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Archive: 06 September 2021

Posts in 06 September 2021

Sec 138 NI Act- Salutation Like Mr./M/s. while Drawing Cheque are Irrelevant

September 6, 2021 1233 Views 0 comment Print

N. Raveendran Vs Shajahan (Kerala High Court) The absence of salutation Like Mr./M/s. while drawing the cheque by accused cannot be a ground for the accused to be acquitted from proceedings under Section 138 of the Negotiable Instruments Act. FULL TEXT OF THE JUDGMENT/ORDER OF KERALA HIGH COURT This appeal arises out of the judgment […]

Why increasing Income ‘Tax Audit’ limit is not a good move

September 6, 2021 31659 Views 9 comments Print

In the recent union budget our Honorable Union Finance Minister increased the threshold limit for mandatory audit Under Section 44AB of the Income Tax Act, 1961 to Rs 10 Crores in cases where 95% or more transactions are done in digital mode.

Introduction of Vegan Foods Regulations by FSSAI

September 6, 2021 5370 Views 0 comment Print

The FSSAI has come up with the proposal bringing into action Food Safety and Standards (Vegan Foods) Regulations, 2021. For that matter, the Authority has released a set of Draft Regulations in the Official Gazette, which is open for objections and suggestions by those persons who are likely to get affected by the same.

CBIC clarifies issues relating to Extension of timelines for application for revocation of cancellation of registration

September 6, 2021 5652 Views 0 comment Print

Clarification regarding extension of time limit to apply for revocation of cancellation of registration in view of Notification No. 34/2021-Central Tax dated 29th August, 2021 vide Circular No. 158/14/2021-GST | Dated: 6th September, 2021. File No. CBIC-20006/17/2021-GST Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs GST Policy […]

No penalty for delay in filing quarterly TDS statement if entire tax with interest deposited

September 6, 2021 3888 Views 0 comment Print

Penalty under Section 272A(2)(k) could not be imposed merely for the delay in filing Quarterly TDS Statement as the entire tax along with interest thereon had been deposited in to Govt. account and later, assessee filed quarterly TDS returns for all the quarters and Revenue had not suffered any loss because tax deducted was already deposited on time and there was mere technical or venial breach to provisions contained in Act for submitting return/statements of TDS.

KYC | Inoperative A/c & Harassment of Customers by Banks & FIs

September 6, 2021 18294 Views 13 comments Print

KYC, Re-KYC (KYC review), CKYC, misconceptions around KYC and Dormant/Inoperative Account (A/c): Harassment of Customers by Banks and Financial Institutions (FIs), etc Note for Readers:-The write-up is a bit lengthy but I am sure it will serve as one source of reference to millions of customers of the Financial System. Readers not keen on reading […]

Procedure for handling Faceless Assessment transferred to Jurisdictional AO

September 6, 2021 13452 Views 0 comment Print

Procedure for handling of assessment by Jurisdictional Assessing Officers in respect of assessments/penalties transferred out of Faceless Assessment u/s 144B(8) of the Income-tax Act,1961/Faceless Penalty Scheme, 2021 respectively. F. No.225/97/2021 /ITA-II | Dated: 6th September, 2021 F. No.225/97/2021 /ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, […]

Anti-dumping investigation concerning imports of “Aluminium and Zinc coated flat products”- Reg.

September 6, 2021 546 Views 0 comment Print

Case No. AD-MTR-11/2020 Termination of Mid-Term Review limited to change of name of producer/exporter from Korea RP in the anti-dumping investigation concerning imports of Aluminium and Zinc coated flat products originating in or exported from China PR, Vietnam and Korea RP

CBDT specifies scope/cases to be done under Faceless Assessment

September 6, 2021 8946 Views 0 comment Print

CBDT hereby directs that in addition to the cases in the Central Charges and International Taxation Charges, cases where pendency could not be created on ITBA because of technical reasons or cases not having a PAN, as the case may be, shall also be excluded from the purview of section 144B of the Act. F […]

Employees contribution to PF/ESI paid before section 139(1) due date was allowable

September 6, 2021 11565 Views 0 comment Print

Indian Geotechnical Services Vs ACIT (ITAT Delhi) Conclusion: Deduction on payment of employees contribution towards PF/ESI made before the due date of filing Income Tax Return under section 139(1) was allowable as the amended provisions of section 43B as well as 36(1)(va) were not applicable for the assessment year under consideration. Held:  Assessee raised the […]

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September 2021