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"25 February 2021" Archive

Section 194Q TDS on Payment Towards Purchase of Goods

Introduction: Budget 2021 proposes to introduce new Section 194Q.It would be effective from 01.07.2021. Who is required to deduct TDS u/s 194Q: Any person being a buyer who is responsible for paying any sum to any resident seller for purchase of any goods of the value of aggregate of value exceeding Rs 50 lakh in […]...

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Posted Under: CA, CS, CMA |

Budget 2021- Recommended changes in GST & Income Tax

There are few significant issues, challenges and hardships as regards Union Budget 2021-22 various proposals in the spheres of Income tax law and GST law as listed in two separate tables as below, which we would like to bring to the fore for the attention of your good selves along with recommendations....

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Relief To Senior Citizen From Filing Income Tax Return

Conditions for Relaxations in Return Filing for Senior Citizens 1. He is of 75 years or more during the year. 2. He is Resident in India. 3. He has only pension income and can derive bank interest from same bank in which pension is received. Therefore if he receives bank interest from any other bank then he cannot enjoy this rela...

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Posted Under: CA, CS, CMA |

Profit on Sale of penny stock/Shares- ITAT Deletes Addition

DCIT Vs Jainam Investments (ITAT Mumbai)

DCIT Vs Jainam Investments (ITAT MUMBAI) Under this issue the revenue has challenged the deletion of disallowance of Rs.4,71,19,785/- on of sale shares of M/s. Mahavir Advanced Remedies. The Ld. Representative of the revenue has argued that the CIT(A) has wrongly deleted the disallowance of Rs.4,71,19,785/-, therefore, the finding of the ...

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Advisory on Fake Invoice under GST

⇒ Fake Invoice refers to a 'Non-Compliant GST Invoice'. 'Non-Compliant GST Invoice' means any invoice which does not comply with the provisions of the CGST Act and Rules, 2017. Usually, 'Fake Invoice' refers to a non-compliant GST invoice of the following types: (a) Invoice without any 'Supply' (b) Invoice with a 'Non-Compliant...

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Posted Under: CA, CS, CMA | ,

Excel utility for preparation of GSTR 9 & GSTR 9C

Excel utility for preparation of GSTR 9 (Annual Return) & GSTR 9C (Audit Report) Excel utility for preparation of GSTR 9 (Annual Return) & GSTR 9C (Audit Report) for Financial Year 2019-20. File is Easy to use and contains three type of fields i.e those which user has to fill, those which will be automatically […]...

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Posted Under: CA, CS, CMA |

Verify status of Nidhi companies before investment: MCA

Investors are advised to verify the antecedents / status of a Nidhi Company especially their declaration of their status as Nidhi Company by the Central Government before becoming its member and investing their hard earned money in such companies....

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Posted Under: CA, CS, CMA |

Addition for on-money received on sale of flats restricted to 12%

M/s. Bhalchandra Trading P. Ltd. Vs DCIT (ITAT Mumbai)

Bhalchandra Trading P. Ltd. Vs DCIT (ITAT Mumbai) It is not in dispute that assessee had indeed received on-money for sale of flats to the tune of Rs. 2,20,00,000/- during the year under consideration. It is not in dispute that the assessee had incurred certain business expenses out of such on-money which are kept outside […]...

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Government notifies rules for OTT Platforms, Social & Digital Media

Ministry of Information & Broadcasting Government notifies Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules 2021 Social media platforms welcome to do business in India but they need to follow the Constitution and laws of India Social media platform can certainly be used for asking questions and crit...

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Posted Under: CA, CS, CMA | ,

Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021

Notification No. G.S.R. 139(E). 25/02/2021

(1) These rules may be called the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021. (2) They shall come into force on the date of their publication in the Official Gazette....

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