Payment Of Income Tax Dues Reserve Bank has asked the public to pay their income tax dues well in advance so as to avoid standing in long queues and stated that 29 agency banks are also authorised to accept such payments. “Pay IT dues in advance at RBI or at authorised bank branches…These will obviate the …
PROFESSIONAL UPDATES FOR THE 1ST WEEK OF AUGUST 2014 No application of section 2(22)(e), where shareholding of each partners of assessee-firm as well as of assessee-firm in closely held company is less than 10%, even though their cumulative shareholding is more than 10% [CIT vs. Octave Apparels, Punjab & Haryana High Court]. State Bank …
No audit of private assessee can be undertaken by CAG. The Revenue argued that Rule 5A of the Service Tax Rules was made pursuant to the power conferred under Section 94 of the Finance Act and not pursuant to Section 72A of the Finance Act. Further, the Revenue also contended that the Rule is also justified …
Corporate and Professional Updates June 2014 Exporters with 3 year track record can get bank advance up to 10 years for long term export contracts, subject to conditions[RBI Circular 132 of 21-05-2014]. SEBI hikes regulatory fees for market intermediaries vide Notification No. LAD-NRO/GN/2014-15/03/1089, Dated 23-5-2014. RBI further simplifies KYC norms for opening of bank accounts …
Revision of TAR and New reporting requirements in Form 3CD- Notification No. 28/2021 The six changes in the tax audit form in Form 3CD Budget for 2021: The ‘Tax Audit’ ceiling under Section 44AB has been enhanced from Rs.10 crores to Rs.5 crores in cases where % of business transactions are done digitally. The reporting …