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In this detailed article, we have provided comprehensive information about the Corporate Identification Number (CIN), which is assigned to companies settled in India by the Registrar of Companies (ROC). We will be discussing what the CIN is, how to check it, and its significance in different business documents submitted to the Ministry of Corporate Affairs […]
In India, Income tax forms 60 and 61 serve specific roles in financial transactions. Form 60 is utilized when an individual lacks a Permanent Account Number (PAN) and engages in specific transactions necessitating PAN. It functions as an affirmation of identity and location. For instance, if someone intends to open a bank account without possessing […]
The assessing officer who has issued a show cause notice under Section 274 read with Section 271(1)(c) of the Income Tax Act,1961 is defective/invalid since the same does not explicitly convey to the taxpayer about the certain fault/charge the taxpayer would have proceeded for impose of penalty, held by the Mumbai Bench of Income Tax […]
The CESTAT, Chennai in M/s. Susee Auto Sales & Service Pvt. Ltd. vs Commissioner of GST & Central Excise [Service Tax Appeal No.40764 of 2013 dated July 31, 2023] cancelled the penalty levied via the adjudicating authority and carried that penalty under sections 77 and 78 of the Finance Act, 1994 (“the Finance Act”) does […]
For passing an interim order towards the extension of the date of ITR Filing for the fiscal year 2022- 23 (assessment year 2023-2024) to December 31, 2023, the taxpayers/owners of small businesses would have approached the Manipur High Court because of the tough Manipur conditions. The HC issued a notice to the Union of India, […]
The new guidelines would have been furnished by the Central Board of Direct Taxes (CBDT) on how the tax exempted maturity amount via the life insurance policy shall get computed in the fiscal year when the premium filed would be more than the particular level. Under the new rules, the maturity amount via the life […]
The Allahabad High Court on Wednesday imposed a fine of Rs. 10,000 on an Income Tax Department officer for not adhering to the natural justice while terminating the previous Assessment Order and initiating fresh proceedings under Section 263 of the Income Tax Act, 1961. The petitioner’s assessment was conducted under Section 143(3) of the Income […]
The movement of the seized vehicle carrying diesel was done without a proper invoice and transport document, which was against the Tamil Nadu Value Added Tax Act, 2006 (TNVAT Act), and the Madras High Court ordered the payment of Rupees one lakh as security penalty. The applicant, M/s.Kumutham Agencies has contended the impugned proceedings of […]
According to those with knowledge of the situation, the income tax (I-T) department has concluded its investigation into suspected irregularities in the payment of commissions by insurance companies and discovered evasion of more than Rs 15,000 crores. They estimated that the tax on this will be over Rs 4,500 crore. The investigative wing of the […]
