Play, Assessee Deserves One More Opportunity in Support of Claim for Seeking Registration u/s 12AA of the Income Tax Act: Jodhpur ITAT
In the case of Dawat E Islami Hind vs CIT, Jodhpur ITAT has held that: Having considered the facts and circumstances of the case, we belief that the assessee deserves one more opportunity to submit necessary details and documents in support of its claim for seeking registration U/s 12AA of the Act. Therefore, in the […]
Posted inGST, MAGAZINES
Breaking: Jewellers Shops will be Connected to GST Offices Through CCTV
CA Jatin Harjai tweeted that a newspaper has claimed that in Kerala, jewellers shops will be connected to GST offices through CCTV. Chief Minister of Kerala Mr. Pinarayi Vijayan has directed the officers for the same in order to reduce tax evasion. The copy of news is attached for your kind reference: READ REGULAR BUSINESS […]
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Section 43CA of the Income Tax Act is Not Applicable in the Case Where the Stamp Valuation of the Property is on Higher Side: Jodhpur ITAT
In the case of M/s Jodhana Homes vs ACIT, Jodhpur ITAT has held that: From perusal of the record, we found that the AO as well as ld. CIT(A) has failed to appreciate the fact that Section 43CA of the Act is not applicable in the instant case, as the stamp valuation of the property […]
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Breaking: Supreme Court Issues Notice to CBDT on the Issue of No Personal Hearing in Faceless Assessment Scheme
Supreme Court has issued notice to the CBDT on the issue of no personal hearing in faceless assessment scheme (returnable on 1st October 2021). The petitioners filed petition on the ground that no personal hearing has been granted and that such a discretion may not be left to the Chief Commissioner or the Director General. […]
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CBIC Issues Clarification in Respect of Extension of Time Limit to Apply for Revocation of Cancelled GST Registrations
Vide Circular No. 158/14/2021-GST- dated 6th September 2021, CBIC has issued clarification on extension of time limit to apply for revocation of cancellation of registration in view of Notification No. 34/2021-Central Tax dated 29th August, 2021. Please Click Here to Read about Notification No. 34/2021- Central Tax Dated 29th August 2021 Difficulty, if any, in […]
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CBDT Notifies Income Tax (26th Amendment) Rules 2021. Know What Changes are Made Through This Amendment
Vide Notification dated 6th September 2021, the CBDT has notified Income Tax (26th Amendment) Rules 2021. They shall come into force from the date of their publication in the Official Gazette. Copy ot Notification attached for your kind reference:
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CBDT Issues Order Under Section 119 of the Income Tax Act to Provide Exclusions to Section 144B of the Act
On 6th September 2021, CBDT issues order under section 119 of the Income Tax Act to provide exclusions to Section 144B of the Act. Copy of the Order is attached as under:
![Assessee Can Claim Refund of Service Tax Paid Belatedly Under RCM After Implementation of GST: CESTAT [Read Order]](https://i0.wp.com/taxconcept.net/wp-content/uploads/2021/09/IMG_20210609_213211-7a5339d2.jpg?resize=1080%2C663&ssl=1)
Posted inJUDGEMENT, MAGAZINES
Assessee Can Claim Refund of Service Tax Paid Belatedly Under RCM After Implementation of GST: CESTAT [Read Order]
NSSL (P.) Ltd. vs Commissioner of Central Excise, CGST & CE, Nagpur Briefly stated, the facts of the case are that the appellant herein is engaged inter alia, in the manufacture of Industrial valves, spares parts of valve and components etc., falling under Chapter heading 84, 87 of the First Schedule to the CentralExcise Tariff Act, 1985. […]
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Have You Got Fake Corona Vaccine? Government Issues Guidelines- How to Identify the Real
Corona vaccination program is being run amidst cases of corona infection around the world. Meanwhile, the news of Corona’s fake vaccine has raised questions in the minds of the experts as well as the common people. People are afraid that they too have got the fake corona vaccine. On behalf of the World Health Organization, […]
![Interest Paid to Third Parties is Deductible from Net Profit: Jodhpur ITAT [Read Order]](https://i0.wp.com/taxconcept.net/wp-content/uploads/2021/09/IMG_20210609_213211-80b24921.jpg?resize=1080%2C663&ssl=1)
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Interest Paid to Third Parties is Deductible from Net Profit: Jodhpur ITAT [Read Order]
In the case of Shri Subhash Chand Jain vs Assistant Commissioner of Income Tax, Jodhpur ITAT has held that We are of the considered opinion that the interest paid to third parties is deductible from the profit arrived after application of net profit rate in light of decision of Hon’ble Rajasthan High Court and various […]
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ICAI Writes to Navbharat Times Which Claims in Its News that Arrested Person in a Fraud Case is a Chartered Accountant
Navbharat Times posted that “LIC Agent ke khate se Rs. 16 lac nikale gaye, CA giraftaar”. On this news, ICAI writes a letter to the Executive Editor of Navbharat Times which is produced as under:. September 3, 2021 Mr. Sanjay Khati Executive Editor Navbharat Times New Delhi Sub.: News item with the caption “LIC Agent […]
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One More Opportunity Should be Given to the Assessee in the Interest of Justice: Jodhpur ITAT
In the case of Kailash Goyal, Jodhpur ITAT has held that in the interest of justice and fair play, we believe that the assessee deserves one more opportunity to file necessary information/documentation in response to the issues raised by the ld. Pr. CIT in the impugned order. Therefore, we set aside the impugned order to […]
Posted inEPFO, JUDGEMENT, MAGAZINES
Contribution Towards ESI and PF are Deposited Before the Due Date Under Section 139(1). So No Disallowance Should Occur in Assessment: Jodhpur ITAT
In the case of U and T Tractor Spares Private Limited Jodhpur, the Jodhpur ITAT has held that the employees’s contribution amounting to Rs 425,722/- towards ESI and PF which have been collected by the assessee from its employees have been deposited well before the due date of filing of return of income u/s 139(1) […]
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AAR Karnataka’s Judgement on Whether PPB cum TD is a “Document of Title‟ or As a “Passbook”
Case: Manipal Technologies Limited dated: 16.09.2019 Query: Whether PPB cum TD is a “Document of Title‟ so as to classify under HSN 4907 or as a “Passbook‟ under HSN 4820. [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] To Download the Judgement, Please Click Here [/ihc-hide-content]
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GST Insights: Important Developments in Law at GST Portal
Implementation of Rule-59(6) on GST Portal Rule-59(6) of CGST Rules, 2017, inserted vide Notification No. 1/2021 dated 1st January 2021, provides for restriction in filing of GSTR-1 in certain cases. From 1st September 2021, the above rule shall get enabled on the GST Portal. The situations are explained below: As per the advisory issued at […]
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Whether Round Papad or Square Papad, Both are Exempted from GST: CBIC
Chairman of RPG Enterprises Harsh Goenka tweeted that “Did you know that a round papad is exempt from GST and a square papad attracts GST ? Can anyone suggest a good chartered accountant who can make me understand the logic?” Did you know that a round papad is exempt from GST and a square papad […]
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Do You Know About Most Important Update Which Will be Implemented on GST Portal from Tomorrow?
