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  • Taxpayers faces 25 glitches in New Income Tax Portal 2.0
  • June 14, 2021
June 3, 2021
The Customs, Excises, Service Taxes Appellate Tribunal (CESTAT), Mumbai Bench ruled that once the export obligation is fulfilled, manufacturers can not be constrained to clear particular products in DTA in proportion to the export of specific products. The appellants, M/s. Axiom Cordages Ltd. is an EOU manufacturer and exporters HDPE/LDPE/PP Ropes and Yarn. The appellants […]
May 29, 2021
The 43rd GST Council on Friday took several key decisions including COVID related relief measures for taxpayers. In addition to the relief measures already provided to the taxpayers vide the notifications issued on May 1, 2021, various other relaxations are also being provided to the taxpayers. In respect of the small taxpayers (aggregate turnover upto […]
May 28, 2021
The Madras High Court held that the Settlement Commission ought to have rejected the application on the failure of the assessee to make full and true disclosure of undisclosed income. The petitioner, Income Tax Department conducted search and seizure operation under Section 132(4) of the Income Tax Act at the registered office premises of the […]

  • filling ITR‐4 SUGAM - ITR - taxscan
  • Income Tax Return: Detailed Guide on filling ITR‐4 SUGAM
  • June 9, 2021
  • The Central Board of Direct Taxes (CBDT) notified  the instructions to help the taxpayers for filling the particulars in Income Tax Return Form‐4 for the Assessment Year 2021‐22 relating to the Financial Year 2020‐21. What is  ITR‐4 SUGAM? The ITR 4 Sugam Form is for the taxpayers who are filing returns under the presumptive income […]
  • ITR 7 - Taxscan
  • Income Tax Return: Step by Step Guide on filing ITR 7
  • June 8, 2021
  • The Central Board of Direct Taxes (CBDT) notified the guidelines for filling the particulars in Income‐tax Return Form‐7 for the Assessment Year 2021‐22 relating to the Financial Year 2020‐21. What is  ITR-7? ITR-7 is filed when persons including companies fall under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D). […]
  • New Income-Tax e-filing 2.0 Portal - Income-Tax - taxscan
  • New Income Tax E-Filing 2.0 Portal: Everything you need to know about New Features
  • June 8, 2021
  • The Income Tax Department has launched its new e-filing portal (www.incometax.gov.in) on June 7, replete with new features which are expected to make the ITR process much easier and faster. The Income Tax Department notified all the existing taxpayers by sending a text to their registered numbers. “Dear Taxpayer, The Income Tax Department is happy […]
  • Procedure for Registration of DSC - New Income Tax Portal - taxscan
  • Know the Procedure for Registration of DSC in New Income Tax Portal
  • June 8, 2021
  • The Income Tax Department launched its new E-filing portal on June 7th, 2021, so it is now directing to re-register the Digital Signature Certificate (DSC) on the new Income Tax e-filing portal. What is DSC? As per Section 140 of the IT Act 1961, the person responsible for signing the I-T return can be, typically, […]
Form 26AS - Filing a Income Tax Return - Taxscan
June 12, 2021

If you are filing Income Tax Return as an individual or as a company, there is something called Form 26AS which captures all the tax paid on your behalf by your employer or clients What is Form 26AS? Form 26AS is also known as the Tax Credit Statement. It is your annual consolidated tax statement […]

Self-Assessment Tax Payment - Tax Arrear - Vivad se Vishwas Scheme - Bombay High Court - Taxscan
June 12, 2021

The Bombay High Court ruled that the Delayed self-assessment tax payment cannot be tax arrear for Vivad se Vishwas Scheme. The petitioner, Macrotech Developers Limited is a public limited company incorporated under the Companies Act, 1956 having its registered office at Mahalaxmi, Mumbai. It is engaged in the business of land development and construction of […]

Writ Petition - levy of Service Tax - Statutory Remedy - Madras High Court - taxscan
June 12, 2021
Madras High Court ruled that the writ petition challenging levy of Service Tax not maintainable since alternative Statutory Remedy available. The petitioner, Mr.S.Subin Vinoth Kumar who is the Legal Representative of Mr.Suriyamurthy assailed the order of the respondent confirming the levy of service tax passed on a deceased person, which was sought to be quashed. Ms.G.Varshitha, counsel appearing on behalf of the petitioner vehemently argued that the order impugned is perverse on the ground that it was passed against a
Authorization Shipping Bills - Madras high court - Taxscan
June 11, 2021

