Certicom Today’s Update

1. If the PF amount had been deposited within the permissible grace period, no disallowance can be made u/s 43B: In the case of Zyg Pharma Pvt. Ltd. Vs. DCIT has held as under:

  1. Perusal of assessment order showed that AO himself had admitted that assessee had deposited employee’s contribution to provident fund account within the grace period.
  2. As the amount had been deposited within the permissible grace period, no reason was found for disallowance
  3. AO was directed to allow the assessee’s claim

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2. Calcutta HC imposes an interim stay on TDS U/S 194N :

Case: Apeejay Tea Ltd. Anr. Vs. Union of India & Ors. (WPA 10856 of 2021)

3. CBIC introduced the ‘Turant – Faceless Assessment’ Brings in transparency, less human intervention; objectives, challenges.

4. Be cautious before using Google pay. Any payment-related issues or frauds emanating due to Google pay will be outside the purview of RBI.

GST officers unearth over Rs 35,000 crore fraud in 2020-21, arrest 426 persons

5. CBDT has notified the new rules regarding computation of short-term capital gains (STCG) and written down value (WDV) where depreciation on goodwill has been obtained, potentially increasing tax liabilities on firms that have undergone mergers or acquisitions in recent years.