"29 October 2020" Archive

CBDT notifies extended Due dates of Return & Tax Audit Report for A.Y.2020-21

Notification No. 88/2020-CBDT [S.O. 3906(E)] 29/10/2020

CBDT issued Notification No. 88/2020 and extended Due dates of Income Tax Return and Tax Audit Report as follows:- A. Income Tax Return FY 2019-20/AY 2020-21 i. Without tax audit –31.12.20 ii. TP, tax audit & tax audit firm partners– 31.01.21 B. Various audit reports (tax audit, transfer pricing etc) – 31.12.20 C. Income tax [&h...

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Taxation of shares & other securities under Income Tax Act, 1961

Taxing the Profit from shares are always debateable issue, however CBDT issue circular No. 06/2016 dated 29/02/2016 wherein it provides option to taxpayer that to tax profit as Business Income or Capital Gain. This circular applicable for profit from listed shares only and option once exercised assesse will not allow to change his/her sta...

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Posted Under: Income Tax | ,

Adjustment and Withholing of Refund under GST Act

INTRODUCTION Section 54 of CGST act provides for grant of refund  to any person  of any tax and interest if any or any other amount paid by him subject to provision of the act and  rules  to any person. However, during the course of sanctioning refund, sometimes, refund is adjusted to the outstanding demand under […]...

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Posted Under: Income Tax |

SEBI (Mutual Funds) (Second Amendment) Regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/39. 29/10/2020

1. These Regulations may be called the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2020. 2. They shall come into force on the date of their publication in the Official Gazette....

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Govt prohibits Export of Onion seeds

Notification No. 43/2015-2020 29/10/2020

The Export of Onion seeds is prohibited, with immediate effect. The provisions under Transitional Arrangement (Para 1.05 of the FTP 2015-20) shall not be applicable under this notification....

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CGST officials bust racket for generating fraudulent ITC via fake billing

Release ID: 1668567 29/10/2020

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 generation of huge inadmissible input tax credit (ITC) through fake billing of Rs 1,278 crore (approx)....

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Income Tax Department conducts searches in Uttar Pradesh

Ministry of Finance Income Tax Department conducts searches in Uttar Pradesh Posted On: 29 OCT 2020 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 pre...

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Posted Under: Income Tax |

Income-tax Exemption on deemed LTC fare for non-Central Government employees

In order to provide the benefits to other employees (i.e. non-Central Government employees) who are not covered by the above mentioned OM, it has been decided to provide similar income-tax exemption for the payment of cash equivalent of LTC fare to the non-Central Government employees also....

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Posted Under: Income Tax |

DGGI Gurugram arrests man for forging ITC of around Rs 392 crore

Release ID: 1668645 29/10/2020

The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana has arrested one Kabir Kumar, resident of New Delhi on charges of creating and operating fictitious firms on forged documents and passing fake input tax credit by way of issuance of invoices without any actual receipt or supply of goods or services....

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Goods & Service Tax on transfer of old/used Capital Assets

Capital Assets: Section 2(19) of CGST Act, Capital Goods means goods, the value of which is capitalized in the books of account of the person claiming the Input Tax Credit and which are used or intended to be used in the course of furtherance of business. Situation 1: A Registered Person sell used Fixed Assets […]...

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Posted Under: Income Tax |

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April 2021