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Exposure Draft of Revised ‘Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961’ for Public Comments – 05.07.2022

ICAI has published Exposure Draft of Revised ‘Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961’ for Public Comments. The Exposure Draft can be accessed at the link https://resource.cdn.icai.org/70897dtc56864ed.pdf. The DTC has decided to issue guidance note on tax audit for each assessment year separately. This Guidance Note is for the audits […]

Demand of Central Excise Duty cannot be sustained being time barred and in absence of any suppression by the assessee

The CESTAT, Ahmedabad in the matter of Ambica Engineering Works v. C.C.E. & S.T.-Surat-I [Excise Appeal No. 10859 of 2020, dated June 7, 2022] set aside the demand order has held that invoking extended limitation period by the Revenue Department cannot be sustained, being time barred and is invalid in the absence of suppression of […]

No hotels or restaurants can add service charge automatically or by default in the food bill: Consumer Affairs Ministry

The Central Consumer Protection Authority (CCPA) has issued guidelines for preventing unfair trade practices and violation of consumer rights with regard to levying of service charge in hotels and restaurants. The guidelines issued by CCPA stipulate that hotels or restaurant shall not add service charge automatically or by default in the food bill. No collection […]

Updation of UDINs at e-filing Portal

Various instances of invalidation of UDINs at the e-filing portal of Income Tax Department are being reported by Members. In view of these, certain technological changes have been made. The Members are advised to try again to update those UDINs which have been invalidated earlier at the e-filing Portal. Members are also hereby advised to […]

Gift card, vouchers, reward points, subscriptions etc., to be excluded from Virtual Digital Assets

The CBDT vide Notification No. 74/2022 dated June 30, 2022 has notified the following exceptions/ exclusions to the definition of Virtual Digital Assets (“VDA”) under the Income-tax Act, 1961 (“the IT Act”): Gift card or vouchers, being a record that may be used to obtain goods or services or a discount on goods or services.Mileage […]

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