"12 August 2021" Archive

Problems being faced by taxpayers on new portal E-filing 2.0

Bombay chartered Accountants Society has made a representation to Smt. Nirmala Sitharaman, Hon’ble Union Minister for Finance and Corporate Affairs on Problems being faced by taxpayers on new portal E-filing 2.0. They summarized issues in the ensuing sections i.e. Issues relating to Login, Issues relating to E-filing, Issues relating to...

Transfer/postings of 497 JCIT/Addl. CIT

Office Order No. 203 of 2021 12/08/2021

Office Order No. 203 of 2021 The following 497 transfer/postings of the officers in the grade of Joint Commissioner/Additional Commissioner of Income Tax, are hereby ordered with immediate effect and until further orders:...

Sale of property by NRI – How to save huge amounts getting blocked as TDS

Investing in a house property is common for Indians. Many NRIs living abroad own house properties in India. Since it is difficult to manage a house property from another country, an NRI may contemplate selling such Indian house property. In such cases besides finding a buyer, it is also important to understand the tax implications [&helli...

Posted Under: CA, CS, CMA |

Section 234F Late fees payable for default in furnishing of income tax return

It is important to note that the payment of income tax and filing of the income tax return is two distinct and separate legal obligations under Income Tax. The duty of the taxpayer doesn’t end up just by timely payment of the income tax. In fact, the income tax law also mandates the taxpayer to […]...

Posted Under: CA, CS, CMA |

Refund of Income Tax for COVID 19 related expenses

We know that COVID-19 is one of the major pandemic which has affected each and every person in the world. It has also created a big hole in the pockets of people on account of medical treatment for those affected by COVID. In this article we will discuss about how to claim refund of TDS […]...

Posted Under: CA, CS, CMA |

Legal provisions & Step-action plan around cancellation of GST registration

Brief background: As per GST law, every person is required to get registered under this law if his activity falls within the ambit as provided under chapter VI ‘Registration’ of the CGST Act, 2017. Now, if such registered person is now no longer required to be registered under GST law, same may (optional/voluntarily) apply for [&helli...

Posted Under: CA, CS, CMA |

Seized goods to be provisionally released during pendency of proceedings before Adjudicating Authority

Minal Gems Vs Union of India (Bombay High Court)

HC directed the Adjudicating Authority to consider the prayers of provisional release of seized goods of the assessee, during the pendency of the proceedings under the Section 124 of the Customs Act, 1962....

Penalty on Agreed Additions – Should Estoppel Apply?

In this article, the author has tried to analyze the applicability of Estoppel Rule, with the penalty on agreed additions by the assessee. Now, at the outset, practically it is not uncommon for an assessee to agree to additions, if he were to be spared from penalty consequent on such admission....

Posted Under: CA, CS, CMA |

CSR spending on Covid Activities – Regulatory Announcements

Section 135(1) of the Companies Act,2013 mandates that 1. Every Company, its holding Company, its subsidiary Company 2. Foreign Company having branch office or project office in India having net worth of INR 500 Crore or more, turnover of INR 1000 Crore or more, or a net profit of INR 5 crore or more during […]...

Posted Under: CA, CS, CMA |

Whether recovery of indirect taxes by supplier of goods/services form part of his turnover

According to the provisions of IndAS, indirect taxes like sales tax, VAT, GST etc. that are recovered by the supplier from his customer should not form part of the supplier’s turnover as the tax is collected by the supplier on behalf of third parties. But in the opinion of the author, for reasons explained below, […]...

Posted Under: CA, CS, CMA |

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December 2023