• CST & VAT / GST
  • ‘Inputs’ are meant for Day-to-Day Business Operations not required to be Capitalized in Books of Accounts under CGST Act: Allahabad HC [Read Order]
  • March 19, 2024
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March 19, 2024
The Income Tax Department released the JSON Schema for Income Tax Return ( ITR ) forms 1 and 4 for the Assessment Year (AY) 2024-25 on 18th March 2024. This release occurred 23 days early of schedule compared to A.Y. 2023-24. JSON is a file format utilized for downloading or importing pre-filled ITR data into […]
March 18, 2024
The Institute of Chartered Accountants of India ( ICAI ) has extended the applicability of the Peer Review Mandate for Practice Units covered under Phase II and III. This decision comes after requests from Practice Units and aims to ensure compliance and quality assurance in professional services. If you are a Practice Unit that falls […]
March 17, 2024
In a significant move aimed at positioning India as a leading manufacturing hub for electric vehicles ( EVs ), the Union Government has greenlit an ambitious E-Vehicle Policy. This policy aims to attract substantial investments from global EV manufacturers and develop a sustainable ecosystem for the production of technologically advanced EVs within the country. 1. […]


  • Accounting Firms - Oscars - Role of Accounting Firms - Accounting for the Academy Awards - TAXSCAN
  • Accounting for the Academy Awards: Know the Role of Accounting Firms in the Oscars
  • March 12, 2024
  • Role of Accounting Firms in the Oscars One might wonder how Academy Awards, or Oscars are related to Accountancy and Accounting Firms. But the tedious process of counting votes electronically is undertaken by the London-based accounting firm Price Waterhouse ( now PwC ).  When contemplating the Academy Awards, the involvement of accountants may not immediately […]
  • Income Tax TDS Exemption - TDS - Know All Details Here - taxscan
  • New Income Tax TDS Exemption Provisions applicable from April 1: Know All Details Here
  • March 11, 2024
  • The government, starting from April 1, has granted TDS exemptions for specific payments to units within 14 service sectors in the International Financial Services Centre (IFSC). According to a notification by the Central Board of Direct Taxes (CBDT), no TDS deductions are required for payments to units operating in sectors like FinTech, banking, fund management […]
CBDT - CBDT issues Departmental Guidelines - Filing of Income Tax Appeals - TAXSCAN
March 19, 2024

The Central Board of Direct Taxes ( CBDT ) released a Circular, No. 5/2024 dated March 15, 2024, under Section 268A of the Income-tax Act, 1961, outlining guidelines for the Department’s appeal filings before the Income Tax Appellate Tribunal, High Courts, and for SLPs/appeals before the Supreme Court aimed to reduce litigation. The circular stated...

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Income Tax - Income Tax Department - JSON Schema - ITR 1 - ITR 4 - TAXSCAN
March 19, 2024

The Income Tax Department released the JSON Schema for Income Tax Return ( ITR ) forms 1 and 4 for the Assessment Year (AY) 2024-25 on 18th March 2024. This release occurred 23 days early of schedule compared to A.Y. 2023-24. JSON is a file format utilized for downloading or importing pre-filled ITR data into […]

Remuneration - Whole-Time Directors of Company - Commission - Profit - CESTAT - Service Tax - taxscan
March 18, 2024
The Customs, Excise & Service Tax Appellate Tribunal (CESTAT), West Zonal Bench at Ahmedabad has held that the remuneration paid to whole-time directors of a company in the form of a commission based on profit constitutes an employer-employee relationship, thereby exempting it from service tax. The ruling came in response to the Service Tax Appeal filed by Gujarat Guardian Ltd. against the Commissioner of Central Excise, Customs and Service Tax, Bharuch. The case revolved around Gujarat Guardian Ltd, a manufacturer
CESTAT Weekly Round Up - CESTAT Round Up Weekly - Weekly CESTAT Round Up - CESTAT - Weekly Round Up CESTAT - Taxscan
March 18, 2024

