Section 56(2)(viib) not applicable to transaction between holding & wholly owned subsidiary

BLP Vayu (Project-1) Pvt. Ltd Vs PCIT (ITAT Delhi) The assessee company issued 513978 shares @ Rs 1284.10 per share to its 100% Holding Company in tune with the valuation report following DCF method towards calculation of fair market value of shares as per Rule 11UA(2)(b) of the Income Tax Rules for which share application […]

Tax Planning under Specified Investment in Section 80C

Section 80C of the Indian Income Tax Act is a provision that allows individuals to claim deductions on specified investments and expenses. It is one of the most popular tax-saving options available to individuals in India. Section 80C provides taxpayers with the opportunity to reduce their taxable income by investing in eligible instruments or making […]

MCA amends LLP Form No. 3 – LLP Agreement and changes

Ministry of Corporate Affairs has issued notification no. G.S.R. 411(E)  and amended Limited Liability Partnership (LLP) Rules, 2009 vide Limited Liability Partnership (Amendment) Rules, 2023. The amended rules will come into effect from 02nd June 2023. One significant change introduced by the amendment is the substitution of LLP Form No. 3. This form is used […]

Kerala GST – Allocation of Adjudication Files to Deputy Commissioners

Office of the Commissioner of the State Goods and Services Tax (SGST) Department in Kerala has issued Circular No. 11/2023 regarding the allocation of adjudication files to Deputy Commissioners of Taxpayer Services Vertical and Deputy Commissioner Adjudication. The circular aims to streamline the distribution of work among Deputy Commissioners of Taxpayer Services and Deputy Commissioners […]

MCA imposes penalty for incorrect recording in meeting minutes

Ministry of Corporate Affairs, Government of India, has issued an order imposing penalties on Draeger India Private Limited for violation of Section 118(2) of the Companies Act, 2013. The company incorrectly mentioned in its meeting minutes that audited financial statements were adopted by the members, which contravened provision. The penalties amount to INR 35,000, with […]

CBIC chairman Highlights Future-Ready Initiatives & Enforcement Successes

Chairman, CBIC shared updates and achievements vide his Weekly newsletter dated 02.06.2022. CBIC Chairman reports on discussions held during a conference on marine assets and preventive functions in Vishakhapatnam. he further updates on ADVAIT Hackathon on Data Analytics, encouraging a data-driven culture within the organization. Additionally, the Directorate of Revenue Intelligence (DRI) recently seized a […]

Growth of AI and its impact on Indian labor laws

Artificial Intelligence (AI) is rapidly becoming a part of our everyday lives, and its impact on Indian labor laws has been significant. In this article, we will explore how AI has changed the way businesses are structured, the implications for workers in India, and potential solutions to ensure that everyone benefits from this technology. What […]

ITAT Allows Bad Debts Adjustment Against Provisions

Integra Engineering India Ltd Vs ACIT (ITAT Ahmedabad)  In a significant verdict, the Income Tax Appellate Tribunal (ITAT) Ahmedabad, in the case of Integra Engineering India Ltd vs. ACIT, has held that any adjustment made by the assessee on account of bad debts against previously created provisions constitutes actual writing off of bad debts in […]

Supplies to Merchant Exporters not includible for SSI Exemption calculation

Universal Packaging Vs Commissioner of Central Excise (CESTAT Mumbai) The legality of availing Small Scale Industries (SSI) exemption without including the value of supplies to Merchant Exporters has been challenged in four appeals. The appellant, a manufacturer of Corrugated Carton Boxes, had availed the SSI exemption under Notification No. 8/2003. However, periodic show-cause notices were […]

HC allows Revocation of GST Registration under notification dated 31.03.2023

Integrated Techno Systems Vs Superintendent of Central Tax (Telangana High Court) Cancellation of Goods and Services Tax (GST) registration – Telangana High Court refers to Notification No. 03/2023–Central Tax Dated: 31st March, 2023 by CBIC, allowing the petitioner to apply for revocation of Goods and Services Tax (GST) registration. The petitioner is directed to file the […]

Limitation for GST Refund Application Starts from Online Filing, Not Manual Filing

Trafigura Global Services Pvt Ltd Vs Central Board of Indirect Taxes and Customs (Bombay High Court) HC held that limitation period for a GST refund application should be considered from the date of online filing, not the date of manual filing. The petitioner had challenged the rejection of their GST refund application on the grounds […]

Services rendered to holding company under an agreement does not make service provider an intermediary

McDonalds India Pvt Ltd Vs Additional Commissioner, CGST Appeals – II, Delhi & Anr. (Delhi High Court) Delhi High Court, in the case of M/s McDonalds India Pvt Ltd. v. Additional Commissioner, CGST Appeals – II, Delhi & Anr. [W.P.C No. 11430 of 2022 dated May 18, 2023], has overturned the order that denied the […]

