"20 June 2022" Archive

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

Instructions No. DO No. 29/CH(IC)/2022 20/06/2022

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 gpv.in 20th June,2022 Chairman DO No. 29/CH(IC)/2022 Amongst the many splendours of the natural world, the most joyous is perhaps w...

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Interest on Delayed Payment/ Reversal of ITC of GST

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....

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

CERTIFIED TRUE COPY OF THE RESOLUTION PASSED AT THE MEETING OF THE BOARD OF DIRECTORS OF _________________ (Company Name) HELD ON _______________ (Day, Date of the Meeting) AT THE _______________ (Registered, Corporate or Any other Place) OFFICE OF THE COMPANY SITUATED AT _____________________ (Address) The Chairman informed the Board...

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Last Examination of CS Foundation Programme : December 2022

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....

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Income Tax Dept searches leading industrial group of Chennai

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 Hyd...

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

Circular No. SEBI/HO/MIRSD/ MIRSD_DPIEA/P/CIR/2022/83 20/06/2022

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

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

Scope & Coverage of Section 194R Section 194R: TDS @ 10% on Benefits or Perquisites, arising out of Business or Profession In the Finance Act 2022, a new TDS section 194R, has been inserted in the Income Tax Act, and which has been made applicable e.f. 1.7.2022. This new section 194R requires deduction of tax […]...

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Holistic view adopted for calculation of fair market value

Prafulchandra Bhaichandbhai Patel Vs ITO (ITAT Surat)

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....

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

Shakti Basmati Rice (P) Ltd. Vs PCIT (ITAT Delhi)

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. ...

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

Shiv Shakti Traders Vs ACIT (ITAT Delhi)

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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