CBDT has notified the new rules regarding computation of short-term capital gains (STCG) and written down value (WDV) where depreciation on goodwill has been obtained, potentially increasing tax liabilities on firms that have undergone mergers or acquisitions in recent years.
Income tax department has issued refunds worth Rs 37,050 crore to more than 17.92 lakh taxpayers between April 1 to July 5. Of this, personal income tax refund stood at Rs 10,408 crore, while that of corporates was Rs 26,642 crore.
CBIC introduced the ‘Turant – Faceless Assessment' Brings in transparency, less human intervention; objectives, challenges.
CBIC initiated and implemented several reform measures in the recent past focusing on simplifying cross-border trade. India currently ranks 63rd in the World Bank’s Ease of Doing Business (EODB) Index, ascending 17 notches in a year. This was made possible due to the reduced time and cost of clearance of goods at various Customs ports owing to the implementation of measures such as SWIFT, e-Sanchit, revised AEO programme, RFID e-seal programme, etc. To bring in transparency, more digital acumen, and less human intervention, CBIC introduced the ‘Turant – Faceless Assessment’ for cross-border operations. This is also referred to as Electronic Custom Clearance in developed countries.
RBI declared that if any issue arises while transferring amount thru G Pay one cannot claim as the same is not in the list of authorised payment system by NATIONAL PAYMENTS CORPORATION OF INDIA.
Be cautious before using Google pay. Any payment related issues or frauds emanating due to Google pay will be outside the purview of RBI..
Just be careful
MCA has notified the revised form 18 which will enable the Multidisciplinary Partnership with other Professional by a Chartered Accountants. This will open window wherein a single firm can offer bouquet of Professional Service which will create foundation of global landscaping.
ICAI Notification dtd 08.07.2021 published in official gazette regarding Multi Disciplinary Partnership Firms for Chartered Accountants. With the modification in form 18, CA firms are now allowed to have partnership with CMAs, CSs, Advocates, Engineer, Architects others permitted under section 53 B.
.
========>
.
⚫An upsurge in new coronavirus variants and poor access to vaccines in developing countries threaten the global economic recovery, FM's of the world's 20 largest economies warned.
⚫PM said that crowds at tourist spots are worrying.To a question on if India is opening too soon & too fast, 53.31% of the respondents of the IANS CVoter Live Tracker said 'yes', while 34.34% said that India is not opening up too fast but people are becoming careless.
⚫The Centre has earned Rs 4.91 lakh crore revenue as petrol and diesel prices have been hiked 69 times since January 1 this year.
⚫A draft of a population control bill put up on the UP Law Commission website says, those having more than two children will be debarred from contesting local bodies polls, applying for Govt jobs or receiving any kind of subsidy.
.
========>
.
⚫The Road Transport and Highways Ministry will seek the Cabinet's approval for allowing construction of smart cities, townships, logistic parks and industrial clusters along the national highways.
⚫The Road Ministry said that aim is to construct 60,000 km of the world class national highway by 2024, at the rate of 40 km per day.
⚫SEBI and SE's have announced safeguards to protect small investors & curb price manipulation in shares of Co's under insolvency resolution process.
⚫Centre, LIC to offload part or full IDBI Bank stake in one go.
⚫Monsoon likely to reach Delhi on Saturday, 13 days after usual date.
⚫Uttarakhand CM orders 50% occupancy capping in hotels amid tourists rush.
.
========>
.
⚫The Govt approved a host of changes into the Rs one trillion Agriculture Infrastructure Fund, including bringing Agriculture Produce Market Committees or regulated mandis within its ambit, a move which showcased commitment to keep them functioning.
⚫Realty investment highest in five years for June quarter.
⚫The cabinet approved Rs 23123 crore package for improving health infrastructure to fight COVID-19 as part of which around 2.4 lakh medical beds and 20,000 ICU ones would be created with a special focus on paediatric care.
⚫Bonds rallied after the RBI governor indicated that its accommodative policies would continue for long, especially as the central bank saw inflation as a “temporary hump” and growth fragile.
⚫Google tax collection jumps 4 times in Q1; Bengaluru tops the list. This comes in the backdrop of India agreeing to the global tax deal proposal at the OECD, which will require New Delhi to withdraw the equalisation levy by 2023.
⚫Southwest monsoon has practically stalled over most parts of the country since June 19. This has not only delayed its progress over north India but has also badly impacted the sowing of the kharif crop.
⚫Mumbai airport passenger volumes register 60% increase in June.
.
========>
.
The Bombay High Court, in a challenge to notice issued under s. 148 of the Income-tax Act, 1961 after 01.04.2021 under the old regime stayed the proceedings and issued notice to the Revenue as well as Attorney General [Tata Communications Transformation Services Limited v. ACIT (WP No.1334 of 2021) vide order dated 05.04.2021]. Petitioner specifically challenged the Explanation to clause (A)(a) of notification 20/2021 and Explanation to clause (A)(b) of notification 38/2021 as being ultra vires the Act, Finance Act, 2021 and are hence unconstitutional. Next date of hearing is fixed for 02.08.2021.
Today, the Delhi High Court has also issued notice to the Revenue in a similar matter where notice under s. 148 as well as the explanation to clause (A)(b) of notification 38/2021 was challenged, but refused to stay the proceedings [Ansal Properties and Infrastructure Limited v. ACIT (W.P.(C) 6152/2021)]. Next date of hearing is 28.09.2021.
This issue is going to be debated in the Courts in almost all the cases where the notice is issued after 01.04.2021 and it would be quite interesting to see how the Courts would interpret the same. Therefore, for taxpayers, it is quite important to challenge these notices on this jurisdictional ground.
.
==============>
.
📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝
Thanks for reading