Provisions, Applicability & Implications for Non-Residents & E-commerce Operators

Understanding Equalisation Levy in India: Provisions, Applicability, and Implications for Non-Residents and E-commerce Operators Learn about Equalisation Levy in India, the first country to introduce this concept. Explore its provisions, applicability, rates, and examples. Understand the distinctions between specified services and supplies by E-commerce operators. Discover the implications for non-resident service providers and the responsibility […]

Understanding how an M&A Process works

Mergers and acquisitions hold significant importance for businesses, making it crucial to ensure the success of these transactions. To achieve a seamless journey from initiation to completion and integration, it is essential to grasp the factors contributing to M&A triumph. Keys to Successfully Completing an M&A Deal An M&A deal represents a monumental milestone for […]

Whether dues to landowners under Collaboration Agreements can be treated as ‘Operational Debt’ under IBC?

Ajit Kaur Gill Vs Raheja Developers Limited (NCLT Delhi) The said question was analyzed, in the matter Mrs. Ajit Kaur Gill vs. Raheja Developers Limited (dated 12th May, 2023), by Principal Bench of Hon’ble NCLT, New Delhi.  Basically, an application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (the Code), r/w […]

100% Penalty Not Imposable if Duty, Interest & 25% Penalty Already Paid

Network Vs Commissioner of Central Excise (CESTAT Chandigarh) FULL TEXT OF THE CESTAT CHANDIGARH ORDER The appellants were providing internet/cable connections to the general public as agents of M/s SIFY. On the basis of certain information received, Department came to the conclusion that these cable TV operators like the appellant were required to pay Service […]

Accounting for leases

Accounting for leases by incorporating Companies (Indian Accounting Standards) Amendment Rules 2023 Following are the relevant standards relating with Accounting for leases 1. IndAS 116-Leases-Inserted by the Companies (Accounting Standards) Amendment Rules 2019 w.e.f 1/4/2019. 2. IFRS 16, Leases-Corresponding International Financial Reporting Standard issued by IASB. 3. IFRS 16 replaces IAS 17 effective 1 January […]

CESTAT quashes order as it lacked reasoning or findings to support its conclusion

Commissioner of Customs Central Excise Vs Cipla Ltd (CESTAT Mumbai) CESTAT observed that impugned order has been issued in a highly unusual manner, lacking any reasoning or findings to support its conclusion. Although the order appears detailed, it primarily consists of recording the submissions made by the assesses and the revenue, with a brief two-line […]

Patna HC Sets Aside GST Registration Cancellation order – Directs reconsideration

Jyoti Electricals Vs Union of India (Patna High Court) Patna High Court has ruled in the case of Jyoti Electricals Vs Union of India, where the petitioner challenged the cancellation of their GST registration. The court found that the GST Registration cancellation order provided no reasons and violated principles of natural justice. Citing a previous […]

TDS on insignificant winnings from online games

The Section 194BA was introduced by the Finance Act 2023 to deduct tax at source on net winnings from any online games. The manner of computation of net winning has been prescribed in Rule 133[1] of the Income-Tax Rules, 1962. Further, the CBDT has also issued guidelines[2] for purpose of removing the difficulty in deduction […]

Companies (Accounts) Second Amendment Rules, 2023

Ministry of Corporate Affairs, has issued a notification introducing amendments to the Companies (Accounts) Rules, 2014 by Companies (Accounts) Second Amendment Rules, 2023. Companies (Accounts) Second Amendment Rules, 2023 specify that for the financial year 2022-2023, Form CSR-2 must be filed separately on or before March 31, 2024, after filing the specified forms AOC-4 or […]

IRDAI transfers business of Sahara India Life Insurance to SBI Life Insurance

IRDAI has issued an order on June 2, 2023, to transfer the life insurance business of Sahara India Life Insurance Co. Ltd. (SILIC) to SBI Life Insurance Co. Ltd. This decision was made due to concerns regarding SILIC’s governance system and its impact on policyholders and the insurance sector. SILIC had been non-compliant with previous […]

Amendment in Import Policy Condition 6 (Pet Coke)

DGFT issued a notification amending the Import Policy Condition 6 (Pet Coke) under Chapter 27 of Schedule-I (Import Policy) of ITC (HS) 2022. The amendment allows the import of pet coke for specific industries such as cement, lime kiln, calcium carbide, gasification, and graphite electrode industries, on an actual user basis for use as feedstock […]

Directors’ Liability under Negotiable Instruments Act during Moratorium Period under IBC

Examining Directors’ Liability under the Negotiable Instruments Act during the Moratorium Period under the Insolvency and Bankruptcy Code (IBC) INTRODUCTION: To ensure smooth business operations and promote non-cash transactions, negotiable instruments play a crucial role in the economy. They offer an alternative to cash and facilitate uninterrupted business activities. The Negotiable Instruments Act, 1881 (NI […]

