"15 October 2021" Archive

Income Tax searches in Maharashtra reveal unaccounted income of over Rs. 184 crore

Income Tax Department’s searches in Maharashtra reveal unaccounted income of over Rs. 184 crore The Income Tax Department carried out search and seizure operations on two real estate business groups of Mumbai and certain individuals/ entities associated with them. The search operations commenced on 07.10.2021 and have been carried o...

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Posted Under: Income Tax |

वित्तीय वर्ष 2020-2021 के लिए जीएसटीआर 9 (GSTR 9) और जीएसटीआर 9सी (GSTR 9C) से संबंधित प्रश्न

वित्तीय वर्ष 2020-2021 के लिए जीएसटीआर 9 (GSTR 9) और जीएसटीआर  9सी (GSTR 9C) से संबंधित प्रश्न वित्तीय वर्ष 2020-21 के लिए वार्षिक रिटर्न GSTR 9 और GSTR 9C की नियत...

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Posted Under: Income Tax |

Final Accounts of Joint Stock Companies as per Ind AS-1 & Schedule III

Final Accounts of Joint Stock Companies as per Ind AS-1 and Schedule III of the Companies Act 2013 and Ministry of Corporate Affairs Notification on 24 March 2021 and Latest Amendments to IndAS-1 as per Companies (Indian Accounting Standards) Amendment Rules, 2021 vide Notification No. G.S.R. 419(E) Dated: 18th June, 2021. I hereby try to...

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Posted Under: Income Tax |

SC ruling on whether order section 263 is barred by limitation

CIT Vs.Mohammed Meeran Shahul Hameed (Supreme Court)

CIT Vs. Mohammed Meeran Shahul Hameed (Supreme Court) The short question of law which is posed for consideration before this court is, 1. whether in the facts and circumstances of the case, the High Court and the learned ITAT are right in holding that the order passed by the learned Commissioner passed under Section 263 […]...

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Analysis of Arrest Provision under GST Law

RELEVANT STATUTORY PROVISIONS Section 69- Power to arrest (1) Where the Commissioner has reasons to believe that a person has committed any offence specified in clause (a) or clause (b) or clause (c) or clause (d) of sub-section (1) of section 132 which is punishable under clause (i) or (ii) of sub-section (1), or sub-section […]...

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Posted Under: Income Tax |

Financial Elements to Understand for Startup Entrepreneurs

If you are a young entrepreneur or a startup, we commend you. Building a business is one of the hardest things ever tried. This article will share some of the financial lessons usually young entrepreneurs get while starting a business. You won’t repeat some of the most common financial mistakes that many young entrepreneurs make. [&hell...

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Posted Under: Income Tax |

Tax implications on self generated goodwill on conversion of proprietorship firm into partnership

In today’s article we are going to discuss the tax implications on self generated Goodwill when a proprietorship firm converts itself into a partnership firm. PROBLEM: Mr. A ( Chartered Accountant) is running a proprietorship firm and his firm is converted into a partnership by inducting his son as new partner on 31.03.2021 with 50% [&h...

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Posted Under: Income Tax |

Service Tax refund: Certificate of existing Statutory Auditor cannot be denied for earlier period  

Cognizant Technology Solutions India Pvt. Ltd. Vs Commissioner of Central Excise & Service Tax (CESTAT Chennai)

Cognizant Technology Solutions India Pvt. Ltd. Vs Commissioner of Central Excise & Service Tax (CESTAT Chennai) Service Tax refund: Certificate of existing Statutory Auditor cannot be denied for earlier period The second issue is that the auditor’s certificate is not signed by the statutory auditor who was engaged during the period ...

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Word ‘erroneous’ in section 263 includes failure to make such an inquiry

JNS Instruments Ltd. Vs PCIT (ITAT Delhi)

JNS Instruments Ltd. Vs PCIT (ITAT Delhi)  The Commissioner can regard the order as erroneous on the ground that in the circumstances of the case the Income-tax Officer should have made further inquiries before accepting the statements made by the assessee in his return.The reason is obvious. The position and function of the Income Tax [...

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Suggestive format for Due Diligence Report

DUE DILIGENCE REPORT for [Name of the Listed Entity] [Pursuant to Regulation 10 (3) of the SEBI (Delisting of Equity Shares) Regulations, 2021] To, The Board of Directors (Company Name) In terms of Regulation 10 of the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021 (“Delisting Regulations“...

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Posted Under: Income Tax |

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