This weekly round-up analytically summarizes the key stories of the Customs, Excise, and Service Tax Appellate Tribunal ( CESTAT ) reported at taxscan.in, from  March 3, 2024 to March 15,2024 No Service Tax leviable on “Incentives”, distinct from “Commission”: CESTAT- Wig Air Freight Pvt. Ltd vs The Commissioner of Central Goods and Service Tax, New […]

CESTAT Ahmedabad - CESTAT - Domestic Tariff Area - CESTAT Ruling on EOU Transfers - EOU to DTA Stock Transfer - Taxscan
March 16, 2024

The Ahmedabad Bench of Customs, Excise & Service Tax Appellate Tribunal ( CESTAT ) has held that the transfer of goods from a 100% Export Oriented Unit ( EOU ) to its own Domestic Tariff Area ( DTA ) unit should be deemed as a stock transfer and not a sale. It was also held...

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  • MCA - Booklet - BE(A)WARE - Fraudulent Schemes - taxscan
  • MCA releases Booklet ‘BE(A)WARE’ on Measures to Overcome Fraudulent Schemes
  • November 16, 2022
  • The Ministry of Corporate Affairs ( MCA ) has released a booklet titled “BEWARE” for the public to overcome the fraudulent schemes. There has been a surge in usage of digital modes of payment in the recent years. This gained further momentum during the Covid-19 induced lockdowns. While enhancing customer convenience, it also furthered the […]
  • GST - Crypto - CBIC - Working - Framework - TAXSCAN
  • GST on Crypto: CBIC Working on Defining Legal Framework
  • November 14, 2022
  • In a significant move, the Central Board of Indirect Taxes and Customs (CBIC) is working on defining a legal framework for applying goods and services tax (GST) on crypto or virtual digital assets appears to be around the corner, with the working on an agenda paper on the topic. The board has been interacting with […]
  • Govt - Rupee settlement - Export - Promotion Schemes - taxscan
  • Govt allows Rupee Settlement in Export Promotion Schemes [Read Notification]
  • November 10, 2022
  • In a major relief to the exporters, the Ministry of Commerce and Industry has notified the change in the Foreign Trade Policy 2015-2022  comes after the Reserve Bank of India had, on 11th July 2022, issued guidelines for the settlement of international trade in Indian rupees. Following this, the central government has made changes to […]
IBBI - Insolvency and Bankruptcy Board of India - CIRP Regulations - CIRP - corporate insolvency resolution process - Taxscan
March 12, 2024
The Insolvency and Bankruptcy Board of India has amended corporate insolvency resolution process ( CIRP ) regulations with effect from 15th day of February, 2024. Procedures for Voting: The CoC is empowered to decide the period of opening of electronic voting window with a minimum of twenty-four hours and a maximum of seven days with […]
IBBI - Circular - withdrawal - unclaimed - undistributed amounts - Corporate Liquidation Account - taxscan
March 12, 2024
The Insolvency and Bankruptcy Board of India ( IBBI ) issued a circular on withdrawal of unclaimed or undistributed amounts from Corporate Liquidation Account. Regulation 46 of the Insolvency and Bankruptcy Board of India ( Liquidation Process ) Regulations, 2016 provides a framework for the management of unclaimed deposits and undistributed proceeds during the liquidation […]
IBBI - Insolvency and Bankruptcy Board of India - Financial Service Provider - Voluntary Liquidation - Taxscan
March 3, 2024
The Insolvency and Bankruptcy Board of India ( IBBI ) directed the liquidators to make certain declaration when financial service provider undergoes voluntary liquidation. The IBC provides for the voluntary liquidation process of corporate persons. However, the definition of ‘corporate person’ in sub-section (7) of section 3 excludes any financial service provider ( FSP ). […]
IBBI - IBC - Insolvency and Bankruptcy Board of India - IBBI Directs RP - TAXSCAN
March 2, 2024
The Insolvency and Bankruptcy Board of India ( IBBI ) directed the Resolution Professional (RP) to provide copy of report prepared under Section 99 of the Insolvency and Bankruptcy Code, 2016 ( IBC ) to creditors and debtors. The resolution professional ( RP ) in an insolvency resolution process of a debtor under Chapter III […]
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