Daily digest for Gupta Chandan & Associates, on June 13, 2022

posted: "INCOME TAX : Where assessee sold property on 3-8-2002 and for claiming exemption on capital gain made investment under section 54EC which was delayed by two days and thus, AO levied tax on capital gains and revision application against same was also dismi" Gupta Chandan & Associates CBDT's circular prescribing time for condonation application isn't applicable if application made before such circular: HC Jun 13 INCOME TAX : Where assessee sold property on 3-8-2002 and for claiming exemption on capital gain made investment under section 54EC which was delayed by two days and thus, AO levied tax on capital gains and revision application against same was also dismissed,INCOME TAX : Where assessee sold property on 3-8-2002 and for claiming exemption […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/cbdts-circular-prescribing-time-for-condonation-application-isnt-applicable-if-application-made-before-such-circular-hc/ Powered by Jetpack

posted: "Earlier the RBI had provided for conversion of outstanding uninsured deposits to credit of the institutional depositors into Perpetual Non-Cumulative Preference Shares (PNCPS)/Equity Warrants of USFB as on appointed date. Now, RBI has clarified that UCBs " Gupta Chandan & Associates Primary (Urban) Co-operative Banks shall continue to make provisions on inter-bank exposures: RBI on PMC case Jun 13 Earlier the RBI had provided for conversion of outstanding uninsured deposits to credit of the institutional depositors into Perpetual Non-Cumulative Preference Shares (PNCPS)/Equity Warrants of USFB as on appointed date. Now, RBI has clarified that UCBs shall continue to make provisions on inter-bank until the actual allotment of PNCPS / Equity Warrants. As the actual […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/primary-urban-co-operative-banks-shall-continue-to-make-provisions-on-inter-bank-exposures-rbi-on-pmc-case/ Powered by Jetpack

posted: "SEBI noticed that many unregulated platforms are offering investors Algorithmic Trading services to automate their trades. Strategies are being marketed with "claims" of huge return on investment and claims that similar returns would be earned in the futu" Gupta Chandan & Associates SEBI cautions Investors against dealing with unregulated platforms offering Algorithmic Trading Jun 13 SEBI noticed that many unregulated platforms are offering investors Algorithmic Trading services to automate their trades. Strategies are being marketed with "claims" of huge return on investment and claims that similar returns would be earned in the future. In this regard, the SEBI has cautioned Investors against dealing with such unregulated platforms as there is […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/sebi-cautions-investors-against-dealing-with-unregulated-platforms-offering-algorithmic-trading/ Powered by Jetpack

posted: "The Finance Act, 2022 has revamped the provisions related to Faceless Assessment as contained under section 144B. To incorporate these changes, the Central Board of Direct Taxes (CBDT) has issued notifications in suppression of the notifications issued in" Gupta Chandan & Associates CBDT notifies new units under Faceless Assessment incorporating amendments made by the FA 2022 Jun 13 The Finance Act, 2022 has revamped the provisions related to Faceless Assessment as contained under section 144B. To incorporate these changes, the Central Board of Direct Taxes (CBDT) has issued notifications in suppression of the notifications issued in erstwhile provisions. The CBDT has also notified various units under the amended provisions of faceless assessment.The Finance […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/cbdt-notifies-new-units-under-faceless-assessment-incorporating-amendments-made-by-the-fa-2022/ Powered by Jetpack

posted: "Govt. has notified the Companies (Appointment and Qualification of Directors) Second Amendment, Rules, 2022. As per amended norms, any individual whose name has been removed from the databank, may apply for restoration of his name on payment of fees of Rs" Gupta Chandan & Associates Govt. tweaks norms w.r.t. appointment of directors; allows restoration of name of independent directors in databank Jun 13 Govt. has notified the Companies (Appointment and Qualification of Directors) Second Amendment, Rules, 2022. As per amended norms, any individual whose name has been removed from the databank, may apply for restoration of his name on payment of fees of Rs. 1000 and the institute shall allow such restoration subject to riders. In case he […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/govt-tweaks-norms-w-r-t-appointment-of-directors-allows-restoration-of-name-of-independent-directors-in-databank/ Powered by Jetpack

posted: "INCOME TAX : Where assessee filed submission in response to show cause notice issued under section 148A(b) by way of e-mail addressed to AO as online submission portal was closed by revenue, since said submission was available on record, AO was required t" Gupta Chandan & Associates Submission available before AO while passing order to be considered even if it was filed after limitation period: HC Jun 13 INCOME TAX : Where assessee filed submission in response to show cause notice issued under section 148A(b) by way of e-mail addressed to AO as online submission portal was closed by revenue, since said submission was available on record, AO was required to pass order under section 148A(d) after considering sameINCOME TAX : Where assessee […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/submission-available-before-ao-while-passing-order-to-be-considered-even-if-it-was-filed-after-limitation-period-hc/ Powered by Jetpack

posted: "INCOME TAX : Where amount paid by assessee company as bonus to directors was disallowed under section 40A(2)(b), however, none of authorities below had opined that grant of bonus to directors would either endanger existence of corporate entity or was proh" Gupta Chandan & Associates Bonus paid to directors can't be disallowed if same was duly allowed in prior years: HC Jun 13 INCOME TAX : Where amount paid by assessee company as bonus to directors was disallowed under section 40A(2)(b), however, none of authorities below had opined that grant of bonus to directors would either endanger existence of corporate entity or was prohibited under Payment of Bonus Act, 1965 or was not proportionate to services rendered by […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/bonus-paid-to-directors-cant-be-disallowed-if-same-was-duly-allowed-in-prior-years-hc/ Powered by Jetpack