Daily digest for Gupta Chandan & Associates, on July 2, 2022

posted: "INCOME TAX : Where there were variations proposed in impugned assessment order as regards deduction under section 80P, however, no opportunity had been given to assessee by serving show cause notice along with draft assessment order calling upon him to sh" Gupta Chandan & Associates HC quashed faceless assessment as no SCN was served before proposing variation to sec. 80P deduction Jul 2 INCOME TAX : Where there were variations proposed in impugned assessment order as regards deduction under section 80P, however, no opportunity had been given to assessee by serving show cause notice along with draft assessment order calling upon him to show cause as to why proposed variation should not be made, impugned assessment order having […] 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/hc-quashed-faceless-assessment-as-no-scn-was-served-before-proposing-variation-to-sec-80p-deduction/ Powered by Jetpack

posted: "INCOME TAX : "PH through VC, on demand" retrospectively applies even to appellants' requests for PH made prior to 28-12-2021INCOME TAX : "PH through VC, on demand" retrospectively applies even to appellants' requests for PH made prior to 28-12-2021www.tax" Gupta Chandan & Associates Faceless Appeal Scheme, 2021 mandating grant of personal hearing is curative amendment; applies retrospectively : ITAT Jul 2 INCOME TAX : "PH through VC, on demand" retrospectively applies even to appellants' requests for PH made prior to 28-12-2021INCOME TAX : "PH through VC, on demand" retrospectively applies even to appellants' requests for PH made prior to 28-12-2021www.taxmann.com Latest Case LawsRead More 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/faceless-appeal-scheme-2021-mandating-grant-of-personal-hearing-is-curative-amendment-applies-retrospectively-itat/ Powered by Jetpack

posted: "The Government has increased the amount of penalty for an offence punishable u/s 35 for accepting a foreign contribution in contravention of section 11 of the Act. Accordingly, the amount of penalty is Rs. 1,00,000 or 30% of foreign contribution received " Gupta Chandan & Associates Govt. increases quantum of penalty for acceptance of foreign contribution in contravention of FCRA Jul 2 The Government has increased the amount of penalty for an offence punishable u/s 35 for accepting a foreign contribution in contravention of section 11 of the Act. Accordingly, the amount of penalty is Rs. 1,00,000 or 30% of foreign contribution received whichever is higher. Earlier, the amount of penalty prescribed for accepting a foreign contribution […] 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-increases-quantum-of-penalty-for-acceptance-of-foreign-contribution-in-contravention-of-fcra/ Powered by Jetpack

posted: "The RBI, considering the introduction of the new series of banknotes, has reviewed the Note Authentication and Fitness Sorting Parameters for the Note Sorting Machines installed in the banks. RBI directed that banks shall ensure that the Note Sorting mach" Gupta Chandan & Associates RBI directs banks to conduct a quarterly test for the 'Note Sorting' machines Jul 2 The RBI, considering the introduction of the new series of banknotes, has reviewed the Note Authentication and Fitness Sorting Parameters for the Note Sorting Machines installed in the banks. RBI directed that banks shall ensure that the Note Sorting machines are tested for accuracy and consistency on a quarterly basis and recalibrated. RBI has prescribed […] 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/rbi-directs-banks-to-conduct-a-quarterly-test-for-the-note-sorting-machines/ Powered by Jetpack

posted: "The Govt. has notified the Foreign Contribution (Regulation) Amendment Rules, 2022. Now any person receiving a foreign contribution in excess of Rs. 10 lakh or equivalent thereto in a F.Y from any of his relatives shall inform the Government regarding the" Gupta Chandan & Associates Govt. relaxes Foreign Contribution norms; hikes limit for intimation on receipt of foreign contribution from relatives Jul 2 The Govt. has notified the Foreign Contribution (Regulation) Amendment Rules, 2022. Now any person receiving a foreign contribution in excess of Rs. 10 lakh or equivalent thereto in a F.Y from any of his relatives shall inform the Government regarding the details of the foreign contribution received by him in e-form in Form FC-1 within […] 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-relaxes-foreign-contribution-norms-hikes-limit-for-intimation-on-receipt-of-foreign-contribution-from-relatives/ Powered by Jetpack

posted: "IFSCA has notified the International Financial Services Centres Authority (Banking) (Amendment) Regulations, 2022. Amendment has been made to regulation 2. A new clause relating to "Representative Office" has been added which means a financial institution" Gupta Chandan & Associates IFSCA amends the International Financial Services Centres Authority (Banking) Regulations, 2020 Jul 2 IFSCA has notified the International Financial Services Centres Authority (Banking) (Amendment) Regulations, 2022. Amendment has been made to regulation 2. A new clause relating to "Representative Office" has been added which means a financial institution set up by its Parent Bank in IFSC for undertaking any one or more of the following activities, namely – […] 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/ifsca-amends-the-international-financial-services-centres-authority-banking-regulations-2020/ Powered by Jetpack

