Instructions under section 119 of the Income-tax Act,1961 regarding uploading of information on the VRU functionality on Insight portal for implementation of risk management strategy- for issue of notice u/s 148 of the Income-tax Act,1961 -reg
Posted inINCOME TAX
Taxpayers receive notices: Data mismatch between AIS and Form 26AS the reason
Did you file an early income-tax return, before the Annual Information Statement (AIS) was launched? Chances are your tax return may have attracted a demand notice if you had ignored some essential income received during the financial year. So far, one had to refer to the annual tax statement or the Form 26AS before filing returns. The AIS was […]
Posted inMAGAZINES
Weekly Corporate Newsletter (TC VIP access)- SEBI/MCA/IBC/ RBI/IPO/CCI/ LABOUR LAW Updates
We thought it would help to give you a sense of what’s available to you by subscribing to this 55th WEEKLY CORPORATE AFFAIRS Newsletter- · SEBI Updates · MCA Updates · RBI Updates · IBC Law Updates · Labour Law Updates · PRESS Information · IPO & Investment Section · IRDAI (Insurance Sector) Updates · Department of Telecommunication · MSME Updates · Competition Commission of India · Cabinet Decisions / New Laws […]
Posted inBUSINESS & ECONOMY
Today is the last date for deferred payment of Customs duty
Attention Eligible Importers availing facility of Deferred Payment of Customs Duty! Today is the last date for deferred payment of Customs duty for Bill of Entry returned for payment from December 01, 2021 to December 15, 2021.
Posted inJUDGEMENT
Delhi High Court Quashes Notices Issued U/S 148 Of The Income Tax Act
On 15th December 2021, the Delhi High Court has quashed notices issued under section 148 of the Income Tax Act (issued on or after 1st April 2021). The court said: “Keeping in view the aforesaid conclusions, Explanations A(a)(ii)/A(b) to the Notifications dated 31st March, 2021 and 27th April, 2021 are declared to be ultra vires […]
Posted inBUSINESS & ECONOMY
Banking Work May Affect On These Dates, Because Employees Will Go On Strike
Your bank’s work may be affected on 16-17 December, 2021. Actually 10 lakh bank employees will be on strike on these days. Negotiations between bank unions and the government remained fruitless. After which about 10 lakh bank employees will be on strike in protest against the privatization of public sector banks. This will affect the […]
Posted inJUDGEMENT
Only Presenting Of Documents & Making Payment Through Bank Does Not Justify The Genuineness Of Transaction: ITAT Delhi
In the case of ITO vs Synergy Finlease Pvt. Ltd, ITAT Delhi has held that: It is against the human probability that anyone will invest and pay share premium of Rs. 50/- per share without having any net worth of the company or any future prospectus of earning by the company. The current directors have […]
Posted inJUDGEMENT
Breaking: Delhi High Court Quashes Notices Issued Under Section 148 Of The Income Tax Act
On 15th December 2021, the Delhi High Court has quashed notices issued under section 148 of the Income Tax Act (issued on or after 1st April 2021). The court said: “Keeping in view the aforesaid conclusions, Explanations A(a)(ii)/A(b) to the Notifications dated 31st March, 2021 and 27th April, 2021 are declared to be ultra vires […]
Posted inTC
Fixed Deposit: Take Care Of These Important Things
Fixed Deposit has been a very popular way of investing in India. But in the time of COVID, the FD rates given by banks have come down. If you want to invest in FD, then it is important to keep some special things in mind. Choose your tenure wisely While investing in FD, it is […]
Posted inGST
Arrest Chartered Accountant for generating fake input tax credit to the tune of Rs. 92 crores
Case involves fake invoice of more than Rs. 500 crores The officers of CGST, Thane (Rural) Commissionerate have arrested a Chartered Accountant who had generated fake input tax credit to the tune of Rs. 92 crores involving fake invoice of more than Rs. 500 crores without actual receipt of goods. The investigation has revealed that […]
Posted inINDIA
BREAKING: Durga Puja in Kolkata has just been inscribed on the IntangibleHeritage list
Durga Puja in Kolkata has just been inscribed on the IntangibleHeritage list. Congratulations #India 🇮🇳! 👏 ℹ️https://t.co/gkiPLq3P0F
Posted inICAI
ICAI in association with Qatar Financial Centre is organizing a Webinar. Details here
Qatar Your Career Destination (Virtual) FREE Event Details Event Date 16-12-2021 3:00 pm Event End Date 16-12-2021 5:00 pm CPE Credit Hrs 2 Topic Speaker 16th December 2021: 03.00 pm to 05.00 pm Opening Remarks CA. Manish Gadia, Chairman WIRC Keynote Address CA. Nihar N. Jambusaria, President […]
Posted inMAGAZINES
Weekly Taxation Newsletter (TC VIP access)- latest news related to Due Dates, Notifications / Press Information, Case Laws, IT etc.
