ITC of GST paid on procurement of air conditioning cooling system and ventilation system is not allowed : AAR

by CS Rajeev Rawat | Jan 12, 2022 | Information

In the AR Application by Wago (P.) Ltd. before Gujrat AAR The applicant was in the process of establishing its new factory in Gujrat and would be procuring various assets to install and commission them in its factory. It filed an application for advance ruling to know...

Extension of Due Date for filing of Tax Audit Report and ITR for AY 2021-22

by CS Rajeev Rawat | Jan 12, 2022 | Income Tax

Due date for filing of audit reports & ITRs extended to February 15, 2022 & March 15, 2022 respectively: CBDTCircular no. 1/2022, dated 11-01-2022On consideration of difficulties reported by the taxpayers and other stakeholders due to COVID and in electronic...

FAQ on Section 194Q TDS on purchase of goods

by CS Rajeev Rawat | Jan 9, 2022 | Income Tax

The number is proposed to be increased to 38 by the Finance Bill, 2021. If all these provisions are projected in a table, they may look like a Periodic Table of Element. There are a few transactions or payments which may be covered under multiple provisions and to...

RBI hikes threshold for deposits made by non-financial small businesses by 50% to Rs 7.5 cr for maintenance of LCR

by CS Rajeev Rawat | Jan 9, 2022 | RBI

Circular no. RBI/2021-22/151 DOR.No.PRD.LRG.79/21.04.098/2021-22, Dated: 06.01.2022 With an objective to align guidelines with the Basel Committee on Banking Supervision (BCBS) standard, the RBI has decided to increase the threshold limit for deposits and other...

Issuance of NCDs to a selected group via private placement couldn’t be termed as deposits u/s 2(2) of TNPID Act: HC

by CS Rajeev Rawat | Jan 9, 2022 | Cases

In the instant case, R2 being a purchaser of non-convertible debentures of company ITNL and having not received interest as undertaken by ITNL while issuing said debentures lodged a complaint before R1- Economic Offence Wing (EOW) under Tamil Nadu Protection of...

Tax Compliance and Statutory due date for January 2022

by CS Rajeev Rawat | Jan 1, 2022 | Compliance Calendar

Important due dates for the GST Returns in the Month of January 2022 Due dateForm to be filedPeriodWho should file?10.01.2022GSTR 7Dec-21GSTR 7 is a return to be filed by the persons who are required to deduct TDS (Tax deducted at source) under GST10.01.2022GSTR...

Tax Compliance Calendar for December 2021

by CS Rajeev Rawat | Nov 29, 2021 | Compliance Calendar

Tax Compliance Calendar for December 2021 covering important due dates for Income Tax Filing, GST (GSTR1, GSTR3B. RET1), TDS Payments, Preparation & Filing and ROC with a primary focus on Individuals, Professionals, & SME Businesses. Compliance Calendar...