Directorate of Enforcement (ED) has provisionally attached various immovable and movable properties having book value of Rs. 2.14 Crore of Devki Nandan Garg, Ashok Kumar Goel, Mahesh Kumar, Devender Kumar & other entry operators and R.N. Saraf and Ramesh Goyal, Chartered Accountants of Devki Nandan Garg under the Prevention of Money Laundering Act (PMLA), 2002 […]
Posted inJUDGEMENT
Bogus Purchases Cannot Be Assessed As ‘Unexplained Expenditure’ If Transactions Are Duly Disclosed And Payments Are Through Banks: ITAT Mumbai
In the case of Earthmoving Equipment Service Corporation vs. DCIT, ITAT Mumbai has held that: Section 69C could not be applied to the facts of the case as the payments were through banking channels which were duly reflected in the books of accounts and therefore, there was no unexplained expenditure within the meaning of Section […]
Posted inBUSINESS & ECONOMY
CBI Arrests An Accused in A Bribery Case
The Central Bureau of Investigation has arrested Garrison Engineer, EE (SG), Morar Cantonment, Gwalior (Madhya Pradesh) for demanding & accepting bribe of Rs. 50,000/- from the Complainant. A case was registered against the accused on the allegations of demanding bribe of Rs. 4.20 lakh (5% of awarded work of Rs. 84 lakh) in connection with […]
Posted inINCOME TAX
How To Round Off Tax Liability in Income Tax?
As per section 288B, tax payable by the taxpayer or tax refundable to the taxpayer shall be rounded off to the nearest multiple of ten, following points should be kept in mind while rounding off the tax: First any part of rupee consisting of any paisa should be ignored. After ignoring paisa, if such amount […]
Posted inINCOME TAX
What is Difference Between Gross Total Income And Total Income in Income Tax?
Total Income is the income on which tax liability is determined. It is necessary to compute total income to ascertain tax liability. section 80C to 80U provides certain deductions which can be claimed from Gross Total Income (GTI). After claiming these deductions from GTI, the income remaining is called as Total Income. In other words, […]
Posted inINCOME TAX
What is Surcharge in Income Tax And How It is Calculated?
Surcharge is an additional tax levied on the amount of income-tax. In case of individuals/HUF/AOP/BOI/artificial juridical person, surcharge is levied @ 10% on the amount of income-tax where the total income of the taxpayer exceeds Rs. 50 lakh but doesn’t exceeds Rs. 1 crore. Surcharge is levied @ 15% of income-tax where the total income […]
Posted inBUSINESS & ECONOMY
ED Conducts Search Operation Under PMLA 2002
Directorate of Enforcement (ED) has conducted a search operation on 06.06.2022 under PMLA, 2002 at the premises of Satyendar Kumar Jain/Poonam Jain, and his accomplices and other persons who had either directly or indirectly assisted him or participated in the processes of money laundering namely, Ankush Jain, Vaibhav Jain, Naveen Jain & Siddharth Jain (Directors […]
Posted inBUSINESS & ECONOMY
ED Files Prosecution Compliant in Money Laundering Case
Directorate of Enforcement (ED) has filed a Prosecution Complaint against 8 accused persons/entities including M/s DJN Commodities and others wherein Cognizance has been taken by the Special PMLA Court, Ranchi on 07.06.2022. ED had initiated money laundering investigation against M/s DJN Commodities and its Proprietors Late Jitendra Mohan Sinha & Vishal Kumar Sinha on the […]
Posted inJUDGEMENT
Penalty Proceedings Are “Quasi-Criminal” And Ought To Comply With Principles Of Natural Justice: ITAT Mumbai
In the case of Meherjee Cassinath Holdings Pvt. Ltd vs. ACIT, ITAT Mumbai has held that: Apart from the aforesaid discussion, we may also refer to the one more seminal feature of this case which would demonstrate the importance of non-striking off of irrelevant clause in the notice by the Assessing Officer. As noted earlier, […]
Posted inBUSINESS & ECONOMY
CBI Arrests An Accused For Accepting Bribe
The Central Bureau of Investigation has arrested a Sub-Inspector posted at Kishangarh Police Station, Delhi for demanding & accepting bribe of Rs. 15,000/- from the Complainant. A case was registered on complaint against the accused. It was alleged that the said Sub-Inspector has demanded bribe for not arresting Complainant’s son in a case earlier registered […]
Posted inINCOME TAX
How To Report Income E-filing Portal Account Misuse?
