Bombay High Court has quashed an order by the GST authorities that had rejected the refund claim of an assessee because it was filed after two years, a time limit set by the rules. This was done since the authorities have not taken into cognizance the earlier Supreme Court verdict that excluded the period from March 15, 2020 and October 02, 2021 from the time limit due to Covid.
Appellate Authority for Advance Ruling (AAAR) says allocation of salary of a head office employee to a branch, and its recovery from there, will be "subject to GST." "Taxation of transactions between head office and branch office has been a contentious issue since inception of GST as the said transactions were not liable to any tax under the erstwhile regime.
ICAI Draft Bank Branch Auditors’ Panel(MEF) of Chartered Accountants/firms for the year 2021-22 has been hosted at https://meficai.org/ The Draft Panel will be available up to Sunday, 23rd January, 2022. Complaints if any have to be lodged by then. After suitable address all of the queries, the final panel will be sent to RBI for their consideration.
last date for filing/ submission of online application form for Empanelment with O/o C&AG for the year 2022-23 for audit of PSUs is 15th February, 2022. Note that the last date for receipt of documents at O/o C&AG is 28th February, 2022.
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25.1.22 is the last date to file Statement of Financial Transactions (Form 61-A) for Q3 of 2021-22 for Capital gains on listed securities/units.
Income Tax Reopening of Assessment not permissible to take another view on the same material. Case Law Details Case Name : Vodafone Idea Ltd. Vs ACIT (Bombay High Court) Appeal Number : Writ Petition No. 3560 of 2019 Date of Judgment/Order : 03/01/2022.
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.
No GST on Rent for locker provided in bus stand by Municipal Corporation. Case Law Details Case Name : In re Erode City Municipal Corporation (GST AAAR Tamilnadu) Appeal Number : Advance Ruling No. AAAR/20/2021.
National Consumer Disputes Redressal Commission (NCDRC) in a recent verdict held that a homebuyer is entitled to compensation for delays up to the point they receive possession of a completed unit. Possession that is offered by a builder over an incomplete unit will have no bearing in arriving at compensation, the consumer court said.
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CBDT has notified e-advance rulings Scheme, 2022 applicable with effect from 18.01.2022. The Scheme shall be applicable to the applications of advance rulings made to the Board for Advance Ruling or applications of advance rulings transferred to such Board.
The Income-Tax department has moved the Supreme Court challenging an order by the Allahabad High Court quashing income tax notices issued after March 31, 2021, under the old re-assessment regime. This is a setback for multiple taxpayers who had got favourable orders from various high courts on reassessment proceedings initiated by the tax authorities.
Gujarat High Court on January 18, 2022 sought assurance, by way of an affidavit, from the Central Board Of Direct Taxes (CBDT) that they would attend to the problems of the assessees who are unable to file Tax Audit Reports and Income Tax Returns due to the technical glitches in the IT Portal.
SEBI can now use special powers to relax compliance requirements for foreign funds. The capital markets regulator's board has been empowered to give overseas investors leeway in the event of inadvertent lapses while investing in the country.
ICAI Draft Bank Branch Auditors’ Panel(MEF) of Chartered Accountants/firms for the year 2021-22 has been hosted at www.meficai.org The Draft Panel will be available up to Sunday, 23rd January, 2022. Complaints if any have to be lodged by then. After a suitable addressal of the queries, the final panel will be sent to RBI for their consideration.
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The Board has issued Instructions/ Circulars relating to recovery of arrears under Central Excise, Service Tax and Customs from time to time. Considering the changes that have taken place, especially after the introduction of GST in July, 2017, it has become imperative to update and revamp the procedure for recovery of arrears of Indirect taxes and Customs.
The Appellate Authority for Advance Ruling (AAAR) has denied input tax credit under the Goods and Services Tax (GST) framework on leasing of land and property. Most companies and hotels pay GST at 18% on lease rentals and claim credit to reduce their tax outgo.
Delhi High Court asks ICAI to obtain declaration from every member about any criminal case while adjudicating a writ filed by a member asking for quashing show cause notice issued for disciplinary proceedings on account of conviction of the member under section 354 of IPC on account of moral turpitude. The High Court dismissed the petition. Upholds ICAI power to remove names. In fact, the High Court observed that there is no need for any enquiry even in such a case.
Corporate India has renewed its demand that the Securities and Exchange Board of India (SEBI) stay the implementation of the provision that makes it mandatory for the chairman and managing director of a large listed company to not be related to each other. It has asked the capital markets regulator to either make this provision, which is due to come into force from April 1 this year, 'recommendatory' or defer its implementation by another two years.
ICAI next Chartered Accountants Foundation, Intermediate, Final Examinations, and Post Qualification Course Examination i.e. International Taxation – Assessment Test (INTT – AT) is to be held from May 14th to 30th May 2022 at 265 Indian Cities and 6 Overseas.
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ICAI Initiative for CA Members in Practice
The Institute of Chartered Accountants of India has entered into an arrangement with SPEQTA GST to provide GST Software free of Cost to ICAI Members in Practice for a period of 3 Years.
To know more about Committee for Members in Practice Initiative pls click here
https://cmpbenefits.icai.org/
ICAI Members can use this Software upto 20 GSTIN without any cost.
Please open below link from Your Laptop or PC to download software
https://icai.speqtalive.com/
Download Software and Activate your Free License in just 1 Minute.
Features of Software
1. GST Return Filing (GSTR-1, IFF, 3B, CMP-08, GSTR 4, 9 & 9C)
2. One Click 9C Json Signing without any manual setting
3. Intelligent Reporting based on Already filed GST Return
4. GSTR-2A, GSTR-2B & GSTR-1 Reconciliation.
5. One Click Data Download from GST Portal
6. Offline Software keep the data safe in your PC no threat of clients data compromise.
7. Many more useful features to increase efficiency and Productivity of time.
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