It is to be noted that penalty under Section 271(1)(c) of the Act is not automatic. If assessee offers reasonable explanation, then, penalty cannot be imposed.
CESTAT held that it was immaterial if the supplier of the item had wrongly classified the same since, the actual classification and the eligibility for CENVAT credit is dependent on the actual usage of goods and therefore CENVAT credit is admissible to the Appellant.
CBDT issued Income Tax Circular No. 04/2022 on 15th March 2022 and explained all provisions related to deduction of Tax At Source (TDS) on Salary or Income Tax Payable on Salary for the Financial Year 2021-22 / Assessment Year 2022-23. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) CENTRAL BOARD OF DIRECT TAXES DEDUCTION […]
KSCAA has made a Representation on Challenges in Income Tax Related to Rectification Proceedings, Order Giving Effect, Delay in Processing Of Refund, Delay In Processing Lower Deduction Certificates and Delay in Tax Residency Certificates (TRC) with possible solutions to Principal Chief Commissioner of Income Tax, Karnataka & Goa. Date: 10th March, 2022 To, The Principal Chief […]
In order to keep the avenues of assistance to stressed MSME Units open Government has decided to further extend ‘Credit Guarantee Scheme for Subordinate Debt till 31.03.2023.
The Minister said that after the rollout of ULPIN (Unique Land Parcel Identification Number) in the country, No one can take away the rights of the poor. Linking ULPIN with PAN, Aadhar, land records, Courts and banking system, will get rid of corruption and fraud in land matters. So far, ULPIN is rolled out in 14 States. The Minister also requested State Governments to spread awareness about the land reforms amongst people.
The Finance Act, 2022 has introduced a new provision for furnishing of updated return by inserting a new sub-section (8A) in section 139 of the Income Tax Act. The newly inserted section, if to be put in simple words, says if a person has not furnished an original or belated or revised return under the […]
A microfinance loan is defined as a collateral-free loan given to a household having annual household income up to ₹3,00,000. For this purpose, the household shall mean an individual family unit, i.e., husband, wife and their unmarried children.
The DC notes that an amount of Rs. 1,51,928/- was paid to Ms. Gupta in terms of the direction of the Hon’ble NCLAT vide order dated 01.08.2017. Subsequently, Ms. Rita Gupta withdrew an amount of Rs.19,28,340/- on 26.03.2018 without the approval of the CoC. The total fee payable to Ms. Rita Gupta, as approved by […]
Mewar Chamber of Commerce & Industry, Rajasthan is enlisted under Appendix 2E of FTP, 2015-2020 for issuing Certificate of Origin (Non Preferential).
