Directorate of Enforcement (ED) recovered forex worth Rs. 1.53 Crore by conducting personal search of a person at Kolkata Airport under Foreign Exchange Management Act, 1999 (FEMA). The search was conducted on the basis of Information received from the Airport Intelligence Unit, NSCBI Airport, Customs Kolkata on the night of 21.05.2022 that a passenger has […]
Posted inGST
Breaking: Government Suspends Two GST Officials For Illegal Detention Of Chartered Accountants
On 23rd May 2022, Union Minister Smt. Nirmala Sitharaman held a meeting with ICAI delegation in Gurugram GST refund case. CBIC has tweeted the updates of meeting as under: Smt @nsitharaman held a meeting with @theicai delegation, led by VP Shri Aniket Sunil Talati. The MoF had invited the ICAI on Saturday to discuss various […]
Posted inJUDGEMENT
Common Area Maintenance Charges And Non-Occupancy Charges Paid to Society Are Deductible: ITAT Mumbai
In the case of DCIT vs. Yogen D. Sanghvi, ITAT Mumbai has held that: What section 22 attempts to assess is the annual value of the property consisting of any building or land appurtenant thereto, of which the appellant is the owner,, and which has not been put to use for the purposes of its […]
Posted inBank / Bank Audit
ATM Cash Withdrawal: Now Soon You Will Be Able To Withdraw Money From ATM Without Card
RBI has issued a circular on May 19, 2022, directing all banks to start the facility of withdrawing money without card soon. This facility will be available 24 hours a day. In fact, in the meeting of the MPC held on April 8, 2022, this facility was announced by the Reserve Bank. The RBI governor […]
Posted inBUSINESS & ECONOMY
Breaking: States Do Not Suffer Due To Reduction in Excise Duty- Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman said that Basic Excise Duty (BED), Special Additional Excise Duty (SAED), Road and Infrastructure Cess (RIC) and Agriculture and Infrastructure Development Equipment (AIDC) together wit makes the total excise duty on petrol-diesel. Out of these, only BED is shared with the states, not the rest. The government has made this […]
Posted inINCOME TAX
Income Tax: Taxpayers Will Now Have To Give Additional Information in ITR For AY 2022-23
Income Tax Department has recently released new ITR (Income Tax Return) forms for assessment year 2022-23 (FY 2021-22). All the forms from ITR-1 to ITR-6 are almost same as last year. No major changes have been made to these. Nevertheless, income tax payers will have to provide some additional information while filling the ITR form […]
Posted inGST
Big Breaking: Government Plans To Amend GSTR-3B To Stop Bogus ITC Claims
The monthly tax payment form GSTR-3B is all set to be amended to check fraudulent Input Tax Credit (ITC) claims and speedy disposal of genuine cases. An official said that this could be considered in the meeting of the GST Council to be held next month. The revised form will provide clarity to the taxpayer […]
Posted inINCOME TAX
Slump Price Paid To Acquire A Business Has To Be Bifurcated Between Tangible And Intangible Assets For Allowing Depreciation: ITAT Pune
In the case of Johnson Matthey Chemicals India Pvt. Ltd vs. DCIT, ITAT Pune has held that: The learned Departmental Representative for the Revenue also was of the view that no part of slump price is to be attributed to the know-how, patents and trademarks, since the same has not been acquired by the assessee. […]
Posted inICAI
Know Why “JusticeForCA” Hashtag is Trending
Some Twitter handles are claiming that 2 Chartered Accountants are arrested by the Gurugram GST Department for issuing CA certificate for GST refund. Video Tweet: Please Click Here to Visit After the arrest of Chartered Accountants, various CAs from the country have gathered at Gurugram GST Department and protested the arrest. CAs are tweeting with […]
Posted inBUSINESS & ECONOMY
CBI Court Convicts Former CM Of Haryana For Possessing Disproportionate Assets