The Madras High Court quashed the Customs Commissioner’s order rejecting to convert drawback shipping bills to drawback-cum-advance authorization shipping bills. The petitioner is a manufacturer and exporter of garments. In the course of their business, the petitioner had obtained Advance Authorization dated 08.07.2014 from the Joint Director General of Foreign Trade (JDGFT), Coimbatore for import […]

Power Generation - Transmission - SEZs - Taxscan
June 10, 2021

The Government has issued the guidelines for Power Generation, Transmission, and Distribution in Special Economic Zones (SEZs). Mr. Senthil Nathan S, the SEZ Director while writing to all the Chief Secretaries of all States/UTs; All Development Commissioners, Special Economic Zones; Ministry of Power, Shram Shakti Bhawan, Rafi Marg, New Delhi; DGEP, Department of Revenue; DG, […]

Levy of Penalty -Sole Proprietor - Firm amount - Double Jeopardy - CESTAT - Taxscan
June 7, 2021

The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Delhi bench has held that the levy of penalty on the sole proprietor of a firm along with the concerned firm would amount to double jeopardy under the provisions of the Customs Act, 1962. The customs department imposed penalty on the appellant, a sole proprietor and […]

Credit- Faulty Investigation- CESTAT - Taxscan
June 7, 2021

The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Chandigarh bench has recently held that the benefit of cenvat credit cannot be denied to the taxpayer on the basis of a faulty investigation conducted by the department. The appellant, a Company, sold the goods to one Sikkim Ferro Alloy, who was buyer of the goods, […]

December 7, 2020

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 […]

No plan - impose Property Tax - Union Territory of J&K - LG Manoj Sinha - opposition - Taxscan
October 20, 2020

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 […]

OECD - report - Inheritance Taxation - OECD Countries - Taxscan
May 18, 2021
The Organisation for Economic Co-operation and Development (OECD) has released the report on Inheritance Taxation in OECD Countries. The purpose of the report is to Compare and assess inheritance, estate and gift taxes across OECD countries and Explore the role that these taxes could play in raising revenue, addressing inequalities and improving the efficiency of […]
Tax Rates - DTAA - Dividend - DDT - ITAT - Taxscan
April 2, 2021
The Government notified the Double Taxation Avoidance Agreement (DTAA) and prevention of fiscal evasion with respect to taxes on income with the Government of Islamic Republic of Iran. The Agreement between the Government of the Republic of India and the Government of the Islamic Republic of Iran for the avoidance of double taxation and prevention […]
Artists - social media influencers - VAT - UAE - Taxscan
March 8, 2021
The UAE’s Federal Tax Authority (FTA) on Sunday said that services provided by artists and social media influencers for consideration are subject to Value Added Tax (VAT). This announcement was shared in the latest Basic Tax Information Bulletin issued by the FTA on the tax treatment of supplies provided by artists and social media influencers. […]

NFRA -resolving disciplinary matters - auditors - taxscan
June 9, 2021
The Audit Regulator, National Financial Reporting Authority (NFRA) has said it will discuss with the government a proposed settlement of auditor disciplinary matters that does not require a determination of malpractice. The NFRA has set up a Technical Advisory Committee (TAC) to, inter alia, provide NFRA with inputs from the perspective of users, preparers, and […]
MCA - e-Form INC-35 - Taxscan
June 8, 2021
The Ministry of Corporate Affairs (MCA) notified the Companies (Incorporation)  Fourth Amendment Rules, 2021 wherein the changes in e-Form INC-35 are notified. The notification seeks to amend the Companies (Incorporation) Rules, 2014. In the Companies (Incorporation) Rules, 2014 (hereinafter referred to as the said rules), in rule 38A, (i) in the marginal heading, for the […]
Supply of Electricity - Corporate Debtor’s - CIRP Costs - NCLAT - Taxscan
June 7, 2021
The National Company Law Appellate Tribunal (NCLAT), Delhi Bench ruled that the Supply of Electricity for running of Corporate Debtor’s office constitutes the part of CIRP Costs which can be recovered when Resolution Pan (RP) is approved. The Appellant, Executive Engineer Uttar Gujarat VIJ Company Ltd. urged that it was entitled to recover electricity charges […]
SEBI - insider trading - shares - Infosys - Taxscan
June 3, 2021
The Securities and Exchange Board of India (SEBI) issued the Interim Order in the matter of insider trading in shares of Infosys Limited. The SEBI in its ex-parte interim order, has detailed the insider trading activity in Infosys’ shares around July 15, 2020, prior to the announcement of quarterly financial results. The information on Infosys’ […]
Dreamz Infra India - Karnataka High Court - State Govt - IBC - State Act - Taxscan
June 3, 2021
The Karnataka High Court while quashing the parallel Proceedings by the State Government against Dreamz Infra India ruled that the Insolvency and Bankruptcy Code, (2016 (IBC) will have an overriding effect on State Act. The petitioner,  M/s Dreamz Infra India is a real estate company involved in the development of various housing and apartment projects […]
SEBI - compliance report - Corporate Governance - Taxscan
May 31, 2021
The Security and Exchange Board of India (SEBI) on Monday notified the format of the compliance report on Corporate Governance by Listed Entities. The Board issued the circular under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 101 of the Securities and Exchange Board of India (Listing […]
Bitcoin - Dogecoin investors - RBI - Virtual Currencies - Taxscan
May 31, 2021
In a major relief to Bitcoin and Dogecoin investors, the Reserve Bank of India (RBI) on Monday asked the Banks to exercise Customer Due Diligence for transactions in Virtual Currencies. The RBI clarified that banks and other entities cannot cite its 2018 order on virtual currencies as it has been set aside by the Supreme […]
MCA - Forms - waiver of additional fee - Taxscan
May 30, 2021
The Ministry of Corporate Affairs (MCA) has  notified the list of forms providing waiver of additional fee. Earlier, the MCA vide Circular no. 06/2021 and 07/2021 provided a waiver in respect of only 18 forms now 22 more forms are added in the list. FORM INC-20A No additional fees shall be levied on declaration for […]
Punjab & Haryana HC - anticipatory-bail - Money Laundering - Taxscan
June 12, 2021