This newsletter is a weekly compilation of interesting and latest news related to tax including upcoming Timelines / Due Dates, Notifications / Press Information, Case Laws, International Taxation etc. Stay updated, Stay connected Note: Only TC VIP Users can Access It For New User- More information, Please Visit Here [/ihc-hide-content]
Posted inBUSINESS & ECONOMY
Incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M)
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, today has approved an incentive scheme to promote RuPayDebit cards and low-value [uptoRs. 2,000) BHIM-UPI transactions (Person-to-Merchant (P2M)] in the country. Under the scheme, the acquiring banks will be incentivised by the Government, by way of paying percentage of value of transactions (P2M) done […]
Posted inBUSINESS & ECONOMY
RBI imposes penalty on ICICI Bank and PNB for rule violations
RBI imposes penalty on ICICI Bank and PNB for rule violations The penalty on ICICI Bank has been imposed “for non-compliance with certain directions issued by RBI on ‘Levy of penal charges on non-maintenance of minimum balances in savings bank accounts’ dated November 20, 2014″. In a statement, the RBI said that the statutory inspection […]
Posted inBUSINESS & ECONOMY
BAN ON CHINESE GOODS
There have been some representations/suggestions from public and industry to boycott the import of Chinese goods citing strained relations with China. In June 2020, a representation was also received from a Member of Parliament calling for banning/boycotting of all Chinese goods in light of developments at Line of Actual Control (LAC) in Ladakh. The Government […]
Posted inBUSINESS & ECONOMY
During the last seven financial years, FDI inflows worth US$ 440.26 billion
During the last seven financial years, Foreign Direct Investment (FDI) inflows worth US$ 440.26 billion have been reported in India. FDI inflow in India stood at US$ 45.15 billion in 2014-2015 and has increased since then. The financial year wise details are as under: To promote Foreign Direct Investment (FDI), the Government has put in […]
Posted inINCOME TAX
IT Dept carried search operations on four Asset Reconstruction Companies in Mumbai
Income Tax Department conducts searches in Mumbai The Income Tax Department carried out search and seizure operations on 08.12.2021 on four Asset Reconstruction Companies (ARCs). Total of 60 premises spread over Mumbai, Ahmedabad, Delhi, etc. have been covered. The search action has revealed that the ARCs had adopted various unfair and fraudulent trade practices in […]
Posted inBUSINESS & ECONOMY
ED seized Rs. 51.23 Crore lying in the bank accounts and with payment gateways of NBFC
ED has seized an additional amount of Rs. 51.23 Crore lying in the bank accounts and with payment gateways of M/s PC Financial Services Private Limited (NBFC) under FEMA, 1999. With this, the total seizure in this case has reached Rs. 288 Crore.
