ITAT Delhi deletes addition on account of Client Code Modifications. Case Name : DCIT Vs Futurz Next Services Ltd. (ITAT Delhi) Appeal Number : ITA No.3556/Del/2016 Date of Judgment/Order : 04.01.2022
CBDT issues refunds of over Rs 1,54,302 crore to more than 1.59 crore taxpayers from 1st Apr 2021 to 10th January 2022,” the I-T department tweeted. This includes personal income tax refunds of Rs 53,689 crore to over 1.56 crore entities and corporate tax refunds of over Rs 1 lakh crore to more than 2.21 lakh businesses.
Today (15.1.22) is the last date to file TCS Return in Form 27EQ for Oct-Dec 2021. If applicable generally but NIL this time, update NIL in TRACES.
Insolvency and Bankruptcy Code (IBC) could soon see some strengthening, including a cross-border insolvency framework and measures to speed up resolution of cases, with the matter set to be taken up in the upcoming budget session of parliament, government insiders said.
The Supreme Court has said the award can be set aside under the Arbitration Act, if it is found to be contrary to the fundamental policy of Indian Law, interest of country, justice or morality or if it is patently illegal. The top court was hearing an appeal filed by Haryana Tourism Ltd against an order of the Punjab and Haryana High Court which set aside a 2005 award passed by the arbitrator as well as the order passed by the Additional District Judge, Chandigarh.
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Ready-to-eat fryums papad to face 18% GST. Papads are telling us an important story under GST
AAAR Gujarat in Re Alisha Gruh Udyog.
1️⃣ A man who enjoys crunching a disc of spiced dough fried to a mass of crisp blisters oozing spicy flavours and oil is now left with a bitter taste in his mouth. That's the Papad.
2️⃣ HSN 2106 includes sweets and namkeens having GST rate 18%. The Petitioner had argued that its product should come under Entry 96 of HSN code 1905 (papad) which draws nil GST.
3️⃣ AAAR ruled that this entry is for those papad products that are in ready-to-cook condition and require roasting or frying before consumption.
4️⃣ Recent and Past Ruling clarified fryums are also flour mixed with spices and come in different shapes and sizes, these should also be classified as papad subject to nil rate.
5️⃣ However Papad, by whatever name known, is exempt from GST vide Entry No. 96 of GST notification No.2/2017-CT(R). CBIC had tweeted.
Contradictory ruling by many advance ruling authorities need to the point of constitution of Central AAR to decide and look after matter of State decided rulings.
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✅ MCA- Increase in Additional fees in case of delay in filing
W.e.f July 1, 2022, additional fees on form will be increased to 18 times from existing 12 times of normal fees.
However, these excludes Annual Filings which are charged at Rs. 100 per day without any upper limit.
https://www.mca.gov.in/bin/dms/getdocument?mds=%252FwqhpSXC6%252BFxaMTdJJWnnA%253D%253D&type=open
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✅ ICAI has decided to increase the honorarium payable to the observers from Rs 1500/- to Rs 3000/- per duty . Same is to be implemented wef December 21 exams.
You are requested to submit the revised bill on or before 15th January 22.
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Delhi Disaster Management has restricted Private offices including Chartered Accountants office to close / work from Home. Karnataka State has allowed/ included CA office in essential services. Therefore we have requested Delhi Government to include CA office in essential services with 50% capacity working, they have assured for the same.
CBDT has extended the due dates for filing tax audit reports and income tax return for certain category of taxpayers for FY 2020-21. This was announced by the income tax department via a press release issued on January 11, 2022.
Finance Minister in Union Budget 2021-22, proposed changes vide the Finance Bill, 2021, that amends the Central Goods and Services Tax Act, 2017 with respect to recovery of self- assessed tax, which is now notified vide Notification No. 39/2021–Central Tax dated December 21, 2021, by insertion of Explanation to Section 75(12) of the CGST Act with effect from January 01, 2022.
Late Filing of Co forms to be Costlier. Wef July 1, 2022, additional fees on late filing of various forms will be increased to 18 times from existing 12 times of normal fees. However, these excludes Annual Filings which are charged at Rs. 100 per day without any upper limit. Exclusion also for forms for increase in Nominal capital or for filing charges.
National Financial Reporting Authority (NFRA) plans to carry out a fresh analysis of its proposal of exempting small rms from mandatory statutory audit and may oat a revised draft report on it. To avoid the conflict, the authority to start a fresh round of discussion with the Institute of Chartered Accountant (ICAI) on the contentious issues of the proposal, they say.
Supreme Court has revived its extension order dated March 2020 and further relaxed the limitation period from 15 March 2020 until 28 February 2022. The relaxation would be applicable to all judicial and quasi-judicial proceedings under the income-tax laws, including filing of appeals, rectification, revision and other applications.
ICAI has decided to increase the *honorarium* payable to the observers from Rs 1500/- to Rs 3000/- per duty . Same is to be implemented wef December 21 exams.. You are requested to submit the revised bill on or before 15 th January 22.
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CBDT has issued a clarification on Form 10CCB on 12th January 2022. The clarification reads as under: To avoid errors in form filing and verification, kindly ensure that following points are considered:
Please assign Form 10CCB to respective Chartered Accountant(CA) from “My CA” functionality
Once CA successfully submits the form, taxpayer can accept/reject the Form 10CCB under “Worklist” functionality.
In case a CA needs to file multiple forms for the same Assessment Year, taxpayer must assign the form to same CA from “My CA” functionality again. The assignment can only happen when there are no forms which are active for action either by CA or taxpayer.
In case taxpayer needs to assign Form 10CCB to different CAs for same Assessment Year, taxpayer must assign the form to different CA from “My CA” functionality again. The assignment can only happen when there are no forms which are active for action either by CA or taxpayer. (Same approach as mentioned in point 3 must be followed).
Cryptocurrencies or digital assets issued to employees by crypto exchanges as incentives are set to come under the taxman’s lens. The question is whether the coins—most of them issued by Indian exchanges—can be construed as income and what could be the income tax applicable on the digital assets.
Gujarat Authority for Advance Ruling (AAR) has held that healthcare services, where multi-super specialty hospitals take a lump-sum amount in form of membership to provide services to their family, would not attract GST.
Happy to announce that Delhi Government has included Chartered Accountants and Tax Practitioner in Exempted Category of Delhi Disaster Management Authority. Now CA can open their offices. Congratulations to all Delhi CA members. Courtesy CA N D Gupta ji.
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Budget 2022 Scheduled on 1.2.22
https://twitter.com/CASumitGarg3/status/1482191046138535936?t=tpfS_NWm4tJYgCDHMkDOxw&s=08
✅ Annual General Meeting of company can be held 30.11.2021 as per AGM Extension provided by the MCA. Accordingly shorter notice agm can be done on 30.11.2021, so balance sheet can be signed lastly on 30.11.2021. UDIN is to be generated with 60 days of signing of balance sheet. Last date to generate UDIN is 28.01.2021 for signing the balance sheet.
✅15.01.2022 for TCS Payment December 2021 Quarterly Statement of TCS for the quarter ending December 31, 2021
✅15.01.2022 for December 2021 - Due Date for the payment of PF/ESI contribution
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๐๐ปDelhi Man Arrested For Issuing Fake GST Invoices Worth Rs. 4,521 Cr
(Scrutiny of tally data has shown that there are 636 firms being operated by this syndicate and the mastermind of the syndicate has accepted that they have issued only invoices in these firms and not supplied any goods against them)
๐๐ป ๐๐ป ๐๐ป
https://bit.ly/3tuszv1
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