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Archive: 05 July 2022

Posts in 05 July 2022

Important Provisions Pertaining to Submission of Income Tax Return for Financial Year 2021-22

July 5, 2022 2865 Views 0 comment Print

Stay compliant with the Income Tax Act by submitting your income tax return for the financial year 2021-2022. Learn about the important provisions and deadlines.

Demand of Central Excise Duty cannot be sustained being time barred & in absence of any suppression by assessee

July 5, 2022 927 Views 0 comment Print

CESTAT set aside the demand order has held that invoking extended limitation period by the Revenue Department cannot be sustained, being time barred and is invalid in absence of suppression of fact with intent to evade payment of duty on the part of assessee.

Why should you use Standard Chartered Smart Credit Card for your purchases?

July 5, 2022 1689 Views 0 comment Print

A credit card is probably one of the best payment options for your day to day expenses. The purchases made online or offline using credit cards can come with a lot of cashback and other benefits

Compendium of Ind AS (as on April 01, 2022) and Guidance Material

July 5, 2022 3336 Views 0 comment Print

ICAI has released Compendium of Indian Accounting Standards (Ind AS) (as on April 01, 2022) along with e-version of related guidance material at the occasion of CA Day held on July 01, 2022.

LLP (Amendment) Act, 2021 (Comparison with Principal Act, 2008) Part 1

July 5, 2022 1890 Views 0 comment Print

Understand the changes between the Limited Liability Partnership (LLP) Act of 2008 and the Amended LLP Act of 2021. Learn about the major differences in sections.

Pre and Post Annual General Meeting (AGM) Checklist

July 5, 2022 27540 Views 0 comment Print

Ensure compliance with AGM requirements by following this pre and post AGM checklist. Learn about e-voting, record dates, and more.

Change of Address other than Registered office where all or any books of account and papers are maintained

July 5, 2022 6387 Views 1 comment Print

Learn about the requirements for maintaining books of accounts and papers in a company, including the option to have a different address than the registered office.

ITAT quashes section 263 order as no addition made on  issues raised in Section 263 proceedings

July 5, 2022 2259 Views 0 comment Print

Ravi Metallics Limited Vs PCIT (ITAT Cuttack) A perusal of the order of the ld. Pr.CIT shows that the show cause notice issued u/s.263 of the Act has been issues only on 1st March, 2019. Admittedly, the assessee has responded to the show cause notice though on 26.03.2019. In the said reply, the assessee has […]

Rs.10 lakh penalty imposed for failure to co-opt MD as Additional Director

July 5, 2022 2328 Views 1 comment Print

(a) The company had appointed Mr. Sachin Barisal as the Managing Director and CEO of the Company (KMP) vide its Board Resolution dated 27.2.2020 for a period of five years from March 6 2020. (b) However, by inadvertence, the Board had omitted to co-opt him as Additional Director before appointing him as Managing Director.

Non-consideration of assessee’s reply to Section 148A notice – HC directs dept to pass fresh order

July 5, 2022 1092 Views 0 comment Print

Agrawal Petrolium Co. Vs PCIT (Madhya Pradesh High Court) The main grievance put forth is that when petitioner received a notice under Section 148A(b) of Income Tax Act, the petitioner filed a reply on 15.03.2022 but the same was not considered by the respondent. Learned counsel for the parties by placing reliance on para-3 and […]

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