Statutory Compliance Calendar for June, 2023

Date Time Period Form / Challan No Compliance 07.05.2023 April’ 23 Challan No. ITNS – 281 Monthly Deposit of TDS (Both salary and Non Salary). 07.05.2023 April’ 23 ECB-2 Return of External Commercial Borrowings. 10.05.2023 April’ 23 1. GSTR-7 2. GSTR-8 1. Monthly return file by Tax Deductor. 2. Monthly return file by E-Commerce Operator. 11.05.2023 […]

Section 194BA – TDS on winning from Online Games

In the Finance Bill 2023, a new TDS section, 194BA, and 115BBJ, have been inserted into the Income Tax Act, and they have been made applicable from 01.04.2023. Eligibility criteria for the tax deductor: Any person (resident or non-resident) responsible for paying any income by way of winnings from any online game to any person […]

Start-Up India Registration: A Comprehensive Guide

Start-Up India is an initiative launched by the Government of India to foster employment generation and wealth creation through the development and innovation of products and services. The scheme offers several benefits to registered start-ups, including simplification of work, financial support, access to government tenders, and networking opportunities. To be eligible for registration, the entity […]

India’s GST Revenue for May 2023 Surpasses ₹1.57 Lakh Crore

The gross GST revenue collected for May 2023 in India amounted to ₹1,57,090 crore, representing a 12% year-on-year growth compared to May 2022. This marks the 14th consecutive month with GST revenues exceeding ₹1.4 lakh crore and the 5th time crossing ₹1.5 lakh crore since the implementation of GST. The revenue from import of goods […]

Bona fide belief of non-deduction of TDS vis-à-vis default u/s 201(1) and 201(1A) needs re-adjudication

State Bank of India Corporate Centre Vs CIT(A) (ITAT Mumbai) ITAT Mumbai remanded the matter for adjudication of bona fide belief of TDS exemption in case of LTC relating to foreign travel vis-à-vis default u/s 201(1) and 201(1A) of the Income Tax Act. Facts- The assessee bank was allowing tax exemption on leave fare concession […]

Refund of CENVAT credit pertaining to the period prior to registration cannot be denied

Commissioner of Service Tax Vs Ad2Pro Global Creative Solutions Pvt. Ltd. (CESTAT Chennai) The CESTAT, Chennai in Commissioner of Service Tax v. M/s. Ad2pro Global Creative Solutions Pvt. Ltd. [Service Tax Appeal No. 40175 – 40177 of 2017 dated May 26, 2023] has held that, denial of CENVAT credit for non-registration of premises is not […]

GST Implication on Goods sent for Exhibition

Exhibition of Goods: Exhibition of goods is simply DISPLAY of goods at a trade fair or any other occasion with the intention to promote business and enhance customer base and sales. As per CGST Act, any business activity or transaction is considered as SUPPLY only if: It is made for some CONSIDERATION, and It is […]

RBI FAQs on Coordinated Portfolio Investment Survey – India

The Coordinated Portfolio Investment Survey (CPIS) is a voluntary data collection exercise conducted by the Reserve Bank of India (RBI) on behalf of India under the International Monetary Fund (IMF). The survey aims to improve the quality and availability of portfolio investment statistics, specifically holdings of equity and investment fund shares, long-term debt securities, and […]

E-Invoice Era In India under GST Regime

Foot Prints of the Limit Sl No. Aggregate Turnover Applicable Date Notification No. 1 More than Rs. 500 crore 01-10-2020 61/2020 – Central Tax 70/2020 – Central Tax 2 More than Rs. 100 crore 01-01-2021 88/2020 – Central Tax 3 More than Rs. 50 crore 01-04-2021 5/2021 – Central Tax 4 More than Rs. 20 […]

Reverse Charge Mechanism (RCM) under GST- Hidden Liability in books

Article explains Reverse Charge Mechanism (RCM) under GST, which shifts the tax payment liability from the supplier to the recipient of goods or services. Article Explore the legal aspects, important sections, and benefits of RCM, along with the consequences of non-payment. Understand the registration criteria and considerations for RCM transactions to ensure compliance with GST […]

Annual Survey on Computer Software & ITES

Annual Survey on Computer Software & Information Technology Enabled Services Exports (ITES) (Updated as on June 01, 2023) General Instructions The Reserve Bank conducts the survey on Computer Software & Information Technology Enabled Services (ITES) Exports annually. The survey collects information from software and ITES/BPO/LLPs exporting companies on their computer software and IT enabled services […]

Survey on Foreign Liabilities & Assets of Mutual Fund AMCs in India

(Updated as on June 01, 2023) General Instructions The Reserve Bank’s survey on Foreign Liabilities and Assets (FLA) of Mutual Fund (MF) companies and their Asset Management Companies (AMCs) in India is conducted annually. It collects the information from MF companies and AMCs on their external financial liabilities and assets as at end-March of the […]

