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Archive: 02 March 2022

Posts in 02 March 2022

Types of Advisor Equity

March 2, 2022 4302 Views 0 comment Print

Article explains about Phantom Stock/ Shadow stock, Share warrants/ Advisor Warrants and Non-Qualified Stock Option. It explains Basis, Meaning, Cost, Tax Treatment, Efficiency, Benefits, Disadvantages and Pricing of Phantom Stock/ Shadow stock, Share warrants/ Advisor Warrants and Non-Qualified Stock Option. Basis Phantom Stock/ Shadow stock Share warrants/ Advisor Warrants Non-Qualified Stock Option Meaning In Phantom […]

Coverage on export transactions to Russia NOT withdrawn: ECGC

March 2, 2022 675 Views 0 comment Print

Export Credit Guarantee Corporation of India (ECGC) has clarified that the coverage on export transactions to Russia has not been withdrawn. It has been mentioned in various media reports that ECGC has withdrawn its cover on the export transactions to Russia vide its circular dated 25.02.2022; this is factually incorrect.

Need for a unified Cyber regulatory Authority: CAIT

March 2, 2022 486 Views 0 comment Print

Amid controversy on ecommerce business, Confederation of All India Traders today sent a letter to Minister of Commerce and Industry Shri Piyush Goyal & Minister of Commerce and Industry Shri Ashwini Vaishnaw for a robust Ecommerce policy & a unified Cyber Regulatory Authority. Confederation of All India Traders 28th February, 2022 Ref. No.: 3365/1/50 Shri […]

28 March/April Task for Year End Compliances for GST & Income Tax

March 2, 2022 21660 Views 0 comment Print

MEGA LIST- GST PORTAL RELATED 1. Composition – ( to whomsoever applicable)   Opting or opting out Composition till 31-3 for FY 22-23 2. QRMP ( to whomsoever applicable) Opting or opting out QRMP till 30-4 for FY 22-23 3. LUT  ( to whomsoever applicable) Apply LUT in case of Exporters for FY 22-23 4. FETCH  BILL OF ENTRY  –  IMPORT BOE […]

Jurisdictional Condition Must Be Satisfied to Justify Notice for Reopening

March 2, 2022 1029 Views 0 comment Print

HDFC Bank Ltd. Vs ACIT (Bombay High Court) Bombay high court exposing serious flaw in reopening under section 148 in HDFC case (significance of tangible material for formulation of valid belief , fatal impact of difference  in the  reasons recorded on file and reasons placed for statutory  approval  under section 151 etc. “30. The position […]

Delhi HC Granted Stay for Notice issued on the basis of Approval from Incompetent Authority

March 2, 2022 696 Views 0 comment Print

Nandita Sikka Vs Income Tax Officer (Delhi High Court) Learned counsel for the petitioner states that the impugned notice has been issued without approval of the competent authority as per Section 151 of the Act. He states that the approval has not only been obtained from an incompetent authority but has also been obtained after […]

Bombay HC lays guidelines on reopening cases for AO for strict compliance

March 2, 2022 4509 Views 0 comment Print

Tata Capital Financial Services Limited Vs ACIT (Bombay High Court) Bombay High court (HC) lays guidelines on reopening cases for assessing officer (AO) for strict compliance Bombay high court coming down heavily on income tax department in section 148 reopening cases where revenue is held not transparent with tax payers in sharing of requested information […]

Reopening on review of same material considered in original assessment invalid

March 2, 2022 1110 Views 0 comment Print

Mangalore Refinery and Petrochemicals Limited Vs DCIT (Bombay High Court) Lastly, it would be contextually relevant to note that the rejection of the objections to the reopening also suffers from a familiar error, which the notices for reopening usually manifest. The Assessing Officer in the impugned order recorded that though the details of the expenses were […]

No interest on additional PPF account merged or closed

March 2, 2022 7710 Views 1 comment Print

In case any one of the PPF accounts or all the PPF accounts is/are proposed to be merged or amalgamated is / are opened on or after 12.12.2019, such account(s) shall be closed without any interest payment and no no proposal should be sent to the Postal Directorate for amalgamation of such PPF Accounts.

Guidelines for issuance of FORM GST DRC-07 in case of vehicles detained under E-way bill provisions

March 2, 2022 50172 Views 3 comments Print

In the Maharashtra Goods and Services Tax Department (MGSTD), the activity of interception of conveyances for verification of E-way bill is carried out by Enforcement officers as well as Non­-enforcement (Nodal) officers.

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