"27 May 2022" Archive

Faceless Penalty (Amendment) Scheme, 2022- Reg.

Notification No. 55/2022-Income Tax [S.O. 2426(E).] 27/05/2022

National Faceless Penalty Centre, in accordance with the guidelines issued by the Board, may,–– (a) in a case where imposition of penalty has been proposed, convey to the penalty unit to pass the penalty order as per penalty imposition proposal referred to in sub-clause (a) of clause (xv)...

Faceless Penalty (Amendment) Scheme, 2022

Notification No. 54/2022-Income Tax [S.O. 2425(E).] 27/05/2022

(1) This Scheme may be called the Faceless Penalty (Amendment) Scheme, 2022. (2) It shall come into force on the date of its publication in the Official Gazette....

Filing of Form 11 by LLP allowed upto 30th June 2022

General Circular No. 04/2022 27/05/2022

Relaxation in paying additional fees in case of delay in filing Form 11(Annual Return) by Limited Liability Partnerships up to 30th June, 2022....

Civil Procedure Code, 1908 for tax practitioners

Civil Procedure Code or CPC is the single most important statute for any practicing lawyer and as you will go through the discussion below, you will realise that this is the case for tax practitioners, administrators and chartered accounts as well. So what is the civil procedure code? We know that it pertains to civil […]...

Posted Under: Income Tax |

Whether refunds in excess of 20% of demand pending appeal can be withheld/adjusted? High handedness of department -Rs 50000/- cost imposed

Rajendra Kumar Vs ACIT (Rajasthan High Court)

Rajendra Kumar Vs ACIT (Rajasthan High Court) Sub-Whether refunds in excess of 20% of demand pending appeal can be withheld/adjusted? High handedness of department -Rs 50000/- cost imposed. The Division bench of Rajasthan High Court in this case was dealing with a matter where refund for AY 2018-19 was determined and upon notice u/s 245 [...

You Have Option To Opt Out From Group Inusurance Policy Also

As you are aware that a group health insurance policy provided by an employer to the employees comes with its own share of benefits. Not only is the premium low, such a group cover also has a comprehensive coverage with fewer policy exclusions. The premium is generally borne by the employer while some employers include […]...

Posted Under: Income Tax |

Import Export Code Online

IEC Registration Online IEC is an abbreviation of Importer Exporter Code. It is a 10 digit code same replication of your business PAN number. This will be issued by Director General of Foreign Trade (DGFT), Ministry of Commerce by online. To import or export of Goods or services in India, IEC certificate is a mandatory […]...

Posted Under: Income Tax |

An Exceptional Job Well Done- Shree Changdeo Sugar Mills Limited Case

I am submitting details of a rare action by Income tax some 45-50 years ago. Here the Officers of the department took over a  running sugar mill due to default in payments. The business was run smoothly by Officers and dues were realized. They showed exceptional courage in handling the business as well as personnel […]...

Posted Under: Income Tax |

Passing of Resolution By Circulation

Resolution are generally passed in the meetings of the Company in order to arrive at a particular decision for any items of the businesses. It may so happen that at times there is some urgency for passing of resolutions but it may not be possible for the directors to gather for the meeting or it […]...

Posted Under: Income Tax |

ITR Filing Is Mandatory In Below Mentioned Situations

As you are aware that Section 139 lists certain situations wherein ITR filing by an individual is mandatory even if no tax has been deducted from his income or even if he does not earn any income. For example some of these conditions are such as payment of electricity bill more than Rs. 1.00 Lakhs […]...

Posted Under: Income Tax |

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