Clarification on GST rates & classification based on GST Council 48th Meeting   CBIC has issued Circular No. 189/01/2023-GST dated 13th January, 2023 clarifying GST levy, related to the certain goods/services based on the recommendations of the GST Council 48th meeting held on 17th December, 2022. 1. …

GST on accommodation services supplied by Air Force Mess to its personnel & incentive paid by MeitY to acquiring banks for promotion of RuPay Debit Cards and low value BHIM-UPI transactions. CBIC has issued Circular No. 190/02/2023-GST dated 13th January, 2023 clarifying applicability of GST on following two …

ICAI issues Social Audit Standard (SAS) 100 – Eradicating hunger, poverty, malnutrition and inequality This Social Audit Standard issued by ICAI relates to the thematic area of “eradicating hunger, poverty, malnutrition and inequality’’. The Standard aims to provide the Social Auditor with the necessary guidance in relation to …

Deemed dividend to be taxed in the hands of individual shareholder and not in the hands of Partnership Firm in which he is partner ABCAUS Case Law CitationABCAUS 3638 (2023) (01) HC In the instant case, the assessee had challenged the order passed by the Income Tax Appellate …

Interest paid to legal heirs of deceased partner cannot be disallowed merely on ground of passing book entry on year end – ITAT ABCAUS Case Law Citation ABCAUS 3637 (2023) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming …

Interests on capital account has to be calculated on daily product basis not on opening or closing balance of financial year – ITAT ABCAUS Case Law Citation ABCAUS 3636 (2023) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming …