Happy Diwali to you and your Family. May God bless all of us with Happiness and Peace of Mind.
Income Tax Dept rolls out the new Annual Information Statement (AIS) on the Compliance Portal. It provides a comprehensive view of information to taxpayer, with facility to capture online feedback. Click on link 'AIS' under the 'Services' tab on http://incometax.gov.in to access.
Leaders of the world's biggest economies endorsed a global minimum tax on corporations, a linchpin of new international tax rules aimed at blunting the edge of fiscal paradises amid skyrocketing profits of some multinational businesses. The endorsement aims to deter multinationals from stashing profits in countries where they pay little or no taxes--commonly known as tax havens.
Vacancy Allowance - The undisputed fact is that the assessee was receiving a monthly rent. This means that now the properties rent which is less than the previous rent. Considering the facts in totality we are of the considered view that the assessee is entitled for vacancy allowance for a period October, 2012 till 04th March, 2013 and we direct the AO to allow the vacancy allowance on the ALV determined by him. (Favour of Assessee) Love Kumar Khosla Vs. JCIT, 13/07/2021, ITAT-Delhi
Government implemented rate parity between 'right to use' and 'transfer of right to use' under the GST framework, which will affect transactions where brand names are held in a separate business and subsidiaries are 'allowed' to use it for a fee, say tax experts. Following the move, the tax authorities may begin investigating various groups and corporations about how much their brand names and trademarks are worth and whether or not they impose GST on the amount.
MCA Update– No Additional fees will be levied upto 31/12/2021 for filing AOC-4 & MGT-7 forms for the Financial Year ending on 31.03.2021.
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Madras High Court has issued notice to the union government on a writ petition challenging the constitutional validity of the faceless assessment system under the Income Tax Act. The petition challenged the faceless assessment regime as manifestly arbitrary, opaque, contrary to the settled principles of natural justice and administrative law in general and violative of provisions of the equality before law among others in the Constitution.
Income Tax Submission of Form 3CA-3CD,3CB-3CD for AY 2021-22, AY 2020-21 is enabled on e-Filing portal www.incometax.gov.in.
Income Tax department has asked multiple foreign portfolio investors (FPIs) to cough up more taxes on their capital gains after denying set-off and tax treaty benefits. The notices were issued by the Centralised Processing Centre (CPC) of the I-T department under Section 143(1) of the Income-tax Act.
Supreme Court set aside a Delhi High Court order which allowed Bharti Airtel’s plea for fund of Rs 923 crore in excess GST paid by it from July to September 2017 saying that rectification of errors and omissions is permissible only at the initial stages. A bench allowed the appeal filed by the Centre against the high court’s May 5, 2020 judgement which permitted Airtel to rectify Form GSTR-3B, GST summary return form for the period.
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👉🏻Shaktikanta Das reappointed as RBI Governor for three more years
(Govt has approved the reappointment of Shaktikanta Das as Governor of the Reserve Bank of India for a period of three years)
👇🏻 👇🏻 👇🏻
https://bit.ly/2ZDAFUU
👉🏻RBI allows banks to open current accounts for borrowers availing credit from other banks
(Banks may open current accounts for borrowers who have availed credit facilities in the form of cash credit (CC)/ overdraft (OD) from the banking system, said RBI)
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https://bit.ly/3mqqmfY
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⚫French President said that France shares ambitions in the environment, health and innovation with India and the two countries will continue to work together towards concrete results, especially in the Indo Pacific region.
⚫Leaders of the world's biggest economies on Saturday endorsed a global minimum tax on corporations, a linchpin of new international tax rules aimed at blunting the edge of fiscal paradises amid skyrocketing profits of some multinational businesses.The endorsement aims to deter multinationals from stashing profits in countries where they pay little or no taxes.
⚫The Purchasing Manager's Index was at 49.2 in October, down from 49.6 in September, data from the National Bureau of Statistics. Hurt by persistently high raw material prices and softer domestic demand, pointing to more economic disquiet in the final quarter of 2021.
⚫Vector-borne diseases like dengue, chikungunya and malaria have been made as notifiable diseases under the Epidemic Diseases Act.
The notification makes it compulsory for all hospitals to provide information to the Govt about any such case that they receive.
⚫Petrol, diesel prices were hiked for the fifth day in a row on October 31, taking rates to their highest levels across the country. In Mumbai, petrol touched 115.15, while diesel touched a new high of Rs 106.23.
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⚫India's economy takes 'formal' leap as informal shrinks.15-20% of economy informal now as against 52% in FY18.
⚫Realtors see residential housing sales hitting new peak in 2 years. Stamp duty cut, low-interest rates, lower prices are a trigger.
⚫With Indian jewellery market already on the robust recovery path, the jewellers are expecting strong Diwali sales in the Dhanteras as the festive mood remains high with low Covid third wave possibility and softer gold price this season.
⚫The Govt's collection from levy of excise duty on petroleum products has risen 33% in the first six months of the current fiscal when compared with last year and is 79% more than pre-Covid levels.
