INCOME TAX
Outstanding Small Income Tax Demands Not required pay off: Budget 2024
RJA 05 Feb, 2024
Outstanding Small Income Tax Demands Not required pay off : Budget 2024 The Indian Government has extended an olive branch to Income tax taxpayer those who are still handling with Petty small Income tax Demands related to previous year. Tax Dept to waive off small Income tax demands autonomously clear pending petty ...
Goods and Services Tax
Excess RCM claimed: ITC Claimed Twice against the RCM paid
RJA 18 Jan, 2024
Interest on ITC Credit Claimed Twice against the RCM paid : Excess RCM claimed Relevant provisions under GST Act. : Interest on ITC wrongly availed and utilised. As per substituted subsection 50 (3) of the act, interest is applicable only where ITC is wrongly availed and utilized. In order to attract interest u/...
Goods and Services Tax
Compulsory e-Invoice Details & New HSN Code Requirements
RJA 17 Jan, 2024
Compulsory e-Invoice Details & New Harmonized System of Nomenclature (HSN) Code Requirements: Here are main basic points related to 2 update related to e-Way bills- New requirement of Changes in e-Waybill Generation/ issuing in GST HSN code is Compulsory in GSTR 1 for B2B exempt supply, depending on the AATO of ...
TDS
Payment made for official Sponsor/Promotion objective is not consider royalty
RJA 31 Dec, 2023
Payment made for official sponsor / promotion objective is not consider royalty: ITAT Assessee had been taken an appointed as the official sponsor of ICC Events, after that said assessee submit an application to remit professional sponsorship amounts to Global Cricket Corporation PTE Ltd. – Singapore (GCC) without deduction of TDS ...
Goods and Services Tax
GST Taxpayers will be permitted to submit Revised GST Returns w.e.f April 2025
RJA 30 Dec, 2023
GST Taxpayers May be permitted to submit Revised GST Returns with effect from Apr 2025 At present, there is no provision for filing revised goods and Services Tax Returns under GST, barring minor corrections in GST Invoice details & information uploaded on goods and Services Tax portal. Indian Industry has been ...
IBC
IBC Code Section 29A disqualification applies in the present time.
RJA 24 Dec, 2023
Principles enshrined in relation to IBC Code Section 29A disqualification applies in the present time. National Company Law Appellate Tribunal give the judgments that Non-Executive Director who wasn’t involved in Mgt of company affairs couldn’t be disqualified u/s 29A, Managing Director of a Successful Resolution ...
IBC
Complete Explanation on IBC Section 29A Eligibility Check
RJA 23 Dec, 2023
Complete Explanation on IBC Section 29A Eligibility Check IBC Section-29A clearly states that “A person shall not be eligible to file a Vibal resolution plan, In case that person, or any other person acting jointly or in concert with a such person— As above expression ...
INCOME TAX
Income Tax refund claimed in ITR for AY 2018-19 to 2020-21 to Jan 31, 2024
RJA 13 Dec, 2023
Income Tax refund claimed in ITR for AY 2018-19 to 2020-21 to Jan 31, 2024 Central Board of Direct Taxes via Order F. No. 225/132/2023-ITA-II, issued on October 16, 2023 extends Timeline for process income Tax refund claimed Income Tax return for Assessment Year 2018-19 to Assessment Year 2020-21 to January 31, 2024 The Central Board ...
COMPANY LAW
Statutory & Tax Compliance Calendar for December 2023
RJA 01 Dec, 2023
Statutory & Tax Compliance Calendar for December 2023 S. No. Statue Purpose Compliance Period Due Date Compliance Details 1. Goods and Services Tax GSTR-7- Tax Deducted at Source Return under Goods and Services Tax Nov-23 10-Dec-23 GSTR 7 is a return to be filed by the persons who is required to deduct ...
INCOME TAX
CBDT: 11.5 Cr PAN cards were deactivated for failing to be linked with Aadhaar cards
RJA 21 Nov, 2023
CBDT: 11.5 Cr PAN cards were deactivated for failing to be linked with Aadhaar cards Link PAN and Aadhaar card: Failure to link PAN and Aadhaar card by 30 June will result in a fine of Rs. 1,000 and PAN deactivation. PAN will become inoprative from 1 July 2023, therafter you needed Reactivating the ...
IBC
Supreme Court upholds validity of Personal Guarantors’ IP of IBC Code
RJA 07 Nov, 2023
Supreme Court upholds validity of main provisions of Personal Guarantors’ Insolvency Resolution of IBC Code, Supreme Court on Nov 2023 upheld few IBC Provisions of the IBC which were challenged on grounds of being violative of fundamental rights like the right to equality of those against whom insolvency proceedings are ...
GST Filling
GST apply to corporate guarantees between Subsidiaries, Parent & parties
RJA 28 Oct, 2023
18% GST apply to corporate guarantees between Subsidiaries, Parent & Related parties GST on service supplied by State or Central Govt. to their undertakings or Public sector undertaking’s by way of guaranteeing loans taken by them -The Central Board of Indirect Taxes and Customs issue explanation that guaranteeing of ...
