April, 2022 – Issue No. IV


Erroneous refund in terms of Rule 96(10) – refund granted repaid with interest – ITC to be re-credited – Gujarat High Court.

CBDT has notified additional conditions under section 139(1) of Income Tax Act 1961 for compulsory return filing which  are as follows:-
(i) if his total sales, turnover or gross receipts, as the case may be, in the business exceeds sixty lakh rupees during the previous year; or
(ii) if his total gross receipts in profession exceeds ten lakh rupees during the previous year; or
(iii) if the aggregate of tax deducted at source and tax collected at source during the previous year, in the case of the person, is twenty-five thousand rupees or more; or
(iv) the deposit in one or more savings bank account of the person, in aggregate, is rupees fifty lakh or more during the previous year.
The Ministry of Corporate Affairs makes substantial amendments to Nidhi Rules, 2014. Minimum paid up equity share capital increased from five lakh to ten lakh rupees.

The Indian Tax Advisors