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Archive: 10 December 2021

Posts in 10 December 2021

Legality of roping in unconnected third party in Income Tax Search & Seizure action

December 10, 2021 3699 Views 0 comment Print

Legality of roping in an unconnected third party in the rigors of an Income Tax Search and Seizure action (including bank lockers of such unconnected third parties) Introduction:- The authority and power to conduct search and seizure operations is strident and caustic power authorized by law to be taken recourse to when the conditions mentioned […]

Extend Due Date for filing of Form GSTR 9, GSTR 9A & GSTR 9C

December 10, 2021 43602 Views 4 comments Print

That the due date for submission of Annual Return in Form GSTR-9, 9A and Reconcilation Statement in Form GSTR-9C (self-certified) reconciling the Annual Turnover with audited financial statement is 31st Dec., 2021 for the period from 01.04.2020 to 31.03.2021.

CBDT notifies Rule 21AK- Conditions for clause (4E) of section 10

December 10, 2021 2355 Views 0 comment Print

Rule 21AK. Conditions for the purpose of clause (4E) of section 10.- (1) The income accrued or arisen to, or received by, a non-resident as a result of transfer of non-deliverable forward contracts under clause (4E) of section 10 of the Act, shall be exempted subject to fulfillment of the following conditions, namely: ─

HC expresses displeasure on casual and don’t care approach of Revenue

December 10, 2021 1338 Views 0 comment Print

Bombay HC’s stern remarks on casual approach by Revenue in Amrutlal V. Rukhana Vs. Rao Ranvijay Singh, CIT. Lack of assistance results in loss of public money.

Annual Information Statement – Receipt of accumulated balance of PF from employer

December 10, 2021 31257 Views 0 comment Print

Annual Information Statement (AIS) is a comprehensive statement covering details of all the Financial Transactions undertaken by the taxpayer. Principally, it is a tool that details the taxpayers about the information what the income tax department possess about them. Notably, till now, Form 26AS has served as a consolidated annual tax statement. Form 26AS contained […]

Education Cess is mandatory expenditure allowable as deduction u/s. 37

December 10, 2021 6324 Views 0 comment Print

ACIT Vs PC Jewellers Ltd. (ITAT Delhi) Facts- AO disallowed the bank guarantee commission and credit card commission u/s 40(a)(ia) on the grounds that TDS is not deducted. AO rejected the diamond purchase from commission agent and added income @12.5% on the purchase alleging purchase as inflation of purchase price on purchases from accommodation entry […]

All you need to know about Refunds under GST regime

December 10, 2021 3411 Views 0 comment Print

In any tax laws, refunds are most sought after thing for the taxpayers, so is in GST. Since the commencement of GST regime, refunds has always been a hot topic of discussion as there are several issues, confusion and mis-conceptions.

Latest LODR Amendments

December 10, 2021 25101 Views 0 comment Print

Introduction: Securities Exchange Board of India (SEBI) vide its notification dated May 05, 2021 made amendments in SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2021, which would be known as SEBI (LODR) Second Amendment Regulations, 2021 with effect from its publication in official gazette on May 06, 2021. Main objective of amendment: Amended regulation were […]

All about filing of eForm INC-27

December 10, 2021 11367 Views 0 comment Print

eForm INC-27 – Conversion of public company into private company or private company into public company Part I – Law(s) Governing the eForm INC-27 eForm INC-27 is required to be filed pursuant to section 14 and 18 of the Companies Act, 2013 and rule 33 and 37 of Companies (Incorporation) Rules, 2014 which are reproduced […]

eForm INC-22 – Notice of situation or change of address of registered office of company

December 10, 2021 5256 Views 0 comment Print

 eForm INC – 22 (Notice of situation or change of address of the registered office of the company) Part I – Law(s) Governing the eForm INC-22 Section and Rule Number(s) eForm INC-22 is required to be filed pursuant to Section 12 (2) & 12 (4) of the Companies Act, 2013 and rule 25 & 27 […]

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