The Direct Taxes Committee & Taxation Audit Quality Review Board of ICAI brought out a Tax Audit checklist Under Section 44AB Of The Income Tax Act, 1961. The audit checklist is the result of the joint effort of the Direct Taxes Committee and the Taxation Audit Quality Review Board of ICAI, which is designed to […]
The Institute of Companies Secretaries of India (ICSI) announced the carry forward of examination fee to June 2021 Exam Session. The ICSI ha earlier notified that June, 2020 examination had been merged with December, 2020 examination which is scheduled to be held from December 21, 2020 In view of the present COVID-19 crisis, some of […]
The Institute of Companies Secretaries of India (ICSI) allowed its students one more attempt to students under the 2012 old syllabus upto June 2021. The additional attempt is being provided to old syllabus students in view of the difficulties being faced by them due to the Covid-19 pandemic The Institute has decided that the students […]
The Institute of Chartered Accountants of India (ICAI) issued the Advisory to students and public at large in respect of the November 2020 Examination. The ICAI Examinations to be held in November 2020 will be held as per schedule from 21st November 2020 announced as per Announcement Dated 13th October 2020. “ICAI has made all […]
The Institute of Chartered Accountants of India (ICAI) since its very inception has always provided thought leadership to the generations in a proactive and progressive manner. ICAI has been playing a key role nationally, regionally, and globally not only towards the growth of the profession but also has been contributing to the business, industry, and […]
The Central Board of the Indirect Taxes and Customs (CBIC) issued the guidebook for ‘Faceless Assessment’ under Custom. The Board has implemented next-generation reforms through Turant Customs, strongly enabled by technology. This flagship initiative stands on the pillars of Faceless, Contactless and Paperless Customs, which will help India take a substantial leap forward towards faster […]
Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST), Commissionerate, Delhi (East) have busted a major racket for the generation of huge inadmissible input tax credit (ITC) through fake billing of Rs 1,278 crore (approx). The well-established syndicate was being operated by floating seven different fake […]
In view of the COVID-19 pandemic and resultant nationwide lockdown as well as disruption of transport and hospitality sector, as also the need for observing social distancing, a number of employees are not able to avail of Leave Travel Concession (LTC) in the current Block of 2018-21. With a view to compensate Central Government employees […]
A search action was started by the Income Tax Department on 28.10.2020 in the case of a Bijnor based group engaged in real estate business and it’s associates. There were allegations that the group companies were having huge security premium reserves and massive liabilities in the form of loans and advances from related parties/others and other […]
The Central Board of Indirect Taxes and Customs (CBIC) has directed the residual action by CGST Commissionerates in respect of the adverse orders of High Courts, wherein the taxpayer is assigned to respective State tax administration. The Board notified that whenever GST related petitions are filed before respective High Court, Union of India is usually […]
The Central Board of Direct Taxes (CBDT) notified the Equalisation levy (Amendment) Rules, 2020 to further amend the Equalisation levy Rules, 2016. Equalisation Levy is a levy on specified services being levied on non-residents who do not otherwise pay income tax in the State in which services are being provided by virtue of digitalization of […]The Chief Commissioner of Central Goods and Service Tax (CGST) detected the GST evasion to the tune of Rs.3.88 Crores by the manufacturers of Namkeen/ Bhujia and recovered Rs.1.36 Crores on account of misclassification. The officers of CGST, Vadodara-I Commissionerate under Vadodara Zone have detected duty evasion of Rs.3.88 Crores against the taxpayers engaged in […]
The Central Board of Direct Taxes(CBDT) designated Judicial Magistrate, Kamrup (M), Guwahati as Special Court for States of Assam, Nagaland, Mizoram, and Arunachal Pradesh. The Central Government, in consultation with the Chief Justice of the Gauhati High Court, designated the Court of Munsiff No. 3-cum-Judicial Magistrate, 1st Class, Kamrup (M), Guwahati as the Special Court […]The Income Tax Department has carried out searches on 28.10.2020 at 22 premises in Coimbatore, Erode, Chennai and Namakkal on a group engaged in the running of Educational Institutions and their associates, including a civil contractor. The search was carried out on the basis of information that fees collected from students were not fully accounted […]
The co (CBDT) issued clarification in respect of direct tax under Vivad se Vishwas Act, 2020, wherein the Board has extended the timeline for making payment without additional amount till March 31, 2021. The Vivad se Vishwas Act, 2020 was enacted by the government with the objective to reduce pending income tax litigation, generate timely […]
The Gujarat High Court held that the Commissioner was empowered to authorize ‘arrest’ prior to completion of the assessment. The petitioner is the proprietor of a M/s Heugo Metal engaged in the business of trading and supply of the stainless steel and scrap and was using the godown. The Respondent authority along with the other […]
The Karnataka High Court held that mere inadequacy of an enquiry or insufficiency of material on record can not be a ground to invoke revisional powers under Section 263 of the Income Tax Act, 1961. The assessee, M/s Cyber Park Development is engaged in the business of developing, operating and maintaining infrastructure facilities for software […]
