"05 November 2021" Archive

GST: Refund of Payment of Tax Made Under Wrong Head

Under the GST provisions there is no such mechanism which allows the taxpayer to adjust the tax amount paid under the wrong head with the correct head. For example, in case the taxpayer paid tax under the CGST and SGST but later it was found tax was to be paid under the IGST, then the […]...

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Income Tax Department conducts searches in Rajasthan

The Income Tax Department carried out search and seizure operations in border districts of Rajasthan on 28.10.2021 covering 33 premises at different locations, where the groups are carrying on business of real estate, sand-mining and liquor trade....

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Irrespective of Size – Every Enterprise Needs Audit

Science is 'a systematic enterprise that builds and organizes knowledge in the form of testable explanation and predictions about the universe'. Performing an audit and following the process results in testing and predictions whether the financial statements are free from material misstatement....

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How to prepare for exam

So Diwali has got over too and with exams approaching near its high time to get going. I want to discuss a few pertinent points going ahead. First, clear your mind of any confusion regarding  your situation or condition right now. You may be in tough situations right now, comparing your attempts or age with your peers […]...

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KVAT Act – Amnesty Application does not warrant automatic Dismissal of Appeal

Sakthi Agencies Vs The Assistant Commissioner (Kerala High Court)

In a first of its kind judgement in Kerala, a Single Bench of the High Court of Kerala presided over by Justice Bechu Kurian Thomas held that applying under an amnesty scheme will not render the appeal filed by an assessee to be deemed to be dismissed....

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Clarifications with respect to Post Office Saving Bank Operations

SB Order No. 35/2021 05/11/2021

The procedure for issue of fresh passbook in lieu of old / used up passbook is prescribed in Rule 44 of POSB CBS Manual. But there is no clarity whether the fresh passbook of account standing in CBS Post Offices (P0) can be issued by any other CBS PO....

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Due Date Compliance Calendar November 2021

Article compiles due dates of compliance related to GST, Income Tax, ESI, PF Acts which includes compliance related to GSTR-1, GSTR-3B, ITC-04, GSTR-5 & 5A, GSTR-6, GSTR-7, GSTR-8,  RFD-10, Due dates for payment of TDS/TCS, Dues date for Payment of Advance Tax, Due date for Issue of TDS/TCS Certificates, Due date for linking of Aadha...

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GST :Writ petition not admissible if alternative statutory remedy was available

Steel Centre Vs State Tax Officer (Inspections 1) (Madras High Court)

Except of absence of  ‘Natural Justice Principle violation, there is no other exception that arose in the case on hand, therefore, it was a fit case to relegate assessee to alternate remedy by way of statutory appeal under Section 107 of TNGST Act and CGST Act....

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No bail to person alleged of fraudulently inducing people to invest in Crypto Currency Chit Fund

Umesh Verma Vs State (Delhi High Court)

Grant of bail was refused as applicant did not return the amounts due to the complainants and there was a breach of trust and faith and was against the national economy and national interest, whereby a large number of innocent investors had been duped of their hard-earned money....

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TDS not deductible on exempt supplementary rent – Section 10(15A)

InterGlobe Aviation Ltd. Vs JCIT (ITAT Delhi)

The appellant has alleged disallowance of lease rental payment treating the same as capital expenditure. Further, the appellant has also alleged that CIT(A) has erred in upholding the payment of supplementary rent to Lessors in Ireland under Lease Agreements executed after 01st April 2007 attracts liability for TDS....

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