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Archive: 31 January 2022

Posts in 31 January 2022

Submitting Investment Declaration form: Things to ponder on

January 31, 2022 9795 Views 0 comment Print

As a salaried employee, he/she must submit a tax declaration form via Form 12BB at the beginning of each financial year or 3 months prior to the close of the particular financial year. The form is statement of claims that and employee gives for deduction of tax to his/her employer to claim exemptions or deductions […]

Clarification on FAQ issued by U.S. IRS in respect of FATCA

January 31, 2022 798 Views 0 comment Print

Clarifications have been requested by certain Reporting Financial Institutions (RFIs) in India in respect of the applicability of FAQ 6 (reporting) and FAQ 3 (reporting) issued by U.S. IRS in respect of U.S. reportable accounts under the FATCA Intergovernmental Agreement between the United States of America and other Model 1 jurisdictions.

Extension of date of Filing of Accounts to Maharashtra Charity Commissioner

January 31, 2022 88473 Views 3 comments Print

31.01.2022 Due date for online Filing of Audited Accounts with the Office of the Charity Commissioner, Maharashtra stands extended till February 15, 2022. Please click here to download the Order No. 593/2021 dated  31.01.2022  (in Marathi) on Extension of date of Filing of Accounts to Charity Commissioner in Maharashtra. ****** 31.12.2021 Due date for online […]

Guidance Note-Claim of ITC as per GSTR 2B

January 31, 2022 130746 Views 27 comments Print

Since implementation of GST, the claim of input tax credit has witnessed multiple amendments with Government’s intention to allow less and recover more and restricting the claim only if the invoices/debit notes are uploaded by the suppliers in GSTR-1. Through this write-up, we intend to cover the intricacies of claim of ITC from practical and […]

Apropos of Advance Tax under Income Tax Act, 1961

January 31, 2022 1794 Views 0 comment Print

What Is Advance Tax? As we already know that the income-tax is payable on the income earned during the previous year and it is assessed or charges in the immediate succeeding assessment year (e.g.: I earned income in year 2021-22 will be assessed in next year i.e., 2022-23. In this case, my previous year would […]

Analysis of Reverse Charge Mechanism under GST

January 31, 2022 5250 Views 0 comment Print

Introduction Section 9(3) specifies the Government on the recommendation of the council specifies the category of goods and services or both on which tax shall be paid on Reverse Charge basis. Similarly, section 9(4) specifies that the Government on the recommendation of the council specify the class of the registered person who shall in respect […]

Weekly newsletter from Chairman, CBIC dated 31.01.2022

January 31, 2022 2250 Views 0 comment Print

On the Anti-Evasion front, the Directorate of Goods and Service Tax Intelligence (DGGI), Meerut Zonal Unit, busted a syndicate involved in creating and controlling fake firms and issuing of bills by these fake firms without supply of any Goods or Services and encashment of GST refund. The investigation involved in-depth analysis of the network and devices used by the syndicate. Preliminary investigations have revealed more than 275 fictitious firms with the total value of the invoices issued being in excess of Rs 3,100 Crore and the total GST evaded estimated to be about Rs. 362 Crore.

Declaration of Interim Dividend

January 31, 2022 42000 Views 0 comment Print

Interim Dividend can be declared out of profits from start of current year till end of quarter preceding the date of declaration and accumulated profits of previous financial year, which are not yet transferred to the free reserves. Thus, the period can be more than 12 months in such cases.

Expectations from Union Budget 2022-Halwa or Mithai?

January 31, 2022 3450 Views 0 comment Print

Arjuna (Fictional Character): Krishna, Honourable Finance Minister Mrs. Nirmala Sitharaman will be declaring the Finance Budget of 2022-23 on 01st February in the Lok Sabha. Everyone is excited for the Budget. But due to corona, “Halwa” Tradition has been discontinued and “Mithai” has been distributed. Krishna, What the taxpayer’s will get Halwa or Mithai in […]

Pure reimbursement does not give rise to any income & cannot be treated as FTS

January 31, 2022 1416 Views 0 comment Print

Synamedia Ltd. [formerly known as ‘NDS Limited’] Vs ACIT (ITAT Bangalore) It is the case of the Assessee that the receipts in question are pure reimbursement of expenses incurred by the Assessee for and on behalf of NDS Pay TV. It is the case of the revenue that (Para 2.1 of AO’s order) that reimbursement […]

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