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Archive: 08 October 2022

Posts in 08 October 2022

Discouragement of Cash Transactions under Various Laws in India

October 8, 2022 5520 Views 0 comment Print

Learn how Indian laws combat cash transactions through measures like demonetization, Benami Transactions Act, and Income-tax Act. Understand penalties and compliance to ensure financial transparency.

Final Opportunity to avail past credits of Service Tax, Excise & VAT into GST

October 8, 2022 6627 Views 0 comment Print

Seize the last chance to claim past credits from Service Tax, Excise, and VAT into GST. Understand eligibility and file GST Trans 1 & Trans 2 with expert guidance. Act now to secure your rightful input tax credit.

ITAT quashed Reassessment based on borrowed satisfaction & without independent application of mind 

October 8, 2022 1965 Views 0 comment Print

ITAT held that Income Tax reassessment initiated on the basis of borrowed satisfaction without any independent application of mind by Assessing Officer is liable to be quashed. 

Addition for undisclosed income justified if Assessee failed to file details of creditors

October 8, 2022 2499 Views 0 comment Print

ITAT held that additions framed on account of undisclosed income being sustained in part is justified, where assessee was required to file complete details of such friends and relatives and also the details of sales but the same has not been done at any stage.

Amended provisions of Section 154 cannot be applied with retrospective effect

October 8, 2022 1650 Views 0 comment Print

A R Transport Vs ADIT (ITAT Jabalpur) Amended provisions of Section 154 cannot be applied with retrospective effect in respect of an AY which precedes the year of amendment of the provisions 

Revocation of cancelled registration: HC directs dept for opening of GST portal for Tax payment & return filing

October 8, 2022 2481 Views 0 comment Print

Shree Hari Printers Vs Commissioner, Commercial Taxes & GST (Orissa High Court) HC issued direction to the department for opening of GST portal for payment of tax and other dues and to enable filing of GST returns so as to consider application for revocation of cancelled GST registration of the petitioner. FULL TEXT OF THE […]

How does RBI makes money to pay huge dividends?

October 8, 2022 8394 Views 0 comment Print

Under Section 47 of the RBI Act, 1934, after making provisions for bad and doubtful debts, depreciation in assets, contribution to staff and superannuation funds and for all matters for which provisions are to be made by or under the Act or that are usually provided by bankers, the balance of the profits of the Bank is required to be paid to the Central Government.

Penalty on ITC under GST availed but not utilized

October 8, 2022 79140 Views 5 comments Print

Recently, section 50 of the CGST Act was amended retrospectively from 1.7.2017 to provide that interest will be charged on ITC wrongly availed and utilized. Prior to the amendment, interest was chargeable on ITC wrongly availed or utilized. Thus, interest was chargeable on ITC wrongly availed but not utilized.

Form GSTR-9 (Explanation) for 2021-22

October 8, 2022 17820 Views 2 comments Print

Gain insights into the Form GSTR-9 for the financial year 2021-22 with a detailed explanation. Understand each section, from basic details to ITC, tax paid, and additional information. Simplify your annual return filing with expert comments.

Supply From DTA To SEZ or SEZ To DTA Under GST

October 8, 2022 26862 Views 0 comment Print

Explore the nuances of Supply from Domestic Tariff Area (DTA) to Special Economic Zone (SEZ) or vice versa under GST. Understand the implications of Section 7 of IGST Act, 2017 and provisions related to export, import, and zero-rated supply. Stay informed to navigate cross-border transactions effectively.

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October 2022