Monthly Income Scheme in UAE – myMoneySage Blog

The Second Salary National Bonds Scheme is a savings plan in the UAE that allows you to earn a monthly income from your investments. The scheme offers participants the freedom to choose their preferred tenor, ranging from 3 to 10 years. During this period, savings grow steadily, with highly competitive profit rates. The reinvestment of […]

Right to operate toll roads & collect toll charges is an intangible asset

ACIT Vs Progressive Constructions Ltd. (ITAT Hyderabad) ITAT ruled that the right to operate toll roads and collect toll charges should be classified as an ‘intangible asset’ and can also be regarded as a business or commercial right. The Tribunal emphasized that a project developer cannot finalize the project without investing in the project asset. […]

GST Registration Guidance for taxpayer wishing to register One Person Company

The introduction of the Companies Act of 2013 brought about the concept of the One Person Company (OPC). Before this act, a single person was unable to form a company. If someone wanted to start a business, they could only do so as a sole proprietorship because company formation required a minimum of two directors […]

Retailers cannot Compel Consumers to share their Mobile Numbers: Govt

Govt advises retailers that mobile number of the consumers should not be taken without their express consent at the time of sale of any goods or services and, providing the same should not be made a mandatory pre-condition for sale. Government of India, has addressed a growing issue of retail stores mandating consumers to provide […]

Evolution of GST in India

Sixteen years ago, during the tenure of Prime Minister Shri Atal Bihari Vajpayee, the idea of implementing a Goods and Services Tax (GST) in India was first proposed. In the Budget for 2006-07, presented on 28th February 2006, the Union Finance Minister announced that GST would be introduced from 1st April 2010. The Empowered Committee […]

LTCG from sale of shares of 21st Century Finance Ltd. is genuine

JCIT Vs Amandeep Singh Bhatia (ITAT Indore) Aassessee in his return of income declared a long-term capital gain exempted u/s 10(38) of the act, earned from sale of 88,550 equity shares of 21st Century Finance Ltd. The assessee claimed to have purchased the impugned shares for Rs. 7,70,856/- in the year 2004-05; sold the same […]

Tips to Maximise Productivity While Awaiting CA Exam Results

How to Stay Productive and Utilize Your Time Effectively While Waiting for CA Exam Results-  Waiting for exam results can be a challenging and stressful period for students pursuing the Chartered Accountancy (CA) qualification. However, there are practical ways to stay productive and make the most of this waiting time. By following these tips, you […]

Filing Requirements, Due Dates, and Penalties

Did you know after deducting and depositing equalization Levy, you need file a return of Equalization levy by 30th June of the year following the year for which the Equalization levy has been paid? If not, we will tell you all about that in this article. Before we discuss about the equalization levy return let […]

SEBI clarifies on Applicability of submission of BRR or BRSR

SEBI) has issued an interpretative letter in response to a request for informal guidance from Nectar Lifesciences Limited. The letter addresses the applicability of Business Responsibility and Sustainability Reporting (BRSR) under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. SEBI clarifies that till the financial year 2021-2022 the top 1000 listed entities on the […]

HC directs Dept to reconsider ITC Refund Application

Principal Global Services Pvt Ltd Vs State of Maharashtra (Bombay High Court) As regards the position of the invoices mentioning Lowa State in the United States of America is concerned, we find that there is an obvious typographical error as there is no such State in the United States. The corresponding name to that place […]

How Income Tax Digitalisation will affect the Indian Economy?

Indian economic growth has been rapidly digitized in recent years due to various initiatives and trends. The Income Tax system in India has been highly influenced by digitalization. This has made it easier to perform multiple online operations, including filing, paying taxes, and keeping track of payments. The digitalization of the Indian economy has also […]

Refund To Exporter/Supplier to SEZ Under GST

Introduction: The export of goods and services always receive special attention and treatment in any taxation. It is the endeavor of the Government to ensure that taxes are not exported along with export of goods and services. Under GST, export is treated as zero-rated supply. Zero rated supply means any of the following supplies of […]

Influencer marketing Tax Compliance

Tax compliance in India for influencer marketing payments by a private limited company involves several aspects, including recording the expenditure in the books of accounts. Let’s break it down step by step: 1) Determine the nature of the payment: Influencer marketing payments can be categorized as either a business expense or a payment for services […]

Memorandum of Understanding – Result of a ‘one size fits all’ approach

What transpires from a Memorandum of Understanding [MOU] that is not followed by a detailed and acquiesced definitive agreement or an MOU that is not acted upon by the Parties thereof can be well explained after studying the alleged claim of Ms. Sugandha Hiremath, daughter of Neelkanth Kalyani, founder of $2.5 billion Kalyani Group, and […]

Addition unsustainable as department failed to prove that sundry creditors are bogus

