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Archive: 10 January 2022

Posts in 10 January 2022

Extend Due date of filing various Tax Audit Reports at least by two months

January 10, 2022 15501 Views 0 comment Print

Jamshedpur Chartered Accountants Society has made a representation to Finance Minister on Relaxation urgently required in Audit Compliance due to outbreak of COVID-19 once again in the whole country. They requested that due dates of filing various Audit Reports for the financial year 2020-2021 to be extended at least by two months from existing due […]

SC Restores Limitation Extension & excludes Period From 15.03.2020 to 28.02.2022 From Limitation

January 10, 2022 62142 Views 1 comment Print

The order dated 23.03.2020 is restored and in continuation of the subsequent orders dated 08.03.2021, 27.04.2021 and 23.09.2021, it is directed that the period from 15.03.2020 till 28.02.2022 shall stand excluded for the purposes of limitation as may be prescribed under any general or special laws in respect of all judicial or quasi­judicial proceedings.

TDS Rate Chart for TDS on all things

January 10, 2022 20265 Views 1 comment Print

Stay compliant with TDS regulations. Learn about the TDS rate chart for various payments under the Income Tax Act to ensure accurate deductions.

Annual Information Statement – Purchase of securities & mutual funds units

January 10, 2022 20070 Views 2 comments Print

Owing to the new introduction, it is important to understand each and every information category of the ‘Annual Information Statement’. The present article highlights the information category ‘purchase of securities and units of mutual funds’ as covered under ‘Annual Information Statement’. Information source for the information category ‘Purchase of securities and units of mutual funds’ […]

Representation for extension of due dates for filing of TAR/ITR

January 10, 2022 6231 Views 1 comment Print

Lucknow CA Tax Practicioner’s Association has made a representation  for extension of due dates for filing of Tax Audit Reports (TAR)  and filing of Income Tax Returns (ITRs) under the Income Tax Act 1961. LUCKNOW CA TAX PRACTITIONERS ASSOCIATION Room No 13, Aayakar Bhawan, Ashok Marg, Lucknow-226001 Email: CA Sujeet K. Singh (President) M. […]

Zero Income Tax on Rs 10 lakhs Individual Income- See How

January 10, 2022 60033 Views 4 comments Print

Discover how to legally avoid income tax on an individual income of Rs 10 lakhs. Learn about the exemptions and deductions that can help you save money.

Dishonor of Cheque for Incomplete/Wrong Signature/Stop Payment Instruction is offence

January 10, 2022 16848 Views 0 comment Print

Parvaiz Ahmad Bhat Vs Fida Mohamamd Ayoub (Jammu and Kashmir High Court) The question whether stop payment instructions, which result in dishonor of a cheque, would amount to an offence under Section 138 of the NIA Act, was considered by the Supreme Court in M. M. T. C. Ltd. Vs. M/S Medchl Chemicals, (2001) 1 […]

Compensation for sterilization of profit earning source cannot be taxed

January 10, 2022 1497 Views 0 comment Print

Khevana Securities and Finstock Ltd. Vs ITO (ITAT Ahmedabad) Learned AR at the time of hearing has strongly emphasized that the impugned amount represents the capital receipt on account of breach of the contract and therefore the same cannot be brought to tax. In support of his argument, the learned AR vehemently relied on the […]

Service Tax Levy not leviable based on mere Agreement for service when no payment received

January 10, 2022 2364 Views 0 comment Print

Adithya Builders and Developers Vs Commissioner of Central Tax (CESTAT Bangalore) In a major relief to the Adithya Builders and Developers, the Banglore Bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) held that Service Tax Levy depends on services rendered, not on basis of agreements where no payment received by service provider. The […]

Depreciation on Resorts allowable for full year despite having seasonal business

January 10, 2022 1752 Views 0 comment Print

Niyant Heritage Hotels [P] Ltd Vs I.T.O (ITAT Delhi) There Is no dispute that the assessee is running a resort at Raj Niwas Palace, Dholpur. It Is also not In dispute that being a tourist place, the occupancy is not throughout the year but only in seasons favourable to the tourists. Therefore, basis the revenue […]

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