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  • ICAI issues Exposure Draft on Initial Application of IFRS 17 and IFRS 9
  • August 4, 2021
July 29, 2021
The Director-General of Foreign Trade (DGFT) issued the Export Authorisation for Special Chemicals, Organisms, Materials, Equipment, and Technologies (SCOMET) items from the new online Restricted Exports IT Module from August 05, 2021. The DGFT invited the reference to Trade Notice No. 20 dated February 19, 2016, vide which a module for filing online applications for […]
July 27, 2021
There is no definition of the term “Shell Companies” in the Companies Act and it normally refers to a company without active business operation or significant assets, which in some cases are used for illegal purposes such as tax evasion, money laundering, obscuring ownership, Benami properties, etc. This was stated by Union Minister of State […]
July 24, 2021
Income Tax Department carried out a search operation on 22.07.2021 on a group in Uttar Pradesh dealing in Mining, Hospitality, News Media, Liquor, and Real Estate. The search began in Lucknow, Basti, Varanasi, Jaunpur, and Kolkata. Cash of more than Rs. 3 crore has been seized and 16 lockers have been placed under restraint. Documents […]

  • advance ruling - impermissible avoidance arrangement - Taxscan
  • The Conundrum on Advance Ruling and ‘impermissible avoidance arrangement’
  • July 27, 2021
  • Advance ruling mechanism The advance ruling is an important mechanism and was envisioned to provide certainty to business as against litigation in reference to a proposed transaction. Initially, the advance ruling could be applied only by non-residents in relation to transaction which had been undertaken or proposed to be undertaken by such non-residents; or in […]
  • ITC on New GST Registration - ITC - ITC 01 - Taxscan
  • GST ITC 01: Step-by-Step Guide to Claim ITC on New GST Registration
  • July 26, 2021
  • In order to claim Input Tax Credit (ITC), the person carrying on regular business and holding stock of inputs, capital goods and finished goods at their place of business has to obtain GST registration. ITC cannot be claimed  before the date of obtaining GST registration. What is ITC 01? GST Form ITC-01 is a declaration […]
  • Equalisation Levy - Cryptocurrencies - Taxscan
  • Application of ‘Equalisation Levy’ to Cryptocurrencies
  • July 23, 2021
  • When Modern-day Tony Stark a.k.a Elon Musk tweeted that cryptocurrencies were “potentially promising”, the value of these digital currencies skyrocketed and saw unprecedented exponential growth, globally.  While cynics remain skeptical, crypto enthusiasts remain optimistic and vouch for a lot of potentials.   The “crypto boom” is a recent phenomenon and many countries across the globe have […]
E-filing - CBDT - Income Tax Act - Income Tax Forms - Taxscan
August 3, 2021

The Central Board of Direct Taxes (CBDT) has issued an order extending due dates for various compliance forms including the Quarterly statement in Form No. 15CC, Equalization Levy Statement in Form No.1, the Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64D and the Statement of […]

Supreme Court - Trust Registration Cancellation - Bogus Donations - Taxscan
August 3, 2021

The Apex Court has upheld the cancellation of Trust Registration for receiving Bogus Donations. In a survey conducted on an entity named School of Human Genetics and Population Health, Kolkata under Section 133A of the Act, it was prima facie observed that the Trust was not carrying out its activities in accordance with the objects […]

Pepsico- CESTAT - Cenvat Credit - Taxscan
July 28, 2021
The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Hyderabad bench has allowed a claim for cenvat credit by PepsicoIndia holding that credit is allowable for setting up of the factory under the CENVAT Credit Rules, 2004. The Company, PepsicoIndia Holdings, M/s Sri City paid service tax on the amounts charged by it for the leasing the land as well as on the amounts charged as development services. The Company received a show cause notice proposing to recover the alleged
CESTAT- Penalty imposed - smuggling Rough Diamonds into India - Taxscan
August 3, 2021

The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Ahmedabad Bench reduced the Penalty imposed on persons accused of smuggling Rough Diamonds into India. The officers of DRI acting on specific information, intercepted Appellants Jorabhai and Shri Premabhai at Surat and recovered 48637.525 carats of Rough Diamonds of Zimbabwe origin valued at Rs. 10,16,68,077/- (market […]

ALP - deemed income - other sources - Madras High Court - Taxscan
July 29, 2021

The Madras High Court ruled that the Arm’s Length Price (ALP) and resultant excess profit to be treated as deemed income under ‘other sources’. The assessee/respondent, M/s.Tweezerman (India) Private Limited is a manufacturer of beauty products such as Tweezers, cuticle pushers, etc, and is 100% Export Oriented Unit (EOU). The Assessing Officer made a reference […]

