The CBIC has come out with guidelines on blocking of tax credit by GST field officers, saying that such blocking should be on the basis of 'material evidence' and not just out of 'suspicion'. The guidelines laid down five specific circumstances in which such credit could be blocked by a senior tax officer. These include availment of credit without any invoice or any valid document, or availing of credit by purchasers on invoices on which GST has not been paid by sellers.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Many placement agencies are fly-by-night operators in New Delhi.
The CBI has been carrying out searches at various locations for the past few days to locate assets acquired from the proceeds of the scam, officials said.
Despite their opposition based on ideology, both the political Right and the political Left possess similar behaviour, observes Shyam G Menon.
The pilot project for central bank digital currency (CBDC) in the retail segment went live on Thursday with the Reserve Bank of India (RBI) issuing Rs 1.71 crore to four participating banks based on their indents. The central bank has identified four banks for the first phase of the pilot - State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank - in four cities, Mumbai, New Delhi, Bengaluru and Bhubaneswar. The highest indent was received from one private sector bank.
The BJP could surpass its previous best showing of 127 seats in 2002 when Modi was the chief minister.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
The average time lag between the date of occurrence of a fraud and its detection is 23 months; for large frauds (Rs 100 crore and above), it was 57 months.
The government has notified a host of procedural changes in the GST rules, including levy of interest for wrongful utilisation of ITC and turnover threshold for filing annual returns for the 2021-22 fiscal. The changes were vetted by the Goods and Services Tax (GST) Council at its meeting last week. With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes.
'Individuals can consider dividing ownership of properties between related persons to ensure that the sale transactions are below the Rs 50 lakh limit and therefore not subject to TDS.'
The 32-year-old swashbuckling batter smashed an unbeaten 51-ball 112 against Sri Lanka in the third T20 International on Saturday to pave the way for India's 91-run victory and a 2-1 series verdict.
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
Asserting that terrorism is not linked to any religion, National Security Advisor Ajit Doval on Tuesday said it is no coincidence that despite there being around 200 million Muslims, the involvement of Indian citizens in global terrorism has been "incredibly low".
GST officers can now launch prosecution against offenders in cases where the amount of evasion or misuse of input tax credit is more than Rs 5 crore, the finance ministry has said. However, this monetary threshold will not be applicable in the case of habitual evaders or in cases where arrests have been made at the time of investigation. "One of the important considerations for deciding whether prosecution should be launched is the availability of adequate evidence," the GST investigation wing under the finance ministry said, while issuing instructions for launching prosecution.
Some of India's best-known royals gathered in New Delhi to watch the final of the Sir Pratap Singh Polo Cup, which is named after Sir Pratap Singh, the man credited with the foundation of modern polo in India.
Be wary of co-operative banks which have historically been most vulnerable.
Brand India's societal divisions and distortions have remained as much relevant in 'liberal' America and Europe as it still is in the structurally stratified Indian society of the 21st century, observes N Sathiya Moorthy.
Gianiji had crafted his moves with the meticulous planning of a chess grandmaster. He did not know whether a checkmate was feasible, as his time was running out, but he wanted Rajiv Gandhi to smell the fear of loss. A fascinating excerpt from K C Singh's The Indian President: An Insider's Account of the Zail Singh Years.
The increasing involvement of Big Tech in the financial system could give rise to concentration risk and there are potential spillovers, which call for closer attention, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Tuesday. "...enormous amounts of consumer data is being generated and leveraged upon by a few entities (the so-called Big Tech) by virtue of their huge customer base. "Such developments raise concerns on concentration risk and potential spillovers as their level of engagement with the financial system strengthens in the years to come," Das said at the Global Fintech Fest 2022.
'Eddie Murphy was approached for Sanjay Dutt's role, Omar Sharif for Jackie's Shroff's. The title of Khalnayak was Be Negative then. I had started working on the screenplay with Hollywood writers. And then after three-four months...
