"08 January 2022" Archive

Income Tax Search & Seizure: Right of assessee to cross-examine

Introduction:- The principles of natural justice forms an integral part of procedural fairness and justness, thereby excluding the scope of arbitrariness. Even though the right of hearing, which forms a part of the principles of natural justice, before an order is passed under some of the provisions of the Income-tax  Act  1961,  is  ...

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Posted Under: Income Tax |

Upcoming functionality – Interest Calculator in GSTR-3B

Press Release No. 519 08/01/2022

GST Portal will now provide system computed interest in GSTR-3B to facilitate taxpayers in self-assessment. Interest will be computed in accordance with the Section-50 of the CGST Act, 2017 and proviso thereof, as amended. Interest on liability for the present period shall be computed only on the portion of liability paid by debiting the ...

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Chapter V Obligations of Listed Entity which has Listed its Non-Convertible Securities

SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 The regulations shall apply to listed entity which has listed any of the designated securities namely specified securities, non-convertible debt securities, non-convertible redeemable preference shares, perpetual debt instrument, per...

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Posted Under: Income Tax |

Emerging concept of Trade Dress

Introduction Trade dress refers to features of the visual or sensual appearance of a product that may also include its packaging, shape, combination of colors which may be registered and protected from being used by competitors in relation to their business and services. The characteristic includes their shape (3 dimensional), packaging, ...

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Posted Under: Income Tax |

GST Newsletter for December 2021

The GST Council has recommended to defer the decision to change the rates in textiles which were recommended in the 45 GST Council meeting. Consequently, the existing GST rates in textile sector would continue beyond 1st January, 2022....

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Posted Under: Income Tax |

Transitional Credit allowed to be taken through GSTR-3B

Nodal Officer, Jt. Commissioner Vs Das Auto Centre (Calcutta High Court)

Nodal Officer, Jt. Commissioner Vs. Das Auto Centre (Calcutta High Court) Hon’ble Division Bench of the Hon’ble Calcutta High Court in the matter of Nodal Officer versus M/s. Das Auto CentreM.A.T. 552 of 2020 and others in its judgment dated 14.12.2021 has allowed claiming of transitional credit through GSTR-3B in cases where Form TRA...

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Extend specified dates of filing Tax Audit Report & other forms

Request for Extension of the specified date of filing the Tax Audit Report and other forms falling due on or before 15th January 2022 submitted with Hon’ble Union Minister of Finance by Chandigarh Chartered Accountants Taxation Association (CCATAX). CCATAX requested FM to extend the time limit / due date of filing of Income Tax audit [&...

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Posted Under: Income Tax | ,

BJP Rajasthan requested for extension of Tax Audit Report due date

Rajasthan BJP Economic Cell has made a request for extension of due date of furnishing of Report of Audit under provision of the Income-tax Act, 1961 for the A. Y. 2021-22.  Full text of their representation is as follows:- Bharatiya Janata Party, Rajasthan Shri J.B. Mohapatra, Chairman – Central Board of Direct Taxes, Ministry of ...

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Posted Under: Income Tax | ,

Option on GST website to request supplier to file GST returns

The tab/ option Communicate with Taxpayers under GST login assuming far reaching significance from 01st January 2022. Now, this option would be widely used between the taxpayers. 2. With the de-implementation of Rule 36(4) of CGST rules for additional 105% of ITC claim by the recipient. Wef 01-01-2022; wherein the receiver can take the IT...

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Posted Under: Income Tax |

‘Net ITC’ for refund under Rule 89(4) – Net of reversals?

As per the provisions of Sec 54 of the CGST Act, 2017 read with Rule 89(4) of the CGST Rules, refund of ITC is allowed in case of zero rated supplies made without payment of tax under LUT. As per the formula given under this rule, refund amount is calculated as follows: Refund Amount = […]...

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Posted Under: Income Tax |

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