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Archive: 09 January 2021

Posts in 09 January 2021

Free Webinar: Analysis of 10 Recent Income Tax Judgments in Favour of Assessee

July 1, 2024 1593 Views 0 comment Print

Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.

Appeal v Review v SCN: Chaos created by DGFT

January 9, 2021 7539 Views 0 comment Print

Service Exports from India Scheme (SEIS) was introduced under the Foreign Trade Policy (FTP) 2015-20 with the objective to promote and encourage the export of services from India. Under this scheme, the exporters of notified services are rewarded at the rates specified under Appendix 3D. The incentive is provided in the form of a duty […]

Income Tax Benefits/Deductions on Second Home Loan

January 9, 2021 42051 Views 41 comments Print

From FY 19-20 onwards in the Finance Act, 2019, government has allowed a major relief u/s 23 and 24 of the Income Tax Act, 1961 by allowing the taxpayers to declare in their tax return the value of their ‘Two’ houses as self –occupied, on a NIL basis. That means, now a person can enjoy […]

Exercise Section 83 power only to Protect Interest of Revenue: HC

January 9, 2021 894 Views 0 comment Print

Primarily Section 83 of CGST Act 2017 permits to attach property. Property means an asset which may be movable, immovable, tangible, intangible or in the form of some instrument.

GST TRAN-I- SC dismisses plea on merit & also for delay in Filing

January 9, 2021 1812 Views 0 comment Print

Nodal Officer Delhi State GST Department Vs Aagman Services Private Limited & Ors. (Supreme Court) 1. There is delay of 238 days in filing the Special Leave Petition which has not been satisfactorily explained. Even otherwise, we have gone through the Special Leave Petition and do not find any merit in the same. 2. The […]

Income Tax Dept searches 3 real estate & stock broking groups of Kolkata

January 9, 2021 657 Views 0 comment Print

The Income Tax Department carried out search and seizure action on three real estate and stock broking groups of Kolkata on 05.01.2021. The search operation was conducted based on the available data in the departmental database, analysis of their financial statements, on market intelligence and field enquiries.

Extend due dates under CA 2013, CFSS & LLPS Scheme 2020

January 9, 2021 26460 Views 0 comment Print

Digvijaya Singh requested FM for Extension of various due dates under Companies Act 2013, Companies Fresh Start Scheme (CFSS-2020), LLP Settlement Scheme 2020 till 31st March, 2021.

e-Verification of Income Tax Return (ITR)

January 9, 2021 3216 Views 1 comment Print

Discover the quick and eco-friendly e-verification methods for your income tax return. Verify your ITR with Aadhaar OTP in just a few steps.

Fake Invoices: 3 booked for Rs. 67 Cr. GST evasion

January 9, 2021 963 Views 0 comment Print

Officers of Anti-Evasion, of Medchal Commissionerate booked cases of fake invoices and evasion of GST against Shri Gordhan Singh. Arjun Chowdhary and Kiran Chowdhury, who created non-existent firms and issued invoices without supplying goods and facilitated fraudulent availment of input tax credit by over 200 different firms/Companies (within and outside the Commissionerate) thereby defrauding the government revenue to the tune of ₹ 67,76 Cr (approx.)

Investment in shares of overseas listed exchanges : Caution before you proceed!!!

January 9, 2021 3546 Views 0 comment Print

WHETHER PERSON RESIDENT INDIA INVEST ON OVERSEAS LISTED STOCK EXCHANGES? As an investor, have you ever wondered if you could diversify your portfolio by holding international shares of companies such as Twitter, Facebook, Walmart, etc.? These companies aren’t listed on the Indian Stock Exchanges. Then how can you add these shares in your portfolio and […]

Provisional Assessment under GST Law

January 9, 2021 5517 Views 0 comment Print

> Introduction A supplier will come to know the extent of his tax liability which has to be discharged on a continuous and regular basis only after assessment. Section 2(11)-Assessment means determination of tax liability and includes self-assessment, re-assessment, provisional assessment, summary assessment and best judgment assessment. The major determinants of the tax liability are […]

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