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Govt Permits ‘PNB Housing Finance’ to Perform Aadhaar authentication

January 4, 2022 543 Views 0 comment Print

Govt Permits ‘PNB Housing Finance Limited’ to perform authentication under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 for the purposes of section 11A of the Prevention of Money-laundering Act, 2002. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 4th January, 2022 S.O. 37(E).—In exercise of the […]

Delhi imposes Weekend Curfew on movement of individuals in NCT of Delhi

January 4, 2022 12414 Views 0 comment Print

There shall be Weekend Curfew on movement of individuals in NCT of Delhi from 10 PM of Friday till 5 AM of subsequent Monday. Transportation by Delhi Metro shall be allowed with 100% of the seating capacity. Standing passengers are not allowed.

Guidelines on Remuneration of Directors & CEO of Insurance companies

January 3, 2022 2733 Views 0 comment Print

The Guidelines cover the remuneration of Non-Executive Directors, CEOs /WTDs /MDs of private sector insurers including the format in which remuneration details are required to be submitted to the Authority.

CBIC Notifies Rate of Exchange of Turkish Lira wef 04.01.2022

January 3, 2022 690 Views 0 comment Print

CBIC notifies Rate of Exchange of Turkish Lira against Indian Rupees with effect from 4th January, 2022 vide Notification No. 01/2022 – Customs (N.T.) | Dated: 3rd January, 2022. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 01/2022 – Customs (N.T.) New Delhi, dated […]

LIC IPO: Policyholders asked to update PAN

January 3, 2022 1779 Views 0 comment Print

In order to participate in any such public offering by LIC, policyholders will need to ensure that their PAN details are updated in the Corporation’s records. Further, subscribing to any public offering in India is only possible if you have a valid DEMAT account —accordingly, policyholders should ensure that they have an active DEMAT account in place.

Addition for belated payment of PF/ESI prior to amendment by Finance Act, 2021

December 28, 2021 2922 Views 0 comment Print

Ridhi Sidhi Mills (India) Pvt. Ltd. Vs DCIT (ITAT Jodhpur) In the present cases, it is not in dispute that the assessees deposited the contribution of PF & ESI belated in terms of section 36(1)(va) of the Act, however, the said deposits were made prior to filing of return of income u/s 139(1) of the […]

ITAT deletes Addition for delayed payment of ESI/EPF as paid before due date of ITR filing

December 28, 2021 1146 Views 0 comment Print

Express Roadway P. Ltd. Vs ACIT (ITAT Delhi) The issue in the present ground is with respect to addition made on account of delayed payment of ESI/EPF. We find that CIT(A) while deciding the issue in favour of the assessee has given a finding that though there was delay in deposit of ESI & EPF […]

Section 36(1)(va)/43B amended by Finance Act 2021 applicable from 01.04.2021

December 26, 2021 5028 Views 0 comment Print

Pee Tee Turners Vs Assistant Director of CPC (ITAT Jaipur) In the instant case, admittedly and undisputedly, the employees’ contribution to ESI and PF collected by the assessee from its employees have been deposited well before the due date of filing of return of income u/s 139(1) – D/R has referred to the explanation to […]

HC stays assessment order passed without passing a draft assessment order

December 26, 2021 675 Views 0 comment Print

The claim of the petitioner is that the impugned assessment order dated 21.04.2021 has been passed, without adherence to the statutory provisions contained in clauses (xiv) to (xvi) of Section 144B (1), and 144B (9) of the Income Tax Act, 1961

Bright-line test for TP adjustment on AMP expenditure is unsustainable in law

December 25, 2021 6561 Views 0 comment Print

Timex Group India Ltd. Vs ACIT (ITAT Delhi) Brief facts of the case are that the assessee is a company engaged in the business of manufacture, trading, sale and servicing of quartz, analogue and digital watches and watch components; manufacture and sale of plastic components, tools and moulds; and rendering information technology and financial support […]

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