How to know ITR status without logging in to Income Tax Portal First, Please Visit Here A new window will open. You have to fill ITR acknowledgement number and mobile number on which ITD will send OTP. Click Continue. In new window, please fill OTP as received on said mobile number and click Submit. You […]
Posted inINCOME TAX
Income Tax: Faceless Penalty Order 2022
Notification No. 55/2022 Dated 27th May 2022
Posted inINCOME TAX
CBDT Notifies Faceless Penalty (Amendment) Scheme 2022
Vide Notification No. 54/2022 Dated 27th May 2022, the CBDT has notified Faceless Penalty (Amendment) Scheme, 2022. It shall come into force on the date of its publication in the Official Gazette. In this notification, amendments are made in Faceless Penalty Scheme, 2021. To Download the Notification, Please Click Here
Posted inBUSINESS & ECONOMY
Government Withdraws Press Release On Aadhaar Sharing
This is in pursuant of the Press Release dated 27 May 2022 by the Bengaluru Regional Office, UIDAI. It is learnt that it was issued by them in the context of an attempt to misuse a photoshopped Aadhaar card. The release advised the people to not to share photocopy of their Aadhaar with any organization […]
Posted inJUDGEMENT
Section 69C Cannot Be Applied Where All Purchase And Sales Transactions Are Part Of Regular Books Of Accounts: ITAT Mumbai
In the case of M/s. Fancy Wear vs. ITO, ITAT Mumbai has held that: The AO or the FAA have not rejected the books of accounts of the assessee nor have doubted the purchases made by it. The recognised principles of accountancy and tax jurisprudence hold that no sales can take place without purchases. Thus, […]
Posted inBank / Bank Audit
SBI’s Big Setback To its Home Loan Customers
If you are a customer of State Bank of India (SBI) or you are planning to take home loan from SBI, then the beginning of the new month will increase the expenses for you too. In fact, let us tell you that SBI has increased its home loan external benchmark lending rate (EBLR) by 40 […]
Posted inBUSINESS & ECONOMY
CBI Arrests ABIL Group’s Chairman Avinash Bhosale
The CBI on Thursday arrested Avinash Bhosale, chairman of Pune-based real estate giant ABIL Group, in its probe into the Yes Bank and DFFL scams. The CBI is probing the alleged corruption case of Yes Bank founder Rana Kapoor and DHFL’s Kapil Wadhawan. The CBI had raided Bhosale’s residence and office last month and he […]
Posted inBUSINESS & ECONOMY
Government’s Big Plan To Curb Fake Reviews On E-commerce Platforms
The central government has stepped up its steps to protect customers from fake reviews of products and services on online sales platforms. According to the report, the government will come up with SOPs to protect the consumers. The government has also sought advice from other concerned parties including e-commerce companies in this regard. Rohit Kumar […]
Posted inJUDGEMENT
“Concealment Of Particulars Of Income” And “Furnishing Of Inaccurate Particulars Of Income” Are Different Terms: ITAT Mumbai
In the case of Orbit Enterprises vs. ITO, ITAT Mumbai has held that: Notably, Sec. 292BB of the Act has been inserted w.e.f. 01.04.2008 and is understood basically as a rule of evidence. The implication of Sec. 292BB of the Act is that once the assessee appears in any proceedings or has co-operated in any […]
Posted inBUSINESS & ECONOMY
Breaking: Google To Enter in Indian E-Commerce Market
Google is all set to enter the e-commerce market through the Government of India’s online platform Open Network for Digital Commerce (ONDC). ONDC was launched last month as a pilot project in some cities. Google wants to add purchase services to it. This move will give competition to companies like Amazon and Flipkart. ONDC CEO […]
Posted inINCOME TAX
New Update On Income Tax E-filing Portal
Income Tax E-filing Portal has posted an update that: Form 5BA to be filed under rule 8B(6) for FY 2021-22 is available for filing on portal.
