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Archive: 24 July 2022

Posts in 24 July 2022

RERA orders 17 Builders to Refund 50 Crores to Home Buyers

July 24, 2022 2940 Views 1 comment Print

Haryana Real Estate Regulatory Authority (HRERA) have ordered 17 Builders, to refund Rs. 50 Crores to the homebuyers of various construction projects for non-delivering the projects well on time. HRERA has issued multiple orders for 17 Builders directing them to refund the home buyers their hard-earned money along with 9.70% Interest within 90 days. Refund […]

Changes in refund for inverted duty structure formula applied retrospectively or prospectively

July 24, 2022 6102 Views 1 comment Print

Clarification on changes in the refund formula for the inverted duty structure: Can it be applied retrospectively? Yes, changes made in Rule 89(5) allow applying the new formula for previous tax periods.

Treatment of Share Transactions In Income Tax Return

July 24, 2022 7965 Views 2 comments Print

Understand the tax implications of share transactions in your Income Tax Return. With the rise in Demat accounts during COVID-19, many investors are unaware of the tax impact on share dealings. The AIS/TIS form on the Income Tax portal now captures share transactions, making it crucial to disclose this information. Learn where to report income or losses from intra-day, long-term gains, short-term gains, and F&O transactions. Proper disclosure ensures compliance and prevents notices from the tax department. Stay informed and choose the right ITR form for accurate reporting.

Corporate Social Responsibility (CSR) under Companies Act

July 24, 2022 60543 Views 0 comment Print

The concept of CSR rests on the ideology of businesses giving back to society as they grow and benefit. Companies take resources in the form of raw materials, human resources etc. from the society. By performing the task of CSR activities, the companies are giving something back to the society.

GST Amendment (Finance Act, 2021)

July 24, 2022 7821 Views 1 comment Print

Explore the significant amendments introduced by the Finance Act, 2021, effective from January 1, 2022. Dive into key changes impacting CGST Act, 2017, CGST Rules, 2017, and IGST Act, 2017. Uncover crucial modifications related to the definition of ‘supply, recovery of tax, e-Way Bills, Aadhaar authentication, and more. Stay informed about the latest developments in GST law, ensuring compliance and understanding the implications of these amendments.

Corporate Social Responsibilty- An Overview & Current Scenerio

July 24, 2022 1662 Views 0 comment Print

The activities of organizations affect consumers, shareholders, suppliers, employees, and society at large. Corporations completely depend on and draw from society in the form of infrastructure, labour, educated workforce, railways, electricity, water resources, and land.

CGST Mumbai South Commissionerate busts Rs. 185 Crore fake GST invoice racket

July 24, 2022 1500 Views 0 comment Print

Officers of CGST Mumbai South Commissionerate have busted a fake GST invoice racket, which was used to pass on fake GST Input Tax Credit (ITC) of around Rs. 22 crore on bogus invoices of Rs 185 Crores. The Commissionerate has arrested two persons involved in the tax evasion racket. One of them, is the proprietor […]

GST Exemption on Annuity – Conundrum in Karnataka

July 24, 2022 1452 Views 0 comment Print

Navigate the complexities of GST exemption on annuity in Karnataka. Explore the legal conundrum surrounding the 43rd GST Council decision and the subsequent clarification on annuity payments for road construction. Understand the arguments, reasons, and findings of the Karnataka High Court, emphasizing the importance of adhering to legal provisions. Stay informed on GST implications for concessionaires.

Request to extend due date for filing of ITR for Non-Audit Assessee

July 24, 2022 10065 Views 1 comment Print

Representation, requesting for Extension of due date for filing of Income Tax Returns (Non-Audit and Salaried) for AY 2022-23 under section 139(1) of IT Act, 1961. ‘HOWRAH TAX BAR ASSOCIATION’ West Bengal has made a representation before The Chairman, Central Board of Direct Taxes on issues faced by Tax Payer and request for Extension of […]

AIFTP represents Finance Ministry & CBDT for extension of ITR due date

July 24, 2022 10521 Views 0 comment Print

Representation to Finance Ministry and CBDT  to extend due date of filing Income Tax Returns u/s 139(1) of Income Tax Act, 1961 in non-audit cases from 31st July, 2022 to 31st August, 2022.

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