The government of India has extended the deadline for submitting the Annual Income Tax Return (ITR) for Fiscal Year 2020-21 for India citizens from the previous period of September 30, 2021 to December 31, 2021. The extension applies to those whose accounts do not require an audit and who usually file a tax return. income […]
This article is based on difficulties facing by person claiming TDS and adjusting the same against their liability while filing belated returns. In order to understand the problem first have a look on certain statutory Provisions:- As per section 51(1) of CGST ACT, certain class of persons (referred as deductor) to deduct tax at […]
Learn about the tax treatment of converting self-acquired property to joint family property under the IT Act. Understand the implications and obligations.
Article discusses Provisions applicable in respect of Life insurance health insurance premium, Provision for deductions for home loan, Different holding periods for qualifying as long term capital asset and for indexation and Provisions of capital gains on listed shares. There are certain provisions under the income tax laws which generally go unnoticed and have huge […]
Concept and Origin of of Advance Rulings The concept of advance ruling is discussed and finalised in Kyoto Convention of WCO on the Simplification and Harmonization of Customs procedures and was adopted in June, 1999 as a blueprint for modern and efficient Customs procedures. Article 3 of WTO Agreement on Trade Facilitation, make it obligatory […]
Returns of September month are the most significant ones. Taxpayers should keep in mind the following things while filing GST Returns for the month of September.
The Calcutta High court in this case was considering the writ petition where the petitioner contended that the assessment was made in disregard of the violation of natural justice as the password for the Video Conferencing was not provided and relevant evidence was produced.
Monopoly Innovations Pvt. Ltd. Vs Union of India & Ors. (Bombay High Court) 1. The petitioner is a private limited company duly registered under the provisions of the Companies Act, 1956. It is a registered unit under the Micro, Small and Medium Enterprise Development Act, 2006 and, inter alia, engaged in the business of production […]
National Building Construction Corporation Ltd. Vs Add. CIT (ITAT Delhi) In the instant case before us also, the expenses have been incurred on the direction of the relevant Ministry / Government of India. Further, neither the Assessing Officer nor the learned DR has rebutted the contention of the assessee that expenses have been incurred for […]
It is quite clear that to recommend abolition of audit for certain companies is not covered u/s 132(2) and therefore not within the scope of NFRA. So, any recommendation by NFRA to abolish of audit for certain companies is ultra-virus. NFRA should not have included this aspect in its Consultation paper at all.
