"06 June 2022" Archive

ICAI set up new Branch in Bhagalpur (Bihar) & Hanumangarh (Rajasthan)

Notification No. 1-CA (7)/203/2022 06/06/2022

Institute of Chartered Accountants of India notified setting up of Branches of Central India Regional Council in Hanumangarh District (Rajasthan) and in Bhagalpur (Bihar). THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (Set up by an Act of Parliament) NOTIFICATION New Delhi, the 6th June, 2022 (Chartered Accountants) No. 1-CA (7)/203/202...

ROC penalises company for not mentioning CIN & registered office address

NA 06/04/2022

Company has not mentioned CIN and registered office address on its letter Head as required under the provisions of Section 12(3)(c) of the Companies Act, 2013, which is a violation attracting penal provisions of Section 12(8) of the Companies Act, 2013. BEFORE THE ADJUDICATING OFFICER REGISTRAR OF COMPANIES, GUJARAT, DADRA & NAGAR HAV...

Provisions related to Income Tax Returns for F.Y. 2021-22

It is mandatory for every taxpayer to communicate the details of his income to the Income-tax Department. These details are to be furnished in the prescribed form known as return of income. In this part, you can gain knowledge about the various provisions relating to return of income....

Posted Under: CA, CS, CMA |

Specified Domestic Transaction- Penalty for Concealment of Income

The provisions of transfer pricing are designed to keep a check on the practice of reducing the tax liability by entering into transactions at prices higher/lower than market prices with one or more associated entity....

Interest for failure to Collect/Deduct & for delayed TDS/TCS Payment

Article discusses about Basic provisions relating to due date of payment of TDS to the credit of Government, Interest for failure to deduct tax at source/delay in payment of TDS, Non filing of TDS statement without payment of interest, Basic provisions relating ...

TDS U/s. 194A, 194J &193 of Income Tax Act, 1961

For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called Tax Deducted at Source commonly known as TDS. Under this system, tax is deducted at the point of origination of income. Tax is deducted by the payer and the same is direc...

Profiteering cannot be alleged for project completed before 01.07.2017

Sh. Arbind Biswal Vs Sahej Realcon Pvt. Ltd. (NAA)

Launching of the project, Agreement to sell and Completion Certificate of the project had taken place in the pre-GST regime and hence, there was no post-GST tax rate or ITC structure which could be compared with the pre-GST tax rate and ITC and also the anti-profiteering provisions related to Section 171 were not in existence at that time...

Tax Free / Exempt Income Under Income Tax Act, 1961

As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax. Agricultural income is defined under section 2(1A) of the Income-tax Act. As per section 2(1A), agricultural income generally means: (a) Any rent or revenue derived from land which is situated in India and is used for agricultural purposes. (b) A...

CBIC detects network of 500 Bogus firms spread in Multiple States

DO.No.27/CH(IC)/2022 06/06/2022

Weekly newsletter from Chairman, CBIC dated 06.06.2022 Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes & Customs North Block, New Delhi-110 001 Tel. : +91-11-23092849, Fax : +91-11-23092890 E-mail : vivekjohri.irs@gov.in 06th June, 2022 DO.No.27/CH(IC)/2022 As we all get ready to celebrat...

No change in GST rate wef 1.1.2022 on composite supply of works contracts

In re Agrawal Buildcon (GST AAR Chhattisgarh)

There is no change in rate of GST with effect from 1.1.2022 on composite supply of works contracts as defined in Section 2(119) of CGST Act, 2017 supplied by way of construction, erection, commissioning, or installation of original works pertaining to railways....

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