The Gujarat High Court while dismissing the plea challenging the validity of Rule 96(10) held that denial of Rebate to Advance Authorization Licenses holder operates prospectively from October 23, 2017. The petitioner, Cosmo Films Ltd. is the holder of Advance Authorization Licenses (AA License) granted in terms of the Foreign Trade Policy, issued and amended […]
The Government notified December 31st as the cut-off date for filing declaration under the Vivad se Vishwas Act, 2020. “31st day of December, 2020 shall be the date, on or before which a declaration shall be filed to the designated authority, by the declarant, in accordance with the provisions of section 4 of the said […]
The Income-tax Department has carried out a search and seizure action on 26.10.2020 on a large network of individuals running the racket of entry operation and generation of huge cash through fake billing. The search operations have been conducted on 42 premises across Delhi- NCR, Haryana, Punjab, Uttarakhand, and Goa. The search has led to […]
The Karnataka High Court held that the transfer of intangible assets for a valuable consideration by way of allotment of shares is entitled for depreciation. The assessee, M/s Padmini Products is a Private Limited Company engaged in the business of manufacturing, dealing and exporting incense sticks and allied products. The assessee succeeded in the business […]
The Karnataka High Court held that the Third Party Administrator (TPA) is required to deduct tax at source (TDS) on payments made to hospitals under Section 194J of the Income Tax Act. The assessee, TTK Healthcare TPA Private Limited is a company engaged in the business of providing Third Party Administration services on medical or […]
The Petitioners approached the Apex Court seeking directions, in relation to the upcoming physical examinations that are being conducted by the Institute of Chartered Accountants of India (ICAI) from November 1, 2020 to November 18, 2020, which are by far the longest scheduled set of examinations, scheduled to be conducted during the outbreak of the […]
The writ petition was filed in the Supreme Court challenging the imposition of Goods and Services Tax (GST) on products meant for the aid of persons with disabilities. The petitioner submitted that a normal person need not pay tax for walking, however, a disabled person needs to pay 5% tax for walking. On the other […]
The Madhya Pradesh High Court granted the exemption from payment of entry tax for certificates granted under Madhya Pradesh Udyog Nivesh Samvardhan Sahayta Yojna. The petitioner, SRF ltd. is a Company engaged in the manufacturing of technical textile, chemicals, engineering, plastics packaging films, refrigerant gases at various locations in India and overseas. It employs directly […]
The Supreme Court of India suo moto modified its own guidelines dated April 6, 2020, in furtherance of the commitment to the delivery of justice, the directions were intended primarily to cover the measures which the Court had to adapt to meet the challenge posed by the COVID-19 pandemic. The Supreme Court observed that the […]
The National Anti-Profiteering Authority (NAA) has held Signature Builders guilty for not passing the benefit of additional ITC to the homebuyers but did not impose the penalty. The applicant, Mr. Abhishek alleged that the Respondent, Signature Builders had not passed on the benefit of additional Input Tax Credit (ITC) to the above Applicant as well […]
The National Anti-Profiteering Authority (NAA) found M/s Alton Buildtech India Private Limited guilty of profiteering but did not impose the penalty for denying the benefit of Input Tax Credit (ITC) to Flat Buyers as no penalty provisions existed when the ITC was denied. The Applicants, Shashank Thakar, Neeraj Yadav, and Chiranjeev Singh alleged profiteering against […]
The Central Bureau of Investigation(CBI) has registered a case against a Senior Accountant, working in the office of Accountant General(AG), Imphal (Manipur) for possession of alleged disproportionate assets to the tune of Rs. 58,75,321/- (approx.).It was alleged that the accused during the period 01.08.2005 to 30.07.2020, had acquired huge assets both movable and immovable in […]
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench while remitting the matter back to the CIT(A) ruled that the CIT(A) ought to analyse nature of service undertaken by assessee and taxation of fees for technical services under Section 9(1)(vii) of the Income Tax Act, 1961. The assessee company, Adadyn Technologies Private Limited is earlier known […]
The Madras High Court directed the Assessing Officer to determine whether borrowed funds used for advancing loans to Subsidiary Company or Surplus Funds of Company were diverted. The Revenue has preferred these Appeals raising the following substantial questions of law, whether the disallowance of Rs.4.43 crores made under Section 36(1)(iii) is to be allowed especially […]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench deleted the addition on account of alleged royalty taxable under section 9 (l)(vi) of the Income Tax Act, 1961 read with Article 12(3) of India Switzerland Double Taxation Avoidance Agreement (DTAA). The assessee, IMS AG is a company incorporated, and fiscally domiciled, in Switzerland. The assessee company […]
The Union Territory administration directes the excise and taxation department to submit a report on tax defaulters. The excise and taxation department further directed the all officials of the excise and taxation department to strictly enforce Centre’s instructions in their respective wards against tax defaulters. The direction came after e-way bill generation of 1,026 firms […]
