07/12/2021 Daily Tax Updates and Professional News (Income Tax, GST, Company Law, etc.)

07/12/2021: Information, Updates and News from CBDT, CBIC, GOI, ICAI, MCA, SEBI (i.e. Circulars, Instructions, Notifications, Orders and Press Releases) on Taxation, Compliance and Professional issues.

Detection of undisclosed credits of Rs. 20,353 crores in India linked cases of Panama and Paradise Paper Leaks

Government has confirmed detection of undisclosed credits of Rs. 20,353 crores upto 30/09/2021 in relation to 930 India linked entities in Panama and Paradise Paper Leaks. Also that Taxes of Rs. 153.88 crore have been collected in such cases. For conducting coordinated and speedy investigation of the cases of Pandora Papers Leaks, Government had earlier  constituted a Multi Agency group (MAG), comprising of ED, RBI, FIU, etc. under the convenorship of Chairman CBDT. In 52 cases Criminal prosecution complaints have been filed and in 130 cases proceedings have been initiated under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

MoF, GOI Press Release dt. 07/12/2021: Undisclosed credits of Rs. 20,353 crore detected Panama and Paradise Paper Leaks

Income Tax Department Raids/ Search in Tamil Nadu

Income Tax Department conducts raids/ search and seizure operations in Tamil Nadu (Chennai, Coimbatore, Madurai and Tirunelveli) on 37 premises of popular Chain of Stores of 2 groups engaged in Retail Sales of Jewellery, Textiles and Home Appliances. The I-T search has revealed manipulation of books of accounts to suppress taxable income, like systematically suppressed sales Rs. 1000 crore, unaccounted cash purchases Rs. 150 crore, bogus purchase bills Rs. 80 crore, unaccounted rental/ scrap receipts Rs. 7 crore. Besides, unaccounted purchases of gold and inflated making charges of jewellery have also been detected. Also the search has led to seizure of cash Rs. 10 crore and jewellery/ bullion Rs. 6 crore.

MoF, GOI Press Release dt. 07/12/2021: Income Tax Department conducts search operations in Tamil Nadu

Income Tax Department Raids/ Search in Gujarat

The Income Tax Department conducts raids/ search and seizure operations on more than 30 premises of a prominent business group of Gujarat (Ahmedabad, Mumbai), engaged primarily in the manufacturing of stainless steel and metal pipes. The search revealed unaccounted transactions of Rs. 500 crore to reduce taxable income, including cash sales of goods and scrap, cash loans advanced and interest earned thereon, expenses incurred in cash, bogus expenses and purchases, unaccounted land investments, accommodation entries, etc. Also certain Benami properties have been identified.

MoF, GOI Press Release dt. 07/12/2021: Income Tax Department conducts search operations in Gujarat

Draft Notaries Amendment Bill 2021 for Comments

Government has invited comments on Draft Notaries Amendment Bill 2021 from Stakeholders latest by 15/12/2021. The amendments have been introduced,-

i) to provide opportunity to young eligible legal practitioners aspiring to serve as Notary Public by restricting the renewal of certificates of practice of Notaries beyond 2 terms (i.e. upto 15 years, 5 years initial plus 10 years on account of 2 renewals of 5 years each) as against the existing law of unlimited terms;

ii) to introduce provisions empowering Government to suspend certificate of practice of Notary Public in the cases where professional misconduct complaints have been received during the period of inquiry; and

iii) to digitize the notary records in order to prevent misconduct to safeguard the interests of general public, i.e. to avoid any fraud, deceit, tampering of records and back-dating of notarization, etc.

Draft Notaries Amendment Bill 2021 dt. 06/12/2021: Comments invited from stakeholders latest by 15/12/2021

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