Presently, the scrutiny of annual returns for the year 2017-18 is being done. Since defect notices are given after a larger time span, the defects perpetually get accumulated. The dealers will find it challenging to remit the consequent taxes, penalties, and interest being substantially larger amounts. The tax compliance mechanism will thus get much complicated, and the dealers forced to pursue long-driven litigation.
The search action has resulted in seizure of unaccounted cash of Rs. 63 lakh and jewellery of Rs. 2 crore. Fourteen bank lockers have been placed under restraint. The search action has led to the detection of unaccounted income exceeding Rs. 200 crore.
What is Inheritance Tax? An Inheritance Tax is a tax that is levied on those who are bequeathed or receive assets from the estate of a deceased person. 1. A levy of assets inherited from a deceased person is known as Inheritance tax. 2. Estate tax and Inheritance tax are different. The value levied estate […]
The Income Tax Department carried out search and seizure operations in border districts of Rajasthan on 28.10.2021 covering 33 premises at different locations, where the groups are carrying on business of real estate, sand-mining and liquor trade.
In a first of its kind judgement in Kerala, a Single Bench of the High Court of Kerala presided over by Justice Bechu Kurian Thomas held that applying under an amnesty scheme will not render the appeal filed by an assessee to be deemed to be dismissed.
Government of India has taken a significant decision of reducing Central Excise Duty on Petrol & Diesel by Rs. 5 and Rs. 10 respectively from tomorrow. Prices of petrol & diesel will thus come down accordingly.
CBIC notifies Rate of Exchange of Foreign Currencies against Indian Rupees with effect from 4th November, 2021 vide Notification No. 90/2021- Customs (N.T.) | Dated: 3rd November, 2021. Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs ***** Notification No. 90/2021- Customs (N.T.) New Delhi, dated the 3rd […]
Announcement Report on Audit Quality Review (2020-21) of the Quality Review Board Government of India has, in exercise of the powers conferred under Section 28A of the Chartered Accountants Act, 1949, constituted a Quality Review Board (the ‘Board’) to perform the following functions u/s 28B of the Chartered Accountants Act, 1949:- a) to make recommendations […]
CBIC issued Guidelines for disallowing debit of electronic credit ledger under Rule 86A of the CGST Rules, 2017. It explains Grounds for disallowing debit of an amount from electronic credit ledger, Proper authority for the purpose of Rule 86A, Procedure for disallowing debit of electronic credit ledger/blocking credit under Rule 86(A) and Allowing debit of […]
Roll out of new Annual Information Statement (AIS) Income Tax Department has rolled out the new Annual Information Statement (AIS) on the Compliance Portal which provides a comprehensive view of information to a taxpayer with a facility to capture online feedback. The new AIS can be accessed by clicking on the link “Annual Information Statement […]
