After the launch of new income tax portal on 7th June 2021, several errors are persisting in the portal. One of the problem is that taxpayers are not able to file ITR of HUF. While filing the ITR, following error as shown in the attached picture is persisting:
Posted inINDIA, MAGAZINES
Big Breaking: PM Modi Calls Government Offices to Review the Rules and Procedures Which are Stood Before the People of the Country as a Burden
PM Narendra Modi today said: “Political will is required to bring in big changes, big reforms. Today, the world can see that there is no dearth of political will in India. Good and smart governance is needed to bring reforms. The world is a witness to how India is writing a new chapter of governance,” […]
Posted inMAGAZINES
AAR Karnataka’s Judgement on GST Rate on Live Standing Trees
Case: Kohinoor Woods dated: 24.09.2019 Query: What is rate of GST on Live standing trees? [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]
Posted inMAGAZINES
Breaking: Chartered Accountant Arrested by Enforcement Directorate (ED) in Bank Fraud Case Worth Rs 3269 Crore
Enforcement Directorate has arrested Raman Bhuraria, CA for his assistance and complicity in Rs. 3269 Cr. bank fraud of M/s Shakti Bhog Foods Limited under the provisions of the Prevention of Money-laundering Act, 2002 from Delhi on 13.08.2021. This arrest was in continuation of rejection of his anticipatory bail by the Hon’ble Special Court and […]
Posted inMAGAZINES
Enforcement Directorate (ED) Provisionally Attaches Assets of M/s Aatash Norcontrol Ltd (M/s. ANL) under PMLA 2002
Enforcement Directorate has provisionally attached assets worth Rs. 134.38 Crore of M/s. Aatash Norcontrol Ltd.(M/s. ANL) under the provisions of Prevention of Money Laundering Act, 2002 in Gujarat Maritime Board scam. The attached assets are in the form of plant, machinery, computer and computer software, land and building (Rs. 90,62,18,000) and bank balances (Fix Deposits […]
Posted inMAGAZINES
Breaking: Your Gift and Cash Back Vouchers will Now Attract 18% GST
Expanding the scope of taxation, the tax department will now levy GST on the supply of e-vouchers thereby bringing even exclusive marketing companies under the tax net. In a recent ruling the Authority for Advance Ruling, Karnataka brought supplies of e-vouchers made by marketing firms liable for 18 per cent GST terming these instruments as […]
Posted inMAGAZINES
AAR Karnataka’s Judgement on Local Sale of Used Second Hand Wind Turbine Generator (WTG)/ (Wind Mill) with Accessories
Case: Sameera Trading Company Dated: 25.09.2019 Query: Whether GST is applicable on local sale of used second hand Wind Turbine Generator (WTG) / (Wind Mill) with accessories? [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]
Posted inMAGAZINES
AAR Karnataka’s Judgement on Commission Earned from Auctioning of Flowers
Case: International Flower Auction Bangalore dated: 26.09.2019 Query: Whether the “commission earned from auctioning of flowers is covered under entry no. 54(e) & (g) of Notification No.12/2017 – Central Tax (Rate) dated 28.06.2017 and entry no. 54(e) & (g) of Notification (12/2017) FD 48 CSL 2017 dated 29.06.2017? [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] To Download […]
Posted inMAGAZINES
AAR Karnataka’s Judgement on HSN Code for Flavored Milk
Case: Karnataka Co-operative Milk Producers Federation Ltd., (Formerly known as KMF) dated: 26.09.2019 Query: Whether the Flavored Milk is liable to be classified under HSN 0402 99 90 or under 2202 99 30 or under any other Chapter? [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]
Posted inMAGAZINES
GSTN Issues Important Advisory on Filing of GSTR-1 Return
GSTN issues advisory, as attached in picture, on filing of GSTR-1 return:
Posted inINCOME TAX, MAGAZINES
Big Update on New Income Tax Portal
The Income Tax Department has rectified ITR software to remove the error due to incorrect computation of interest u/s 234A and late fee under section 234F. Taxpayers have been advised to use the latest version of the ITR preparation software or file online.
