"18 February 2021" Archive

Income Tax searches 9 major Trusts registered in Bengaluru & Mangaluru

The Income Tax Department conducted search and seizure operation on 17.02.2021 on 09 major Trusts registered in Bengaluru & Mangaluru, which are running educational institutes including medical colleges. Searches were conducted at 56 different locations across Karnataka and Kerala....

Posted Under: Income Tax |

Income Tax Department conducts searches in Hyderabad

The Income Tax Department carried out search and seizure operation on a group based in Eluru on 28.01.2021 at 21 different locations across Andhra Pradesh and Telangana. The group entities are engaged in Film Financing, Aqua Culture, Real estate, Distribution of Films and Money Lending....

Posted Under: Income Tax |

ESIC beneficiaries to get medical care from nearby ESIC empanelled Hospitals

ESIC beneficiaries to get medical care from nearby ESIC empanelled Hospitals in case of non-availability of ESIC hospital or dispensary within a radius of 10 km. of their residence....

Posted Under: Income Tax |

GST Charcha on Union Budget 2021: Changes in scope of zero-rated supplies

This GST Charcha deciphers into recent changes in GST Laws made vide Clause No. 114 of the Finance Bill, 2021 to with respect to changes in scope of zero-rated supplies....

Posted Under: Income Tax |

Reopening of assessment invalid if based on “change of opinion”

Rajarathnam’s Jewels Vs ACIT (ITAT Bangalore)

We are of the view that the AO has re-opened the assessment on mere change of opinion, because it is the assessing officer who took a different view at the time of reopening of assessment, i.e., he has entertained an opinion that the family members should have transferred the gold to the assessee firm and then the assessee firm should hav...

District Court Summons Senior Partner of CA Firm in case of Alleged bribe to Tax Officer

CBI Vs Prithvi Raj Meena (District Court Delhi)

CBI Vs Prithvi Raj Meena (District Court Delhi)  1. Introduction: Complainant Sh. Krishan Kumar is one of the partners of a firm known as M/s Square 9 Inn. Sh. P.R. Meena/Accused No.1 was the Income Tax Officer (ITO) dealing with the ITR of the said firm. Sh. Deepak Aggarwal/Accused No. 2 is a Chartered Accountant […]...

Master Direction on Digital Payment Security Controls

Notification No. RBI/2020-21/74 DoS. CO. CSITE. SEC. No. 1852/31.01.015/2020-21 18/02/2021

Master Direction provides necessary guidelines for the regulated entities to set up a robust governance structure and implement common minimum standards of security controls for digital payment products and services....

Request for Extension of due date of GST Annual Return GSTR 9 and GST Audit 9C

Ref:- AIMTPA/030/20-21 01/01/1970

With reference to above it is respectfully submitted on behalf of tax payers of the country that due to ongoing Covid-19 pandemic it is still not possible for the tax payers to comply in short Gap of the due date under the Direct tax, specially the due dates for GST annual returns and audit for the Financial year 2019-20, As the due date ...

Posted Under: Income Tax |

Penalty, Forfeiture of deposit & Liquidated damages not liable to Service Tax

CESTAT, New Delhi set aside the order holding that the amount received towards penalty, earnest money deposit forfeiture and liquidated damages would be tantamount to a consideration, for which service tax would be levied, passed by the Commissioner and held that, it is not possible to sustain the view taken by the Commissioner....

Posted Under: Income Tax |

What are the emergencies in which you will need a Personal Loan?

One of the top reasons why so many people apply for personal loans is medical emergencies. With rising health care costs, even those with health insurance have difficulty paying off their debts. Medical bills may exceed the coverage of insurance, or you may have to pay for elderly parents ’hospital bills that may not be covered by healt...

Posted Under: Income Tax |

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