GST

Inflationary concerns may delay GST rate rationalisation

revision to boost the revenue of the Centre and states is likely to be delayed due to a spike in inflation, and the Centre is examining ways to tame prices, including by improving logistics for commodities such as cement, a government official said on Wednesday. The government will also continue to take steps to iron …

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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 …

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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 …

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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 …

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SEBI Simplifies of procedure and formats for issuance of duplicate securities certificates

SEBI Simplifies of procedure and formats for issuance of duplicate securities certificates In order to to protect the interests of investors in securities and to promote the development of, and to regulate the securities market, Securities and Exchange Board of India (SEBI) on notification no. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/70 dated 25th May, 2022 has released issued a circular …

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Reserve Bank cancels Certificate of Registration (CoR) of five NBFCs due to irregular lending practices

In exercise of the powers conferred under Section 45-IA (6) (iv) of the ReserveBank of India Act, 1934, the Reserve Bank has cancelled the Certificate ofRegistration (CoR) issued to the following five Non-Banking Financial Companies(NBFCs) As such, the above companies shall not transact the business of a Non-BankingFinancial Institution (NBFI), as defined in clause (a) …

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CBDT Instructions Circular 4/2022 on Salary TDS u/s 192 (FY 2021-22)

CBDT Income Tax Circular 4/2022 dt. 15/03/2022: Instructions on Salary TDS during FY 2021-22 (AY 2022-23) u/s 192 of Income Tax Act, 1961 Subject: ​Income-tax Deduction from salaries during the Financial Year 2021-22 under section 192 of the Income-tax Act, 1961 Reference is invited to Circular No. 20/2020 dated 03/12/2020 whereby the rates of deduction of income-tax …

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Big news: CA caught taking bribe for income tax officers

The team of Anti-Corruption Bureau has taken major action in the capital Jaipur. The team has arrested a chartered accountant taking 2 lakh cash. During interrogation, it came to light that the CA was taking this money for the income tax officers. The Chartered Accountant is being questioned about who this officer is. His phone …

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Government sanctions Neeraj’s request to train in Finland’s Kuortane Olympic Training Centre ahead of Diamond League

India’s Olympic Gold Medallist Neeraj Chopra is set to switch his training base from Turkey and will fly out to Finland for the same on Thursday, May 26th. Neeraj, who is currently training at Turkey’s Gloria Sports Arena, is scheduled to fly out on May 26th and would train in Finland’s Kuortane Olympic Training Centre …

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DEA organises a 2-day workshop on Awareness Building and Guidance on using the PPP Toolkits

A two day -workshop on Awareness Building and Guidance on using the PPP Toolkits was organized by the Department of Economic Affairs (DEA), Ministry of Finance, in collaboration with Foreign, Commonwealth and Development Office, UK with an objective to sensitize and train government officials in using PPP toolkits for decision making in PPP projects. The Training programme …

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SEBI released Consultation Paper on framework related entities having listed debt securities only

Securities and Exchange Board of India (SEBI) on 20th May,2022 has released Consultation paper on introducing framework of Schemes of Arrangement for entities that have listed only debt securities/ NCRPS’, The term, ‘arrangements’ has been defined as amalgamation, merger, demerger, etc. which are different from those filed under the Insolvency and bankruptcy code inasmuch that …

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Assorted Foreign currencies of various denominations totally worth Rs. 50.71 Lakhs seized

Assorted Foreign currencies of various denominations totally worth Rs. 50.71 Lakhs seized by Chennai Air Customs Based upon a specific information, five passengers viz. Shri Najirudeen s/o Shri Mohamed Kasim, Shri Raja Mohammed s/o Shri Mohammed Razik & Shri Jahir Hussain s/o Shri Buhari (bound for Dubai by Emirates Flight No. EK-547), Shri Vishnushagar s/o …

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Additional window for income tax return compliance

In recent times, the reduction in time limits for filing belated or revised income tax returns provides taxpayers with a short timeframe to rectify the inadvertent errors or meet such timelines in adverse situations. Until now, the last day to file the revised or belated return was 31 December of the assessment year. With a …

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Breaking: 794.64 grams of Heroin worth Rs. 5.56 Cr. seized. Pax arrested

Based on intelligence, on 17.05.2022 at around 04:30 a.m, a passenger by name -Mr. Lauben Mbangire, aged 42 years, resident of Uganda arriving from Sharjah by Air Arabia flight G9-471 was intercepted by Air Intelligence Officers of Chennai Customs. The passenger had swallowed 63 capsules containing ivory colour powder material which upon testing was identified …

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New rule of income tax: Transactions of more than 20 lakhs done in a year without PAN-Aadhaar can be difficult

Income Tax Rules: Central Board of Direct Taxes (CBDT) has recently changed some rules from the income tax. Under this, it has made the Permanent Account Number (PAN) or base (AADHAR) for backing transactions of more than Rs 20 lakh in a year. New rules will be applicable from May 26. In a notification issued …

New rule of income tax: Transactions of more than 20 lakhs done in a year without PAN-Aadhaar can be difficult Read More »

Major relief for government employees! Family pension rules relaxed

In a major relief for government employees, particularly serving in militancy affected areas like Jammu & Kashmir, North-East as well as Naxal prone pockets, Union Minister Jitendra Singh has said that Family pension rules for such missing central government employees has been relaxed. According to the earlier rule, the next of the kin of an …

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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. …

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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 …

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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 …

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More HBLs for Martand Temple, Qutub Minar, Taj Mahal to be taken

National Monuments Authority (NMA), has made a record number of 101 Heritage By Laws during the covid period (from 2019 onwards) , covering a total of 126 centrally protected monuments. This is in comparison to five Heritage By- Laws (HBLs) covering 31 centrally protected monuments finalized in the preceding ten years. This reflects a 20 …

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Govt give relief from high edible oil prices to consumers

Central Govt. has allowed import of a quantity of 20 Lakh MT each of Crude Soyabean Oil & Crude Sunflower Oil per year for a period of 2 years at Nil rate of customs duty & Agricultural Infrastructure and Development Cess. This will provided significant relief to the consumers. In a bid to give relief …

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Weekly Taxation Newsletter from 15th May, 2022 to 22nd May, 2022 E-Newsletter latest Due Dates, Notifications, Case Laws

We are delighted to share our 75th E-Newsletter “Weekly Taxation Newsletter” dated 23rd May, 2022 from 15th May, 2022 to 22nd May, 2022 with you. This E – Newsletter is a weekly reference / compilation of interesting and latest news related to tax including upcoming Timelines / Due Dates, Notifications / Press Information, Case Laws, …

Weekly Taxation Newsletter from 15th May, 2022 to 22nd May, 2022 E-Newsletter latest Due Dates, Notifications, Case Laws Read More »

CBSE Class 12th Accountancy Answer Key 2022 – Direct link

Students may please note that CBSE 12th Accounts Answer Key 2022 is for Set 1 of the Board Exam. In case other keys are available, we would upload them here.CBSE Class 12 Accounts Term 2 Exam 2022 has been called very easy by students. Even experts have pointed out that the 12th Accounts question paper …

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