Todays Tax Updates

1. CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB

It has now been decided to extend the aforesaid date to 15th August 2021. In view thereof, taxpayers can now submit the said Forms in manual format to the authorised dealers till 15th August 2021. Authorised dealers are advised to accept such Forms till 15th August 2021 for the purpose of foreign remittances.

2. Gujrat High Court in the case of Nagri Eye Research Foundation VS UOI stated that Charitable Trust required to obtain GST Registration & Medicines provided by them, even at a lower rate, will get covered under “Supply”.

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3. . Interest-free loan cannot be treated as a financial debut without evidence that the loan was disbursed for the time value of money.
Case Name: Orator Marketing Pvt. Ltd. Vs Samtex Desinz Pvt. Ltd. (NCLTAT Delhi) Appeal Number: Company Appeal (AT) (Ins) No.1064 of 2020 Date of Judgement/Order: 08/03/2021

4. Income Tax Assessing Officer can make addition u/s 68/69C despite estimation of Income U/s 44AF of the Income Tax Act.
Case Name: Atul Dinesh Seth Vs ITO (ITAT Bangalore). Appeal Number: ITA Nos. 399 to 401/Bang/2020. Date of Judgement/Order: 08/03/2021

Govt’s net tax collection rises 86% to Rs 5.57 lakh crore in Quarter1 

5. UGC recognised CA qualification equivalent to PG degree. This will go in a long way to support Professional colleagues globally.