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Posted Date : 10-Sep-2021 , 10:50:13 am | Posted By CASANSAAR
The Supreme Court on Thursday said that in a taxation regime there is no room for presumption and it is the responsibility of the government to design a tax system which is convenient and simple so that an individual or a corporate can budget and plan. The top court, which allowed a batch of appe...
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Posted Date : 07-Sep-2021 , 06:03:33 am | Posted By CASANSAAR
The Supreme Court on Monday said the government had no option but to constitute the Goods and Services Tax (GST) Appellate Tribunal. The tribunal has not been constituted even four years after the central GST law was passed in 2016. “You have to constitute a Tribunal,” a Special Bench...
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Posted Date : 07-Sep-2021 , 05:58:15 am | Posted By CASANSAAR
The Central Board of Direct Taxes has set up three Boards for Advance Rulings (BAR) to offer clarity on tax implications of transactions and to help avoid income tax disputes. An order from CBDT showed that provisions for replacing the Authority for Advance Rulings (AAR), set up in 1993, with BAR...
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Posted Date : 30-Aug-2021 , 08:20:38 am | Posted By CASANSAAR
On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax Rules,1962 (Rules), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electr...
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Posted Date : 30-Aug-2021 , 08:17:29 am | Posted By CASANSAAR
Under The Direct Tax Vivad se Vishwas Act 2020 (hereinafter referred to as “Vivad se Vishwas Act”), the amount payable by the declarant is stated in the table under section 3 of the Vivad se Vishwas Act. As per the latest notification dated 25th June 2021, the last date...
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Posted Date : 24-Aug-2021 , 09:15:30 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman has given time to Infosys till September 15 to fix glitches in the new e-filing portal of the Income Tax Department, said a statement issued by the government on August 23. Sitharaman, who summoned Infosys top brass for a meeting earlier in the day, conveyed th...
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Posted Date : 23-Aug-2021 , 08:13:38 am | Posted By CASANSAAR
The Ministry of Finance has summoned Infosys on August 23 as the new IT portal continues to see glitches even 2.5 months after the launch. The portal was not accessible from August 21. In a tweet, the IT department said, “Ministry of Finance has summoned Salil Parekh, MD&CEO @Infosys on...
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Posted Date : 19-Aug-2021 , 08:53:41 am | Posted By CASANSAAR
The regulatory framework for limited liability partnerships (LLPs) is set to get more refined with a new set of accounting standards, a special regime for startups using the LLP form, and special courts for trial of offences. The ministry of corporate affairs (MCA) has said amendments to the LLP ...
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Posted Date : 12-Aug-2021 , 09:25:25 am | Posted By CASANSAAR
Over ₹ 49,000 crore in foreign funds were received by more than 18,000 NGOs in the country in the last three years, Rajya Sabha was informed on Wednesday. Union Minister of State for Home Nityanand Rai said ₹ 16,940.58 crore were received by the NGOs in 2017-18, ₹ 16,525.73 cror...
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Posted Date : 10-Aug-2021 , 08:24:19 am | Posted By CASANSAAR
The scheme ‘Vivad Se Vishwas’ is a voluntary scheme for resolving pending direct tax disputes amicably with the taxpayers and no targets were fixed by the Government under the Scheme. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to...
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Posted Date : 06-Aug-2021 , 09:21:36 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman yesterday introduced the Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha that seeks to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets. The bill seeks to amend the Income Tax Act of 1961...
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Posted Date : 03-Aug-2021 , 09:17:27 am | Posted By CASANSAAR
The Delhi High Court has recalled an order directing CBI to probe whether an email that was sent to a private company by the Income tax department was genuine or not, after the authorities submitted that the communication was “triggered due to a systems error” and withdrew its allegation...
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Posted Date : 22-Jul-2021 , 09:52:53 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016 on 14th July, 2021. The amendment regulations enhance the discipline, transparency, and account...
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Posted Date : 20-Jul-2021 , 08:37:55 am | Posted By CASANSAAR
The Delhi High Court has directed the Central Bureau of Investigation (CBI) to launch an enquiry into an email, sent from the official address of the Income Tax Department to a taxpayer seeking adjournment of the case under e-proceedings. The court order follows the petitioner, Three C Homes, whi...
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Posted Date : 17-Jul-2021 , 09:06:18 am | Posted By CASANSAAR
Insolvency resolution professionals hired by lenders to rescue bankrupt companies cannot continue in that role if any of their colleagues represent any of the parties in that case, says a new rule brought out by the Insolvency and Bankruptcy Board of India (IBBI). The change seeks to eliminate a ...
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Posted Date : 06-Jul-2021 , 09:40:28 am | Posted By CASANSAAR
The Central Board of Direct Taxes, CBDT has granted further relaxation in electronic filing of Income Tax Forms 15CA and 15CB and extended the date of filing from 30th June to 15th July, 2021. The taxpayers can now submit these forms in manual format to the authorized dealers till 15th of this month...
