The Income Tax Department, with an aim to ease up the return filing process, recently, introduced the ‘Annual Information Statement’. Notably, the ‘Annual Information Statement’ covers more information as compared to the existing Form 26AS. ‘Annual Information Statement’ will also contain a ‘Taxpayers Information Summary’ which will reflect the aggregate value of the financial transactions […]
Covid Limitation Supreme Court has once again decided on extended limitation owing to Covid guidelines in 2022. The Order dated 23.03.2020 was passed in view of the extraordinary health crisis. On 08.03.2021, the order dated 23.03.2020 was brought to an end, permitting the relaxation of period of limitation between 15.03.2020 and 14.03.2021. While doing so, […]
DOWNSTREAM INVESTMENT & REGULATIONS You are aware that investment in Indian Company can be made by a Non-resident as well as a resident person or entities. Any investment by non-resident in India is called Foreign Direct Investment and regulated by RBI, FDI Guidelines. On the other hand investment by a resident in Indian entities can […]
We request the authority concerned to take a practical view of the problems which the assessees are facing as on date on account of the technical glitches in the portal. The authority should not overlook this fact and try to solve the problems or rather ease the difficulties which the assessees are facing.
he DC notes that the Indian Institution of Valuers, a registered society was recognized by IBBI on 20.04.2018. As per Rule 12(3) of the Valuers Rules, the RVO which is an entity under proviso to sub-rule (1), i.e., a society or a trust, then within period of one year, conversion of such entity into a […]
Green Gold Timbers Pvt. Ltd. Vs Commissioner of Customs (Gujarat High Court) The short point that falls for our consideration is, whether the customs cargo service provider (respondent no.3 herein) is entitled to charge any rent or demurrage on the goods seized or detained or confiscated by the Superintendent of Customs or Appraiser or Inspector […]
In accordance with Section 481 of Companies Act, 1956, the Official Liquidator attached to the Hon’ble High Court of Gujarat having its office at 31d Floor, Corporate Bhawan, B/h. Zydus Hospital, S.G. Highway, Thaltej, Ahmedabad in compliance of order dated 18.08.2021
Rule 86A itself has provided that the Electronic Credit Ledger can be blocked for a period of one year. On expiry of a period of one year, it would automatically get unblocked. In fact, it was the duty of the authority concerned to permit the assessee, i.e. the writ-applicant, to avail the input credit available in his ledger
Extension of due dates of Income Tax Returns for Tax Audit, Transfer Pricing and Return of Income for the Assessment Year 2021-22 for Auditable Assessee Extension of time lines for filing of Income-tax returns (Auditable Assessee for the Assessment Year 2021-22) and various reports of audit including Tax Audit/ Transfer Pricing Audit for the Assessment […]
A person is required to get their accounts audited from a Chartered Accountant under Income tax law if it falls in SPECIFIED CATEGORY stated under Section 44AB. TAX AUDIT FORMS Audit Report: Form 3CA- Taxpayer whose accounts are required to be audited under any law in force eg. Companies Audit Report: Form 3CB- Taxpayer whose […]