The Special Judge for CBI cases, New Delhi has today convicted Sh. Om Prakash Chautala, then Chief Minister of Haryana for possessing disproportionate assets. A case was registered on 03.04.2006 against Sh. Om Prakash Chautala & others on the allegations that while functioning as Chief Minister of Haryana during the period 24.07.1999 to 05.03.2005, in […]
Posted inBUSINESS & ECONOMY
People Are Giving Thanks To PM Modi For Reducing Petrol, Diesel Prices
Following centre’s decision to reduce Excise Duty on petrol and diesel, people are giving thanks to PM Modi. They are tweeting with hashtag #ThankYouPmModiJi Some of the tweets are as under: Roshan Tweeted: One of the best PM of India. Even Whole world facing High inflation, but our country got Best PM. It’s helpful for […]
Posted inGST
Written Submissions Before Court By Advocates in Gurugram 2 CA’s Arrest Case
In the Matter of: CGST, GURUGRAM Vs. SUNIL MEHLAWAT Written Submissions on Behalf of The Applicant/ Sunil Mehlawat MOST RESPECTFULLY SHOWETH: 1.) The Applicant aged about 29 Years, is married and has a minor child and aged father (mother already passed away), is sole bread earner of the family, since his wife is a housewife. […]
Posted inJUDGEMENT
CIT(A) Has To Apply His Own Independent Mind in Facts And Circumstances Of Case: Telangana High Court
In the case of APR Jewellers Private Limited vs CIT(A) and ITO, the Telangana High Court has held that: Supreme Court in Principal Commissioner of Income Tax vs. L.G. Electronics India Private Ltd, observed that an administrative circular would not operate as a factor on the Commissioner since it is a quasi-judicial authority. Clarifying further, […]
Posted inINCOME TAX
New Update On Income Tax Return
Income Tax E-filing Portal has posted an update that: E-filing of ITR 1 to 4 for AY 2022-23 is enabled (ITR-1, ITR- 2 & ITR-4 offline & online both, ITR-3-only offline). Taxpayers can download ITR Offline Utility through “Downloads” Menu option, fill and file the ITR through the same.
Posted inINCOME TAX
Breaking: CBDT Notifies JSON Schema For ITR-7
The CBDT, on 20th May 2022, has notified JSON Schema for ITR-7. To Download the Schema, Please Click Here Date of First Release of JSON Schema: 20th May 2022 To Download the Validations, Please Click Here Date of First Release of Validation: 5th May 2022 ITR-7 Notified For AY 2022-23, Please Click Here To Download
Posted inINCOME TAX
Breaking: CBDT Notifies Common Offline Utilities For ITR-1 To ITR-4 For AY 2022-23
The CBDT, on 20th May 2022, has notified common offline utilities for ITR-1 to ITR-4 for AY 2022-23. To Download the Utility, Please Click Here Date of Utility Release: 20th May 2022 To Download the Utility for MAC, Please Click Here Date of MAC Utility Release: 9th May 2022
Posted inCOMPANY LAW
New MCA Form To Effective From 1st June 2022
Vide Notification dated 20th May 2022, the Ministry of Corporate Affairs (MCA) has notified Companies (Incorporation) Second Amendment Rules, 2022. Through this amendment, the Ministry has substituted Form No. INC-9. The new form will be effective from 1st June 2022. To Download the Notification, Please Click Here
Posted inGST
GST- GOM Panel Report: Agreed To Increase GST Rate On Casinos, Online Gaming And Race Courses
The Group of Ministers (GoM) to review the GST levy has agreed to increase the rate of GST on casinos, online gaming and race courses from 18 per cent to 28 per cent. This panel, constituted to re-evaluate these services for levy of GST, will submit its report to Finance Minister Nirmala Sitharaman in a day […]
Posted inBUSINESS & ECONOMY
Factionalism in Market is A Big Problem: Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman made a big statement in the annual program of Competition Commission of India (CCI). She said that the trend of gang working or factionalism in the market is a matter of concern and it will be very challenging to deal with it. During her address at the 13th Annual Function of […]
Posted inBUSINESS & ECONOMY
CBI Registers Case For Rs 230 Crore Bank Fraud
Central probe agency CBI has registered a case against real estate developer Amrapali Leisure Valley Developers Pvt Ltd and its director Anil Sharma, among others. This FIR has been registered in connection with the alleged fraud of over Rs 230 crore from Bank of Maharashtra and Andhra Bank. Officials gave this information on Friday. The FIR registered […]