Posted inBUSINESS & ECONOMY
ED Issues Provisional Attachment Order in Bank Fraud Case
Directorate of Enforcement (ED) has issued the Provisional Attachment Order on 22.02.22 for attachment of immovable properties of M/s Nipko Engineering Services Pvt Ltd. amounting to Rs.62.70 Crore in a Bank fraud case. ED initiated money laundering investigation in the year 2020 on the basis of FIR registered by CBI, ACB Pune, wherein a complaint […]
Posted inBUSINESS & ECONOMY
CBI Arrests Station Fire Officer For Accepting Bribe
The Central Bureau of Investigation has arrested a Station Fire Officer posted at Fire Station, Sector-38, Chandigarh for demanding & accepting bribe of Rs. 30,000/- from the Complainant. A case was registered against Station Fire Officer posted at Fire Station, Sector-38, Chandigarh on a complaint. It was alleged that the complainant had applied for Fire […]
Posted inBUSINESS & ECONOMY
CBI: Four Years Rigorous Imprisonment To Former Chief Minister Of Haryana
The Special Judge for CBI cases, New Delhi has today sentenced Sh. Om Prakash Chautala, then Chief Minister of Haryana to undergo four years Rigorous Imprisonment with fine of Rs. 50 lakh for possessing disproportionate assets. A case was registered on 03.04.2006 against Sh. Om Prakash Chautala & others on the allegations that while functioning […]
Posted inJUDGEMENT
No Addition Can Be Made in Absence Of Direct Evidence Showing Assessee Received Cash Payment: ITAT Mumbai
In the case of ACIT vs. Katrina (Kaif) Rosemary Turcotte, ITAT Mumbai has held that: The Assessing Officer has not brought on record any clinching evidence on the basis of any enquiry made by him to demonstrate that the assessee has actually received any cash as per the evaluation sheet from Matrix. Therefore, in the […]
Posted inBUSINESS & ECONOMY
Must Read: Second Phase Of Gold Hallmarking
Let us tell you that the second phase of gold hallmarking will be started from June 1, 2022. While sharing this information in the past, the government had said that from the beginning of June, the second phase of gold hallmarking will be started, under which it will be necessary to prove the purity of […]
Posted inBUSINESS & ECONOMY
Big Update On RBI Repo Rate
Like other central banks around the world, RBI is raising interest rates to control inflation. The central bank may increase the repo rate by 0.50 per cent in the Monetary Policy Committee (MPC) meeting to be held in June. This will make different types of loans like home-auto loans more expensive. < p style=”text-align: left”>British […]
Posted inBUSINESS & ECONOMY
CBI Conducts Searches in Alleged Irregularities in Procurement During 34th National Games
The Central Bureau of Investigation has today conducted searches at 16 places including at Ranchi, Dhanbad, Bokaro, Godda, Dhumka Districts of Jharkhand, Patna (Bihar) & Delhi at the premises of accused/others in an on-going investigation of a case. Certain incriminating documents have been recovered during searches which are being scrutinized. CBI has registered a case […]
Posted inGST
Good News for Taxpayers: Government Waives Late Fees For GSTR-4 [Read Notification]
Vide Notification No. 07/2022- Central Tax Dated 26th May 2022, the CBIC has waived late fees for GSTR-4 return of FY 2021-22 for the period from 1st day of May, 2022 till 30th day of June, 2022.