Posted inCOMPANY LAW
MCA and Financial Intelligence Unit-India sign MoU for data exchange between the two organisations
A formal Memorandum of Understanding (MOU) was signed today between the Ministry of Corporate Affairs (MCA) and Financial Intelligence Unit-India, Ministry of Finance for data exchange between the two organizations. The MoU was signed by Shri Manoj Pandey, Joint Secretary, MCA and Shri Manoj Kaushik, Additional Director FIU-India in the presence of Secretary, MCA, and […]
Posted inGST
Fake Invoices; fraudulent transaction of Rs. 6.23 Crore
Anti-evasion Wing, Central Goods and Services Tax Bhiwandi Commissionerate, Mumbai have busted a network of fictitious entities in Maharashtra. The entities were involved in availment and utilisation of Input Tax Credit (ITC) against fake invoices without actual supply of goods. Searches were conducted at more than a dozen locations at various premises located in Navi […]
Posted inINCOME TAX
CBDT issues refunds of over Rs. 1,36,779 crore to more than 1.27 crore taxpayers; view Status
CBDT issues refunds of over Rs. 1,36,779 crore to more than 1.27 crore taxpayers from 1st Apr,2021 to 13th December,2021. Income tax refunds of Rs. 46,438crore have been issued in 1,25,34,644 cases &corporate tax refunds of Rs. 90,340crore have been issued in 2,02,705cases. This includes 90.95 lakh refunds of AY 2021-22 amounting to Rs. 18,848.60 […]
Posted inBUSINESS & ECONOMY
Cabinet approves Treaty between India and Poland concerning Mutual Legal Assistance in Criminal Matters
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Treaty on Mutual Legal Assistance in Criminal Matters between the Government of the Republic of India and the Republic of Poland with a view to enhance capability and effectiveness of both countries in investigation and prosecution of crimes, including crimes related […]
Posted inINCOME TAX
Extension of due date for furnishing of Income-tax returns, Tax audit reports etc.
extension of due date for furnishing of Income-tax returns, Tax audit reports etc. & [b] Issues faced by us after launching of new website MAHARASHTRA TAX PRACTITIONERS’ASSOCIATION (Formerly known as The Western Maharashtra Tax Practitioners’ Association) “Dnyan Mandir”, Yadav Vyapar Bhavan,Shivaji Road, 602, Shukrawar Peth,Pune – 411 002 Maharashtra 020-2447-0237mtpa81@gmail.comhttp://www.wmtpa.org SS / MTPA / IT representation […]
Posted inBUSINESS & ECONOMY
Cabinet approves mega Rs 76,000-cr PLI scheme for semiconductor manufacturing
An ambitious project to establish a complete ecosystem of semiconductors and display manufacturing has been sanctioned, Union Minister Anurag Thakur said at a press briefing today, adding ₹76,000 crore will be spent on this project in 6 years. Telecom and IT Minister Ashwini Vaishnaw said the decision will help design, fabrication, packing and testing of the […]
Posted inBUSINESS & ECONOMY
Thiruvananthapuram AIU-B Batch has seized Foreign Currency
Thiruvananthapuram AIU-B Batch has seized Foreign Currency of AED:298000 (equivalent to Rs.59,00,400/-) from an international passenger bound to travel to Sharjah. FC was concealed in the check in baggage of the passenger.
Posted inINCOME TAX
CBDT Rolls Out Scheme For E-Verification Of Taxpayer Information. Know About its Scope And Procedure
Vide notification dated 13th December 2021, the CBDT has launched E-Verification Scheme 2021. The notification contains following information: Short title and commencement Definitions under the scheme Scope of the scheme Electronic Collection and Verification Random Allocation of Information Issue and service of notice Response to notice No personal appearance Communication exclusively by electronic mode Authentication […]
Posted inINCOME TAX
CBDT Notifies Income Tax e Verification Scheme, 2021
CBDT Notifies Income Tax e Verification Scheme, 2021
Posted inINCOME TAX
Today is the last Date for Advance Tax; How to calculate & Steps for payment
Advance Tax Due Dates 1. Advance Tax Due Dates for Individuals and Corporate Taxpayers Due Date of Instalment Amount of Advance Tax Payable On or before 15th June 15% of Advance Tax On or before 15th September 45% of Advance Tax minus the previous instalment On or before 15th December 75% of Advance Tax minus […]
Posted inICSI
ICSI CSEET January 2022 Session registration ends today
Institute of Company Secretaries of India (ICSI) conclude the online registration process CS Executive Entrance Test or CSEET January 2022 session today, December 15. Candidates can apply for the exam on the official website icsi.edu. Eligibility Conditions A candidate passed / appearing in the Senior Secondary (10+2) Examination or equivalent thereto is eligible to appear […]