Month: February 2022
ICAI bans four chartered accountants for professional misconduct ICAI has banned four chartered accountants for committing professional misconduct. The summary of the decisions taken by the the Disciplinary Committee in terms of the provisions of Section 21B(3) of the Chartered Accountants Act, 1949 read with Rules 18(17) and …
Reasons to believe escapement of income should be for the same assessment Year. Reasons recorded for earlier years can not be the basis – ITAT In a recent judgment, the ITAT has held that reasons to believe escapement of income u/s 148 should be for the very assessment …
Cash deposits by CA stated to be trading income added as unexplained income u/s 68 as ICAI does not allow CAs to do any business activity ABCAUS Case Law CitationABCAUS 3574 (2022) (02) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) …
Clarification regarding applicability of Social Welfare Surcharge on goods exempted from basic and other customs duties/cesses Circular No. 3/2022-Customs F. No. CBIC-190354/262/2021-TRU Section-CBEC Government of India Ministry of Finance Department of Revenue (Tax Research Unit)***** Room No. 156, North Block New Delhi, dated the 1st …
Anuradha Guru, Economic Adviser, Ministry of Corporate Affairs appointed as ex-officio member in the Insolvency and Bankruptcy Board of India to represent the Ministry MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 28th January, 2022 S.O. 408(E).—In exercise of the powers conferred by clause (b) of sub-section (1) …
Penalty for passing on unreasonable benefits to trustee or specified persons of charitable Institutions – New Section 271AAE introduced by Union Budget 2022-23 Under section 13 of the Act, trusts/charitable institutions are required not to pass on any unreasonable benefit to the trustee or any other specified person. …
Provisions for filing of updated income tax return for time barred returns on payment of additional fee – Union Budget 2022-23 Section 139 of the Income Tax Act 1961 contains due dates for filing of Income Tax Return by various categories of taxpayers. However, presently a taxpayer …
Change in control of the asset management company involving scheme of arrangement SECURITIES & EXCHANGE BOARD OF INDIA CIRCULAR SEBI/HO/IMD/IMD-I DOF5/P/CIR/2022/10 January 31, 2022 To, All Mutual Funds All Asset Management Companies All Trustee Companies/ Boards of Trustees of Mutual Funds Association of Mutual Funds in India (”AMFI”) …