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20/11/2019

Reiterating that the mere change of opinion the assessing officer in not a ground to re-open Assessment under section 147 of Income tax Act, -City Union Bank Ltd. vs The Assistant Commissioner of Income tax and other-Madras HC-20.11.2019

02/10/2018

HomeLegislation UpdatesAmendments To Existing LawsThe Negotiable Instruments (Amendment) Act, 2018 [Highlights]

The Negotiable Instruments (Amendment) Act, 2018 [Highlights]
Amendments to existing lawsBanking and Negotiable InstrumentsLegislation Updates
Published on August 4, 2018By Auroshree
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The Negotiable Instruments (Amendment) Act, 2018 was notified on 02-08-2018.

The following amendments have been made —

Section 143 — now introduces a new proviso 143A, giving power to a Court to try an offence under S. 138 to order the drawer of cheque to pay interim compensation to the complainant in summary trials/summons case where he pleads not guilty to the accusations in the complaint. Furthermore, the interim compensation shall not exceed 20 % of amount of the cheque and shall be payable within 60 days from date of the order.
Recovery of fine shall be same as under Section 421 of the Code of Criminal Procedure, 1973.
In cases of acquittal, the Court is now empowered to direct the complainant to repay to the appellant the amount so released, at interest rates as prescribed by RBI.
Section 148 — now empowers the appellate court, for appeals against conviction under S. 138, to direct the appellant to deposit a minimum 20 % of the fine/compensation awarded, in addition to interim compensation paid under S. 143A.

26/07/2018

*ITR due date is Extended till 31st of Aug-2018.*

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The Central Board of Direct Taxes (CBDT) extends the ‘due date’ for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 in respect of taxpayers who were liable to file their Returns by 31.07.2018.

For full details, please Log on: pib.nic.in/PressReleaseIf…

Regards
CA. Abhishek Chordiya
+91-9001686968

13/07/2018

*ALERT*

An important announcement for all of those who have filed their Income Tax return and have received an e-mail stating that there has been an error in calculating your tax and a refund has to be issued, please ignore it.
It is circulated by hackers. Once you click on the link it will direct you to a net banking login page and once you login into it, your bank account will be hacked.

Please ignore such emails. Income tax department will send an intimation about refunds/ payable through a proper notice.

If you check the sender's address it would appear as [email protected] & not [email protected]

Note the *e* is missing from *efiling* & *filing* is spelt as *filling*. Please widely circulate this message so that nobody falls pray to hackers.

Note : Before Replying to any Communication received from Income Tax Department; always consult with your Tax / Legal Adviser.

Regards
CA. Abhishek Chordiya
+91-9001686968

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