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Archive: 22 January 2022

Posts in 22 January 2022

Intermediary Safe Liability Limitation – reg

January 22, 2022 2001 Views 0 comment Print

Section 79 of the IT Act provides for intermediaries to get exemption from liability provided they follow certain due diligence and also if, they are not aware of the information being transmitted through their platform Online market place being Intermediaries also enjoy the same immunity. They are also required to follow other legislation like the Consumer Protection Rules etc.

Companies need to know about SFT Compliance

January 22, 2022 78417 Views 1 comment Print

The Income-tax department requires companies to submit a statement of Specified Financial Transactions (SFT). SFT reporting is mandatory for certain reporting entities from Finance Act 2014 by introducing section 285BA followed by additions made in Finance Act 2020 through notification no. 16/2021, dated 12-03-2021. This article focuses on SFT reporting which is applicable to the companies and documents require for reporting such transactions.

Delhi Govt fixes maximum price for RT-PCR COVID19 test at Rs. 300

January 22, 2022 3108 Views 0 comment Print

Conventional RT PCR Test wherein samples are collected by Private lab teams for Government and processed further at their lab and Conventional RT PCR Test wherein individual gives their samples at the Labs/Private Hospitals/Collection facilities for paid testing at their own expense (including all charges-sample collection & testing cost at the site)  

No penalty for non-transportation of goods within validity of E way bill due to agitation & blocked traffic: SC

January 22, 2022 23007 Views 1 comment Print

SC held that, tax evasion cannot be presumed on mere non-extension of validity of e-way bill by the assessee due to traffic blockage and agitation, for which the Revenue Authority is responsible for not providing smooth passage of traffic. Further, imposed a sum of INR 69,000/- on the Revenue Department towards the cost payable to the assessee, and to be recovered, directly from the persons responsible.

Cryptocurrency: Tax-man’s Perspective

January 22, 2022 2412 Views 0 comment Print

Ripple started in 2009 when Satoshi Nakamoto (pseudonym) published his research paper titled ‘Bitcoin: A Peer-to-Peer Electronic Cash system’. Abstract explains ‘A peer-to-peer electronic cash system would allow online payments to be sent directly from one party to another without going through a financial institution’. We usually refer to this system as ‘Decentralized Finance’ or […]

Nominee and Nomination.. it’s important !

January 22, 2022 7758 Views 2 comments Print

NOMINATION…. WHAT.. WHO.. WHY.. HOW MANY…? Every time you fill up a form for an investment or opening a new bank account, there will be a separate section that will ask you to mention a ‘Nominee’. Even if you are joining the job, the HR will ask you to fill the Nominee Form or if […]

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