Month: July 2023
CBDT clarifies taxability of income earned by a non-resident investor from off-shore investments in investment fund routed through an Alternative Investment Fund Circular No. 12 12023 F.No.225/79/2019-ITA-IIGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes North-Block. New Delhi. dated the 12th July.2023 Subject: Clarification regarding taxability …
CBIC issues eight circulars clarifying GST related issues CBIC has issued circulars clarifying various issues i.e. taxability of inter state services, e-invoice, refunds, taxability of share capital in subsidiary, ITC in respect of warranty replacement, TCS liability under Sec 52 of the CGST Act, 2017 in case of …
Requirement of compulsorily filing income tax return even when income is not taxable or income is below exemption limit Question 1: do not have any income, do I need to file Income Tax Return? Question 2: I have income below the exemption limit, do I need to file …
Merger of Multiple User IDs in MCA V-2 Portal with new User ID in MCA V-3 and deactivation of old User ID in V-2 Portal General Circular No. 07/2023 File No. EGov-04/10/2021-O/o Director (e Gov)-MCA Government of IndiaMinistry of Corporate Affairs 5th Floor, ‘A’ Wing, Shastri Bhawan, Dr. …
Security deposit given for renting a premise could not be treated as revenue expenditure when the deposit if foregone – Supreme Court dismissed SLP. ABCAUS Case Law Citation:ABCAUS 3779 (2023) (07) SC Important Case Laws relied upon:Commissioner of Income Tax vs. Triveni Engg. & Industries Ltd. 343 ITR …
Recommendations of 50th meeting of GST Council The 50th meeting of the Goods and Services Tax (GST) Council was held here today, under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. GST Council recommends Casino, Horse Racing and Online gaming to be taxed at …
Non verification of source of investment made in mutual funds rendered assessment order erroneous and prejudicial to the interest of the Revenue – ITAT ABCAUS Case Law Citation:ABCAUS 3778 (2023) (07) ITAT Important Case Laws relied upon:Infinity Infotech Parks Ltd vs. DCITNarayan Tatu Rane vs. ITO In the …
CIT(A) has no jurisdiction to allow or reject claim of immunity from penalty u/s 270AA – ITAT In an important judgment ITAT has held that First Appellate Authority has no jurisdiction to enter into the question of allowing or rejecting claim of the immunity from imposition of penalty …
GST Network brought under PMLA MINISTRY OF FINANCE(Department of Revenue) NOTIFICATION New Delhi, the 7th July, 2023 G.S.R. 491(E).—In exercise of the powers conferred by clause (ii) of sub-section (1) of section 66 of thePrevention of Money-laundering Act, 2002 (15 of 2003), the Central Government, being satisfied that …
ICAI issues Audit Working Paper Templates The Auditing and Assurance Standards Board (AASB) of ICAI has issued a publication titled as “Audit Working Paper Templates”. This publication contains several templates for various type of audit working papers which are normally prepared by the auditors while conducting audit in …
