"January, 2021" Archive

Employer’s Responsibility For TDS Under Income Tax Act

 1. The employer cannot be faulted for not deducting tax at source from leave travel concession facility allowed by him to employees where the employee has travelled, as a part of composite itinerary involving a foreign sector as well, to destination in India. The position with respect to the taxability of such a leave travel […]...

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Posted Under: Income Tax |

Maximum time limit to avail Input Tax Credit (ITC) under GST

One of the main objects of GST Law is to avoid the cascading effect of taxes and to ensure seamless flow of credits whereas GST Law includes provisions, restricts admissibility of ITC of goods and/or services. Section 16(1) of the Central Goods and Services Tax, 2017 (CGST Act, 2017) provides provision regarding availment of credit [&hell...

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Posted Under: Income Tax |

CBDT amends guideline on power of survey under section 133

F.No. 187/3/2020-ITA-I 31/12/2021

Any verification or survey u/s 133A of the Act by the TDS charges shall be conducted by its officers. Where the TDS charge is headed by the Pr.CCIT of the region /CCIT (TDS) / jurisdictional CCIT of TDS charge, the verification or survey action shall be approved by the Pr. CCIT of the region / CCIT (TDS) / jurisdictional CCIT of TDS charg...

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Vivad se Vishwas Scheme extended till 28.02.2021

Notification No. 04/2021-Income Tax 31/01/2021

Vivad se Vishwas Scheme is extended by CBDT from existing 31st day of January, 2021 to 28th day of February, 2021....

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Overview of SARFAESI Act 2002 & Note on process of Enforcement of Security Interest under Section 13

The right of the secured creditor to enforce the security interest under the SARFAESI Act does not arise unless the account of the borrower has been classified as an NPA in the books of account of the secured creditor (banks or financial institutions) in accordance with the guidelines issued by the Reserve Bank of India (RBI)....

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Posted Under: Income Tax |

Understanding of revisionary powers of PCIT- Section 263

Understanding of revisionary powers of the Principal Commissioner or Commissioner to revise any assessment under section 263 which is ‘erroneous and prejudicial to the interests of the revenue’. Section 263 of the Income-tax Act, 1961 (herein after referred to as “the Act”) confers wide powers on the Principal Commissioner...

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Posted Under: Income Tax |

Invitation to Submit Articles on Union Budget 2021

TAXGURU invites you to be a part of ‘BUDGET 2021 Knowledge Sharing Campaign‘. The campaign has been initiated with the intent of congregating an overview on The Union Budget 2021. This would enable professionals all over the country to understand what is expected of the said budget and will enlighten them about the changes mad...

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Posted Under: Income Tax | ,

Companies (CSR Policy) Amendment Rules, 2021- Major Highlights

MCA has come up with major amendments in the Companies (CSR) Rules, 2014 through enforcement of Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 on 22nd January, 2021....

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Posted Under: Income Tax |

E-Form PAS-6 – FAQs

Q 1. What is the intent behind introduction of Form PAS-6? Ans: The key purpose of Form PAS-6 is to undertake reconciliation of number of securities issued (share certificate / demat credit) matches / does not match with issued / paid-up capital. It attempts to ensure that there is no excess credit of securities as […]...

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Posted Under: Income Tax |

Cinema halls allowed to operate at 100% capacity (Read SOP)

M-35020/8/2020-US(FILMS) 31/01/2021

Union Minister Shri Prakash Javadekar today released a standard operating procedure on preventive measures to contain spread of COVID-19 for cinema halls and theatres. Announcing the decision the Minister said now Cinema halls can operate with full capacity....

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