"07 April 2021" Archive

Request for Extension of date of Revised Return of Income Tax

01/01/1970

The banks have almost reported wrong information to the department. The interest reported is twice/thrice than interest shown by the assessee in the income tax return. The banks have reported interest on the basis of consolidation as per form 26Q. Then they have reported on the basis of Form 26AS and thirdly on the basis of individual FDR...

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Posted Under: Income Tax | ,

34 Amendments via IBC (Amendment) Ordinance 2021

01/01/1970

President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 The President promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 on 4th April 2021. The Cabinet had approved on 31st March 2021 the proposal to make amendments in the Insolvency and Bankruptcy Code, 2016 (Code), through the Insolvency ...

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Posted Under: Income Tax |

GST @ 5% not applicable for facilities provided in self-owned marriage & party halls

01/01/1970

The AAR, Haryana in the matter of M/S. Jewel Classic Hotels Pvt. Ltd. [Advance Ruling No. HAR/HAAR/R/2019-20/23, decided on June 25, 2020] held that the facilities for food catering, banquet etc. provided in self-owned marriage and party halls by separate entities under common ownership is not covered under ‘outdoor catering’ as per N...

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Posted Under: Income Tax |

Section 148 Judgments on Improper Notice, Vague reasons, Cash Deposit, AIR

01/01/1970

Important judgements regarding service of notice u/s 148 when not in a proper manner, reasons recorded are vague, AIR information is not sufficient and deposit of cash and bank not always income of the assessee Written Submissions before the Hon’ble Commissioner of Income Tax (Appeals), Faceless in the case of Shri XXXXX XXXXXX, XXXXXX ...

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Posted Under: Income Tax |

Centre to operationalise COVID Vaccination Centres at Work Places

01/01/1970

Centre issues Guidance Note to operationalise COVID Vaccination Centres at Work Places (Govt. and Private) From 11 April 2021 all Employees of Work Places aged 45 yrs or more to be Vaccinated at Work Place Vaccination centres With the extension of COVID-19 vaccination to all citizens aged 45 years or more from 1st April 2021, […]...

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Posted Under: Income Tax |

Taxpayer functionalities deployed on GST Portal in March 2021

01/01/1970

New Functionalities made available for Taxpayers on GST Portal in March, 2021 1 – Registration 1. Assignment of new applications of registration, in certain cases, with same PAN and in same State/ UT New registration applications of the applicants, whose previous application for registration were either rejected by Tax Officer or wh...

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Posted Under: Income Tax |

How to file Income Tax return when window to file the tax return is closed by Income Tax portal

01/01/1970

How to file Income Tax return when window to file the tax return is closed by Income Tax portal. 31st March, 2021 has gone and the assessee who have failed to file their respective ITR for AY 2020-21  tend to lose their claim of income tax refund what they are eligible for. Section 139 of […]...

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Posted Under: Income Tax |

RBI increases limits for bank lending against NWRs/eNWRs

RBI/2021-22/14 FIDD.CO.Plan.BC.No.7/04.09.01/2021-22 07/04/2021

It has been decided to enhance the PSL limit for loans against NWRs/eNWRs from ₹50 lakh to ₹75 lakh per borrower. The PSL limit backed by the warehouse receipts other than NWR/eNWR will continue to be ₹50 lakh per borrower....

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Bank loans to HFCs for on-lending for housing to continue

RBI/2021-22/15 FIDD.CO.Plan.BC.No.8/04.09.01/2021-22 07/04/2021

It has been decided to extend the PSL classification for lending by banks to NBFCs for on-lending by six months i.e. up to September 30, 2021. However, bank loans to HFCs for on-lending for the purpose of housing, as prescribed in para 23 of our Master Direction on PSL dated September 4, 2020, will continue on an on-going basis....

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RBI relaxes period of parking of unutilised ECB proceeds in term deposits

RBI/2021-22/16 A.P. (DIR Series) Circular No. 01 07/04/2021

It has been decided to relax the above stipulation as a one-time measure. Accordingly, unutilised ECB proceeds drawn down on or before March 01, 2020 can be parked in term deposits with AD Category-I banks in India prospectively for an additional period up to March 01, 2022....

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