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"11 January 2022" Archive

Income Tax Audit Due & ITR Due date for AY 2021-22 extended

Circular No. 01/2022-Income Tax 11/01/2022

On consideration of difficulties reported by taxpayers/stakeholders due to Covid & in e-filing of Audit reports for AY 2021-22 under the IT Act, 1961, CBDT further extends due dates for filing of Audit reports & ITRs for AY 21-22. Income Tax Audit date extended to 15 Feb 2022 and Income Tax Return date extended to […]...

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MCA increases additional fee to upto 18 times of normal filing fees

Notification No. G.S.R.12(E). 11/01/2022

Companies (Registration Offices and Fees) Amendment Rules. 2022 – WEF July 1, 2022, additional fees on form will be increased to 18 times from existing 12 times of normal fees. However, these excludes Annual Filings which are charged at Rs. 100 per day without any upper limit. Government of India MINISTRY OF CORPORATE AFFAIRS Notifi...

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HC Quashes Assessment Order Passed Without issuing SCN & Mandatory Draft Assessment order

Abdul Azeez Rahamathunisa Vs ACIT (Madras High Court)

Considering the fact that the impugned order has been passed without issuance of a show cause notice and mandatory draft assessment order, the impugned order passed by the first respondent cannot be sustained....

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Agricultural land situated in rural area is outside the purview of expression ‘capital asset’

DCIT Vs Janki Hitendrakumar Patel (ITAT Ahmedabad)

DCIT Vs Janki Hitendrakumar Patel (ITAT Ahmedabad) CIT(A) has rightly concluded that the agricultural land parcels being situated in the rural area is outside the purview of expression ‘capital asset’ defined in Section 2(14) of the Act. Consequently, the rural agricultural land in question not being a capital asset is not susceptible...

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NCLT/NCLAT should not pass ad hoc orders regarding fee and expenses payable to Resolution Professionals: SC

Devarajan Raman Vs Bank of India Limited (Supreme Court of India)

Devarajan Raman Vs Bank of India Limited (Supreme Court of India) The Insolvency and Bankruptcy Board of India has issued a circular on 12 June 2018. The circular, inter alia, requires the insolvency professional to ensure that the fees payable to him during the CIRP are reasonable and the approval of the CoC for the […]...

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Request for reconsideration of order for closure of private offices in Delhi

Delhi Disaster Management Authority (DDMA) directing closure of all private offices in Delhi. Though we assure you of compliance of the order but we would like to mention that approximately there are more than 3 lakh offices in Delhi conducting business and other activities and providing employment to lakhs of people . This order will hav...

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Posted Under: Income Tax |

Changing of Registered Office (RO) of company

Changing the registered office of the company is something which every company from time to time go through. As a company is a separate legal entity having separate existence from its owners, directors and shareholders, it needs to follow a certain procedure to change it registered office of the company. Changing registered office of the ...

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Posted Under: Income Tax |

GSTR 9 Annual Return Reconciliation Utility V.1

Dear Taxpayers, We Introduce the ‘GSTR 9 Annual Return Reconciliation Utility’ for Reconcile Your Books Data Vs GSTR 1, GSTR 3B & Electronic Credit Ledger. This Utility Output Results as following., 1. Electronic Credit Ledger (Breakup) 2. GSTR 1 Vs Books Reconciliation 3. GSTR 3B Vs Books Reconciliation 4. GSTR 9 Summary....

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Posted Under: Income Tax |

RBI has wide supervisory powers over financial institutions like SIDBI: SC

Small Industries Development Bank Of India Vs. SIBCO Investment Pvt. Ltd. (Supreme Court)

Small Industries Development Bank Of India Vs. SIBCO Investment Pvt. Ltd. (Supreme Court) RBI has wide supervisory powers over financial institutions like SIDBI, in furtherance of which, any direction issued by the RBI, deriving power from the RBI Act or the Banking Regulation Act is statutorily binding on the defendant. Admittedly, the R...

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In absence of any adverse material, AO cannot question the wisdom & business expectancy of Assessee

ACIT Vs Chadha Power (ITAT Delhi)

Sans any adverse material, AO cannot question the wisdom and business expectancy in which wake of such evidences and record which has been duly appreciated and taken note of by the ld. CIT (A)....

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