The Punjab and Haryana High Court rejected the anticipatory bail to a person accused of Money Laundering worth Rs.220 Crores. The petitioner, Jagadish Nangineni and Jagdish Chandra Sharma submitted that Sobha and Chintels entered into 59 agreements to sell through which they agreed to sell 59 NPNL plots to LLPs created by Sobha at the […]

Public Prosecutor - bail - PMLA - Punjab & Haryana HC - Taxscan
June 7, 2021
The Punjab & Haryana High Court ruled that the  Public Prosecutor should not be heard before granting of bail, if the court has reason to believe the person was not guilty under the Prevention of Money Laundering Act, 2002. The accused in the FIR lodged by the Haryana police were no longer being prosecuted under […]
Wealth Tax Assessment - seized gold - jewellery - cash - Bombay High Court - Taxscan
June 6, 2021
The Bombay High Court ruled that the wealth tax assessment liability will arise once seized gold, jewellery, cash is released. The assessee, Nirajkumar N. Rungta has sought order and direction to the respondents to forthwith release 85617 grams of gold, jewellery, cash, and other valuable articles from the premises as per the panchnama and hand […]
Webinar - Denial of IGST Refund - Rebate to Advance Authorization Holder - Taxscan
June 11, 2021

Tuesday15th June, our next webinar under our SIMPLIFIED banner on the subject ‘Denial of IGST Refund / Rebate to Advance Authorization Holder – Way Forward’ will be held between 5:00 PM and 7:00 PM. CA. NAVJOT SINGH will be our guest speaker for this webinar aimed at professionals and students alike. He has been an […]

Webinar - SEBI - Proposed changes - Promoters, - Promoter Group - Independent Directors - Taxscan Premium Users - Gaurav pingle - taxscan
May 20, 2021

Next Saturday, on 5th June, Taxscan is will be conducting the next program under our SIMPLIFIED banner. The Webinar will be on SEBI’s Proposed changes to the Framework of Promoters, Promoter Group & Independent Directors. CS Gaurav Pingle will be the speaker at this webinar aimed at professionals and students alike. Gaurav Pingle is an […]

Fox Mandal - International Tax Practice - Taxscan
September 9, 2020
Fox Mandal & Associates has appointed Mr. Sandip Mukherjee as Director, International Tax Practice. Sandip would operate from the Pune office and lead the international tax practice of the firm in Southern & Western India. His addition is a part of the firm’s strategic expansion of its Tax Advisory vertical. Sandip has spent about 27+ […]
November 9, 2017
The DMD Advocates has advised Infradigital Technologies Private Limited, a company promoted by Eros Labs Pte. Ltd. in selling its business undertaking engaged in the business of production and distribution of spiritual, devotional and religious audio-visual content and literature to Innertech Media Solutions Private Limited. Innertech is a portfolio company of Times Internet Limited. The business division was transferred […]