posted: "The last date for submitting application under MEIS for exports made between 01.09.2020 to 31.12.2020 has been extended till 31.08.2022. In this regard, notification has been issued.The last date for submitting application under MEIS for exports made betw" Gupta Chandan & Associates Last date to submit application under MEIS for exports made between 01.09.2020 to 31.12.2020 extended till 31.08.2022 Jul 2 The last date for submitting application under MEIS for exports made between 01.09.2020 to 31.12.2020 has been extended till 31.08.2022. In this regard, notification has been issued.The last date for submitting application under MEIS for exports made between 01.09.2020 to 31.12.2020 has been extended till 31.08.2022. In this regard, notification has been issued.taxmann.com Latest Statutory […] 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/last-date-to-submit-application-under-meis-for-exports-made-between-01-09-2020-to-31-12-2020-extended-till-31-08-2022/ Powered by Jetpack

posted: "The exemption of IGST and Compensation Cess on import of goods under Advance Authorisation, EPCG and EOU has been extended without any time restrictions. The corresponding amendment is made under FTP 2015-20 under Para 4, 5 and 6 to provide for exemption " Gupta Chandan & Associates Amendment in FTP to extend IGST amp; Compensation Cess exemption on imports under AA/EPCG etc. Jul 2 The exemption of IGST and Compensation Cess on import of goods under Advance Authorisation, EPCG and EOU has been extended without any time restrictions. The corresponding amendment is made under FTP 2015-20 under Para 4, 5 and 6 to provide for exemption from IGST and Compensation cess on imports under the above specified export incentive […] 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/amendment-in-ftp-to-extend-igst-amp-compensation-cess-exemption-on-imports-under-aa-epcg-etc/ Powered by Jetpack

posted: "The Government has constituted a new authority named Financial Services Institutions Bureau (FISB). The FISB will recommend persons for appointment as whole-time directors (WTDs) and non-executive chairpersons (NECs) on the Boards of various financial ser" Gupta Chandan & Associates Govt. constitutes 'FSIB' to recommend persons for appointment as WTD and Chairman of financial services institutions Jul 2 The Government has constituted a new authority named Financial Services Institutions Bureau (FISB). The FISB will recommend persons for appointment as whole-time directors (WTDs) and non-executive chairpersons (NECs) on the Boards of various financial service institutions like Public Sector Banks, financial institutions and Public Sector Insurers. FISB will also advise on certain other matters relating […] 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-constitutes-fsib-to-recommend-persons-for-appointment-as-wtd-and-chairman-of-financial-services-institutions/ Powered by Jetpack

posted: "The last date for submitting application under MEIS for exports made between 01.09.2020 to 31.12.2020 has been extended till 31.08.2020. In this regard, notification has been issued.The last date for submitting application under MEIS for exports made betw" Gupta Chandan & Associates Last date to submit application under MEIS for exports made between 01.09.2020 to 31.12.2020 extended till 31.08.2020 Jul 2 The last date for submitting application under MEIS for exports made between 01.09.2020 to 31.12.2020 has been extended till 31.08.2020. In this regard, notification has been issued.The last date for submitting application under MEIS for exports made between 01.09.2020 to 31.12.2020 has been extended till 31.08.2020. In this regard, notification has been issued.taxmann.com Latest Statutory […] 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/last-date-to-submit-application-under-meis-for-exports-made-between-01-09-2020-to-31-12-2020-extended-till-31-08-2020/ Powered by Jetpack

posted: "INCOME TAX : Writ petition again order of commissioner under section 264 was not maintainable where assessee with sole intention of avoiding payment of huge amount of tax determined in assessment order had deliberately chosen forum of revision under secti" Gupta Chandan & Associates Approaching HC instead of approaching CIT(A) shows assessee's intention of avoiding tax payment; HC dismissed writ Jul 2 INCOME TAX : Writ petition again order of commissioner under section 264 was not maintainable where assessee with sole intention of avoiding payment of huge amount of tax determined in assessment order had deliberately chosen forum of revision under section 264 with a view to make out a case to come up before High Court […] 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/approaching-hc-instead-of-approaching-cita-shows-assessees-intention-of-avoiding-tax-payment-hc-dismissed-writ/ Powered by Jetpack