Posted inBUSINESS & ECONOMY
ED Attaches Immovable Assets Under PMLA 2002
Enforcement Directorate (ED) has provisionally attached immovable assets in the form of land ad-measuring 3,39,984.2 square meters (valued at approx. Rs 185 crores as per govt. rates) and movable assets amounting to Rs.7,51,78,480/- in the form of bank balances belonging to M/s DDPL Global Infrastructure Private Limited (DDPL), M/s Unicorn Infraprojects and Estates Private Limited […]
Posted inINCOME TAX
Concealment Of Income And Furnishing Of Inaccurate Particulars Are Distinct And Separate Charges: ITAT Agra
In the case of Sachin Arora vs. ITO, ITAT Agra has held that: It is quite clear, that suppressio vari’, or ‘suppression of truth’, which has, in section 271(1)(c) of the IT Act, as its equivalent,concealment of income’, and `suggestio falsi’, literally, ‘suggesting or stating a falsehood’, which manifests itself as ‘furnishing of inaccurate particulars […]
Posted inGST
Big Update On GSTR-2B For April 2022
Official account of GSTN Portal, GST Tech has tweeted that: GSTR2B is now available for April 2022 It may be noted that only if the taxpayer, the Input Tax Credit (ITC) gets auto populated in GSTR3B from GSTR2B has not saved any data in GSTR3B for that tax period. 2.) The auto population of ITC […]
Posted inINCOME TAX
Aadhaar OTP Service in Income Tax Portal Will Not Be Available On These Dates
Income Tax E-filing Portal has posted an update that: Aadhaar based OTP services will not be available between 11:00 PM on Friday, 20th May to 4:30 AM on Saturday, 21st May, due to scheduled downtime at NSDL. Please plan accordingly.
Posted inBUSINESS & ECONOMY
CBI: Three Years Rigorous Imprisonment To An Official in A Bribery Case
The Special Judge, CBI Cases, Visakhapatnam has sentenced Shri Kondaveeti Mani Prasad, then Sub-Inspector, Railway Protection Force(RPF), South Central Railway, Guntur Division to undergo three years Rigorous Imprisonment with total fine of Rs.20,000/- in a bribery case. CBI had registered a case against the accused on the allegations of bribery. It was alleged that Shri […]
Posted inBUSINESS & ECONOMY
CBI Registers Case Against Five Accused For Issuing Visa To Chinese Company Beyond Ceiling
The Central Bureau of Investigation has registered a case against five accused including private persons based at Chennai, Mumbai; private companies based at Mumbai, Mansa (Punjab) etc and unknown public servants & private persons. It has been alleged that the private company based at Mansa was in the process of establishing a 1980 MW thermal […]
Posted inBUSINESS & ECONOMY
ED Arrests Six Persons Under PMLA 2002
Directorate of Enforcement (ED) has carried out search operations at 11 premises linked to Bangladesh nationals namely Proshanta Kumar Halder, Pritish Kumar Halder and their associates across the state of West Bengal. Proshanta Kumar Halder has been nabbed along with his 5 other associates during these searches. Proshanta Kumar Halder was found in the disguised […]
Posted inGST
CBIC Extends Due Date For Making Monthly Payment Under QRMP Scheme
Vide Notification No 06/2022- Central Tax Dated 17th May 2022, the CBIC has extended due date for making monthly payment for April 2022 in Form GST PMT-06 under QRMP scheme to 27th May 2022.
Posted inGST
CBIC Extends Due Date Of April 2022 GSTR-3B
Vide Notification No. 05/2022- Central Tax Dated 17th May 2022, the CBIC has extended due date for filing GSTR-3B of April 2022 to 24th May 2022.
Posted inGST
Breaking: Government Proposes To Extend April 2022 GSTR-3B Due Date
CBIC has tweeted on 17th May 2022 that: A technical glitch has been reported by Infosys in generation of April 2022 GSTR-2B & auto-population of GSTR-3B on portal. Infosys has been directed by Govt for early resolution. Technical team is working to provide GSTR-2B & correct auto-populated GSTR-3B at the earliest. (1/2) Considering the difficulties […]