Our Hon’ble Prime Minister Shri Narendra Modi ji has given a vision of Empowering the Nation with Women led Development. ICAI has always strived for excellence in its various endeavours and truly believes in empowerment of women. We have Women Members Empowerment Directorate at ICAI to meet its objectives of encouraging empowerment of women in […]
DGGI Gurugram Zonal Unit (GZU), Haryana has arrested one Shei Surender Kumar Gupta resident of New Delhi on charges of availing and passing on fake input tax credit by way of receipt/issuance of invoices without any actual supply of goods or services.
Income Tax Department carried out search and seizure action on 05.02.2021 on various groups based in Kolkata, engaged in the business of Pharmaceutical manufacturing, diagnostic services and hospitals. The cases were developed based on the available data in the departmental database, analysis of their financial statements, market intelligence and field enquiries. Search and seizure action was carried out at more than 17 premises at Kolkata, Haridwar and Bhubaneswar.
Section 153A Invalid Where Statement Belonging And Pertaining To Person Other Than Searched Person Used To Assume Jurisdiction and Only Section 153C Can Be Invoked And Without Cross Examination Of Witness There Can Be No Valid Proceedings Under Law.
Kasapu Ramesh Babu Vs ITO (ITAT Visakhapatnam) Assessing Officer has to act on the basis of “reasons to believe” and not on “reasons to suspect”. In the instant case, the initiation of proceedings u/s 147 of the Act are based upon no evidence and/or un-corroborative material. The Assessing Officer further failed to establish the nexus […]
Budget 2021 from the indirect tax standpoint made various announcements primarily focusing on the two major aspects i.e. penalize fraudulent transaction and reduce the compliance burden. Of the many amendments proposed under GST, three main amendments that needs serious deliberation by taxpayers are a) The rationalization of the annual GST compliance; b) The amendment to […]
1. What is QRMP scheme? What are its benefit? A: Quarterly Return, Monthly Payment of Taxes (QRMP) Scheme is a scheme to simplify compliance for small taxpayers. Under this scheme, taxpayers having an aggregate turnover at PAN level up to Rs. 5 crore can opt for quarterly GSTR-1 and GSTR-3B filing. Payment can be made […]
The Finance Minister rolled out the Budget in the back drop of the very difficult scenario of the pandemic and also the sliding economy of the last year. Overall the Budget has been a balancing act keeping in mind the thrust required and also taking into account the economic indicators spelt out by the Economic […]
Sabka Vishwas (LDR) Scheme – Statement by Director during enquiry is admission of liability: The Bombay High Court has reiterated that for eligibility under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, the quantification need not be on completion of investigation by issuing show-cause notice or the amount that may be determined upon adjudication before the cut-off date.