Madras High Court - provisional release of cargo - Cash Security - penalty - Taxscan
July 29, 2021

The Madurai Bench of the Madras High Court permitted provisional release of cargo as directing Importer to furnish Cash Security towards redemption fine, penalty would be harsh as the show-cause notice is yet to be adjudicated. The Appellant, Custom Commissioner has sought to quash the proceedings of the third appellant / The Assistant Commissioner of […]

Refund - flimsy grounds -Rebate Schemes - Exporters - CESTAT - Taxscan
July 29, 2021

The Customs, Excise, and Service Tax Appellate Tribunal (CESTAT), Kolkata bench slammed the service tax department for rejecting refund claims on flimsy grounds and observed that such practices would defeat the purpose if rebate schemes which would ultimately result in trapping the exporters under unnecessary litigations. The Company, M/s Nupur Viniyog Private Limited, filed a […]

December 7, 2020

A two-judge bench of the Madras High Court has denied the benefit of exemption of urban land tax to Chennai Port Trust under the provisions of the Tamil Nadu Urban Land Tax Act of 1996. While considering an appeal filed by the State, Chief Justice Amreshwar Pratap Sahi and Justice Senthilkumar Ramamoorthy ruled that the […]

No plan - impose Property Tax - Union Territory of J&K - LG Manoj Sinha - opposition - Taxscan
October 20, 2020

The Lieutenant Governor (LG) of Jammu and Kashmir, Manoj Sinha while Putting speculations to rest said that the Union Territory administration would not levy any property tax on the people in Jammu and Kashmir. Earlier this month, the Union home ministry had empowered the union territory’s administration to impose the property tax following an amendment […]

OECD - report - Inheritance Taxation - OECD Countries - Taxscan
May 18, 2021
The Organisation for Economic Co-operation and Development (OECD) has released the report on Inheritance Taxation in OECD Countries. The purpose of the report is to Compare and assess inheritance, estate and gift taxes across OECD countries and Explore the role that these taxes could play in raising revenue, addressing inequalities and improving the efficiency of […]
Tax Rates - DTAA - Dividend - DDT - ITAT - Taxscan
April 2, 2021
The Government notified the Double Taxation Avoidance Agreement (DTAA) and prevention of fiscal evasion with respect to taxes on income with the Government of Islamic Republic of Iran. The Agreement between the Government of the Republic of India and the Government of the Islamic Republic of Iran for the avoidance of double taxation and prevention […]
Artists - social media influencers - VAT - UAE - Taxscan
March 8, 2021
The UAE’s Federal Tax Authority (FTA) on Sunday said that services provided by artists and social media influencers for consideration are subject to Value Added Tax (VAT). This announcement was shared in the latest Basic Tax Information Bulletin issued by the FTA on the tax treatment of supplies provided by artists and social media influencers. […]

Loan - Corporate Person- free of interest - Financial Debt - Supreme Court - Taxscan
July 31, 2021
The Supreme Court ruled that the loan to Corporate Person free of interest to be classified Financial Debt. The issue raised in the appeal is whether a person who gives a term loan to a Corporate Person, free of interest, on account of its working capital requirements is not a Financial Creditor, and therefore, incompetent […]
COVID-19 vaccination of employees - CSR activity - MCA - Taxscan
July 30, 2021
The Ministry of Corporate Affairs (MCA) on Friday issued the clarification on Spending of Corporate Social Responsibility (CSR) Fund for COVID-19 Vaccination for person other than Employees and their families is eligible CSR activity. This Ministry vide General Circular No. 10/2020 dated March 23, 2020, clarified that spending of CSR funds for COVID-19 is an […]
Karnataka High Court - Flipkart - Plea challenging - CCI probe - Taxscan
July 30, 2021
The Karnataka High Court while dismissing Flipkart’s Plea challenging the Competition Commission of India (CCI) probe said that if the appellants are not at all involved in violation of any statutory provisions of Competition Act, 2002, they should not feel shy in facing an enquiry. The E-Commerce Major, Flipkart is allegedly involved in alleged anti-competitive […]
SEBI - Raj Kundra - Shilpa Shetty - Viaan - flouting Insider Trading Norms - Taxscan
July 30, 2021
The Market Regulator, Securities, and Exchange Board of India (SEBI), imposed a penalty of Rs 3 lakh on Bollywood Actor Shilpa Shetty, her husband, and businessman Raj Kundra, his company Viaan Industries for flouting Insider Trading rules. As per the SEBI order, the fine has been imposed on Kundra, Shetty, and their company for a […]
Gujarat High Court - transfer of winding-up proceedings - NCLT - Multiplicity of Litigation - Taxscan
July 29, 2021
The Gujarat High Court recommended the transfer of winding-up proceedings to National Company Law Tribunal (NCLT) as scattering the litigation in various Forums is the root cause of a multiplicity of litigation and amounts to misuse and abuse of process of law. The petition was filed by the Guarantors-Shareholders of the Defaulter Company, M/s. Ganpati […]
Union Cabinet - LLP Act - Taxscan
July 29, 2021
The Union Cabinet on Wednesday approved amendments to the Limited Liability Partnership (LLP) Act which proposes to decriminalise offences under the law so as to improve ease of doing business and encourage start-ups. After the amendment for decriminalisation is approved, the total number of penal provisions in the Act will be reduced to 22, the […]
IBBI- Monetary Penalties - Insolvency Professional Agency - IPA to amend Bye-Laws - Taxscan
July 29, 2021
Insolvency and Bankruptcy Board of India (IBBI) has issued a circular wherein it was clarified that the Disciplinary Committee of an Insolvency Professional Agency (IPA) may impose monetary penalty on its professional members under Clause 24(2)(d) of the Schedule to the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016. The Central […]
IBBI - guidelines on Technical Standards - performance of core services - IBBI Regulations - Taxscan
July 28, 2021
The Insolvency and Bankruptcy Board of India (IBBI) on Monday notified the Guidelines for Technical Standards for the Performance of Core Services and Other Services (Amendment), 2021 under the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017. The amendment defines the term “Identity Details” which means C-KYC number in the C-KYC database maintained […]
Karnataka HC - Bail- Public Funds - taxscan
August 3, 2021

