The Income Tax Appellate Tribunal (ITAT), Chandigarh Bench held that the Tax authorities can not evade responsibility to ensure only correct and due taxes are collected and no taxpayer to be burdened with unfair additions. An addition of Rs.40 lakhs was made in the hands of the assessee, Naresh Sharma on account of deposits found […]
The Central Board of Direct Taxes (CBDT) has notified specified persons (reporting persons) that will furnish such information on behalf of individual taxpayers in the pre-filled ITR forms. This would help in easier filing of returns as taxpayers would just have to verify records of income accruing to them from such investments without having to […]
The Ministry of Commerce and Industries notifies relaxations in Pending compliances, expiry of validity of LoAs, approvals or permissions in the current lockdown in view of COVID-19. In view of the prevailing situation of the COVID-19 pandemic and partial lock-down imposed by the State Governments, most government offices are either closed or are functioning with […]
The Madras High Court while allowing the refund ruled that the circular can not deny the benefit offered under Statutory Provisions. The petitioner, M/s.Chaizup Beverages LLP is an exporter of tea and has engaged in export transactions without payment of Integrated Goods and Service Tax (IGST). According to the petitioner, export of goods and services […]
The Madras High Court ruled that the purchaser is not entitled to claim refund of excise duty paid under protest after the expiry of limitation period of 6 Months. The petitioner, M/s.M.G.M.International Exports Ltd. has prayed before the court to direct the respondent to refund the tax amount of Rs.1,10,999/- with minimum interest borne by […]
The Madras High Court while upholding rejection of refund claim affirmed that the Exemption Notification should be interpreted strictly. The assessees, M/s.Kurian Abraham (P) Ltd and M/s.Kanam Latex Industries (P) Ltd. imported Latex Gloves in bulk and filed bills of entry for clearance of those goods, which after clearance were packed in pouches, after undergoing […]
A two-judge bench of the Madras High Court has denied the benefit of exemption of urban land tax to Chennai Port Trust under the provisions of the Tamil Nadu Urban Land Tax Act of 1996. While considering an appeal filed by the State, Chief Justice Amreshwar Pratap Sahi and Justice Senthilkumar Ramamoorthy ruled that the […]
The Lieutenant Governor (LG) of Jammu and Kashmir, Manoj Sinha while Putting speculations to rest said that the Union Territory administration would not levy any property tax on the people in Jammu and Kashmir. Earlier this month, the Union home ministry had empowered the union territory’s administration to impose the property tax following an amendment […]
The Institute of Chartered Accountants of India ( ICAI ) has announced the Live Coaching Classes For CA Final, Inter Courses. The Live Coaching Classes (LCC) Batch -3 commencing from 10th May 2021 respectively for Students of Intermediate course appearing in Nov 2021 examination and Final course for Nov 2021 and May 2022 examination. The […]
The Corporate Laws Committee of the Institute of Costs Accountants of India (ICMAI) is conducting a Quiz on Corporate Law on the account of celebrating February 2021 as Corporate Law Month on all India basis. The link of the quiz will be made available to the members or students who have registered in the above […]
Taxscan in association with NITYA Tax Associates is pleased to announce our next program under Simplified series, a webinar on ‘Input Tax Credit – Concept and Practical Issues’. Input Tax Credit (ITC) is one of key elements of Goods and Services Tax (GST) regime and seamless flow of ITC has always been the objective of […]
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