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Posted Date : 02-Jul-2021 , 02:26:16 pm | Posted By CASANSAAR
Minister of MSME and Road Transport and Highways Shri Nitin Gadkari today announced revised guidelines for MSMEs with inclusion of Retail and Wholesale trades as MSMEs. In a Tweet he said under the leadership of PM Shri Narendra Modi Ji, we are committed to strengthening of MSME and make them engine...
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Posted Date : 26-Jun-2021 , 09:00:20 am | Posted By CASANSAAR
The Government has granted further extension of timelines of compliances under Income Tax Act. It has also announced tax exemption for expenditure on COVID-19 treatment and ex-gratia received on death due to COVID-19. The details are as follows: A. &n...
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Posted Date : 26-Jun-2021 , 08:57:53 am | Posted By CASANSAAR
Law Minister Ravi Shankar Prasad formally launched the e-filing portal of Income Tax Appellate Tribunal (ITAT), ‘itat e-dwar yesterday. The portal will enable online filing of appeals, applications and documents by various parties. Speaking on occasion, he explained the power...
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Posted Date : 23-Jun-2021 , 09:04:29 am | Posted By CASANSAAR
The income tax department has developed a new utility to help TDS deductors and TCS collectors identify the 'specified persons' on whom higher rate of taxes will be levied from July 1. The Budget 2021 had brought in a provision which mandated that non-filers of income tax returns for past...
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Posted Date : 23-Jun-2021 , 08:41:01 am | Posted By CASANSAAR
Finance Act, 2021 inserted two new sections 206AB and 206CCA in the Income-tax Act 1961 which takes effect from 1st day of July, 2021. These sections mandate tax deduction or tax collection at higher rate in case of certain non-filers (specified persons). Higher rate is twice the prescribed rat...
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Posted Date : 17-Jun-2021 , 08:49:41 pm | Posted By CASANSAAR
Ministry of Micro, Small and Medium Enterprises has issued an amendment to the original notification No. S.O. 2119 (E) dated 26.06.2020 vide 2347(E) dated 16.06.2021, extending the validity of EM Part-II and UAMs from 31.03.2021 to 31.12.2021. This would facilitate the holders of EM Part-II and UAMs...
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Posted Date : 17-Jun-2021 , 09:21:22 am | Posted By CASANSAAR
Net Direct Tax collections have grown at a robust pace despite the disruption caused by the COVID-19 pandemic on the economy this financial year. Finance Ministry said that Net Direct Tax collections have increased over hundred per cent in this fiscal year in comparison to the corresponding period o...
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Posted Date : 15-Jun-2021 , 07:47:46 am | Posted By CASANSAAR
As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authoriz...
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Posted Date : 05-Jun-2021 , 09:36:29 am | Posted By CASANSAAR
Please ensure that you re-register your current valid DSC on the new e-filing portal https://www.incometax.gov.in from June 7th onwards. The earlier DSC registration on the old portal cannot be migrated due to security and technical reasons. This is a system generated e-mail and plea...
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Posted Date : 22-May-2021 , 09:25:54 am | Posted By CASANSAAR
In terms of the Government of India Notification No.4(5)-B(W&M)/2021 dated May 12, 2021, Sovereign Gold Bonds 2021-22 (Series II) will be opened for the period May 24-28, 2021 with Settlement date June 01, 2021. The issue price of the Bond during the subscription period shall be Rs 4,842 (Rupees...
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Posted Date : 21-May-2021 , 09:49:59 am | Posted By CASANSAAR
The Central Government, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the severe Covid-19 pandemic, has, on consideration of representations received from various stakeholders,decided to extend timelines for compliances under ...
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Posted Date : 10-Apr-2021 , 08:15:14 am | Posted By CASANSAAR
Direct Tax collections for the last financial year show growth of almost five per cent despite the challenges posed by the Covid-19 pandemic. Finance Ministry informed that the provisional figures of Direct Tax collections for the Financial Year 2020-21 show that net collections are at 9.45...
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Posted Date : 06-Apr-2021 , 08:37:37 am | Posted By CASANSAAR
The Income Tax Department has launched the offline utility for taxpayers filing ITR - 1 and 4 for 2020-21 fiscal year. The offline utility is available on the e-filing portal and is based on new technology JSON (JavaScript Object Notation), which is a light weight format for storing data. The ...
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Posted Date : 02-Apr-2021 , 09:09:51 am | Posted By CASANSAAR
GST Revenue collection for March 2021 has set a new record with highest ever collection of 1 lakh 23 thousand 902 crore rupees. The GST revenue collected in the last month is 27 per cent higher than that collected in March last year. The Finance Ministry has informed that GST revenues of Ma...
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- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
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- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
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