Month: January 2025
Proceedings under Section 148A of the Income Tax Act, 1961 necessarily required to be completed within the period available for issuing notice under Section 148 In a recent judgment, Hon’ble Delhi High Court has held that proceedings under Section 148A of the Income Tax Act, 1961 necessarily required …
SEBI mandates System Audit of Stock Brokers. Prescribes eligibility criteria for empanelment of auditors SEBI vide Master Circular No. SEBI/HO/MRD2/PoD-2/CIR/P/2023/171 dated October 16, 2023 specified the comprehensive framework for System Audit for Stock Brokers (SBs)/Trading Members (TMs). SEBI has issued Circular No. SEBI/HO/MIRSD/TPD/CIR/2025/10 dated 31.01.2025 to introduce technology …
Penalty u/s 270A(9) deleted by ITAT as assessee pursuant to notice u/s 148 filed return and had paid due taxes In a recent judgment, ITAT Ahmedabad has deleted penalty u/s 270A(9) when assessee pursuant to notice u/s 148 filed return and paid due taxes. ABCAUS Case Law Citation:4395 …
Late fee u/s 47(2) of the CGST Act 2017 is leviable for the delay in furnishing of both Form GSTR-9 and Form GSTR-9C . CBIC clarification on applicability of late fee for delay in furnishing of Form GSTR-9C CBIC has issued Circular No. 246/03/2025-GST dated 30.01.2025 for clarification …
Net Profit rate of about 40% not possible in contract work especially when assessee does contract work for government department – ITAT In a recent judgment, ITAT Pune upheld estimating net profit @ 8% against addition on account of alleged payments to bogus sub contractors made by the …
For export of Lab Grown Diamonds (HPHT/CVD) weighing less than one carat, declaration of additional qualifiers will only be voluntary – CBIC Mandatory additional qualifiers in import/export declarations in respect of Synthetic or Reconstructed Diamonds. CBIC vide Circular No. 21/2024-Customs dated 30.10.2024 had advised importers/exporters for the mandatory …
Any transaction in FCRA accounts/FCRA utilisation accounts of the NGO, Association whose FCRA certificate has been cancelled or ceased or validity expired would amount to violation of FCRA, 2010 and is liable for penal action. The FCRA 2010 provides that foreign contribution shall be utilized exclusively for the …
SEBI prescribes format of Due Diligence Certificate to be given by the Debenture Trustees (DTs) SEBI vide notification dated July 10, 2024, had amended the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (‘NCS Regulations’) inter-alia specifying the format of due diligence certificate to be submitted by …
No GST on co-insurance premium apportioned by the lead insurer to the co-insurer and on ceding /re-insurance commission deducted from the reinsurance premium paid by the insurer to the reinsurer – CBIC Circular Circular No. 244/01/2025-GST F. No. CBIC-190354/2/2025-TO(TRU-II)-CBEC Government of IndiaMinistry of Finance Department of Revenue (Tax …
CBIC issues Circular clarifying applicability of GST on certain services CBIC has issued Circular No. 245/02/2025-GST dated 28.01.2025 giving clarifications regarding applicability of GST on certain services. Based on the recommendations of the GST Council in its 55th meeting held on 21st December 2024, clarifications on various issues …
