Author: Raju and Prasad Chartered Accountants
Appeal on Income Tax Appellate Tribunal (ITAT) on remanding back to Commissioner (Exemptions) regarding rejection of Application under section 80G (5)
Vide Decision of High Court
of Allahabad in People Cause Foundation v. Income Tax Appellate Tribunal.
Facts of the Case:
The Appellant is a [...]
Belated Claim of Refund during the course of Assessment Proceedings which resulted into delay in granting of refund could not be a reason attributable to the assessee and couldn’t dismiss the payment of interest for the amount of refund delayed
Vide decision of High Court
of Bombay in Commissioner of Income Tax V. Melstar Information Technologies Limited.
Facts of the Case:
The Assessee [...]
Extension of Due Date for filing of TDS statement in Form 24Q
CBDT Vide Order under Section 119
of Income Tax Act, 1961, CBDT Extended due date for filing of
TDS statement in Form 24Q for FY
2018-19 from 31st May, [...]
Extension of Due date for filing TDS Returns in the State of Odisha
CBDT vide
Order under section 119 of Income-Tax Act,1961, CBDT extended,
Due date for depositing Tax
Deducted at Source (TDS) for the month of April,2019 [...]
Waiver of Charges on National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS) Systems
RBI vide Notification No. RBI/2018-2019/2018 dated June 11, 2019, RBI has decided that with effect from 1st July,
2019 processing charges and Time
Varying [...]
Appointment of Chief Risk Officer (CRO) for NBFCs
RBI vide Notification No.
RBI/2018-19/184 dated 16th May, 2019 has decided that NBFCs with
Asset Size of more than Rs.50 Billion shall appoint a CRO with [...]
Clarification on Transfer of Securities held in Physical form
SEBI vide
Press Release No. 12/2019 declares that Transfer of shares held in physical
form from April 01, 2019 shall be in Dematerialized form with a [...]
Press Release on MoU between SEBI &MCA for Data Exchange
SEBI vide
Press Release No. 15/2019 dated June 07, 2019prMou was signed between SEBI and
Ministry of Corporate Affairs (MCA) on June 7, 2019 for data [...]
Amendment for Para 6 in Guidelines for launching of Prosecution in relation to offences punishable under the Customs Act, 1962-reg
Customs vide circular No. 12/2019-Customs dated 24-05-2019 amends para 6 of Circular no. 27/2015 which consists launching Prosecution immediately on [...]
Article by our Partner M Siva Ram Prasad in ICAI Journal
Dear Sir/Madam,
We take immense pleasure in informing you that the article by our Partner Sri. M Siva Ram Prasad on "Loan Frauds and Forensic Audit" is [...]
Interest for late payment of GST payable on gross tax liability and not after set-off of Input Tax Credit
Vide Decision
Of High Court Of Telangana in Megha Engineering and Infrastructures Ltd. v. Commissioner
of Central Tax
Facts
of the case:
Case of the [...]
Reimbursement of service tax, by ONGC to assessee not a part of aggregate amount specified in sub-section (2) of section 44BB
Vide Decision
of High Court Of Uttarakhand in Director of Income-tax International Taxation
v.Schlumberger Asia Services Ltd.
Facts
of the case:
Section [...]
Tribunal being last Court of appeal on facts, its finding on question of fact is of significance, thus, where Tribunal did not correctly appreciate as to what Assessing Officer and Commissioner (Appeals) held and what was their reasoning which led to their respective conclusion, matter was to be remanded back for adjudication afresh
Vide Decision of Supreme Court Of India in Principal Commissioner of Income-tax v.Ballarpur Industries Ltd.
Facts of the case:
The assessee is a Limited [...]
Reporting requirements in Form 3CD
Section 44AB of the Income-tax Act, 1961 requires specified persons to furnish Tax AuditReport in Form No. 3CD. Form No.3CD was amended vide notification no. [...]
Legal Entity Identifier: Extension of deadline
Earlier,
Reserve Bank Of India hasissued CircularNo.FMRD.FMID.No.10/11.01.007/2018-19dated
29-11-2018on requirement of Legal Entity Identifier (LEI) for [...]