ACIT Vs Al Nasir Agro Foods (ITAT Delhi) ITAT Delhi held that addition of sundry creditors u/s 68/69C of the Income Tax Act unsustainable as department failed to prove that the sundry creditors are bogus. Facts- The assessee has shown sundry creditors towards purchase of raw meat of Rs.4,95,25,264/- as on 31.03.2012. AO asked the […]

Self assessment orders are also assessment orders and are appealable

M K Wood India Pvt Ltd Vs C.C.-Mundra  (CESTAT Ahmedabad) Commissioner (Appeals) has rejected the appeal solely on the ground that no appeal can be filed against the self assessment order. Hon’ble Apex Court in the case of ITC LTD Vs. CCE, Kolkata-IV-2019 (368) ELT 216 (S.C) held that self assessment orders are also assessment […]

Penalty u/s 271(1)(c) leviable on additional income disclosed out of seized material

Rahul Shamrao Mahajan Vs ACIT (ITAT Pune) ITAT Pune held that penalty u/s 271(1)(c) of the Income Tax Act duly leviable in case the additional income is disclosed in ITR filed u/s 153A and such additional income is originated out of seized material. Facts- The appellant for AY 2014-15 has set-up case alleging that the […]

Amendment in section 155(19) to be considered while dealing with excess sugar cane price above FRP

Padmashri Dr. D.Y. Patil Sahakari Sakhar Karkhana Ltd. Vs ACIT (ITAT Pune) ITAT Pune held that excess sugar cane prices over and above the Fair and Remunerative Price (FRP) fixed by the Government is to be determined as per latest statutory amendment in Section 155(19) of the Income Tax Act. Facts- Sole substantive grounds in […]

Assessment Order Without Mandatory Din Is Null and Void

Prtatap Singh Yadav Vs DCIT (ITAT Delhi) Assessee  filed appeal against CIT(A)’s order raising  additional ground that the assessment order is null and void as the same is in violation of CBDT Circular No.19/2019 requiring mandatory DIN. As the  additional ground raises a purely legal and jurisdictional issue going to the root of the matter and could […]

NCLT Orders Forensic Audit on Assets of Corporate Debtor

Motel Rahans Pvt Ltd Vs JSM Devcons Pvt Ltd (NCLT Indore) NCLT Bench in Indore has ordered the appointment of a forensic auditor to conduct a thorough audit on the assets of the corporate debtor in the case of Motel Rahans Pvt Ltd Vs JSM Devcons Pvt Ltd. The applicant sought the appointment of an […]

Allahabad HC Upholds Penalty based on Corroborative Evidence

Jalsa Resorts Vs. State of U.P. (Allahabad High court) Allahabad High Court has upheld a tax penalty imposed on Jalsa Resorts under Section 74 of the Uttar Pradesh Goods and Service Tax Act (UPGST Act). The penalty was based on corroborative evidence provided by the Special Investigation Branch. The resort owner failed to reply to […]

Smart Tax Saving Strategies for a Salary of 12 Lakh Per Annum

Introduction Saving tax on a salary of 12 lakh per annum is a priority for many individuals. By implementing effective tax planning strategies, individuals can optimize their tax liability, maximize their take-home income, and achieve their financial goals. This article explores various smart tax-saving techniques and provides valuable insights on how to save tax on […]

Fast Track Merger in 60 Days – Section 233 of Companies Act, 2013

FAST TRACK MERGER(Section 233 of the Companies Act, 2013)NEW ERA – SIMPLY FAST WITHIN DEADLINETime Line – 60 days – Maximum from the date of Filing Application to the RD Fast track merger, governed by Section 233 of the Companies Act, 2013, is a streamlined process aimed at expediting the merger of certain classes of […]

Casual vacancy & requirement of prior approval of shareholders – Regulations 17(1A)

Nectar Life Sciences Limited Vs SEBI and NSE, Appeal No 185 of 2023 Order of Securities appellate Tribunal: April 27, 2023 The Securities Appellate Tribunal (SAT) has overturned the penalty imposed by the National Stock Exchange of India (NSE) on Nectar Life Sciences Limited for non-compliance with Regulation 17(1A) of the SEBI (LODR) Regulations 2015. […]

Types, Creation, Tax Benefits to Donor & Taxation of Trust

A Trust is nothing but transfer of PROPERTY by one person, called author of trust, to another person, called Trustee, for the benefit of third party, called Beneficiary. Property can be anything such as real estate, shares, money or any other valuable assets. Parties involved in Trust Author of trust, the one who transfer the […]

Sale of Old/used Vehicles – Implications under GST Laws

Now a days, we can see multiple startups and dealers engaged in sale and purchase of used vehicles, GST laws has some peculiar provisions when it comes to taxation of used vehicle. The valuation of such transactions is governed by the GST valuation rule of which relevant extract has been reproduced below: CGST Rules , […]