Rule-59(6) of CGST Rules, 2017; inserted vide Notification No. 1/2021 dated 1st January 2021, provides for restriction in filing of GSTR-1 in certain cases: a) a registered person shall not be allowed to furnish the details of outward supplies of goods or services or both under section 37 in FORM GSTR-1, if he has not furnished […]
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Attention! Today is the Last Date to Declare Turnover on GST Portal for FY 2020-21. Know How to Declare
Today is the last date to declare turnover on GST portal for FY 2020-21. To declare the turnover, click on “View/ Update” button as shown in above attached picture and follow the process. There are some points regarding declaration of Annual Aggregate Turnover which need to be considered before going to update the same on […]
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AAR Karnataka’s Judgement on Applicability of GST Rate on Supply of Kapton Polyimide Film Adhesive Tape to Indian Railways
Case: Intek Tapes Private Limited dated: 17.09.2019 Query: What is the “Applicable rate of tax on supply of Kapton Polyimide Film Adhesive Tape to Indian Railways for use in its railway locomotives”. [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] To Download the Judgement, Please Click Here [/ihc-hide-content]
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Insurance Policies from 40+ Companies at One Place. Check Plans Here
With Tax Concept, you can take insurance plans from 40+ companies at one place. You just need to send an email at dhanraj@taxconcept.net with your full name, mobile number, date of birth (DOB) and the nature of policy you want to take (eg. Life Insurance/ Motor Insurance etc.) A person from Tax Concept will call […]
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AAR Karnataka’s Judgement on Activity of Printing of Question Paperbooks
Case: The Bangalore Printing and Publishing Co.Ltd. dated: 17.0.2019 Query: “Whether the activity of printing of Question Paperbooks is to be covered under HSN 4901 under the description “Printed books, including Braille books” in Serial Number 119 of Notification No.2/2017 Central Tax (Rate) or under the sub-clause (vi) of clause (b) in serial Number 66 […]
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Breaking: Companies Can Now File GST Returns with EVC till 31st October 2021
Vide Notification No. 32/2021- Central Tax Dated 29th August 2021, CBIC has extended the due date for filing of GST Returns by companies using EVC till 31st October 2021. Please refer Point No. 3 of attached Press Release:
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Good News: GST Amnesty Scheme Further Extended and Time Limit for Revocation of Cancelled GST Registrations Further Extended
Notification No. 33/2021- Central Tax Dated 29th August 2021: GST Amnesty Scheme extended till 30th November 2021. Notification No. 34/2021- Central Tax Dated 29th August 2021: Time-limit for making an application of revocation of cancellation of registration u/s 30(1) falls during the period from the 01/03/2020 to 31/08/2021, the time-limit for making such application shall […]
Posted inINCOME TAX, MAGAZINES
CBDT Extends Due Dates for Filing Various Income Tax Forms. Check Details Here
On consideration of difficulties reported by taxpayers & other stakeholders in electronic filing of certain Forms under the IT Act,1961, CBDT has further extended the due dates for electronic filing of such Forms. CBDT Circular No.16/2021 dated 29.08.2021 issued.
Posted inMAGAZINES
AAR Karnataka’s Judgement on Classification of Pooja Oil in GST
Case: S.K. Aagrotechh dated: 18.09.2019 Query: Whether “Pooja oil” can be classified under tariff item 1518 of Schedule-I (taxable at 5%.) or Schedule-II (taxable at 12%) of Notification No.01/2017-CT(R) dated 28.06.2017, as amended from time to time? [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] To Download the Judgement, Please Click Here [/ihc-hide-content]
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CBDT Invites Comments on Draft Notification for Framing Taxation Laws (Amendment) Act 2021
CBDT invites comments on the draft notification for framing of rules for the amendments made by the Taxation Laws (Amendment) Act, 2021. Suggestions can be furnished at ustpl1@nic.in latest by 4th September, 2021. Draft notification is available at: https://t.co/Yl43xRtYYw
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GST Department Used “Vehicle Movement Tracking App” to Identify Fake E-Way Bills and Helped Income Tax Department
The Income Tax Department carried out a search and seizure operation on 25.08.2021 on a group based in Maharashtra and Goa. The group is a prominent steel manufacturer and trader of Pune, Nashik, Ahmednagar and Goa. More than 44 premises were covered in the search operation. During the course of the search and seizure operation, […]