It has been decided that all field offices may send the monthly BRS to banks in such a way that pension gets credited to pensioners account on or before last working day of the month (except for the month of March that shall continue to be credited on or after 1st April). Further, it may simultaneously be ensured that actual pension is sent to pension disbursing banks not earlier than two days before it is to be credited in pensioners’ accounts.
As intimated during the Union Budget, the income tax department has launched the ‘Annual Information Statement’ on 1st November 2021. Basically, the ‘Annual Information Statement’ is an All-in-one statement that comprehensively covers all the details of the financial transactions undertaken by the taxpayer in a particular Financial Year. The current article briefly explains one of […]
Clarification on Form 10CCB To avoid errors in form filing and verification, kindly ensure that following points are considered: 1. Please assign Form 10CCB to respective Chartered Accountant(CA) from ‘My CA‘ functionality. 2. Once CA successfully submits the form, taxpayer can accept/reject the Form 10CCB under ‘Worklist‘ functionality. 3. In case a CA needs to […]
1. 01.2022 has changed the dynamics for managing the cash-flows as far as the businesses are concerned. No businessmen can take the risk of default in filings/payments under GST as far as the self-assessed liabilities are concerned. We say so for the following reasons. 2. W.e.f. 01.01.2022 the entire GST cycle has been tightened. The […]
Intellectual property involves the creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce. As a form of property right, intellectual property can be considered as assets that can be bought, sold, mortgaged, exchanged, and licensed like physical property.
Doing a reconciliation between two pieces of data is always a wearisome job, and also time consuming especially when we are attempting to reconcile Materials sent to Job work and received back as final product. Because we generally send many parts (Ie. Child Parts) in lots and receiving back Final product (Ie. Parent Parts) from […]
All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition; (ii) Issue notice to the opposite parties as to why writ in the nature of certiorari shall not be issued quashing/striking down “Clarification 1” given in Circular dated 09.09.2021 in respect of Section 234A […]
Vide Notification No. 5/2022 – Income Tax | Dated: 13th January, 2022 CBDT notifies Tax Exemption to Assam Electricity Regulatory Commission, constituted by the Government of Assam, in respect of the specified income under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 5/2022 […]
Sheo Shakti Coke Industries Vs ACIT (ITAT Kolkata) From the perusal of above finding of the Ld. CIT(A), we find that he has lucidly dealt with all the facts pertaining to discrepancies noticed in the financials of the assessee-firm and has also referred to various charts depicting the profitability of the assessee-firm in preceding years […]
Corrigendum to Notification No. 142/2021-Income Tax | Dated: 31st December, 2021 vide Notification No. 4/2022- Income Tax, Dated: 13.01.2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDUM Notification No. 4/2022- Income Tax New Delhi, the 13th January, 2022 S.O. 192(E).—In the notification of the Government of India, in the Ministry of […]
