"12 April 2021" Archive - Page 3

Amendments in Tax Audit Report for AY 2021-22

Purpose of Rule 6G: This rule tells about the name of the forms applicable in the case of 44AB Audit and from 1st April 2021 sub-rule (3) is inserted. Rule 6G: (1) The report of audit of the accounts of a person required to be furnished under section 44AB shall,— (a) In the case of […]...

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Posted Under: Income Tax |

Section 41(1) cannot be applied to bogus & non-existent liability

Green Star Corporation Vs ACIT (ITAT Kolkata)

No addition can be made to the income of the assessee in this asst. years, as in the view of the AO the outstanding liability in question is bogus and non-existent. The question of cessation of such non-existent as bogus liability does not arise. Hence, Sec. 41(1) cannot be applied. Only when there is a genuine liability and there is ces...

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IFSCA (Market Infrastructure Institutions) Regulations, 2021

Notification No. IFSCA/2021-22/GN/REG011. 12/04/2021

1. (1) These regulations may be called the International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021. (2) They shall come into force on the thirtieth day of its publication in the Official Gazette....

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MAHARERA: Composition of Steering Committee notified

Order No. 16/2021/ No. MahaRERA/Secy/File No. 27//2021 12/04/2021

In order to bring a certain level of consistency in the practices of real estate agents, enhance knowledge and awareness of regulatory framework and practices, enforcement of code of conduct and to discourage incompetent agents, it is proposed to introduce Basic Capacity Building and Certification for Real Estate Agents. In this regard...

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Ratio Analysis Techniques

Financial Statements are written records of a company that shows, its financial status on a particular date and for a financial year. It conveys financial performance of the company. Generally, in India Financial Year is a period starting from 1st April and end 31st March next year. A company has to prepare its financial statements [&hell...

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Posted Under: Income Tax |

How to Apply for Correction in Income Tax TDS Payment Challan

Need For Challan Correction While depositing TDS payment to the Central Government Account using either Online or Offline mode, following errors can occur at the Deductor’s end or Bank’s end:- 1. Mentioned Other TAN Number 2. Mentioned PAN instead of TAN 3. Selected wrong Minor Head/Major Head 4. Selected wrong Assessment Year...

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Posted Under: Income Tax |

Understanding your CTC

Many of us have come across the words like Cost to Company (CTC), Gross Earnings, take home salary, net payout etc. while joining a company or If you are an entrepreneur, you must have quoted the same to your employee. There has always been a difference between the CTC and the take home away salary, […]...

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Posted Under: Income Tax |

Allotment of Instant PAN through Aadhaar Based e-KYC

CBDT has made Instant PAN allotment in near to real time available at free of cost. Individuals (other than minors) with a valid Aadhaar number (with updated Mobile number) can avail the PAN allotment facility. Article contains GUIDELINES for Allotment of Instant PAN through Aadhaar Based e-KYC, Format of New PAN, Rules related to Validit...

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Posted Under: Income Tax | ,

AO cannot treat LTCG as Bogus merely on SEBI investigation report

M. Kiran Kumar Vs ACIT (ITAT Chennai)

Kiran Kumar Vs ACIT (ITAT Chennai) The AO disallowed the exemption claimed u/s.10(38) solely based on the investigation report by SEBI pertaining to certain cases based from Kolkatta wherein share prices rigged substantially over a period of time. Merely on suspicion and surmises, this disallowance was made without any corroborative evide...

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Guide to Renewal of or Application for 12A & 80G Registrations

This article focuses on the major changes brought in by the Finance Act 2020 by introducing new section 10AB replacing section 10AA and bringing in similar amendments in section 10(23C) and Section 80G. These provisions pertaining to registration were originally made effective from 01-06-2020. Subsequently, due to the crisis caused by COV...

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Posted Under: Income Tax |

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