Documents/records which are not relied upon in the show-cause notice, are required to be returned under proper receipt to the person from whom those are seized.
ACIT Vs Kapu Gems E-Tower Centre (ITAT Mumbai) The Assessing Officer concluded that the TPO has called for specific details pertaining to segmental profitability between AE and non-AE segments within the meaning of section 92D(3) of the income tax Act, 1961. The details were called for during transfer pricing proceedings and assessee was given opportunity […]
The COVID-19 pandemic not only had an effect on our financial security but also on our physical and mental wellbeing. The period has taught us some lessons for life, and none better than the importance of saving and investing for emergency crisis. We need money to start investing, true. But we do not need to […]
New Functionalities Made Available For Taxpayers On GST Portal (January, 2021) includes Functionality related to Deemed approval of Registration Application in Form GST REG-01, Field for capturing validity period, in case of SEZ unit and SEZ developers, in Form GST REG-01, Facility to upload documents in Form GST REG-13, Aadhaar Authentication and e- KYC changes […]
Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman presented the Economic Survey 2020-21 in the Parliament today. The key highlights of Economic Survey 2020-21, which is dedicated to the COVID Warriors, are as follows:
Mumbai Local train services be allowed from the start of services for the day to 7 AM and then again from 12 PM to 4 PM in the afternoon and from 9 PM to closure of local train services for the day with effect from 1st February 2021.
CAG has issued two draft notifications by which it has proposed to appoint 10,811 new auditors. It has invited comments on the proposed Recruitment Rules to the post of Auditor/ Accountant, Level 5 in pay matrix. Proposed draft rule proposed appointment of 6409 Auditors vide Draft Indian Audit and Accounts Department (Auditor) Recruitment Rules, 2021 […]
The clinching fact that emerges here is that assessee’s ‘hundi’ receipts in cash from donors are not revenue items but capital receipts only. The relevant provisions of the ‘Endowment Act’ duly makes it clear that they are corpus donations which nowhere go against the provisions of tax law.
Important Judgment of Gauhati High Court on interest on delayed refund of Excise duty under the excise exemption scheme. Under the said scheme exempted units have to first pay the excise duty which is to be refunded back after verification
Ministry is of the opinion that persons are facing difficulties in respect of availing various services related to driving licence and registration certificate especially during these COVID-19 pandemic. In view of the above, Ministry has decided to provide certain services online with the help of Aadhaar number as per Order attached.
