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GST authorities recovers more than Rs 1,900 crore in tax evasion in FY 2021-22
GST authorities recover more than Rs 1,900 crore in tax evasion in FY 2021-22 (upto June 2021) The interface for the taxpayers is on a digital platform and software-based, to be used for payment of ta...
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Taxation Laws (Amendment) Bill, 2021 – May Benefit Vodafone, Cairn UK
Taxation Laws (Amendment) Bill, 2021 is introduced in Lok Sabha on 05th August 2021. Bill is further to amend the Income-tax Act, 1961 and the Finance Act, 2012. The Bill proposes to amend the Income-...
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CBDT designates Special Court for Telangana under Section 280A & Black Money Act
Notification No. 89/2021-Income Tax | Dated 04.08.2021 Chief Justice of the High Court for the State of Telangana, hereby designates the Court of the Special Judge for Economic Offences-cum-VIII Addit...
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CBDT designates Special Court for Gujarat under Black Money Act
Notification No. 87/2021-Income Tax | Dated 04.08.2021 – Chief Justice of the High Court of Gujarat, hereby designates the following Court mentioned in column (2) of the Table below as the Special Cou...
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Implementation of Insolvency and Bankruptcy Code- Pitfalls & Solutions
STANDING COMMITTEE ON FINANCE (2020-2021) SEVENTEENTH LOK SABHA MINISTRY OF CORPORATE AFFAIRS IMPLEMENTATION OF INSOLVENCY AND BANKRUPTCY CODE- PITFALLS AND SOLUTIONS THIRTY-SECOND REPORT LOK SABHA SE...
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Various measures taken by Government for promotion of exports
Government is continuously engaged in strengthening Indian industry through “ease of doing business” for improving the business environment and attracting foreign investments Government is committed f...
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Draft Format of Outstanding Debt recovery Letter
To, Address City, Maharashtra, 422001. Subject : First Reminder for Late Payment Dear Sir/Maam, It has come to our attention that your account is overdue for payment. So, this letter is to remind you...
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Exposure Draft : Initial Application of IFRS 17 & IFRS 9 – Comparative Information Proposed amendment to IFRS 17
IASB document issued for comments: Initial Application of IFRS 17 and IFRS 9 – Comparative Information Proposed amendment to IFRS 17 Indian Accounting Standards (Ind AS) are based on the IFRS Standard...
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ICAI seeks members consent for inclusion of E-mail address in Voters List
Election 2021 – Consent for inclusion of E-mail address in the List of Voters. As you may be aware, the next Elections to the Council and Regional Councils are scheduled to be held on 3rd and 4th Dece...
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Notices for non-filing of GSTR9/9A -Harassment of Taxpayer
Representation against Harassment of Taxpayers by the Department by issuing Notices for non-filing of GSTR9/9A for different Financial Years by Punjab Accountants Association to Shri Paramjit Singh, D...
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GST authorities recovers more than Rs 1,900 crore in tax evasion in FY 2021-22
GST authorities recover more than Rs 1,900 crore in tax evasion in FY 2021-22 (upto June 2021) The interface for the taxpayers is on a digital platform and software-based, to be used for payment of ta...
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Ease of Doing Business with New CIP launched by CBIC
Ministry of Finance released Press Release stating CBIC launches Compliance Information Portal (CIP). Under this, CIP shall provide free access to information on all Customs procedures and regulatory...
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Taxes levied on petrol and diesel in India
GOVERNMENT OF INDIA MINISTRY OF PETROLEUM AND NATURAL GAS RAJYA SABHA STARRED QUESTION NO. 98 TO BE ANSWERED ON 28TH JULY, 2021 Taxes levied on petrol and diesel 98. Shri Elamaram Kareem: Will the Min...
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Clarification on spending of CSR funds for COVID-19 vaccination
Spending of CSR funds for COVID-19 vaccination for persons other than the employees and their families, Is an eligible CSR activity under item no. (i) of Schedule VII of the Companies Act, 2013 relati...
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12,889 shell companies struck off in FY 2020-21
There is no definition of the term ‘Shell Company’ in the Companies Act. It normally refers to a company without active business operation or significant assets, which in some cases are used for illeg...
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CBDT extends due dates for electronic filing of various Forms
under the Income-tax Act, 1961 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 r...
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CBDT notifies pension fund ‘Ontario Inc.’ U/s. 10(23FE)
Central Government hereby specifies ‘ Ontario Inc.’, as the specified person for the purposes of sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of Income-tax Act, 19...
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Representation on issues related to newly launched Income Tax Portal
TAX ADVOCATES’ ASSOCIATION OF BENGAL’ has made a representation before Hon’ble Finance Minister on issues related to newly launched Income Tax Portal. Their representation is as follows: TAX ADVOCATES...
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Arbitration under MSME Act
Ministry of Micro,Small & Medium Enterprises Posted On: 02 AUG 2021 Sub-section 3 of Section 18 of the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 provides that where the concili...
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ITC fraud of more than Rs 31,000 crore busted in FY 2020-21
CGST authorities bust input tax credit fraud of more than Rs 31,000 crore involving more than 7,200 cases in FY 2020-21 The Goods and Services Tax authorities have unearthed over Rs 31,000 crore of ta...