"13 August 2021" Archive

HC set aside Assessment for not following mandatory provisions of section 144B(1)(vxi)(b)

Javin Construction Private Limited Vs National Faceless Assessment Centre & Ors (Delhi High Court)

Javin Construction Private Limited Vs National Faceless Assessment Centre & Ors (Delhi High Court) 1. Set asides an assessment framed without issuing SCN and draft assessment order, holding it against the principle of natural justice and mandatory provisions of section 144B(1)(vxi)(b) of the Income Tax Act, 1961. 2. Matter remanded ba...

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Reassessment after 4 year invalid if assessee disclosed all material facts during original assessment

CIT Vs Mr. John Ettimootil Samuel (Madras High Court)

CIT Vs Mr. John Ettimootil Samuel (Madras High Court) 1. Sets aside reassessment framed u/s 147 after expiry of four years of assessment u/s 143(3), holding that the assessee had disclosed all material facts in the original assessment qua consideration and deemed consideration u/s 50C of the Act. 2. The Tribunal was fully justified in [&h...

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Law & procedure related to GST Registrations- Issues & Suggestions

Bombay Chartered Accountant’s Society  has made following two brief representations on the various legal and procedural issues on the provisions relating to GST registration in the GST law and rules which are relevant from every taxpayer’s point of view. These representation deals with legal issues and procedural issues. Full tex...

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Posted Under: Income Tax | ,

Late fees under Section 234G | Form No. 10BD & 10BE

Section 234G – Late fees for default in the furnishing of statement in Form No. 10BD/ default in the issuance of a certificate in Form No. 10BE The research association, college, university or other institution or fund or company referred under section 35(1A) or section 80G(5) are required to furnish specified statement and issue specif...

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Posted Under: Income Tax |

Key Features & Benefits of Taxation Laws (Amendment) Bill, 2021

Taxation Laws (Amendment) Bill, 2021 Key Features of Taxation Laws (Amendment) Bill, 2021 1. Provides that no tax demand shall be raised in the future based on the retrospective amendment made through Finance Act, 2012, for any indirect transfer of Indian assets if the transaction was undertaken before 28th May 2012. 2. Provides that the ...

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Posted Under: Income Tax |

Rejection of Foreign Tax Credit For Delay/Non-filing of Form 67

Bombay Chartered Accountant’s Society has made a representation to CBDT Chairman and draw his  attention towards the difficulties faced, in recent times, by resident taxpayers, in claiming Foreign Tax Credit (FTC) for their income abroad, while filing their return of Income in India. Full Text of their representation is as follows:...

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Posted Under: Income Tax | ,

IFSCA releases 3 IFSCA Banking Handbook

F.No. 110/IFSCA/banking Regulation/2021-22/6 13/08/2021

With a view to further enhancing 'ease of doing banking business', the Authority is hereby issuing the IFSCA Banking Handbook (`Handbook') which will act as a compendium of all the detailed directions of the Authority to the IBUs operating in GIFT IFSC and to the Banking Companies incorporated in India or outside India looking to set up a...

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How to Strike off Company within 1 year of Incorporation?

In this editorial, Author shall discuss about dilemma that Whether a Company can file e-form STK-2 for Strike off before completion of 1 year of Incorporation? in other words. If Company has not started any business since Incorporation and promoters wants to strike off even within 1 year of Incorporation, whether they can file STK-2 [&hel...

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Posted Under: Income Tax |

Whether strike off of Companies allowed before filing of INC 20A

In this editorial, author shall discuss one of all those provisions i.e. 'Whether Companies can file eform STK-2 for strike off without filing of eform INC 20A' In case company has not conducted business since Incorporation etc....

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Posted Under: Income Tax |

Companies to disclose Crypto Currency & CSR in Financial Statements

As per recent press release on pib.gov.in on 10th August, 2021 in respect of ‘MCA amends Schedule III of Companies Act on disclosure norms in financial statements‘ As MCA by amendment in Rules of Schedule III on 24th march 2021 has already made lot of amendments in Schedule III of Companies Act, 2013. Schedule III […]...

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Posted Under: Income Tax |

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