Government released New ITR filing portal on 7th June, 2021 for improving efficiency of IT Portal, best user interface and better user services. However, since the day of its launch, portal is facing many problems/errors like unable to File ITR on New Portal, unable to do EVC (E-verify) of ITR, non launching of schema of […]
No bar to amendment of petition u/s 7 of IBC until final order; judgment and/or decree for money in favour of the financial creditor would give rise to a fresh cause of action
DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT Notified Income Tax Rule 8AC so as to provide for computation of short term capital gains and written down value u/s 50 where depreciation on goodwill is received. (Notification No. 77/2021-Income Tax [G.S.R. 472(E)]qvc) ♦ CBDT further extends the timeline for e-filing of Form 15CA/ […]
No bank shall open current accounts for customers who have availed credit facilities in the form of cash credit (CC) / overdraft (OD) from the banking system and all transactions shall be routed through the CC/OD account.
Introduction The Indian economy is dominated by the job work sector. This includes activities outsourced that could or might not lead to manufacturing. This is explained by the term Job-work. It refers to the processing of goods supplied directly by the principal. Central Excise already has the concept of job work. A principal manufacturer can […]
On August 2, 2021, the Hon’ble Supreme Court of India ordered for Cancellation of Registration of Batanagar education and Research Trust (Trust) on the ground of misuse of status conferred under section 12AA and 80G of the Income Tax Act, 1961. Fact of the Case:- At the time of conducting a survey on an entity […]
CBDT vide circular No. 15/2021 dated 03.08.2021 Extended time lines for electronic filing of various Forms under the Income-tax Act, 1961 in view of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms and considering the non-availability of the utility for e-filing of certain Forms. Forms for which dates been […]
Election 2021 – Consent for inclusion of E-mail address in the List of Voters. As you may be aware, the next Elections to the Council and Regional Councils are scheduled to be held on 3rd and 4th December 2021 in cities qualifying for two days’ polling and on 4th December, 2021 in other cities/towns having […]
Inflow Technologies Private Limited Vs ACIT (ITAT Bangalore) The assessee, as a part of share purchase agreement, during the business structuring had given a corporate guarantee to one of its group supplier CISCO for supplies made to its AE (Inflow Singapore). According to the assessee, it did not intend to get any remuneration for the […]
Manoj Vijay Sh. Prahalad Vijay Vs Union of India (Rajasthan High Court, Jaipur Bench) The present bail applications have been filed under Section 439 Cr.P.C. The petitioners have been arrested in Complaint File No. IV(06) 40/AE/JPR/2021 for offence under Section 132 of the Central Goods And Services Tax Act, 2017 (for brevity, “the Act of […]
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