"17 May 2021" Archive

Simple guide to filing ITR-1

ITR-1 is the simplest form that is used by many taxpayers. It is applicable to individuals who are ordinarily resident in India for the concerned previous year having total income of Rs. 50 lakh or less and income from any or more of following sources: salaries, one house property, other sources, and agricultural income not […]...

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Posted Under: Income Tax | ,

No Section 272A(2)(k) penalty merely for delay in filing Quarterly TDS Statement

Maharashtra Jeevan Pradhikaran Vs JCIT (ITAT Pune)

Maharashtra Jeevan Pradhikaran Vs JCIT (ITAT Pune) We have also considered judicial precedents placed on record. In this case penalty has been levied u/s. 272A(2)(k) of the Act due to late filing of TDS statements/returns. However, it is an undisputed fact as admitted by the parties herein, that no loss has been caused to the […]...

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Generation of GSTR-2B for April 2021

Rule-60(7) of CGST Rules-2017 prescribes for generation of auto-drafted statement containing the details of input tax credit in FORM GSTR-2B for counter-party recipients. As per Rule-60(8) of CGST Rules-2017, FORM GSTR-2B shall be made available to the recipients after the Due date of filing GSTR-1/IFF by the suppliers. Notification No. 1...

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Posted Under: Income Tax |

Relaxation in GST compliances for March/April 2021 return

Arjuna (Fictional Character): Krishna, what are the reliefs given by Central Government under GST to the merchants during this lockdown due to the coronavirus pandemic? Krishna (Fictional Character): Arjuna, Government has extended the dates of various compliances by Taxpayer under GST, through Central Tax Notification dated on 1st May...

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Posted Under: Income Tax |

Interest on compulsory acquisition of land u/s 28 of Land Acquisition Act is exempt

ITO Vs Chawli Devi (ITAT Chandigarh)

ITO Vs Chawli Devi (ITAT Chandigarh) Interest received by assessee on compulsary acquisition of of its land u/s 28 of Land Acquisition Act is in the nature of compensation and not interest which is taxable under the head of income from other sources u/s 56. FULL TEXT OF THE JUDGMENT/ORDER OF CHHATTISGARH HIGH COURT These […]...

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Weekly Newsletter From Chairman, CBIC Dated 17/05/2021

D.O.No.68/CH(IC)/2020 17/05/2021

As a part of taxpayer facilitation, we have automated most of our refund/ drawback processes and amounts due to the taxpayers, especially of IGST that get automatically processed and credited without human intervention....

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Proposed framework for Gold Exchange in India and draft SEBI (Vault Managers) Regulations, 2021

Press Releases No. 19/2021 17/05/2021

SEBI seeks public comments on the Consultation Paper on the proposed framework for Gold Exchange in India and draft SEBI (Vault Managers) Regulations, 2021...

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Valuation of shares under Net Asset Method

Valuation of shares under Net Asset Method (Guidelines issued by the ICAI) Valuation of shares: Formula to calculate the Value per share under Net Asset method is as follows: (Total Assets – Liabilities – Preference shareholders) ÷ Total No. of outstanding Equity shares A) Net Assets: All asset should be valued at market value. P...

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Posted Under: Income Tax |

CoWIN website Reflects Change in Dose Interval of Covishield Vaccine

CoWIN digital Portal Reconfigured to Reflect Change in Dose Interval of Covishield Vaccine to 12-16 weeks Already Booked Online appointments for 2nd Covishield Dose will remain Valid; NOT being cancelled by COWIN...

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Posted Under: Income Tax |

ICSI pledges support to CS Members & Students during Covid-19 pandemic

As the country is bracing its way out from this massive health crisis, the Institute of Company Secretaries of India stands in solidarity with its stakeholders and is extending all possible support through these trying times. In accordance, the Institute has taken some important decisions for both its members and its students....

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Posted Under: Income Tax |

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