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Currently, there are more than 5400 cryptocurrencies which are traded across the globe. Further, out of cryptos traded, the market cap and price are unbelievable in case of 10 currencies’ as on May 2, 2021. From total market capitalization of cryptocurrencies, Bitcoin represent at least 40% to 60% of market capitalization.
Jayesh Shantilal Vira Vs ACIT (ITAT Mumbai) Addition u/s 10(38) on alleged bogus Long Term Capital Gain (LTCG) deleted where no further verification made by AO except solely reliance on information from investigation wing. ITAT held that the long term capital gain on the sale of shares of M/s. Blue Circle Services Ltd. is not […]
Assessment under GST A simple meaning of assessment is ‘determine to accurate tax liability’, so in every law it is common meaning of assessment to find out liability. In GST Law main object of assessment procedures are to effectively, efficiently and accurately collection of revenue. Assessment is very small word, but it is very important […]
The department audit round has begun, and it will not be long before it will be in full swing. The first year(s) of the audit would be crucial in the sense that it would reflect revenue’s approach towards a number of controversial tax positions. One such critical tax position being, ‘taxability under S. No. 2 […]
With the advent of technology in the space of finance, many are switching over to electronic transactions. Not only does it offer ease of use, but it also empowers individuals to manage their transactions and finances in a flexible manner. The user-friendly nature and the convenience offered by e-wallets and UPI (Unified Payments Interface) apps […]
The Finance Bill, 2021 has introduced section 194Q – TDS on purchase of goods which is having resemblance to section 206C(1H)- TCS on Sale of Goods brought in by Finance Bill, 2020. Let’s understand with it with very quick reading of both the section. Section 194Q Vs 206C(1H): Any person, being a buyer (whose sales exceeds […]
The Hon’ble Calcutta High Court in Raj Metal Industries & Anr. v. UOI & Ors. [W. P. A. 1629 of 2021, dated March 24, 2021] stayed the summons issued and proceedings initiated thereunder against assessee by the State GST Authorities since the proceedings were already pending on same subject matter under Central Goods and Services […]
The Central Government shifted to the Faceless Assessment Scheme 2019, in Sept 2019, in which there is no in-person interaction between taxpayers and the tax officers. This was done to bring transparency in the tax administration. The assessee can E-File the reply on the income tax portal from the comfort of his home without any […]
Question: GST registration is already cancelled in Suo Moto from 1st March 2021, Client have filled returns till February 2021, if he leave as it is with out revocation, does he get any notice in future from GSTN & What to do in case of sue moto cancellation of registration. Pls suggest what client have […]
In this case, the Honourable High Court has set aside an assessment order passed under the faceless assessment regime without considering the adjournment request filed by the petitioner and has directed the assessing authority to consider the petitioner’s submission and complete the assessment proceedings in accordance with the law.
