We all know that Central Budget -2022 will announce on 1st February, 2022 by or Finance Minister Smt. Nirmala Sitaraman. During the year 2022-23, what should be the expected income and expenditure of the Government, will put before the Parliament for discussion. Till date deficit budget were published, and people expect the same for coming […]
Abdul Wahab Vs ITO (ITAT Delhi) The specific words which arouse ITATs concern are the allegation that the CIT(A) order under challenge is alleged to have been passed in routine, arbitrary and whimsical manner having no sustainability in law. On-going through the record in the specific case ITAT find that none of the above allegations […]
Dalmia Refractories Limited Vs State of Tamil Nadu (Madras High Court) HC held that When large scale State Revenues are involved, more specifically, in mining operations, wherever writ petitions are entertained, the State must ensure that counter-affidavits and vacate stay petitions are filed immediately and the matter is taken up for hearing as expeditiously as […]
Section 144B | Faceless Assessment- An assessee has a vested right to personal hearing and same has to be given, if an assessee asks for it. The right to personal hearing cannot depend upon the facts of each case.
Calcutta High Court Quashes Notices under Section 148 of Income Tax Act, 1961 which were Issued After 31st March 2021 in 1083 cases. Bagaria Properties and Investment Pvt. Ltd. & 1082 Anr. Vs. U.O.I & Ors.
CBDT notifies E-advance rulings Scheme, 2022 vide Notification No. 07/2022-Income Tax Dated: 18th January, 2022. E-advance rulings Scheme, 2022 shall be applicable to applications of advance rulings,– (a) made to the Board for Advance Rulings under sub-section (1) of section 245Q of the Act; or (b) transferred to Board for Advance Rulings under sub-section (4) of section 245Q […]
The salaried persons perhaps have no say in the Budget. Businesses and the self employed manage their taxable incomes but the salaried class cannot escape the clutches of the Income Tax Department because the employer is mandated for deducting tax at source.
To ensure the correct and completeness of the compliance made by registered taxpayers the statutory mechanism of scrutiny of returns has been provided in section 61 of the GST Act(s). The guidelines for undertaking return scrutiny and subsequent actions thereto are issued vide above referred Internal Circular.
ICAI is extremely astounded and surprised to see that the Approach Paper on Revision of Existing Accounting Standards has now been returned by NFRA. It may be mentioned that while formulating the revised ASs as per the Approach Paper; transparent mechanism was followed by ICAI through all stages wherein exposure drafts were issued, comments thereon were discussed at ASB of ICAI
Changes in CGST Act effective w.e.f 1st January 2022 (Notification No. 39/2021-Central tax dated 21st December 2021) GST on supply by any Club or Association to its Members ♦ In the CGST Act, 2017, in section 7 (1)(a), the following clause (aa) and Explanation inserted and shall be deemed to have been inserted with effect […]
