M/S. Icon Engineering Works Vs. The DCIT, CPC Bangalore 2022 (2) TMI 228 -ITAT Bangalore The assessee would be entitled to deduction of employees’ contribution to PF and ESI provided that the payments were made prior to the due date of filing of the return of income u/s 139(1) – Also further held by the ITAT that amendment by Finance Act, 2021, to section 36[1][va] and 43B of the Act is not clarificatory. Therefore, the amended provisions are not applicable
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Indirect Tax News Letter
GST Calendar –Compliances for the month of January’2022 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) February 10,2022 GSTR-8 (Tax Collected at Source ‘TCS’) February 10,2022 GSTR-1 January 2022 February 11,2022 IFF- Invoice furnishing facility (Availing QRMP) February 13,2022 GSTR-6 January 2022 Input Service Distributor February13,2022 GSTR-2B (Auto Generated Statement) February 14,2022 GSTR-3B January 2022 February 20,2022 GSTR-5 January 2022 (Non-Resident Taxable Person) February 20,2022 GSTR-5A January 2022 (OIDAR Service Provider) February 20,2022 PMT-06 (who have
Private Equity, Venture Capital and Mergers & Acquisitions News
Tata group takes control of Air India: India’s auto-to-steel conglomerate in October 2021 emerged as the winner of bidding process started for state-run carrier Air India. Tata Group was handed the ownership of the airline after 70 years on 28 January, 2022. The conglomerate was awarded the deal in a $2.4 billion equity and debt deal, bringing an end to years of struggle to privatize the airline which was troubled by financial turmoil. The Air India strategic disinvestment transaction was
GST Calendar – Compliances for the month of December 2021
Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) Jan 10,2022 GSTR-8 (Tax Collected at Source ‘TCS’) Jan 10,2022 GSTR-1 September 2021 Jan 11, 2022 IFF- Invoice furnishing facility (Availing QRMP) Jan 13,2022 GSTR-6 September 2021 Input Service Distributor Jan 13, 2022 GSTR-2B (Auto Generated Statement) Jan 14,2022 GSTR-3B September 2021 Jan 20,2022 GSTR-5 September 2021 (Non-Resident Taxable Person) Jan 20,2022 GSTR-5A September 2021 (OIDAR Service Provider) Jan 20,2022 PMT-06 (who have opted for QRMP scheme) Jan 25,2022
Direct Tax Alerts for the month of December 2021
Form 56FF has been notified by the CBDT for claiming deduction u/s 10A of Income Tax Act,1961. CIT(A) is bound to allow requests for personal hearings in Faceless Assessment Scheme,2021 Important Judicial Precedents The powers of ITAT under Section 254(2) of the Act are only to rectify/correct any mistake apparent from the record. If the order passed by the ITAT was erroneous on merits, the remedy available to the Assessee was to prefer an appeal before the High Court. Therefore,
New Labour Code: Potential Accounting Implications
Government of India is actively working on reforms of various old laws out of which one is new Labour Code which was cleared by both the houses of parliament in July 2019 and received Presidents assent l on 8th August 2019 and called “The code of Wages 2019” However, many provisions of the Code of Wages 2019 are still not implemented and are yet to be made effective.` The major challenge in bringing about any labour reforms is to facilitate
ESOP Discount is business expenditure for earning profits
On 11-11-20, the hon’ble High Court of Karnataka has held that the deduction of discount on ESOP over vesting period per books of account is an admissible tax allowance in computation of business income of the employer company. The legal principle emphasized by the High Court is that the discount on issue of ESOPs is not a contingent liability but an ascertained liability. The decision was pronounced in the case of Commissioner of Income Tax, LTU v. Biocon Ltd. The