Brief Steps for Downloading of Transaction Based Report (TBR) ♣ Please check statement status under ‘Statement /Payment Tab’ before raising the request for TBR. Request for Downloading TBR can only be submitted when statement Status is either “Processed with Default” or “Processed without Default”. ♣ Financial Year, Form type and Quarter for which KYC required will be… Read More »
HIGH COURT OF MADRAS Deputy Commissioner of Income Tax v. Visvas Promoters (P.) Ltd. DR. VINEET KOTHARI AND MRS. T. KRISHNAVALLI, JJ. W.A. (MD) NO. 1051 OF 2011 MARCH 27, 2019 Mrs. S. Srimathy, Ld. Standing Counsel for the Appellant. Venkatesh and A. Shivaji for the Respondent. JUDGMENT Dr. Vineet Kothari, J. – The Revenue Department has filed this Intra Court Appeal against… Read More »
MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 16th May, 2019 G.S.R. 368(E).—In exercise of the powers conferred by the second proviso to sub-section (1), subsection (4), clause (f) of sub-section (6) of section 149, sub-sections (3) and (4) of section 150, section 151, sub-section (5) of section 152, section 153, section 154, section 157,… Read More »
Video Explanation by CA Satbir Singh The use of words ‘commits’ u/s 132 of CGST Act make it more than amply clear that the act of committal of the offence is to be fixed first before punishment is imposed Determination’ of the excess credit by way of the procedure set out in Section… Read More »
On or after 1-4-2008, the following persons shall ‘pay tax electronically’— (a) a company; and (b) a person (other than a company), to whom provisions of section 44AB are applicable. ‘Pay tax electronically’ shall mean, payment of tax by way of— (i) internet banking facility of the authorised bank; or (ii) debit cards; The word… Read More »
The Commissioner of Income tax (Exemptions) himself shall process the applications for registration under section 12A of Income Tax Act Sub-section (1) of section 12AA of the Income-tax Act, 1961 record the following given procedure for grant of registration as under: “12AA. (1) The Principal Commissioner or Commissioner, on receipt of an application for registration of a… Read More »
Website of Lokpal inaugurated The Website of the Lokpal was inaugurated by the Chairperson, Justice Shri Pinaki Chandra Ghose in presence of all the Members of Lokpal today. The DG, NIC, Smt. Neeta Verma was also present on the occasion. The Website has been developed by NIC and provides the basic information with respect to… Read More »
RBI publishes ‘Payment and Settlement Systems in India: Vision 2019 – 2021’ Date : May 15, 2019 The Reserve Bank of India has today placed on its website the “Payment and Settlement Systems in India: Vision 2019 – 2021”. The Payment Systems Vision 2021 with its core theme of ‘Empowering Exceptional (E)payment Experience’ aims at empowering every… Read More »
The Tax Cuts and Jobs Act (TCJA) changed certain rules for accrual-method taxpayers. Previously, taxpayers who used the accrual-method generally needed to include income in the year in which all events had occurred that fixed the right to receive income and the amount could be determined with reasonable accuracy, the “all-events test”. TCJA revised Section… Read More »
IRS Accepting Applications for 2020 Grants for Low Income Taxpayer Clinics The IRS is accepting applications for Low Income Taxpayer Clinic (LITC) grants for calendar year 2020 until June 17. To apply, download the 2020 Publication 3319, LITC Grant Application Package and Guidelines and view the document, Information for Potential LITC Grantees. For questions about the LITC Program or the grant application… Read More »