Clipped from: https://www.financialexpress.com/money/income-tax/itr-u-form-updated-income-tax-return-filing-10-things-to-know/2532023/ Updated ITR Filing 2022: The Income Tax Department recently announced a new form for filing of Updated Income Tax Returns. 2. Taxpayers are
*****Online gaming and GST in India – Is the adoption of global best practices a far cry? | The Financial Express
Clipped from: https://www.financialexpress.com/industry/online-gaming-and-gst-in-india-is-the-adoption-of-global-best-practices-a-far-cry/2532168/ ‘The gaming industry has been waiting with hope and optimism for the outcome of the meeting of the Group of Ministers. However, it
CA arrest: ICAI members lock central GST office in Gurugram over arrest of 2 CAs – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/india/icai-members-lock-central-gst-office-in-gurugram-over-arrest-of-2-cas/articleshow/91684319.cms Synopsis Terming the arrest “completely wrong,” ICAI members said the refund was issued with the connivance of the officials. The Central GST office here was
*****India won’t collapse like Sri Lanka or Pakistan but we are certainly in trouble: Swaminathan Aiyar – The Economic Times
clipped from: https://economictimes.indiatimes.com/news/economy/policy/india-wont-collapse-like-sri-lanka-or-pakistan-but-we-are-certainly-in-trouble-swaminathan-aiyar/articleshow/91685298.cms SECTIONS India won’t collapse like Sri Lanka or Pakistan but we are certainly in trouble: Swaminathan Aiyar Last Updated: May 20, 2022, 03:16
*****Inflation target needs to be updated, says RBI deputy governor Michael Patra | The Financial Express
Clipped from: https://www.financialexpress.com/economy/inflation-target-needs-to-be-updated-says-rbi-deputy-governor-michael-patra/2530245/ 6% threshold inflation also requires re-estimation, Patra says in EPW article The government, on March 31, 2021, retained the inflation target at 4%
SC judgement on GST Council: The unravelling of GST’s uniformity promise | The Financial Express
Clipped from: https://www.financialexpress.com/opinion/sc-judgement-on-gst-council-the-unravelling-of-gsts-uniformity-promise/2531472/ The Supreme Court, while deciding the correctness of the levy of IGST on ocean freight in the case of Union of India vs
SC ruling unlikely to alter GST regime; power to reject Council’s recos never used: Revenue Secy – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/sc-ruling-unlikely-to-alter-gst-regime-power-to-reject-councils-recos-never-used-revenue-secy/articleshow/91670317.cms Synopsis The recommendations of the GST Council, as per the Constitutional amendment, were always a guidance and never a mandatory compliance, Revenue Secretary
Supreme Court’s observation in Ocean Freight ruling could change landscape of GST framework: Experts – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/supreme-courts-observation-in-ocean-freight-ruling-could-change-landscape-of-gst-framework-experts/articleshow/91659715.cms Synopsis The Supreme Court on Thursday, ruling has held that GST on ocean freight paid in case of import of goods is unconstitutional.
Assessee couldn’t avail Benefit of Service Tax Amnesty Scheme due to Covid-19: Delhi HC asks Govt to consider Extension of Scheme [Read Order]–TAXSCAN
Read More: https://www.taxscan.in/assessee-couldnt-avail-benefit-of-service-tax-amnesty-scheme-due-to-covid-19-delhi-hc-asks-govt-to-consider-extension-of-scheme/172046/ lipped from: https://www.taxscan.in/assessee-couldnt-avail-benefit-of-service-tax-amnesty-scheme-due-to-covid-19-delhi-hc-asks-govt-to-consider-extension-of-scheme/172046/ Top Stories By Taxscan Team – On May 4, 2022 2:07 pm A division bench of the Delhi High Court comprising Mr. Justice Rajiv
Income Tax: CBDT eases Compliance of TDS / TCS [Read Circular]–TAXSCAN
Read More: https://www.taxscan.in/income-tax-cbdt-eases-compliance-of-tds-tcs/175942/ lipped from: https://www.taxscan.in/income-tax-cbdt-eases-compliance-of-tds-tcs/175942/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=TDS%20/%20TCS Top Stories By Rasheela Basheer – On May 18, 2022 5:26 pm The Central Board of Direct Taxes (CBDT) has issued a circular prescribing the rules
Loan from Close Relatives & Friends cannot be treated as ‘Unexplained’ to invoke S. 68: ITAT [Read Order]–TAXSCAN
