"07 May 2022" Archive

CBDT inserts new Rule 2DCA Computation of minimum investment & exempt income for Section 10(23FE)

Notification No. 50/2022-Income Tax, [G.S.R. 341(E).] 06/05/2022

CBDT inserts new Rule 2DCA Computation of minimum investment & exempt income for Section 10(23FE) vide Notification No. 50/2022-Income Tax Dated 6th May, 2022 and also – -Substituted Form No. 10BBB [See rule 2DB] – Intimation by Pension Fund of investment under clause (23FE) of section 10 of the Income-tax Act, 1961 -Subs...

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SEBI constitutes advisory committee on Environmental, Social & Governance matters

Press Releases No. 15/2022 06/05/2022

Securities and Exchange Board of India Press Releases No. 15/2022 SEBI constitutes advisory committee on Environmental, Social and Governance (ESG) matters 1. SEBI has constituted a committee for advising on ESG-related matters in the securities market. The members of the committee are: S. No. Name Designation 1. Chair of Committee – M...

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[email protected] – Insurance for all 

Insurance Regulatory and Development Authority of India (IRDAI) is continuously engaging with the stakeholders of the insurance industry in order to set out a reforms agenda for increasing insurance penetration and facilitating sustainable growth of the industry....

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Posted Under: Income Tax |

Relax time period for Resubmission of forms in LLP V3 modules – ICSI requests

ICSI request MCA to grant relaxation of time period for resubmission of Forms for easing the stakeholders in this transition period to the new V3 Module, to allow one time opportunity for resubmission of forms which are NOT TAKEN ON RECORD and to allow waiver of additional fees for various LLP Forms upto 30.05.2022; and […]...

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Posted Under: Income Tax | ,

Absolute confiscation not permissible for gold jewellery carried by an eligible passenger

Rajan Ran Vs Commissioner of Customs (CESTAT Chennai)

The appellant falls into the criteria of an eligible passenger. He is thus allowed to import gold jewellery upto 10 kilograms by paying appropriate customs duty. The currencies seized from him are sufficient to pay the customs duty for the gold carried by him....

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Deemed rent concept not applies to property held as stock-in-trade

ACIT Vs Shoppers Buildcon Private Ltd (ITAT Ahmedabad)

If property is used as stock-in-trade, then it would become and partake character of stock and any income derived from stock would be ‘income from business’ and not ‘income from house prperty....

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Section148 Notices not become invalid merely for issue under old law: SC

Union of India & Ors. Versus Ashish Agarwal (Supreme Court) The SC order would mean that the change in law can’t be an alibi for taxpayers to escape the proceedings initiated via the notices. THE SUPREME COURT ON HELD THAT the reassessment notices issued under the unamended Section 148 of the Income Tax Act on […]...

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Posted Under: Income Tax |

Monthly GST Updates for the Month of May 2022

# Recent GST Updates 1. In GSTR-1, Submit button has been replaced with ‘Proceed with file’ Now, there is no need to first generate the summary and submit the return before filing of the same. 2 .GSTN enabled the functionality of Annual Aggregate Turnover (AATO) computation for the F.Y. 2021-22 on the taxpayers’ dashboard. H...

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Posted Under: Income Tax |

Due Date Compliance Calendar May 2022 – Month of deadly compliances

Article compiles due dates of compliance related to GST, Income Tax, ESI, PF Acts which includes compliance related to GSTR-1, GSTR-3B, ITC-04, GSTR-5 & 5A, GSTR-6, GSTR-7, GSTR-8,  RFD-10, Due dates for payment of TDS/TCS, Dues date for Payment of Advance Tax, Due date for Issue of TDS/TCS Certificates, Due date for linking of Aadha...

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Posted Under: Income Tax | ,

Bagasse/Press Mud Generated during Sugar Manufacture not exempt from Excise Duty

Khedut Sahakari Khand Udyog Mandli Ltd Vs C.C.E. & S.T (CESTAT Ahmedabad)

Apex Court in the case of Balarampur Chini Ltd. (supra) and DSCL Sugar Ltd. (supra) has enunciated the principal that Bagasse/ Press mud produced during the course of manufacture of sugar cannot be treated as exempted products and the provision of Rule 6 of Central Excise Rule, 2004 cannot be applied...

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May 2022