Classification & taxation of LAN connection cables (CAT-5 & CAT-6) under Rajasthan VAT

Compuage Infocom Limited Vs Assistant Commissioner (Rajasthan High Court) 1. The present Sales Tax Revisions / References (for short “STRs”) were admitted on following questions(s) of law:- IN STR NOs. 182-187/2017 “Whether the LAN Connection Cable (CAT-5, CAT-6) is taxable under S. No. 3 or 24 of Part A of Entry No. 65 of Schedule-IV […]

Understanding National Company Law Tribunal and its Power

Introduction The National Company Law Tribunal (NCLT) is a quasi-judicial body established under the Companies Act, 2013 in India. It is responsible for adjudicating and resolving corporate disputes and matters related to companies, insolvency, and bankruptcy. NCLT plays a crucial role in maintaining transparency, efficiency, and fairness in corporate governance and ensures effective enforcement of […]

ED directed to continue investigation in recruitment scam in municipality

State of West Bengal Vs Soumen Nandy & Ors. (Calcutta High Court) Calcutta High Court dismissed the review petition and directed the ED (Enforcement Directorate) to continue the investigation in the recruitment scam in municipality. Facts- An application for review has been filed by the State of West Bengal through the Secretary, Department of Urban […]

Advisory to all ECL users for PAN merger with ICEGATE ID on ICEGATE

Directorate General of Systems and Data Management CENTRAL BOARD OF INDIRECT TAXES & CUSTOMS Date: 26th May 2023, Category: Customs, Issued by: ICEGATE Subject: Advisory to all ECL users for PAN merger with ICEGATE ID on ICEGATE Account merger functionality has made live at ICEGATE if the duty payment was initiated using PAN and due to any […]

Salient Features of Competition Act, 2002

The Competition Act, 2002, enacted in India, is a crucial legislation that focuses on fostering competition in the market and safeguarding consumer interests. This act incorporates several key features to achieve its objectives effectively: 1. Prohibition of anti-competitive agreements: The act prohibits any agreement between enterprises that causes or is likely to cause an appreciable […]

ITAT Allows Appeals, Remits Cash Ownership Determination to Assessing Officer

Hira Lal Kadlabju Vs ACIT (ITAT Amritsar) wo separate appeals were filed by different assesses against the order of the Commissioner of Income Tax (Appeals) for the assessment year 2001-02. The appeals were filed against the order passed by the Income Tax Officer under section 143(3) of the Income Tax Act, 1961. Both appeals dealt […]

e-Appeals Scheme, 2023

CBDT issued Notification No. 33/2023-Income Tax on May 29, 2023. This notification introduces the e-Appeals Scheme, 2023 under the provisions of the Income-tax Act, 1961. The key points of the scheme are as follows: 1. The scheme is called the e-Appeals Scheme, 2023 and it comes into force from the date of its publication in […]

Red flags to avoid while filing tax return (FY 2022-23)

Income Tax Return is the tax form used by taxpayers to file information about the income they have earned and the applicable tax with the Income Tax Department. Often, taxpayers receive unnecessary tax notices, which add stress and burden. As taxpayers have started filing returns for FY 2022-23, they need to be alert about inadvertent […]

Can Floating Rate Savings Bonds Offer Higher Yields in the Future?

Introduction Floating Rate Savings Bonds (FRSB) have garnered attention as their interest rates are set to increase in July 2023. With historical returns serving as a guide, let’s explore the potential trends and whether these bonds can provide higher yields in the future. It is possible that floating rate savings bonds (FRSBs) could offer higher […]

Mistake in accepting returned income instead of substituting with assessed income is apparent error rectifiable u/s 154

Vijayaraghavan Lakshmi Vs ACIT (ITAT Hyderabad) ITAT Hyderabad held that when there was an apparent mistake in the order of the AO in accepting the returned income instead of substituting the same with the assessed income there was an apparent error rectifiable under section 154 of the Income Tax Act. Facts- The assessee is an […]

Analysis of SEBI Circulars for First Fortnight of May 2023

Securities and Exchange Board of India (SEBI) issued several circulars during the first fortnight of May 2023, introducing amendments and providing guidance on various matters. These circulars aim to enhance transparency, streamline processes, and ensure compliance within the securities market. In this article, we will summarize the key amendments and directives mentioned in these circulars. […]

Challenges faced by investors in claiming IEPF refunds

Investor Education and Protection Fund (IEPF) was established by the Indian government in 2016 to protect the interests of investors and ensure that unclaimed dividends, shares, and other securities are returned to their rightful owners. The IEPF authority is responsible for managing the funds and overseeing the process of returning unclaimed assets to investors. However, […]

Income Tax Calculation for Senior Citizens: Comprehensive Guide

Introduction Income tax calculation for senior citizens in India is an essential aspect of financial planning for individuals above a certain age. Senior citizens are entitled to various tax benefits and exemptions provided by the government. Understanding how income tax is calculated and the applicable tax slabs for senior citizens is crucial to optimize their […]

