Knowledge Hub

  Ludhiana: While investigating an old case of Rs 393-crore bogus billing, the Central GST commissionerate (CGST), Ludhiana, unearthed another such network and tax fraud after a search of the house of a relative of the accused. During the search, the anti-evasion wing of the department recovered Rs 40 lakh cash from the house of hosiery businessman Yogesh Jain, who, during investigation by tax officials, confessed that he was evading GST by executing undeclared supply transactions and also issuing fake bills. According to the department, Yogesh is a relative of Sahil Jain, who was, on November 11 last year, booked and arrested for issuing fake invoices of Rs 393 crore and passing on fake input tax credit (ITC) worth Rs 33.02 crore through 23 dummy firms. In January, Sahil was released on bail, but later an FIR was registered against him and some unknown persons for securing bail on forged papers. Prior to this, an FIR was also registered against his wife and others for allegedly op...

  * MCA allows Board Meeting via Video Conferencing permanently * Ministry of Corporate Affairs (MCA) has, vide its Notification dated June 15, 2021, notified the amendment in Companies (Meetings of Board and its Powers) Rules, 2014. The said amendment has been notified to delete the provision related to restriction of conducting Board Meeting through Video Conferencing/Other Audio-Visual Means for selected agenda items. To curb the difficulties for corporates to conduct Board meetings during an outbreak of the Covid pandemic, MCA had granted relaxation from the above restriction in a phased manner up to June 30, 2021. Now the said restriction is permanently deleted. A step towards Digital India: MCA finally allowed Board Meeting permanently through Video Conferencing The pandemics has contributed in making India a digital economy. MCA is acting fast and pro-active in this direction. Ministry of Corporate Affairs (MCA) has, vide its Notification dated June 15, 2021, notified the am...

  DID you KNOW? W.E.F. 1ST JULY, 2021 :- STRINGENT PROVISIONS UNDER THE INCOME TAX ACT, 1961 The Finance Act, 2021 introduced following stringent provisions under Income Tax Act, applicable from 1 st of July, 2021. 1.      TDS ON PURCHASE OF GOODS [SECTION 194Q] (We can check out difference between corresponding section 206C(1H) - W.E.F 01 st -Oct-2020) 2.      TDS FOR NON-FILERS OF INCOME TAX RETURNS [SECTION 206AB] (Refer already discussed, you may refer my earlier article or you can provide your email ID in comment section, I will provide you above section in detail understanding) 3.      TCS FOR NON-FILERS OF INCOME TAX RETURNS [SECTION 206CCA] (We will discuss later on)   Now, in this article we can discuss only provision of section 194Q in details and Comparatives between Section 194Q vs 206C (1H) along with practical examples.   TDS ON PURCHASE OF GOODS [SECTION 194Q]   An...