Posted inMAGAZINES
CGST Officials Arrested 2 Persons for Input Tax Credit Fraud of More Than Rs 10 Crore
The CGST Commissionerate, Faridabad, Haryana has arrested two Directors of M/s. F2C Wellness Pvt. Ltd., Faridabad on charges of illegally availing and passing on input tax credit (ITC) by issuance of invoices without supply of goods. On the basis of the investigation conducted till date, the said firm showed purchase of cement from non-existent concern […]
Posted inMAGAZINES
Big Relief to the Citizens: Now Banks will Face Flat Penalty of Rs 10000 Per ATM If Cash is Unavailable at ATMs for More Than Ten Hours in a Month
Scheme of Penalty for non-replenishment of ATMs Objective of the Scheme The Scheme of Penalty for non-replenishment of ATMs has been formulated to ensure that sufficient cash is available to public through ATMs. Effective Date The Scheme shall be effective from October 01, 2021. Therefore, banks/ WLAOs should put in place a robust system for […]
Posted inMAGAZINES
Big Announcement: Choice to Consumers for Buying Electricity
Following announcement has been made in the Union Budget 2021-22 on 01.02.2021: “The distribution companies across the country are monopolies, either government or private. There is a need to provide choice to consumers by promoting competition. A framework will be put in place to give consumers alternatives to choose from among more than one Distribution […]
Posted inMAGAZINES
CCI Approves Acquisition of Bikaji Foods International Limited by Lighthouse India Fund III, Limited (Fund III) and Lighthouse India III Employee Trust
The Competition Commission of India (CCI) approves acquisition by Lighthouse India Fund III, Limited (Fund III) and Lighthouse India III Employee Trust (Lighthouse Employee Trust) (collectively referred to as Acquirers) of Bikaji Foods International Limited (Target) under Section 31(1) of the Competition Act, 2002, yesterday. The Proposed Combination involves acquisition of additional 2.727% of equity […]
Posted inBUSINESS & ECONOMY, MAGAZINES
First Time in the History, India has Achieved Top 10 Rank in Agricultural Export: PM Narendra Modi
PM Narendra Modi says that: Today, for the first time, India has reached among the top-10 countries of the world in terms of agricultural exports. The country has set new records of agricultural exports during the Corona period. Today, when India is becoming recognized as a big agricultural exporting country, then we depend on imports […]
Posted inMAGAZINES
AAR Karnataka’s Judgement on Classification of LPG Conversion Kit for Automobiles
Case: Sagas Autotec Pvt. Ltd., dated: 26.09.2019 Query: Classification of LPG Conversion Kit for Automobiles. [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]
Posted inMAGAZINES
Enforcement Directorate (ED) Provisionally Attaches Immovable Assets of M/s ARA Properties under PMLA 2002
Enforcement Directorate has Provisionally Attached immovable assets worth Rs.4 Crore of M/s. ARA Properties under PMLA, 2002. Attached property is the land, where Corporate Office(s) of M/s. ABIL (Avinash Bhosale Infrastructure Ltd) and its other group companies are situated. Avinash Bhosale is the promoter of the ABIL group companies. Enforcement Directorate initiated money laundering investigation […]
Posted inTC
Rajasthan Government Extends Due Date for Filing of Form VAT-10 for the Fourth Quarter of FY 2020-21
Rajasthan Government, vide Notification dated 5th August 2021, has extended due date for filing of Form VAT-10 for the fourth quarter of FY 2020-21. Copy of notification attached for your kind reference:
Posted inMAGAZINES
AAR Karnataka’s Judgement on Supply of E-Campus Solutions
Case: VAPS Knowledge Services Pvt. Ltd. dated: 26.09.2019 Query: What is the HSN Code and rate of tax payable under GST Act for the e-campus solutions supplied by the applicant? [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]
Posted inINCOME TAX
As New Income Tax Portal is Not Functional, Professionals are Tweeting on “Provide GlitchFree Income Tax Portal”
As you know that after the launch of new income tax portal on 7th June 2021, it is not fully functional till date. All stakeholders are facing issues in the portal. Today, professionals are tweeting on “#Provide_GlitchFree_Income_Tax_Portal” Some of the tweets are mentioned as under: CA Raj Bagri: Govt must understand difficulties faced by taxpayers […]
Posted inMAGAZINES
Supreme Court Upheld Online Fantasy Gaming Site Dream11’s fantasy sports Format as a ‘Game of Skill’
The Supreme Court has upheld online fantasy gaming site Dream11’s fantasy sports format as a ‘game of skill’ by its order dated 30th July 2021. Through this order, it dismissed a Special Leave Petition (SLP) that alleged that the Online Fantasy Sports (OFS) format offered by Dream11 amounted to gambling, wagering and betting and is […]
Posted inMAGAZINES
AAR Karnataka’s Judgement on Supply of Trucks and Its Spare Parts to Public Funded Research Institutions
Case: VE Commercial Vehicles Limited dated: 27.09.2019 Query: Whether Notification No.45/2017 – Central Tax (Rate) dated November 14th, 2017 is applicable on supply of trucks and its spare parts to Public Funded Research Institutions? [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]
Posted inMAGAZINES
AAR Karnataka’s Judgement on Reverse Charge Mechanism (RCM) under GST
Case: M.K. Agro Tech Pvt. Ltd. dated: 27.09.2019 Query: Whether under Reverse Charge Mechanism, IGST should be paid by the importer on ocean freight on the case of CIF basis contract? [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]
Posted inINCOME TAX, MAGAZINES
Government to Amend Income Tax Act with Retrospective Effect
After Vodafone and Cairn Energy setbacks, Union government on Thursday moved to end retrospective tax by amending Income Tax Act.
Posted inMAGAZINES
AAR Karnataka’s Judgement on Supply of Health Care Services
Case: Matrix Imaging Solutions India Private Limited dated: 30.09.2019 Query: Whether they, being a health care service provider, are exempted from tax or not? [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]
Posted inMAGAZINES
India and World Bank Sign $250 Million Project to Make Existing Dams Safe and Resilient
The Government of India, the Central Water Commission, government representatives from 10 participating states and the World Bank today signed a $250 million project for long-term dam safety program and improving the safety and performance of existing dams across various states of India. The Second Dam Rehabilitation and Improvement Project (DRIP-2) will strengthen dam safety […]
Posted inMAGAZINES
AAR Karnataka’s Judgement on GST Applicable on Man Power Services
Case: Wisdom Security Services dated: 30.09.2019 Query: Is GST Applicable on man power services provided to Karnataka Rural Road Development Agency? [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]
Posted inMAGAZINES
Attention Manufacturers Registered under Central Excise Act 1944
Attention Manufacturers registered under Central Excise Act, 1944! Due date for payment of Excise Duty for the goods cleared during the month of July, 2021 is August 06, 2021.
Posted inGST, MAGAZINES
E-Way Bill Generation will be Blocked after 15th August 2021. Read Advisory Issued by the GSTN
(1.) As you might be aware that the facility of blocking E way bill generation had been temporarily suspended due to pandemic, in terms of Rule 138 E (a) and (b) of the CGST Rules, 2017, the E Way Bill generation facility of a person is liable to be restricted, in case the person fails […]