Portugal's shortage of health staff, especially those specialising in gynaecology and obstetrics, has led to the government considering hiring from abroad.
A court in Canada has ordered the seizure of amounts collected by the International Air Transport Association (IATA) on behalf of Air India and the Airports Authority of India (AAI). Separate orders were passed on November 24 and December 21 on pleas by shareholders of Devas Multimedia Private Limited who have filed multiple petitions to enforce arbitration awards against the Indian government. According to a Devas spokesperson, more than $30 million has been seized to date under the IATA action.
In a mixed bag for HDFC Bank ahead of the parent HDFC's merger with itself, the Reserve Bank of India has declined to make exceptions on certain aspects, and has offered some leeway on others. The country's largest private sector lender, which is aiming to conclude the merger with the home finance major by July, had written to the central bank seeking certain forbearances after announcing the $40-billion merger in April last year. In an exchange filing this evening, HDFC Bank said it received a response from RBI on Thursday and also said that there are a few pending issues.
The Supreme Court on Monday said the ministry of defence cannot take law in its own hands by issuing communication on payment of One Rank-One Pension (OROP) arrears in four instalments.
The 71-year-old Dhankhar has been a noted lawyer, was instrumental in getting Other Backward Class status for Jats in Rajasthan and loves to beat his own cappuccino desi-style.
'Cinema or the sentiment of a people, disgusted by contemporary politics and wanting to feel whole by collectively recalling a moment of great difficulty that was also a cause for togetherness?', asks Shyam G Menon.
Shah said that the people of the country will decide about the principal opposition party to BJP in the 2024 polls and they have not given this label to any party.
No longer a discretion of the tax administrator, the audit of returns filed by taxpayers is now based on a selection by algorithms, notes Tarun Bajaj.
The Supreme Court on Tuesday took serious exception to political statements being made on the sub-judice matter related to the withdrawal of four percent Muslim quota in Karnataka, saying "some sanctity needs to be maintained".
Home prices across the top six cities are set to jump 6-10 per cent this fiscal and 3-5 per cent in the next financial year because of a steep rise in raw material, labour and land costs, and relatively favourable demand-supply dynamics, a report said on Thursday. The report by Crisil also said large residential realtors are on course to log a robust 25 per cent sales growth in 2022-23 and 10-15 per cent in the next fiscal. The unsold inventory level is down to 2.5 years from four years pre-pandemic, and this has credit profile of the large realtors strengthening, the report said.
'After exiting jail, I thought some of my IIM-A classmates would contact me. None did.' 'The case indeed scared people, which perhaps was the objective of the State.'
Borrowers should be careful if the app promises too-quick disbursal, and doesn't provide adequate information on the terms of the loan, such as interest rate, repayment schedule, etc.
Remember, pension from EPS will be taxable at slab rate, reducing the post-tax income for people who remain in the higher tax brackets after retirement.
Man of the Match for his 113 not out off 111 balls, Shreyas Iyer said, "I am ecstatic. When I went in to bat, I spoke to Ishan and he was of the mindset to take on the bowlers. So we decided to play the ball on merit and see how it goes.
'Your attitude and spirit to win every game is something that inspires everyone'
'Nobody told me upfront that you are a Marathi girl so we will not cast you.' 'I questioned myself: 'Am I not good enough?' 'Am I not good-looking to be in this industry?''
'The number of leave accumulated sometimes goes up to 300.' 'The encashed amount is equivalent to almost 10 months' salary.'
What's different this time is that global financial stress -- which has its genesis in four policy choices made in recent years -- is juxtaposed with a more resilient real economy, observes Sajjid Z Chinoy, chief India economist at J P Morgan.
Former Haryana Congress leader Kuldeep Bishnoi joined the Bharatiya Janata Party on Thursday along with his wife Renuka Bishnoi here in the presence of senior party leaders, including state Chief Minister Manohar Lal Khattar.
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