TaxLiner | Summarizing Laws

2021-05-27 13:02:06 One-Liner Latest Business News:

• Covid second wave triggers raft of growth forecast revisions: RBI annual report

• Petrol crosses Rs 100 per litre in Thane, hits Rs 99.94 in Mumbai

• Sensex, Nifty start on choppy note ahead of F&O expiry

• Activist alleges irregularities in Rs 55-cr Chali Khoo project

• Amritsar clocks 14 deaths, 297 fresh Covid cases

• Shortage of vaccines gives Amritsar people a harrowing time

• Shopping mall deposits Rs 3.94 lakh for outdoor ads

• Cost of equity declined in India

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2021-05-27 12:27:34 FIG Paper (No. 7) – Cryptocurrency in India!

https://corporate.cyrilamarchandblogs.com/2021/05/fig-paper-no-7-cryptocurrency-in-india/ ओपन / कमेंट

2021-05-27 06:30:10 One Liner Top-Stories Update:

ICAI Launches Online Certificate Course on Ind AS

Order passed without disposing objections makes Assessment void: ITAT

CBIC extends Validity of AEO Certification to Ease of Renewal Process

RoC can’t Deactivate DIN of Director for Disqualification: Madras HC grants relief to Senior DMK Leader

DGFT Services to be suspended till 6th June due to Non-availability of PAN Validation Services

GST payable by Liaison Office of Dubai Chamber of Commerce as Services provided to various Business in India, Dubai: AAR

ICAI announces dates of CA Exams 2021

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2021-05-26 14:44:49 Moneycontrol Market Reports
Taking Stock | Nifty ends above 15,300 led by IT stocks; metals underperform

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2021-05-26 12:42:51 @HubofCA ओपन / कमेंट

2021-05-26 10:38:56 Clarification regarding the limitation time for filing of appeals before the CIT(Appeals) under the Income-tax Act, 1961 (the Act) https://www.incometaxindia.gov.in/communications/circular/circular_10_2021.pdf Publish Date : Tuesday, May 25, 2021 @HubofCA… ओपन / कमेंट

2021-05-26 06:30:05 One Liner Top-Stories Update:

CBDT issues Clarification on Limitation Period for filing of Income Tax Appeals before CIT (Appeals)

NSDL releases New Features in e-TDS, TCS

Fast Track approvals for Imported Cylinders, Pressure Vessels for storage, Transportation of Medical Oxygen: CBIC notifies Relaxations

Analysis of Sections 147, 148, 148A, 149, and 151 of the Income Tax Act, 1961 as substituted vide Finance Act, 2021

Assessee can’t escape Liability merely for want of Jurisdictional Error: Madras High Court

Cabinet approves MoUs entered into by ICMAI and ICSI with Foreign Countries / Organisations

Priority of Debts due to Secured Creditors Over Government Dues: Madras HC grants relief to SBI

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2021-05-26 05:30:05 Brief Income Tax Updates:

• Disallowance of purchases made from grey market be restricted to profit element embedded therein, where purchases themselves are not doubted: ITAT

• As determined by stamp duty authorities or consideration received or accruing as a result of the transfer to the assessee whichever is more, shall be value of property: ITAT

• Addition u/s 68 cannot sustain where not made based on any seized material found during Search & is rather based on post-search enquiries: ITAT

• For purpose of granting exemption, a restricted meaning has to be given to the expression agricultural land u/s 2(14) (iiib) of the Act: ITAT

• Writ remedy against recovery of tax arrears, is not available where assessee is not in a position to challenge such demand for interest: HC

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2021-05-25 22:21:09 As announced by FM, MCA 21 will be launched and below are the highlights

1. Earlier E-book was confined to Companies Act, 2013 but as per Version 3, e-book is covering all the Acts administered by the MCA;

2. Concept of E-consultation has been introduced. Earlier for queries, only email based system was there.

3. Version 3 consist of FAQs and training materials and videos for its easy accessibility

Note: Phase 2 of the MCA Version 3 to be launched by October, 2021 :-
- Will consist of mostly web based forms;
- Maximum information to be filled up is based on auto fill data; and
- Forms with lesser attachments would be there.

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2021-05-25 20:00:27 Clarification regarding the limitation time for filing of appeals before the CIT(Appeals) under the Income-tax Act, 1961 (the Act)

https://www.incometaxindia.gov.in/communications/circular/circular_10_2021.pdf

Publish Date : Tuesday, May 25, 2021
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