If you think your e-Filing account may have been compromised or accessed in an unauthorized manner, then you may be a victim of cybercrime. Please report the incident to the concerned police or cyber-cell authorities as a first step. You may file an online criminal complaint/ FIR by visiting https://cybercrime.gov.in/, an initiative of Government of […]
Posted inINCOME TAX
Income Tax Compliance Calendar For June 2022
Income Tax Compliance Calendar For June 2022 7 June 2022 – Due date for deposit of Tax deducted/collected for the month of May, 2022. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of […]
Posted inINCOME TAX
What is Form 26AS?
It is a form issued under Rule 114-I, wherein the following information related to taxpayer is published: a) Information relating to TDS and TCS; b) Information relating to Specified Financial Transactions (SFT); c) Information relating to payment of taxes; d) Information relating to demand and refund; e) Information relating to pending proceedings; f) Information relating […]
Posted inJUDGEMENT
Gift Received From HUF By A Member Of HUF is Exempt From Tax: ITAT Mumbai
In the case of DCIT vs. Ateev V. Gala, ITAT Mumbai has held that: From a plain reading of section 56(2)(vi) along with the Explanation to that section and on understanding the intention of the legislature from the section, we find that a gift received from “relative”, irrespective of whether it is from an individual […]
Posted inBUSINESS & ECONOMY
CBI Arrests 2 Accused in A Bribery Case
The Central Bureau of Investigation has arrested a Junior Engineer, Municipal Corporation of Delhi (MCD), Preet Vihar, Delhi and a Beldar in bribery of Rs.7,000/-. A case was registered on complaint against the accused. It was alleged that both the accused demanded bribe from the Complainant for allowing him to keep material outside his shop. […]
Posted inINCOME TAX
How To View Form 26AS Through Net Banking
This facility is available to a PAN holder having net banking account with any of authorised banks. View of Form 26AS is available only if the PAN is mapped to that particular account. The facility is available free of cost. Login to your bank’s internet banking website and click on the option provided to view […]
Posted inINCOME TAX
How To View Form 26AS Through Income Tax E-filing Portal
Perform the following steps to view or download the Form-26AS from e-Filing portal: Step-1: Logon to ‘e-Filing’ Portal https://www.incometax.gov.in/iec/foportal/ Step-2: Go to the ‘My Account’ menu, click ‘View Form 26AS (Tax Credit)’ link. Step-3: Read the disclaimer, click ‘Confirm’ and the user will be redirected to TDS-CPC Portal. Step-4: In the TDS-CPC Portal, Agree the […]
Posted inJUDGEMENT
AO Has To Make Independent Inquiry To Treat Purchases As Bogus: ITAT Mumbai
In the case of Geolife Organics vs. ACIT, ITAT Mumbai has held that: It is evident from the assessment order that on the basis of information obtained from the Sales Tax Department, Assessing Officer issued notices under section 133(6). As the assessee failed to produce the concerned parties, the Assessing Officer, primarily relying upon the […]
Posted inINCOME TAX
How To Pay Income Tax Challan Online
Steps to Pay Income Tax online Step-1 Please Click Here to Visit Payment Site Step-2 Select the relevant challan i.e. ITNS 280, ITNS 281, ITNS 282, ITNS 283, ITNS 284 or Form 26QB demand payment (only for TDS on sale of property) as applicable. Step-3 Enter PAN/ TAN (as applicable) and other mandatory challan details […]
Posted inMARKETS
New Market Tension For LIC Shareholders
The decline that started after the listing in the shares of Life Insurance Corporation of India (LIC), which has offered the biggest IPO in the country’s history, continues unabated. The company’s shares reached a new all-time low on the first day of the week. It is worth noting that the upper price band of LIC’s […]
