"30 March 2021" Archive

Income Tax Dept Intimation to taxpayer of High Value Information

Income Tax department sends communications specifying High Value Information and seeks further information however communications seem to be partial faulty Too much of digitisation has its ill effects and now with the communications sent by Income Tax departments after digital review of the assessees data, it seems that the ill effects ar...

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Posted Under: Income Tax |

Claiming credit of taxes paid in foreign countries

Nowadays on account of the globalized environment and expansion of business outside India, a person may earn income from more than one country and sometimes the same income may be taxed twice, once in the source country and other in the resident country as well. Let us know these two methods for taxing income earned by a person in more de...

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Posted Under: Income Tax |

e-Campaign for High Value Transactions in Compliance Portal

Introduction The income-tax department has started to reach out to certain taxpayers who have either not filed income-tax returns (ITR) or failed to accurately report high-value transactions in their returns. Objective of the e-campaign is to facilitate taxpayers to validate their financial transaction information against information avai...

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Posted Under: Income Tax | ,

B2C QR code compliance exemption extended till 30th June 2021

Notification No. 06/2021–Central Tax 30/03/2021

The CBIC vide Notification No. 06/2021 – Central Tax dated March 30, 2021 amended Notification No. 89/2020 – Central Tax dated November 29, 2020 to extend the waiver of penalty leviable under Section 125 of the CGST Act, 2017 (i.e. general penalty) for non-compliance of provisions of Notification No. 14/2020–Central Tax dated March ...

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Do you really need to worry about new withholding tax by YouTube?

Recently everyone is worried about the new withholding tax to be deducted by the YouTube US from the earnings of the YouTube creators from U.S. viewers. In this article firstly, we are going to discuss about the tax and then the impact on the creators and whether they are actually required to worried about this […]...

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Posted Under: Income Tax |

E-Way Bill limit increases to Rs. 1 Lakh in Rajasthan

Notification No. F.17(131-Pt.-II)ACCT/GST/2017/6672 30/03/2021

WEF 1st Day of April, 2021 Rajasthan Government increases E-Way Bill limit to Rs. 1 Lakh Where the movement commences and terminates within the State of Rajasthan without crossing the boundaries of the State of Rajasthan. It is further provided that new 1 Lakh limit will apply to Any Goods except all type of Tobacco […]...

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Posted Under: Income Tax |

Online Filing of requests for Closure of Advance Authorizations – reg

Trade Notice No. 49/2020-21 30/03/2021

DGFT has revamped its IT systems to provide a paperless, contact-less, electronic interface to the exporters/importers and other stakeholders of DGFT. The new IT System amongst other improvements include process for managing the entire lifecycle of Advance Authorizations including its issuance, amendment and closure....

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Guidelines pertaining to Surrender of FPI Registration

Circulars No. SEBI/ HO/ IMD/ FPI&C/ CIR/ P/ 2021/ 045 30/03/2021

In terms of SEBI (Foreign Portfolio Investors) Regulations, 2019, any FPI (‘applicant’) desirous of surrendering the certificate of registration may request for such surrender to the DDP....

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CBI Arrests A Superintendent of GST In Case of Bribery

The Central Bureau of Investigation has arrested an Executive Engineer (Electrical) of CPWD, Hyderabad and a Superintendent of Central Excise & Central Tax (GST) Honnavar Range, Uttara Kannada in separate cases of bribery....

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Posted Under: Income Tax |

NCDRC Orders Ramprastha & Blue Bell Protech to Refund Homebuyers’ Money

The National Consumer Disputes Redressal Commission (NCDRC) has ordered to refund of the full amount paid by five homebuyers in a residential project in Gurugram and also instructed two Delhi-based builders to pay 9% interest for delay in giving possession of the residential flats. The homebuyers had booked the residential flats in the ...

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Posted Under: Income Tax |

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