The Government has notified the Scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months to borrowers in specified loan accounts from March 1, 2020, to August 31, 2020. The government directed all the nationalized bank to convey that in view of the unprecedented and extreme COVID-19 […]
The Delhi Government notified the recent changes in Reverse Charge Mechanism on renting of motor vehicles. The Governor of the National Capital Territory of Delhi, on the recommendations of the Council amended the notification of the Government of the National Capital Territory of Delhi, in the Department of Finance (Revenue-1), No.13/2017- State Tax (Rate), dated […]
The Delhi Government notified the Delhi Goods and Services Tax (Third Amendment) Rules, 2020 to further amend the Delhi Goods and Services Tax Rules, 2017. The notification stated that while submitting an application, the applicant shall with effect from, undergo authentication of Aadhaar number for grant of registration from April 1, 2020. The notification inserted […]
The Central Board of Direct Taxes (CBDT) notified the Income-tax (23rd Amendment) Rules, 2020 to further amend the Income-tax Rules, 1962. The amendment will come into effect from 1 April, 2021. In the Income-tax Rules, 1962, in rule 67, in sub-rule (2) in the fifth proviso, for the letters “AA”, the letter “A” shall be […]
The Central Board of Indirect Taxes and Customs (CBIC) appointed a Commissioner (Customs Authority for Advance Rulings) in Delhi and Mumbai. The Board empowered under section 28EA of the Customs Act, 1962 notified the appointment of Commissioner (Customs Authority for Advance Rulings) to function as Customs Authority for Advance Rulings, at Delhi and Mumbai, respectively. […]
The Central Board of Indirect Taxes and Customs ( CBIC ) has withdrawn the EVC facility extended to companies for filing GSTR1 and GSTR3B. The facility to file GSTR 3B and GSTR-1 with the Electronic Verification Code in lieu of DSC extended to the registered person, who are also registered under the Companies Act, 2013, […]
The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the due dates for GST Annual Return (GSTR-9) and Reconciliation Statement ( GSTR-9C) for 2018-19 to 31st December 2020. The Government has been receiving a number of representations regarding the need to extend the due date for filing Annual Return (FORM GSTR-9) […]
The Central Board of Direct Taxes ( CBDT ) has extended the due date of furnishing of Income Tax Returns and Audit Reports 31st January, 2021. In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws […]
The Central Board of Direct Taxes (CBDT) issued the instructions for filing of Income-tax Return (ITR) forms for Assessment Year 2020-21. The instructions issued by the Board are the guidelines to help the taxpayers for filling the particulars in ITR Form-1 for the Assessment Year 2020-21 relating to the Financial Year 2019-2020. The Board in […]
The Institute of Chartered Accountants of India (ICAI) announced that the Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) will be conducted on 10 November, 2020 in Computer Based Mode. The Commencement of submission of examination application forms will begin from 28th October 2020 (11:00 AM IST) and the last date for […]
The Allahabad High Court held that once the seizure is held to be bad in law, no confiscation can take place. The petitioners, Jaymatajee Enterprise (Seller) received an order from one M/s Jagdamba Enterprises for supplying 17920 Kgs. of betel nuts and the petitioner purchased 24,000 Kgs of betel nuts from one Neelkamal Saha, West […]
The Income Tax Department carried out search and seizure actions on 22/10/2020 on a group of three assessees, based in Srinagar. Searches were conducted at 15 residential and business premises, out of which 14 were in Srinagar and 1 in Delhi. The group is engaged in multiple businesses including real estate, construction, and renting of […]
The Institute of Cost Accountants of India ( ICMAI ) has extended the deadline for submission of online Examination Application Form for Foundation, Intermediate, and Final Course for December 2020 term of Examinations. In a Notification issued by ICMAI said that, “Due to the outbreak of Novel Corona Virus (COVID-19) and prevailing condition thereof, it […]
The Institute of Chartered Accountants of India (ICAI) announced the important dates for Uploading of Admit Card and Options to the opt-out window for November 2020 CA Examination. The announcement came in continuation to the Announcements dated 15th July, 8th and 13th October 2020 made regarding the revised schedule of Chartered Accountant November 2020 Examinations […]
The Income Tax Department notifies ‘Form 3CD Schema Changes’ under e-Filing Project released New Tax Audit utility, Schema Version 1.21. Form 3CD consists of the statement of particulars required to be furnished under section 44AB of the Income-tax Act, 1961. The department released the document which tracked various the changes done in Form 3CD Schema […]
The Delhi bench of Income Tax Appellate Tribunal (ITAT) has held that indirect transfer of Indian assets will not attract Long Term Capital Gains Tax (LTCG). The appellant company, Augustus Capital PTE Ltd. is in the business of incubation of companies i.e. providing new businesses, with necessary financial support and technical services. During the course […]
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench held that the Assessing Officer (AO) is not empowered to reject selection and valuation methods adopted by taxpayers. The assessee company, M/s. GSE Commerce Private Ltd. operates in the service sector. During the year under consideration, it has issued 3511 equity shares having a face value of […]