Non-filers can submit Income Tax Returns within 21 Days: Important Points to Remember

ICAI CA Results Awaited

No deduction towards interest u/s S. 36(1)(iii) for new unit even in the case of an assessee already in the same business

The basic condition precedent of ‘reason to believe’ applies even to s. 143(1) intimations.

Reopening u/s 147 for 100% dis-allowance of Bogus Sales/ Purchases as against 2.50% dis-allowance done during regular assessment

Another return:File Half Yearly return with MCA if Payment is beyond 45 days

Consequences of non-filing of Income Tax Return

Transfer of business as ‘Going Concern’ is exempt from GST: Karnataka AAR

Transfer of business as ‘Going Concern’ is exempt from GST: Karnataka AAR

Threshold limit u/s 194IA for TDS not to be checked with the Amount mentioned in sale deed vis a vis individual share of each co-owner

CBDT identifies non-filers through Non-filers Monitoring System (NMS) by using Data Analytics

GST – EFFECT ON CONSTRUCTION EQUIPMENT

ECB FACILITY FOR STARTUPS

Delhi ITAT on penny stock – Order quashed for want of cross examination

HC Strikes down Circular, extends exemption to services related to electricity transmission/distribution

CBDT asked tax official to speed up the appeal Withdrawal cases

Section 15 of CGST Act, 2017 value of taxable supply under GST

Even if no interest is earned on advances, interest genuinely paid on unsecured loans taken for business purpose could not be disallowed.