⚫Adani, Tata and Reliance Industries go on acquisition spree. The conglomerates are planning to offer personal loans, travel bookings, and movie tickets to create a consolidated digital platform that will support their existing offline businesses.
⚫Amazon to Microsoft, big technology firms bet big on India. International technology giants have pulled out all the stops in backing the country's robust digital consumption story.
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Roll out of new Annual Information Statement (AIS)
👉Income Tax Department has rolled out the new Annual Information Statement (AIS) on the Compliance Portal which provides a comprehensive view of information to a taxpayer with a facility to capture online feedback. The new AIS can be accessed by clicking on the link “Annual Information Statement (AIS)” under the “Services” tab on the new Income tax e-filing portal (https://www.incometax.gov.in) The display of Form 26AS on TRACES portal will also continue in parallel till the new AIS is validated and completely operational.
👉The new AIS includes additional information relating to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information etc. The reported information has been processed to remove duplicate information. Taxpayer will be able to download AIS information in PDF, JSON, CSV formats.
👉If the taxpayer feels that the information is incorrect, relates to other person/year, duplicate etc., a facility has been provided to submit online feedback. Feedback can also be furnished by submitting multiple information in bulk. An AIS Utility has also been provided for taxpayers to view AIS and upload feedback in offline manner. The reported value and value after feedback will be shown separately in the AIS. In case the information is modified/denied, the information source may be contacted for confirmation.
👉A simplified Taxpayer Information Summary (TIS) has also been generated for each taxpayer which shows aggregated value for the taxpayer for ease of filing return. TIS shows the processed value (i.e.the value generated after deduplication of information based on pre-defined rules) and derived value (i.e. the value derived after considering the taxpayer feedback and processed value). If the taxpayer submits feedback on AIS, the derived information in TIS will be automatically updated in real time. The derived information in TIS will be used for pre-filling of Return (pre-filling will be enabled in a phased manner).
👉Taxpayers should remember that Annual Information Statement (AIS) includes information presently available with the Income Tax Department. There may be other transactions relating to the taxpayer which are not presently displayed in Annual Information Statement (AIS). Taxpayersshould check all related information and report complete and accurate information in the Income Tax Return.
👉The taxpayers are requested to view the information shown in Annual Information Statement (AIS) and provide feedback if the information needs modification. The value shown in Taxpayer Information Summary (TIS) may be considered while filing the ITR. In case the ITR has already been filed and some information has not been included in the ITR, the return may be revised to reflect the correct information.
👉In case there is a variation between the TDS/TCS information or the details of tax paid as displayed in Form26AS on TRACES portal and the TDS/TCS information or the information relating to tax payment as displayed in AIS on Compliance Portal, the taxpayer may rely on the information displayed on TRACES portal for the purpose of filing of ITR and for other tax compliance purposes.
👉Taxpayers may refer to the AIS documents (AIS Handbook, Presentation, User Guide and FAQs) provided in "Resources" section or connect with the helpdesk for any queries through “Help”section on the AIS Homepage.
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✅ ITD rolls out new Annual Information Statement
The new AIS includes additional information relating to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information etc. with facility to submit online feedback for any corrections required. Press Release https://pib.gov.in/PressReleasePage.aspx?PRID=1768560
✅ DGFT issued Clarity on export policy of SCOMET Items
The DGFT vide Public Notice No. 32/2015-2020 dated 29/10/2021 has made amendment in Para 2.76 of Handbook of Procedures of the FTP 2015-20 to bring out clarity on export policy of SCOMET items for supplies / exports from DTA to SEZ / EOU and outside the country.
https://content.dgft.gov.in/Website/dgftprod/866b7474-ef7a-4cec-9abb-29908c58f7a6/PN%2032%20English.pdf
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⚫PM Modi gave a five pronged target for India and finally committed to a Net Zero emission target by 2070, joining the likes of the US, the UK and China.
⚫GST collected in October rose to Rs 1.3 trillion, which is 24% higher than in the same period a year ago and 36% more than the collection in the equivalent month of 2019-20, which was before the pandemic.The growth was driven by higher demand for items such as engineering goods, petroleum products, gems and jewellery as well as organic and inorganic chemicals.
⚫October exports up 42% to $35.47 bn, trade deficit narrows to $19.9 bn.
⚫UPI registers record 4.21 bn transactions worth Rs 7.71 trn in October.
⚫The Rajasthan Police arrested Pratip Chaudhuri, former SBI chairman, in Delhi in connection with an alleged loan scam. He’s been sent to judicial custody for 14 days for an alleged sale of a NPA, Hotel Gaudavanto Alchemist ARC at a low value.
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👉🏻GST revenue collection for October second highest in history
(The GST revenues for October 21 have been the second-highest ever since the introduction of GST, second only to that in April this year.
👇🏻 👇🏻 👇🏻
https://bit.ly/3nNwnCY
👉🏻Income Tax Deptt Roll out of new Annual Information Statement (AIS)
(Income Tax Department has rolled out the new Annual Information Statement (AIS) on the Compliance Portal which provides a comprehensive view of information to a taxpayer with a facility to capture online feedback)
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https://bit.ly/3GL0iEr
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