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Archive: July, 2022

Posts in July, 2022

Draft Guidance Note on Transfer Pricing Report – Section 92E

July 21, 2022 27189 Views 1 comment Print

ICAI Releases Exposure Draft Guidance Note On Report Under Section 92E Of Income-Tax Act, 1961 (Transfer Pricing) Based on the law as amended by Finance Act, 2022

Request to Extend Income Tax Return due date for Non-Audit & Salaried

July 21, 2022 65247 Views 18 comments Print

Representation requesting for Extension of due date for filing Income Tax Returns (Non-Audit and Salaried) for AY 2022-23 under section 139(1) of IT Act, 1961 with further request to permanently fix date of Filing ITRs as 31st August in future by issuing Notification

HC deletes penalty for wrong entry by staff due to voluminous transactions

July 21, 2022 915 Views 0 comment Print

Respondent had voluminous transactions, it committed an error while posting the relevant dividend entry, which was covered by one voucher since it was received on the same security.

No Section 271D penalty for one time cash loan to meet business exigency

July 21, 2022 1380 Views 0 comment Print

Shri Mohanlal Savjibhai Tilva Vs ACIT (ITAT Ahmedabad) The case of the assessee was that the loan in cash was taken from his HUF on account of extreme business exigency and necessity of honouring post dated cheques issued to the third parties. Further at that time, the assessee was not having sufficient balance in the […]

GST position on residential property let out to registered person

July 21, 2022 10869 Views 2 comments Print

Prior to amendment w.e.f. 18.07.2022, if a person has given his residential property to any person for residential purpose (other than Commercial Purpose) is exempted from GST.

Import licensing requirement from WPC wing for import of wireless equipment

July 21, 2022 15981 Views 1 comment Print

Compendium of orders/ circulars/ guidelines issued from WPC Wing, DoT in regard to Import licensing requirement from WPC wing for import of wireless equipment as issued by CBIC vide Instruction No. 16/2022-Customs|Dated 21st July, 2022. Instruction No. 16/2022-Customs|Dated 21st July, 2022 F. No. 401/48/2022-Cus-III Government of India Ministry of Finance Department of Revenue (Central Board […]

Customs Exchange rate for Import and Export wef 22nd July 2022

July 21, 2022 4821 Views 0 comment Print

Exchange rate Notification No. 64/2022-Cus (NT) dated 21.07.2022  notifying exchange rate with effect from 22nd July, 2022 against Indian Rupees for Import and Export. GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS New Delhi ***** Notification No. 64 /2022 – Customs (N.T.) | Dated: 21st July, 2022 In […]

Staff draft of the IFRS Sustainability Disclosure Taxonomy

July 21, 2022 645 Views 0 comment Print

Staff draft of IFRS Sustainability Disclosure Taxonomy is issued by the IFRS Foundation for the public views. This draft sets out the initial thinking of staff of IFRS foundation for development of proposed IFRS Sustainability Disclosure Taxonomy by ISSB.

CBDT notifies CPPIB Credit Investments VI Inc. as a Pension Fund

July 21, 2022 723 Views 0 comment Print

CBDT notifies CPPIB Credit Investments VI Inc. as a Pension Fund under section 10(23FE)(c)(iv) vide Notification No. 86/2022-Income-tax | Dated: 21st July, 2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 86/2022-Income-tax | Dated: 21st July, 2022 S.O. 3324(E).—In exercise of the powers conferred by sub-clause (iv) of […]

CBDT notifies Odisha Electricity Regulatory Commission under Section 10(46)

July 21, 2022 450 Views 0 comment Print

CBDT notifies Odisha Electricity Regulatory Commission under Section 10(46) of income Tax Act, 1961 vide Notification No. 85/2022-Income-Tax | Dated: 21st July, 2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi, the 21st July, 2022 Notification No. 85/2022-Income-Tax | Dated: 21st July, 2022 S.O. 3315(E).—In exercise of the powers conferred by […]

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