INCOME TAX
Basic Conditions of Condonation in filing of Income Tax Form 10-IC
RJA 24 Oct, 2023
Conditions of Condonation in filing of Income Tax Form 10-IC 1. Representations had been received by The Central Board of Direct Taxes stating that Income Tax Form No. 10-IC could not be submitted for A.Y. 2021-22 within the Timeline date or extended Timeline date, as the case may be. ...
INCOME TAX
IT Dept. : More than INR 102 Cr value of jewellery & cash seized in searches on contractors
RJA 18 Oct, 2023
More than INR 102 Cr value of jewellery & cash seized in searches on contractors: the Income Tax Department has disclosed. The Income Tax Department has revealed that searches conducted between October 12 and 15 at 55 locations in Karnataka, Telangana, Andhra Pradesh, and Delhi in connection with alleged illicit earnings generated by civil ...
INCOME TAX
Mode of operation in financial fraud & tax avoidance made by contractor
RJA 18 Oct, 2023
Mode of operation in financial fraud & tax avoidance made by contractor The basic method of operation outlined points to a typical scheme for financial fraud and tax avoidance. To decrease their tax liability and produce unaccounted cash and hidden assets, contractors engaging in such activities overstate their expenses and ...
Goods and Services Tax
New Changes in Goods and Services Tax Law which come to be effective from 01.10.2023
RJA 17 Oct, 2023
New Changes in Goods and Services Tax Law which come to be effective from 01.10.2023 ITC for Corporate social responsibility Expenses has been restricted. Time Limit to generate E-Invoice with effect from 01 Nov 2023. Govt may share the information of assessee by taking prior consent. New condition has been inserted for Supply ...
INCOME TAX
Timeline Date for Payment of Second Instalment of Income Tax Advance Tax
RJA 12 Sep, 2023
Timeline Date for Payment of Second Instalment of Income Tax Advance Tax Tax Dept. has notifies that Second Instalment of Advance Tax Payment is approaching soon. Timeline Date of payment of second instalment of Advance Tax is 15th Sep, 2023. Pay your Second Instalment of Income Tax Advance Tax by 15th ...
IBC
Model time line for CIRP (Corporate Insolvency Resolution Process )
RJA 10 Sep, 2023
Model time line for CIRP (Corporate Insolvency Resolution Process) Under IBC law Section/ Regulation Description of Activity Norm Latest timeline Section 16(1) Commencement of CIRP and appointment of IRP T Regulation 6(1) Public announcement inviting claims within 3 Days of Appointment of IRP T+3 Section 15(1)(e)/Regulations 6(2)(e) and 12(1) Submission of ...
IBC
Filing of Forms under the Insolvency & Bankruptcy Code
RJA 10 Sep, 2023
Filing of Forms under the Insolvency & Bankruptcy Code (1) The insolvency professional, interim resolution professional or resolution professional, as the case may be, shall file the Forms, along with the enclosures thereto, on an electronic platform of the Board, as per the timelines stipulated against each Form, in ...
IBC
Summary of Important Rulings on Insolvency & Bankruptcy Code
RJA 09 Sep, 2023
Summary of Importants Rulings on Insolvency & Bankruptcy Code Court: Supreme Court S.no Name of Case Law Decision 1 Innoventive Industries Ltd Vs ICICI Bank and Anr. IBC has overriding effect of all Acts. Moratorium imposed in IBC will previal aginst all other Acts &...
IBC
Summary of Importants Penalties on Insolvency & Bankruptcy Code
RJA 09 Sep, 2023
Summary of Importants Penalties on Insolvency & Bankruptcy Code CIRP Section 68 to 77 - Penalties on Insolvency & Bankruptcy Code S.No Nature of Offence Punishment Imprisonment Fine 1 Concealment of Property 3-5 1-100 2 Misconduct during CIRP by CD/officer 3-5 1-100 3 Falsification of Books of ...
COMPANY LAW
Taxation & Statutory Compliance Calendar for Sept 2023
RJA 07 Sep, 2023
Taxation & Statutory Compliance Calendar for Sept 2023 Important dates in Sept 2023 for compliance under GST & Income tax & Other Law S. No. Statue Purpose Compliance Period Due Date Compliance Details 1 Income Tax Tax Deducted at Source / Tax Collected at Source Liability Deposit Aug-23 7-Sep-23 Timeline ...
INCOME TAX
CBDT issue Circular for Income Tax Section 80P
RJA 28 Jul, 2023
Cooperative Societies may submit requests to Chief Commissioners of Income· tax (CCsIT) / Directors General of lncome·tax (DGsIT) for condonation of delay in filing of Income tax return : CBDT 1. CBDT authorises Chief Commissioners of Income· tax (CCsIT) / Directors General of lncome·tax (DGsIT) to condone delay ...
INCOME TAX
Beware about the Fake income tax refund email
RJA 21 Jul, 2023
Beware about the Fake income tax refund email Please refrain from clicking on any phone links that offer refunds. The Income Tax Department did not send these phishing emails, the I-T department stated in a tweet. For its part, the agency has begun contacting income tax taxpayers through email ...