The Karnataka High Court granted the bail to the  person accused of misusing the Public Funds and reinvesting money in other businesses. The petitioner, Nanjundaiah is allegedly the Founder/Director of Kanva Souhardha Co-operative Credit Limited and has filed the Bail Application on the ground he has not at all committed any offence except he is a […]

Production Linked Incentive Scheme for Specialty Steel in India - Taxscan
July 31, 2021
The Ministry of Steel notified the Production Linked Incentive (PLI) Scheme for Specialty Steel in India to be implemented over FY 2023-24 to FY 2029-30 with a budgetary outlay of Rs.6,322 crore. The objective of the PLI Scheme for specialty grade steel is to promote manufacturing of such steel grades within the country. Presently, India […]
Actor Vijay - Madras High Court - Single Bench Judgment - levy of entry tax on import of Rolls Royce car - Taxscan
July 27, 2021
In a relief to a Popular Tamil Actor, Vijay, the Madras High Court stayed the Single Bench Judgment imposing Rs. 1 lakh for challenging the levy of entry tax on import of Rolls Royce car. The appellant, Vijay has challenged the Single Judge Bench Judgement wherein a petition seeking a direction to forbear authorities from […]
Webinar - Denial of IGST Refund - Rebate to Advance Authorization Holder - Taxscan
June 11, 2021

Tuesday15th June, our next webinar under our SIMPLIFIED banner on the subject ‘Denial of IGST Refund / Rebate to Advance Authorization Holder – Way Forward’ will be held between 5:00 PM and 7:00 PM. CA. NAVJOT SINGH will be our guest speaker for this webinar aimed at professionals and students alike. He has been an […]

Webinar - SEBI - Proposed changes - Promoters, - Promoter Group - Independent Directors - Taxscan Premium Users - Gaurav pingle - taxscan
May 20, 2021

Next Saturday, on 5th June, Taxscan is will be conducting the next program under our SIMPLIFIED banner. The Webinar will be on SEBI’s Proposed changes to the Framework of Promoters, Promoter Group & Independent Directors. CS Gaurav Pingle will be the speaker at this webinar aimed at professionals and students alike. Gaurav Pingle is an […]

Fox Mandal - International Tax Practice - Taxscan
September 9, 2020
Fox Mandal & Associates has appointed Mr. Sandip Mukherjee as Director, International Tax Practice. Sandip would operate from the Pune office and lead the international tax practice of the firm in Southern & Western India. His addition is a part of the firm’s strategic expansion of its Tax Advisory vertical. Sandip has spent about 27+ […]
November 9, 2017
The DMD Advocates has advised Infradigital Technologies Private Limited, a company promoted by Eros Labs Pte. Ltd. in selling its business undertaking engaged in the business of production and distribution of spiritual, devotional and religious audio-visual content and literature to Innertech Media Solutions Private Limited. Innertech is a portfolio company of Times Internet Limited. The business division was transferred […]