Posted inJUDGEMENT
Petitioner/Plaintiff Is The ‘Dominus Litis’ And It Is Open To Him To Pursue Or Abandon His Case: ITAT Mumbai
In the case of M/s Sainath Enterprises vs. ACIT, ITAT Mumbai has held that: The Petitioner/ Plaintiff is the ‘dominus litis’ and it is open to him to pursue or abandon his case. Withdrawal cannot be denied except when the person making the prayer has obtained some advantage/ benefit which he seeks to retain. To […]
Posted inINCOME TAX
Income Tax Department Releases Help Video To Assist in Filing Form 10BD
Income Tax E-filing Portal has posted an update that: A Help video on how to file Form 10BD is available in the “How To Videos” section of the e-Filing Portal. To Watch the Video, Please Click Here
Posted inBUSINESS & ECONOMY
ED Arrests Company’s Director in A Bank Fraud Case Under PMLA 2002
Directorate of Enforcement (ED) has arrested Ashok Kumar Mittal, Director of M/s. Mahesh Timber Private Limited, Karnal, Haryana on 23.05.2022 in a bank fraud case under the Prevention of Money Laundering Act (PMLA), 2002. ED initiated money laundering investigation on the basis of FIR registered by CBI, New Delhi for criminal conspiracy, cheating, forgery and […]
Posted inBUSINESS & ECONOMY
CBI Arrests An Appraiser And His Associate in Bribery Case
The Central Bureau of Investigation has arrested an Appraiser, Customs Departments, IGI Airport, New Delhi and his Associate (CHA) in a bribery case of Rs.One Lakh. A case was registered on complaint against the accused on the allegations that the Appraiser, Customs, IGI Airport, New Delhi demanded an illegal gratification of Rs. 1,40,000/- from the […]
Posted inJUDGEMENT
The scheme Of Income Tax Act is To Assess Real Income And Not Hypothetical Income: ITAT Mumbai
In the case of Late Shri Gordhandas S. Garodia vs. DCIT, ITAT Mumbai has held that: The expression “full value of consideration received or accruing” would mean the amount actually received by the assessee or consideration which has accrued to the assessee. The expression “accrue” means a right acquired by the assessee to receive income. […]
Posted inBUSINESS & ECONOMY
LIC Done This Preparation To Compensate Loss Of Investors
The IPO of the country’s largest insurance company Life Insurance Corporation of India (LIC) may have disappointed investors, but now the company has made preparations to compensate them for the loss. On Tuesday, LIC said that its board will consider giving dividend. However, full disclosure about this will be in the first quarter results to […]
Posted inBUSINESS & ECONOMY
India is The Best Country For Investment: Piyush Goyal
India is the most preferred country in the world for investment. There are massive opportunities for global investors here. So they should invest in India. Along with this, there is a need to focus on the export of services sector to boost the total exports of the country. In the annual meeting of the World […]
Posted inINCOME TAX
Acquisition Of New Flat in Apartment Under Construction Should Be Considered As “Construction” And Not “Purchase”: ITAT Mumbai
In the case of Mustansir I Tehsildar vs. ITO, ITAT Mumbai has held that: For the purpose of sec. 54 of the Act, we have to see whether the assessee has completed the construction within three years from the date of transfer of old asset. In the instant case, there is no dispute that the […]
Posted inBUSINESS & ECONOMY
RBI Governor Gives These Big Signs On Repo Rate
In order to control the ever-increasing inflation in the country, in the first week of May, the Reserve Bank of India (RBI) had hurriedly called a meeting of the MPC and increased the repo rates by 0.40 percent. At the same time, RBI Governor Shaktikanta Das has again indicated an increase in policy rates. After […]
Posted inINCOME TAX
Bankruptcy Process Can Not Be Initiated Against Companies On The Basis Of TDS Dues: NCLAT
The National Company Law Appellate Tribunal (NCLAT) has held that insolvency proceedings cannot be initiated against any company on the basis of tax deducted at source (TDS) arrears. The NCLAT set aside an order of the Kolkata Bench of NCLT, saying that an operating lender of the company cannot use the process of Insolvency and […]
Posted inBUSINESS & ECONOMY
Citizens Can Now Access Digilocker Services On MyGov Helpdesk On WhatsApp
In a major initiative to make Government services accessible, inclusive, transparent and simple, MyGov today announced that citizens will now be able to use the MyGov Helpdesk on WhatsApp to access the Digilocker service. This includes creating and authenticating their Digilocker account, downloading documents such as PAN card, driving license, vehicle registration certificate, among others, […]