When assessee received advances from customers and the same were subsequently adjusted against goods sold to them, then, the advances could not be treated as unexplained cash credit under section 68, therefore, addition under section 68 made by AO on account of unexplained cash advances was deleted.
The Revenue Laboratories have now acquired testing facilities for some of the samples listed in the said Annexure following the up-gradation and induction of more sophisticated equipment. These items are listed in Annexure I annexed with this Circular.
Article explains Important Information on Request for Resolution for Taxpayer, Brief Steps for Raising ‘Request for Resolution, and Pictorial Guide for ‘Raising Request for Resolution’ and ‘Resolution Tracking’ 1. Important Information on “Request for Resolution” for Taxpayer Only a Registered Taxpayer can avail the facility of raising “Request for Resolution” under “Online grievances module”. This […]
Important information on 26QB Correction Buyers registered on TRACES only can avail the facility of ’26QB correction’ under ’26QB’ Menu after login. Request for 26QB correction can be raised from Assessment Year 2014-15 onwards If Buyer files 26QB correction and seller is Known, correction can be submitted through e-Verify (Net Banking) /AO Approval / DSC (If […]
RBI in its Second Bi-Monthly Monetary Policy, 2019-20 has decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 5.75 per cent from 6.0 per cent with immediate effect. Consequently, the reverse repo rate under the LAF stands adjusted to 5.50 per cent, and the marginal standing […]
A facility for filing of online e-nomination is available at Member Interface of Unified Portal. In order to make this functionality compatible with online Form 10D claim to be filed by members and online composite claim Form 10D/20/5IF to be filed by nominees, some modifications have been incorporated in consultation with the Finance and Pension Division.
RBI data on frauds reported to it by banks has been cited in sections of the media to paint a picture of rising frauds in banks in recent years. The fact is that this data is by the year of reporting and not the year of occurrence of the fraud or sanction of loan, Letter of Undertaking etc., which in many cases is of an earlier period.
ICAI has come out with this ‘Technical Guide on Annual Return & GST Audit’. This Guide has been comprehensively designed and contains clause-by-clause analysis of Form GSTR-9, 9A and Form GSTR -9C.
Article explains Important Information for 26QB Correction, Brief steps for 26QB Correction, Description for Requested Status of 26QB Correction, Pictorial guide for 26QB Correction, Procedure for 26QB Correction with E- verified (Internet Banking), Pictorial guide for 26QB Correction with E-Verified (Internet Banking), Pictorial guide for 26QB Correction with DSC (Digital Signature Certificate), Pictorial guide for […]
Important Information on Resend of Activation Code While registration on TRACES, Taxpayer has to activate their account within 48 hours If Account does NOT activated , previous activation code get expired and a new activation codes and link is required to re- generate by re-registration. If Taxpayer mentioned wrong Email Id and/or Mobile Number taxguru.in […]
