The Union Budget 2022-23 is to be presented by the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman on 1st February, 2022 in Paperless form.
According to RBI study, the state of economy is overall strong with upbeat consumer and business confidence and upticks in several indicators – GST collection, export growth etc. However, the rising inflation is a reason to worry. Even the Indian corporate sector is also optimistic and positive on economic growth in medium to long term. […]
We appreciate that registration process is much more improved under GSTN system than earlier laws. Due to Aadhar card, Pan card the KYC norms are reliable to decide the Genuineness of a person. Other documents may be considered accordingly.
Deployment of Interest Calculator in GSTR-3B 1. The new functionality of interest calculator in GSTR-3B is now live on the GST Poral. 2. This functionality will facilitate & assist the taxpayers in doing self-assessment. This functionality will arrive at the system computed interest on the basis of the tax liability values declared by the taxpayers, […]
Finance Act 2021 has amended provisions of the Income Tax Act 1961 (Act) in relation to taxation of Unit linked insurance premium (ULIP) paid and amount received on or after 1st February 2021. We are discussing herewith changes in section 10(10D) and 45(1B) of the Income Tax Act along with latest notification issued in relation […]
Finance Act, 2021 has inserted specific section 89A in the Income-tax Act, 1961 to provide relief to NRI taxpayers who have an issue with respect to their accrued incomes in their foreign retirement accounts due to mismatch in taxation period.
The officers of Bhiwandi Commissionerate of CGST Mumbai Zone have arrested a businessman was running a Fake GST Input Tax Credit racket. Acting on an intelligence from Central Intelligence Unit of Mumbai CGST Zone, the officers initiated coordinated action at different locations in Thane, Bhiwandi, Raigad and Mumbai and detected GST evasion of Rs 11.4 crores through generation and passing of fake ITC through intricate web of bogus billing of more than 63 Crores.
The Supreme Court on Thursday said the daughters of a male Hindu dying without a will would be entitled to inherit self-acquired and other properties obtained in the partition by the father.
BJP Professional Cell, Mumbai has made a representation to Honorable Union Finance Minister and suggested 34 changes related to GST in Union Budget 2022 so that difficulties faced by Common GST Taxpayers can be removed. BJP Professional Cell, Mumbai Date: 21-01-2022 To, Smt. Nirmala Sitharaman Madam, Honorable Union Finance Minister Ministry of Finance, North Block, […]
The Income-tax department requires companies to submit a statement of Specified Financial Transactions (SFT). SFT reporting is mandatory for certain reporting entities from Finance Act 2014 by introducing section 285BA followed by additions made in Finance Act 2020 through notification no. 16/2021, dated 12-03-2021. This article focuses on SFT reporting which is applicable to the companies and documents require for reporting such transactions.
