Usage of word ‘may’ under Section 144B(7)(vii) of the Income Tax Act, 1961 (IT Act) could not absolve the Revenue (the Respondent) from the obligation cast upon it to consider the request made for grant of personal hearing. Therefore, the assessment order passed by the Respondent without giving an opportunity of personal hearing to the assessee shall be set aside.
Long-term savings is a big commitment, but they need to be done to increase benefits and future emergencies. The Provident Fund (PF) is a pension fund that helps people regularly save a portion of their salary to provide enough money for a good and healthy lifestyle after retirement. This program is provided by the Employment […]
Linking of Aadhaar with PAN (Permanent Account Number) is a mandatory requirement under Income Tax Act 1961. If a person fails to link Aadhaar with PAN by the prescribed last date, a penalty of Rs1000 for the non-linkage will be charged, and also, his PAN will become inoperative – Section 234H inserted vide Finance Act […]
It is very important that GSTR3B Return is reconciled with books of account every year during the audit. Find attached an automatic excel tool for Summarizing the PDF. This is a macro enabled work book. PDF settings as per HOME page to be done.
TDS (Section 194Q) v. TCS (Section 206C(1H)) – A fight between Right Hand v. Left Hand With effect from 1st October 2020, Government had introduced Section 206C(1H) i.e. a seller having turnover of more than Rs. 10 Crores in the preceding financial year is required to collect TCS from the buyers from whom receipts exceeds […]
On 10th June, 2021, CBDT issued Guidelines prescribing framework for Compulsory Selection of returns for Complete Scrutiny during the Financial Year 2021- 22 to all PCC/CC/Pr.DG/DG of Income Tax. Study of these guidelines may help taxpayer analyze, as to under which category it falls. Framework is categorized as under: 1. Cases related to survey u/s […]
What is Form DPT-3 ? The e Form DPT-3 is a Return of Deposits that has to be filed by a company online on the MCA website for reporting outstanding loans not treated as deposits. Form DPT-3 filing is mandatory for all companies other than a Govt. company. Hence, all Private Limited Companies, OPC, Limited […]
This article is not about GST Portal Getting down/slowness of GST Portal or its capacity issue. We have listed here many other issues which taxpayers are facing on GST PORTAL. These issues has made GST portal inefficient and give taxpayers poor experience when it comes to Return filing or getting/reconciling details from the portal – […]
Learn about the benefits of Section 80G registration for NGOs in India. Discover the process and compliance requirements for tax benefits and financial support.
What will happen if you have lost an important jewel? The thought itself can cause you distress, as per the current data an Estimated Rs. 22,000/- crore of investors wealth is lying unclaimed with the insurance companies, mutual fund, corporate houses, banks & Employee provident fund organisation, There are many who have witnessed the accidental […]
