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CBDT: Functionality under section 206AB and 206CCA of the Income-tax Act, 1961

Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes (TPL Division) vide Income Tax Circular No. 10 of 2022 dated 17th May, 2022 has released “Circular regarding use of functionality under section 206AB and 206CCA of the Income-tax Act, 1961, which were inserted into the act by the Finance Act, …

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GST: Annual Aggregate Turnover (AATO) Functionality is live

The Goods and Service Tax Network (GSTN) vide a notification dated 02nd May, 2022 has enabled the functionality of Annual Aggregate Turnover (AATO) for the FY 2021-22 on taxpayers’ dashboards. Turnover, in common parlance, is the total volume of a business. The term ‘aggregate turnover’ has been defined in GST law as under: “aggregate turnover” …

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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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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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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 »

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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 …

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ED Conducts Search Under FEMA 1999

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 …

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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 …

Breaking: Government Suspends Two GST Officials For Illegal Detention Of Chartered Accountants Read More »

Benefits to Startups by Indian Government

Several programs have been undertaken since the launch of the initiative on 16th of January, 2016 by Hon’ble Prime Minister, to contribute to his vision of transforming India into a country of job creators instead of job seekers. These programs have catalyzed the startup culture, with startups getting recognized through the Startup India initiative and …

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Suo moto cancellation of GST registration

Suo moto cancellation of GST registration means cancellation of registration under GST laws by the tax officer on his motion. However, the provisions of Section 29(2) of the CGST Act mandate that the officer provides his reasons for initiating such suo moto cancellation of registration. Condition to be satisfied for suo moto cancellation of GST …

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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 …

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Latest GST News, Information, Notifications & Announcements [Period 16/05/22 to 22/05/22]

CBIC extends Due Date for filing GST PMT-06: The Central Board of Indirect Taxes and Customs (CBIC) has extended the due date for filing of GST PMT-06 till 27th May 2022. 2.   CBIC extends Due Date for filing of GSTR-3B:        Due the technical glitches in the Goods and Services Tax Network (GSTN), the Central …

Latest GST News, Information, Notifications & Announcements [Period 16/05/22 to 22/05/22] Read More »

Appointment of Cost Auditor – Quick Process

Cost audit applicability provisions are contained under rule 4 of the Companies (Cost Records and Audit) Rules, 2014. Section 148 of the Companies Act, 2013 contains provisions relating to the cost records and cost audit applicability under the Companies Act. The primary goal of cost audit is to ensure that the cost relating to production …

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Income Tax Relief under Section 89 is provided by the Income Tax Act to reduce the additional burden of tax

There are times when employees receive a lumpsum amount for some benefits which accrue over the prior years. For example retrospective increase in salary results in salary arrears, gratuity received which is a lumpsum amount received at the end of the tenure of service but it pertains to a number of years of service to …

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5 GST officials booked for detaining businessman’s wife

Following a complaint by a wife , the Punjagutta police businessman’s have registered a criminal case against five Goods and Services Tax ( GST ) officials on charges of manhandling , harassing and wrongfully detaining a woman . The government officials have been booked under Sections 354 ( criminal force to woman with intent to …

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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 …

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Income tax return: Non-ITR filers? Be ready to face higher TDS

If you are among those individuals who have not filed the income tax return (ITR) for financial year 2020-21, then you will be on the list of non-tax filers and have to face higher tax deduction at source (TDS) from this financial fear. The Central Board of Direct Taxes (CBDT) has issued a circular regarding …

Income tax return: Non-ITR filers? Be ready to face higher TDS Read More »

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. …

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Good News: Centre cuts excise duty on petrol, diesel: Sitharaman

The petrol prices will be reduced by Rs 9.5 per litre while diesel will cost Rs 7 cheaper as the Centre on Saturday announced a series of measures to help the common man. Finance minister Nirmala Sitharaman tweeted that the Centre has decided to extend relief to the poor and common man amid growing inflation …

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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

COMPLIANCE MANUAL FOR PRIVATE LIMITED COMPANIES

COMPLIANCE MANUAL FOR PRIVATE LIMITED COMPANIES Quick E – Referencer !! Vol. 01/2022 Private Limited Companies in India are the most common type of legal entity that is preferred by millions of Indian Entrepreneurs and are governed by the Companies Act, 2013 under the Ministry of Corporate Affairs, widely known as MCA. The liability of …

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New rule related to TDS is changing from July 1, may have to pay more tax

From July 1, the new rule of deduction of tax linked to TDS is coming into force. Under this, a new section 194R was added in the Income Tax Act in the budget, under which if any profit of Rs 20,000 or more is given in a year, then 10 percent TDS will have to …

New rule related to TDS is changing from July 1, may have to pay more tax Read More »

Missed ITR filing for FY 2020-21? You may be liable for higher TDS in current FY 2022-23

There is bad news for those who missed filing last year’s income tax return ( ITR ) . If you have missed filing ITR for financial year 2020-21 ( assessment year 2021-22 ) , then higher TDS will be applicable on certain incomes you will earn during the current financial year 2022-23 . The Union …

Missed ITR filing for FY 2020-21? You may be liable for higher TDS in current FY 2022-23 Read More »

Latest GST News, Information, Notifications & Announcements

Latest GST News, Information, Notifications & Announcements [Period 09/05/22 to 15/05/22]

GSTN Clarification On Incomplete GSTR-2B of April-2022: Regarding the incomplete GSTR-2B of April-2022, the GSTN clarified the following: It has been noticed that in a few cases, certain records are not reflected in the GSTR-2B statement for the period of April 2022. However, such records are visible in GSTR-2A of such recipients. The technical team …

Latest GST News, Information, Notifications & Announcements [Period 09/05/22 to 15/05/22] Read More »

SECTION 455 OF COMPANIES ACT 2013 DORMANT COMPANY

SECTION 455 OF COMPANIES ACT 2013 DORMANT COMPANY:- Where a company is formed and registered under this Act for a future project or to hold an asset or intellectual property or if company is an inactive company, may make an application to the Registrar in such manner as may be prescribed for obtaining the status …

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TURNOVER UPDATE F.Y. 2021-22-d252ca37

How To Update GST Turnover For FY 2021-22

GSTN has deployed the facility to update GST turnover for the F.Y. 2021-22. In this article, we will let you know that how to update turnover for the F.Y. 2021-22. Please follow these steps to update turnover: (1.) Login to GST portal at https://services.gst.gov.in/services/login (2.) After logging in, please go to “dashboard” and click on …

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