Read More: https://www.taxscan.in/loan-from-close-relatives-friends-cannot-be-treated-as-unexplained-to-invoke-s-68-itat/176004/ Clipped from: https://www.taxscan.in/loan-from-close-relatives-friends-cannot-be-treated-as-unexplained-to-invoke-s-68-itat/176004/ Top Stories By Rasheela Basheer – On May 19, 2022 4:23 pm The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the loan taken
Cash Deposit arising out of Sale of Agricultural Land cannot be treated as Unexplained: ITAT [Read Order]–Taxscan
Read More: https://www.taxscan.in/cash-deposit-arising-out-of-sale-of-agricultural-land-cannot-be-treated-as-unexplained-itat/176059/ Clipped from: https://www.taxscan.in/cash-deposit-arising-out-of-sale-of-agricultural-land-cannot-be-treated-as-unexplained-itat/176059/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Agricultural%20Land Top Stories By Taxscan Team – On May 19, 2022 2:37 pm The Income Tax Appellate Tribunal (ITAT), Chennai bench, while allowing an appeal
*****Rating agencies in a limbo over RBI’s new guidance on loans – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/banking/finance/banking/rating-agencies-in-a-limbo-over-rbis-new-guidance-on-loans/articleshow/91651887.cms Synopsis Even for apparently more enforceable support such as corporate guarantees (as distinct from letter of comfort), RBI said such structures can be
*US stocks crash: Wall Street ends sharply lower as Target and growth stocks sink – The Economic Times
Clipped from: https://economictimes.indiatimes.com/markets/stocks/news/wall-street-ends-sharply-lower-as-target-and-growth-stocks-sink/articleshow/91652470.cms Synopsis Target Corp’s first-quarter profit fell by half and the company warned of a bigger margin hit on rising fuel and freight costs.
*****TDS: Finance Ministry to clarify doubts on applicability of TDS on perks received in business, profession – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/finance-ministry-to-clarify-doubts-on-applicability-of-tds-on-perks-received-in-business-profession/articleshow/91639138.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23 Synopsis The Budget brought in a new section, 194R in the I-T Act which requires deduction of tax at source at the rate
*****MPC continued forward guidance for too long: MPC member Jayanth Varma – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/lot-of-catching-up-to-do-as-mpc-continued-forward-guidance-for-far-too-long-mpc-minutes/articleshow/91643018.cms Synopsis In the minutes of the unscheduled meeting held by the Monetary Policy Committee (MPC) between May 2 and May 4, Jayanth Varma
*****Waiting till June meant losing time when war related inflation pressures accentuated: RBI governor Shaktikanta Das – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/waiting-till-june-meant-losing-time-when-war-related-inflation-pressures-accentuated-rbi-governor-shaktikanta-das/articleshow/91646249.cms Synopsis Justifying the timing of RBI’s rate action, the governor said that the war in Europe is now expected to last much longer
*****Husband can claim Capital Gain Exemption for Investment made in the name of Wife: ITAT–TAXSCAN
lipped from: https://www.taxscan.in/husband-can-claim-capital-gain-exemption-for-investment-made-in-the-name-of-wife-itat/175637/ Top Stories By Kalyani B. Nair – On May 17, 2022 5:32 pm The Income Tax Appellate Tribunal (ITAT), Jaipur bench consisting of DR. S. Seethalakshmi, Judicial
*****Re-Assessment based on Wrong Assumption and Information from Another Assessing Officer is Invalid: ITAT
lipped from: https://www.taxscan.in/re-assessment-based-on-wrong-assumption-and-information-from-another-assessing-officer-is-invalid-itat/175101/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Re-Assessment Top Stories By Rasheela Basheer – On May 16, 2022 11:02 am The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the reopening of assessment based on wrong
*****Income Tax Dept failed to give Minimum Time to Respond: Delhi HC quashes S. 148 Notice [Read Order]–TAXSCAN
Read More: https://www.taxscan.in/income-tax-dept-failed-to-give-minimum-time-to-respond-delhi-hc-quashes-s-148-notice/175092/ lipped from: https://www.taxscan.in/income-tax-dept-failed-to-give-minimum-time-to-respond-delhi-hc-quashes-s-148-notice/175092/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Income%20Tax%20Dept Top Stories By Taxscan Team – On May 16, 2022 2:34 pm In an assessee-favouring ruling, the Delhi High Court has quashed a notice under
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