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Archive: 20 June 2022

Posts in 20 June 2022

Weekly newsletter from Chairman, CBIC dated 20/06/2022

June 20, 2022 735 Views 0 comment Print

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 20th June,2022 Chairman DO No. 29/CH(IC)/2022 Amongst the many splendours of the natural world, the most joyous is perhaps watching birds. Darwin referred to […]

Interest on Delayed Payment/ Reversal of ITC of GST

June 20, 2022 226773 Views 5 comments Print

Section 5(2) of the CGST Act states that the interest under section 50(1) of the CGST Act shall be computed from the day succeeding the day on which such tax was due to be paid. Thus, calculation of the interest will be done from the next day of the due date of tax payment till the actual date of payment of tax.

Format of Board Resolution for Closure of Bank Account (Current)

June 20, 2022 176877 Views 0 comment Print

Learn how to format a board resolution for closure of a current bank account. Get a certified true copy of the resolution passed at the meeting of the board of directors.

Last Examination of CS Foundation Programme : December 2022

June 20, 2022 411 Views 0 comment Print

All CS Students of Foundation Programme (admitted prior to 3rd February, 2020) may note that the December 2022 will be the last session of Foundation Programme examination.

Income Tax Dept searches leading industrial group of Chennai

June 20, 2022 405 Views 0 comment Print

Income Tax Department carried out search and seizure operations on 15.06.2022 on a leading industrial group of Chennai, engaged in the business of manufacturing of IMFL, logistics, hospitality, entertainment etc. The search operations were carried out at more than 40 premises located in Chennai, Villupuram, Puducherry, Coimbatore and Hyderabad.

All demat accounts maintained by stock brokers should be appropriately tagged: SEBI

June 20, 2022 639 Views 0 comment Print

In consultation with Stock Exchanges and Depositories, it has been decided that all demat accounts maintained by stock brokers should be appropriately tagged.

Impact Assessment of CBDT Circular on TDS on Benefits or Perquisites u/s 194R

June 20, 2022 61875 Views 1 comment Print

Understand the impact of the CBDT circular on TDS on benefits or perquisites u/s 194R. Learn about the new section 194R and its implications on tax deductions.

Holistic view adopted for calculation of fair market value

June 20, 2022 1953 Views 0 comment Print

Held that tribunal in assessee’s co-owner case has taken holistic view in adoption of fair market value as DVO has himself stated in his report that the impugned land was situated at a more appropriate location as compared to sale instances considered by him.

An order not become erroneous & prejudicial to interest of Revenue merely because it is cryptic

June 20, 2022 333 Views 0 comment Print

Merely because assessment order is cryptic one without discussing in detail nature of enquiry conducted and evidences furnished by assessee, it cannot be said that order is erroneous and prejudicial to interest of Revenue.

Section 154: Overlooking of mandatory provision of law in original assessment is rectifiable

June 20, 2022 1473 Views 0 comment Print

Overlooking the mandatory provision of law in the original assessment is apparent mistake of law which is rectifiable under section 154.

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June 2022