Posted inBUSINESS & ECONOMY
CBI Arrests An Accused For Accepting Bribe
The Central Bureau of Investigation has arrested a Senior Divisional Mechanical Engineer, Diesel Locoshed, West Central Railway, Itarsi (Madhya Pradesh) for demanding & accepting bribe of Rs. 50,000/- from the Complainant. A case was registered on complaint against Sr. DME, Diesel Locoshed, West Central Railway, Itarsi (MP). It was alleged that the accused demanded bribe […]
Posted inBUSINESS & ECONOMY
CBI Arrests Superintendent Of GST And Customs in Bribery Cases
The Central Bureau of Investigation has today arrested two Superintendents of GST, Bellery (Karnataka) in a bribery of Rs. 80,000/-. A case was registered on complaint against a Superintendent working in the Office of Deputy Commissioner, Central Tax, GST Division, Bellary and unknown others on the allegations of demanding bribe of Rs, 1,00,000/- for closing […]
Posted inINCOME TAX
TDS Deposited Under Wrong PAN. How Can I Claim TDS Now?
TDS credit must be checked in Form 26AS before filing of Income-tax return. If it is not reflected correctly there may be several reasons like: TDS is not deposited by deductor TDS is deposited but return is not filed by deductor TDS is wrongly deposited under some other PAN TDS credit is not updated in Form 26AS […]
Posted inINCOME TAX
How To Check Income Tax Challan Payment Status Online
Steps To Track The Status Of Income Tax Challan Deposited in Bank Step – 1 Please Click Here Step – 2 Select either from CIN (Challan Identification Number) based view or TAN based view. Step – 3 Fill the requisite details in order to view the Status. Step – 4 Tax Deductors may also download […]
Posted inINCOME TAX
New Update On Income Tax E-filing Portal You Must Know
Income Tax E-filing Portal has posted an update that: Online form for filing ITR-3 for AY 2022-23 has also been enabled.
Posted inBUSINESS & ECONOMY
ED Attaches Movable And Immovable Assets in Cheating & Bank Fraud Case
Directorate of Enforcement (ED) has provisionally attached movable and immovable assets to the tune of Rs. 24.39 Crore belonging to M/s Sanskar Group, a proprietorship concern of Manish Sharma, Navin Beri, his partnership firm M/s Lavanya Travels and Arvind Chadha, in connection with its probe for the offence of money laundering initiated against them. The […]
Posted inINCOME TAX
TDS On Payment For Transfer Of Certain Immovable Properties
TDS on payment for transfer of certain immovable properties (Section 194-IA of the Income Tax Act 1961). Please ZOOM pictures to read properly
Posted inINCOME TAX
‘Furnishing Of Inaccurate Particulars Of Income’ And ‘Concealment Of Particulars Of Income’ Have Different Connotations: ITAT Mumbai
In the case of Jehangir HC Jehangir vs. ACIT, ITAT Mumbai has held that: A perusal of the quantum assessment order reveals that the penalty has been initiated for furnishing of inaccurate particulars of income and concealment of particulars of income which, as per settled legal propositions, are different connotations and carry different meaning and […]
Posted inGST
New Update On GST Portal
New option added in GST Registration Application to Upload “Document for Trade Name”. It is optional (Not Mandatory). Maximum file size allowed is 5 MB. File in PDF or JPEG format is only allowed.
Posted inICAI
ICAI: Draft Of Regulations Further To Amend Chartered Accountants Regulations 1988
On 2nd June 2022, the ICAI has notified Chartered Accountants (2nd Amendment) Regulations, 2022. These contains draft of certain regulations further to amend the Chartered Accountants Regulations, 1988 30 days time limit to send any objection or suggestion in respect of the said draft regulations. To Download the Regulation in PDF, Please Click Here