"25 November 2021" Archive - Page 3

50 information to be provided in Annual Information Statement

Background of Annual Information Statement (‘AIS’) In order to promote transparency and simplifying the tax return filing process, CBDT vide Notification dated May 28, 2020 has amended Form 26AS vide Sec 285BB of Income Tax Act, 1961 (‘Act’) read with Rule 114-I of Income Tax Rules, 1962 with effect from June 1, 2020. The new [&he...

Posted Under: Income Tax |

New SEBI regulations to fill gap between equity & debit listed entities

SEBI’s move of enforcing governance through new regulations that seems as a measure to fill the gap between equity and debit listed entities It is an undeniable fact that debt in India is mostly privately placed which largely involves the Qualified Institutional Buyers (QIBs). Public participation is almost negligible resulting in no in...

Posted Under: Income Tax |

PNB denies Vulnerability In PNB Server

Regarding Vulnerability In PNB Server As Reported By Cyberx9 REPLY TO media report DATED 21st November 2021 regarding Vulnerability in PNB server as reported by CyberX9 We have noted the media report published in certain newspapers on 21.11.2021 reporting data exposure of account holders of PNB. In this context, we wish to clarify as unde...

Posted Under: Income Tax |

Issue relating to late fee under section 234F in Intimation generated u/s 143(1)

Issue faced in Intimation under section 143(1) with respect to Late Fees under section 234F of Income Tax Act, 1961 Currently the Income Tax authority Centralize Processing Centre (CPC) is issuing intimation for Assessment Year (AY) 2020-21 (FY 19-20) as well as AY 2021-22.   In the intimation generated for AY 2020-21, the CPC is levyin...

Posted Under: Income Tax | ,

Checklist for Issue of shares on private placement basis

A private placement is a sale of stock shares or bonds to pre-selected investors and institutions rather than on the open market. Private placemen is an alternative to an initial public offering (IPO) for a company seeking to raise capital for expansion. Article contains Checklist for Issue of shares on private placement basis: 1. Draftin...

Posted Under: Income Tax |

How to file Nil GSTR-1 on the GST portal?

Know everything about the GSTR-1 Nil Return Filing process on the GST portal What is GST return? A GST return is a document that contains all of the information related to the expenses, sales, purchases, and income of a taxpayer which is been further used by the tax department for the calculation of the net […]...

Posted Under: Income Tax |

Guideline on TDS/TCS under Section 194O, section 194Q & Section 206C

Circular No. 20/2021-Income Tax 25/11/2021

Guidelines under sub-section (4) of section 194-0, sub-section (3) of section 194Q and sub­section (1-I) of section 206C of the Income-tax Act, 1961...

No violation by IP if he appoints internal auditor for ensuring transparency

Order No. IBBI/DC/78/2021 25/11/2021

The DC notes the submission of Mr. Garg as to the allegation of charging the fee of the independent auditors to CIRP cost that there was a complete mistrust between the allottees & the Corporate Debtor. To bridge that mistrust between the Corporate Debtor & the allottees and for ensuring disclosure and greater transparency in [&he...

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