Disallowance of late deposit of employees’ share of PF/ ESI beyond prescribed due date is sustained

Sushil Kumar Gupta & co Vs ITO (ITAT Chandigarh) ITAT Chandigarh held that disallowance for late deposit of employees’ share of PF/ ESI contribution to relevant funds beyond prescribed due date under respective Act is duly sustainable in law. Facts- The Assessee’s return was processed by the CPC and order u/s. 143(1) was passed wherein […]

Liquidator should consider average of value arrived as per regulation 35 of CIRP Regulation, 2016

Amit Ahirrao Vs Anagha Anasingharaju (NCLAT Delhi) NCLAT Delhi held that liquidator is obliged to consider the average of the value arrived as per Regulation 35 of the CIRP Regulation, 2016. Facts- The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on an application filed by Respondent No.2, the Financial Creditor under […]

Pages missing in Boards/Auditors Report – MCA Imposes Penalty

Registrar of Companies (ROC) in Gujarat and Dadra & Nagar Haveli, under the Ministry of Corporate Affairs (MCA) of the Government of India, has issued an order regarding the adjudication of a penalty against a company named Jethmal Gopaldas (Textiles) Pvt Ltd. The penalty is being imposed under Section 454(3) of the Companies Act, 2013, […]

Revised Anti Money Laundering guideline for post office Savings Schemes

SB Order No. 12/2023, issued by Ministry of Communications, Department of Posts, Government of India, addresses the revision of Know Your Customer (KYC) / Anti Money Laundering (AML) / Combating the Financing of Terrorism (CFT) norms in respect of the Post Office Savings Bank (POSB). The order refers to the previous Master Circular No. 1 […]

FMV determined by registered valuer after considering relevant factors hence it cannot be ignored

Harivadanbhai Maganlal Patel Vs ITO (ITAT Surat) ITAT Surat held that fair market value (FMV) by the registered valuers is determined after taking into account all the relevant factors like size, shape, situation, location, utility, future potentiality, etc. accordingly, the same cannot be ignore. Facts- The assessee is an individual. The four co-owners had sold […]

EPFO not liable to pay service tax on statutory activities performed in terms of EPM & MP Act, 1952

Employees Provident Fund Organization Vs Office of Commissioner of Service Tax  (CESTAT Delhi) CESTAT Delhi held that Employees Provident Fund Organization (EPFO) is not liable to pay service tax on their statutory activities performed in terms of ‘The Employees’ Provident Fund and Miscellaneous Provisions Act, 1952’ (EPM & MP Act, 1952). Facts- The appellant is […]

Advisory on Due Date Extension of GST Returns for the State of Manipur

The Government of Manipur has issued Notifications No. 11/2023 – Central Tax, 12/2023 – Central Tax and 13/2023 – Central Tax, all dated 24th May 2023, announcing the extension of the due date for filing Goods and Services Tax (GST) returns for the tax period of April 2023. This extension applies to taxpayers who have […]

Income Tax Deduction for Interest on Home Loan

Introduction When it comes to purchasing a home, many individuals rely on home loans to finance their dream property. To make homeownership more affordable, the Indian government offers tax benefits on home loan interest payments under various sections of the Income Tax Act. One such section is Section 80EE, which provides a deduction for the […]

Exclusions from Supply of Goods or Services – Services by an Employee to Employer in the Course of or in Relation to his Employment

Understanding Schedule III of the CGST Act, 2017: Exclusions from Supply of Goods or Services – Services by an Employee to Employer in the Course of or in Relation to his Employment The implementation of the CGST Act, 2017 has brought significant changes to the taxation landscape in India. While the Act defines “Supply” as […]

“Say no to cash transactions” says Government

In its endeavour to convert the country into a cashless economy the government has been introducing very stringent provisions in the Income Tax Act, 1961 to curb cash transactions. Undoubtedly, a number of western economies have become cashless to the extent that stores on High Street do not accept cash payments at all, even the […]

Services By Any Court or Tribunal Established Under Any Law For The Time Being In Force

Schedule III of CGST Act, 2017: Exemptions from Supply of Goods or Services – Services By Any Court or Tribunal Established Under Any Law For The Time Being In Force Introduction: The CGST Act, 2017 defines the scope of “Supply” and outlines the chargeability of Goods and Services Tax (GST) for various transactions and activities. […]

Guide to Trade Receivables Audit & Disclosure Requirements for AS and Ind AS Compliant Entities

Complete guide on trade receivables audit and disclosure requirement for AS complaint and Ind AS complaint entities as per latest amendment in companies Act, 2013 This topic covers the step-by-step guidance on designing and performing the substantive procedures for the trade receivables and the disclosure and presentation requirement for the trade receivables as per the […]

