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Reporting of U S Tax Identification Numbers (TINs) for pre-existing accounts by Financial Institutions In USA, a Taxpayer Identification Number (TIN) is an identification number used by the Internal Revenue Service (IRS) in the administration of tax laws. It is issued either by the Social Security Administration (SSA) …
Addition for accommodation entries merely based on statement of investors and without controverting the documents furnished invalid-High Court Prelude: The additions on account of accommodation entries have been a common feature in income tax proceedings which have attracted litigation. A typical modus operandi adopted by the receiver of the such …
Facility to lodge Online GST grievance enabled on GST Portal. Taxpayers have now being provided with a facility to lodge grievance related to processes (application), ledgers, payments etc. on the GST Portal. The following type of complaints can be submitted online: 1. Complaint against grievance relating to processes (Application): …
e-way bill downloaded by unregistered dealers on single PAN for import of taxable goods of more than the GST threshold of Rs. 20 lakhs to be investigated Uttar Pradesh Government has specified the procedure for downloading of online e-way bill during transportation of goods in UP by unregistered …
Unregistered dealers downloading e-way bill but had not opted for e-sancharan in VAT regime to be investigated in Uttar Pradesh Uttar Pradesh Government vide circular dated 09/08/2017 has specified the procedure for downloading of online e-way bill during transportation of goods in UP by unregistered persons. The UP …
Constitutional Validity of second proviso of section 5(1) of PMLA upheld. Failure to disclose “reasons to believe” would be the entire proceedings illegal-High Court Prelude: The offence of money-laundering is defined under Section 3 PMLA. The punishment is prescribed under Section 4 PMLA. The expression “proceeds of crime” …
Draft Bank Branch Auditors Panel of CA/firms for FY 2017-18 has been hosted at http://www.meficai.org/ alongwith the category of the applicants. The Draft MEF Panel for FY 2017-18 contains the following: 1. MEF No. 2. FRN No./MRN No. 3.Concern Name 4.Unique Code No. 5. Pin Code 6. District 7. …
Sharp increase in cases of prosecutions by Income Tax Department The Income Tax Department has accorded the highest priority to tackle the menace of black money. With this objective in mind, the Department has initiated criminal prosecution proceedings in a large number of cases of tax offenders and …
Having afforded a hearing, ITO can not attach assessee’s bank straightway without informing as to whether the stand taken by the assessee is justified or not-High Court Prelude: Section 222 of the Income Tax Act, 1961 (the Act) provides that in where an assessee is in default or …
Reactivation of DINs of disqualified Directors has been completed and the status of the relevant DINs can be checked now for applying under CODS-2018 MCA has notified Condonation of Delay Scheme (CODS) (notified vide General Circular No.16/2017 dated 29th December 2017) for re-activation of companies that has been struck …
