UPDATES WITH GST GST COMPLIANCE CALENDAR- JANUARY, 2021 Key Due Dates: 10 Jan 2021 (Sunday) ✓ GSTR-7 for the month of December 2020 (For TDS Deductors under section 51) ✓ GSTR-8 for the month of December 2020 (For TCS collection by E-Commerce Operators under section 52) 11 Jan 2021 (Monday) ✓GSTR-1 for the month of …
Implementation of NFRA-”a encroachment in independence of ICAI” ICAI has formed a special group to interact with the Government on a day-to-day basis for the formation of the National Financial Reporting Authority (NFRA) Rules. NFRA Vs ICAI: Was Our ICAI Leadership played a Proactive Role to Save Autonomy of the ICAI? Ministry of Corporate Affairs …
corporate and professional updates 18th oct 2018 DIRECT TAX Addition on account of un-explained loan – assessee discharged its initial onus to prove the identity of the investor company, its creditworthiness and genuineness of the transaction in the matter – No additions – ITAT Delhiin case of [Raj Kumar Chawla Vs. ACIT, Central Circle-IX, New Delhi Scope of Exemption u/s 10(20) – …
corporate and professional updates 15th oct 2018 DIRECT TAX Bombay High court held that reassessment for non-disclosure of bank A/C which was disclosed during the original assessment is invalid. Akshar Developers Vs Assistant Commissioner of Income-tax (Bombay High Court) INDIRECT TAX Finance ministry rubbishes charge of stuck GST claims worth Rs 23,000 crore. Private banks …
DIRECT TAX CBDT lays down the functionality for processing of Returns having Refund Claims which were not processed within the time allowed u/s 143(1) due to some technical or other reasons. Bombay High court held that reassessment for non-disclosure of bank A/C which was disclosed during original assessment is invalid. Akshar Developers Vs Assistant Commissioner of …
CORPORATE AND PROFESSIONAL UPDATES 11TH OCT 2018 Direct Tax: ITAT Mumbai held that the Income of the Indian plastic institute from technical lectures, seminars, and workshop is exempt. M/s. Indian Plastics Institute VsThe Assistant Director of Income Tax Officer (ITAT Mumbai) Calcutta High Court held that payment by tenant for removal of sub-tenants from property is …
corporate and professional updates 9th Oct 2018 Direct tax 244: The Dept should bring some order and discipline to the aspect of granting refunds. All pending refund applications should be processed in the order in which they are received. It is the bounden duty of the Revenue to grant refunds generated on account of orders …
Corporate and professional updates 8th oct 2018 Direct Tax: Bombay High court held that reassessment for non-disclosure of bank A/C which was disclosed during original assessment is invalid. Akshar Developers Vs Assistant Commissioner of Income-tax (Bombay High Court) Demand of Interest U/S Section 234 A illegal once due date has been extended : Income Tax Department cannot demand …
Direct Tax: ITAT Mumbai held that set-off of long-term capital loss on sale of unquoted equity shares against gain on sale of property. Chandra N. Hingorani Vs ITO (ITAT Mumbai) Calcutta High Court held that payment by tenant for removal of sub-tenants from property is capital expenditure. nited Spirits Limited Vs Commissioner of Income Tax (Calcutta High …
CORPORATE AND PROFESSIONAL UPDATES 4TH OCT 2018 Direct Tax: ITAT Cuttack held that remuneration to partners cannot be disallowed merely because the share of partners is not fixed or the deed does not provide for the manner of qualification of such remuneration. Panda Fuels Vs ITO (ITAT Cuttack) Recovery of dues – attachment of property …