Change In Capital Contribution of LLP

There are many instances wherein the Designated Partners/Partners might want to increase or decrease the capital contribution of the LLP. Accordingly, in this article, we shall study about the procedure and legal requirements for change in capital contribution of the LLP. Relevant Provision: Section 23(2) of the LLP Act, 2008 read with proviso of Rule […]

Points to be verified while doing tax audit in India

A tax audit in India involves a comprehensive examination of an entity’s financial records and tax compliance. Key areas scrutinized during the audit include the maintenance of proper books of accounts, accuracy of financial statements, income and expenditure computations, tax deductions and collections, compliance with tax return filing requirements, transfer pricing, deductions and exemptions claimed, […]

Impact on Land, Property and Home Buyers

Introduction The implementation of Goods and Services Tax (GST) in India has had a profound impact on various sectors, including real estate. The introduction of GST in the real estate sector aimed to streamline taxation, eliminate cascading effects, and bring transparency. In this article, we will explore the impact of GST on real estate, its […]

Denial of CENVAT to service receiver alleging issuance of invoice beyond prescribed period unjustified

Usha Martin Limited  Vs Commissioner of Central Excise (CESTAT Kolkata) CESTAT Kolkata held that denial of CENVAT Credit to service receiver alleging that invoice is issued by service provider beyond prescribed period is unjustified as obligation of timely issuance of invoice is cast on the service provider and not service receiver. Facts- The service provider, […]

Income Taxes (Ind AS 12, IAS 12) as per Companies (IAS) Amendments Rules 2021)

Income Taxes (Ind AS 12, IAS 12) by incorporating Changes as per Companies (Indian Accounting Standards) Amendment Rules 2023.  1. The relevant Accounting Standards relating to Income Taxes are the following:- a. Ind AS 12 b. IAS 12 c. AS 22 2. There is no major difference between Ind AS 12 and IAS 12.Therefore, the […]

Understanding Reverse Charge Mechanism (RCM) Under GST

Introduction The implementation of the Goods and Services Tax (GST) in India brought significant changes to the taxation system, including the introduction of the Reverse Charge Mechanism (RCM). RCM is a unique concept that shifts the responsibility of tax payment from the supplier to the recipient of goods or services. In this article, we will […]

GST Rate & HSN Code for Plastic and Plastic Products

Introduction The Goods and Services Tax (GST) system in India has revolutionized the taxation structure, including the taxation of plastic and plastic products. To ensure proper classification and taxation, the GST system utilizes Harmonized System of Nomenclature (HSN) codes. In this article, we will explore the GST HSN codes for plastic products, understand the GST […]

How to file ITR 4 for small businessman and professionals in online mode

Tax compliance can often be a complex and time-consuming process, especially for small businesses and professionals. However, the Indian government has introduced the ITR 4 form, also known as Sugam, to simplify the tax filing experience for these individuals. ITR 4 caters specifically to those who have opted for the presumptive taxation scheme under Sections […]

Excel Utility of ITR-3 for AY 2023-24 or FY 2022-23

Introduction: The process of filing income tax returns can often be complex and time-consuming. However, the income tax department in India has been making continuous efforts to simplify this process through the introduction of online filing utilities. One such utility is the Excel utility of ITR-3, specifically designed for the Assessment Year 2023-24. This article […]

Delay in issuing SCN cannot justify continuation of provisional attachment for several years

Nitesh Jain Mangal Chand Vs Senior Intelligence Officer (Madras High Court) Facts: Nitesh Jain Mangal Chand (“the Petitioner”) was engaged in the business of manufacturing aluminium frames, UPVC windows/shutters and similar goods. An inspection carried on at business premises of the Petitioner dated January 24, 2019, for alleged bill trading in violation of the provisions […]

Gift from HUF not to be added to income of Karta of such HUF

Ranjitbhai Dhayabhai Panchal Vs ITO (ITAT Surat) ITAT Surat held that gift received from HUF cannot be added back to the total income of the assessee being Karta (Manager) of such HUF. Facts- During the scrutiny assessment, the Assessing Officer noted that assessee has shown gift of Rs. 18.00 lakh from Ranjibhai D. Panchal (HUF), […]

GST Percentage & Rate List in India

Introduction The Goods and Services Tax (GST) system in India classifies goods and services into different tax slabs based on their nature and importance. These tax slabs determine the applicable GST percentage rates for various items. Understanding the GST slab rates is crucial for businesses and consumers alike. In this article, we will delve into […]

Impartial investigation of Economic Offence Wing betrays the faith of victims

Arvind Kumar Bahl Vs State of Maharashtra (Bombay High Court) Bombay High Court held that impartial investigation of Economic Offence Wing (EOW) betrays the faith of victims. Accordingly, responsible persons for the wrongdoings should not be allowed to escape the process of law. Facts- The applicant is an investor who had invested huge amount of […]

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