Income Tax Assessing Officer cannot treat Long Term Capital Gain (LTCG) as Bogus by treating a company as penny stock company without any evidence. Case Name : ITO Vs Shivani Gupta (ITAT Delhi)
Income Tax Provision of Faceless Appeal apply to only Income Tax Act, 1961. The following acts not included in the Scope of Faceless Appeal:
Wealth-tax Act, 1957;
Interest-tax Act, 1974;
Gift Tax Act,1958;
Expenditure-tax Act,1987;
Securities Transaction Tax in Chapter VII of Finance (No. 2) Act, 2004;
Commodities Transaction Tax in Chapter VII of Finance Act, 2013 and
Equalisation Levy in Chapter VIII of Finance Act, 2016.
Mandatory Registrations for NGOs after 01.04.2021 – Form CSR-1, Section 80G and Section 12AB of Income Tax Act. As per Notification issued by Ministry of Corporate Affairs dated 22nd January 2021, it is mandatory for all NGO’s which wants to raise CSR Funding to enrol with MCA w.e.f 01/04/2021 to get CSR Funding. And Filing of Form CSR-1 has been started on MCA portal and a huge number of NGOs has already enrolled with MCA.
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⚫Goldman Sachs has flagged a slew of concerns on the surging COVID-19 caseload that has been hitting new records everyday, coupled with the rising lockdowns, forcing it to downgrade India's GDP growth forecast for the full year to 10.5%, apart from pegging down stock indices valuation and earnings.
⚫The Centre’s indirect tax collection rose by more than 12% to Rs 10.71 trillion in FY21, even as GST mop-up declined by 8%.
⚫The Govt has initiated the process for inviting financial bids for the sale of Air India and the deal is likely to conclude by September.
⚫The Govt allowed emergency use of foreign Covid-19 vaccines through a fast-track route, striking off the need for a prior local trial.
⚫India recorded its biggest ever single day spike with 185248 fresh cases.The Maharashtra Govt has imposed lockdown-like curbs in the state from 8pm today. Section 144 has been imposed in the state and only essential services will be allowed for the next 15 days.
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MCA is proposing the following new System From June and October, 2021:-
👉 MCA Version 3 would alert companies of any errors in filings
👉 It will profile a company and assess its risk of defaulting.
👉 The ministry will reduce number of forms substantially from October.
👉 E-consultation and E-books will be launched in MCA in May,
👉 All form will be pre-filled web-based forms and
👉 Mobile app will be rolled out by October
👉 Enforcement module and compliance management system come online in October,
👉 Only limited forms like filling of the B/s and P&L figures will have to be manually filled in.
👉 All other forms on the portal being converted into pre-filled web forms from the current PDF versions,
👉 All the above will bring down the time and resources spent by CS on compliance.
👉 MCA is keen to shift to a more trust-based regime by doing away with attachments of various reports for verification, albeit with adequate checks.
👉 Mobile app would come with features like e-consultation allowing users to provide feedback on draft bills directly online,
👉 E-book for instant reference and sharing of all Acts and rules relating to company affairs
👉 Complete Access to the registry of master data.
👉 Front-facing features of the website would be incorporated in the app, but these would include only simpler forms since placing digital signature certificates via mobile would be difficult.
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✅ New features of Form GSTR-2B & GSTR-3B made available to taxpayers under QRMP Scheme - Auto Generation of Form GSTR-2B and Auto-population of ITC in Form GSTR-3B for the QRMP taxpayers
✅ Clarification on reporting 4-digit/6-digit HSNs
https://www.gst.gov.in/newsandupdates/read/463
✅ Insolvency and Bankruptcy (Pre-Packaged Insolvency Resolution Process) Rules, 2021Pdf(1.9 MB)
http://www.mca.gov.in/Ministry/pdf/InsolvencyandBankruptcyRules_12042021.pdf
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