• Headlines
  • Appeal against order of ITAT by providing 100% deduction u/s 80IC of IT Act : HP HC dismisses application for condone 224 days delay [Read Order]
  • May 21, 2024
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May 16, 2024
India and Russia have inked the Authorised Economic Operator ( AEO ) Mutual Recognition Agreement on 15th May 2024. The Chairman of central Board of Indirect Taxes and Customs ( CBIC ) Mr. Sanjay Kumar Agarwal and Mr. Ruslan Davydov, the First Deputy Head of the Federal Customs Service, Russia has signed the mutual recognition […]
May 7, 2024
The Union Finance Minister Smt. Nirmala Sitharaman administered Oath of Office to Justice (Retd.) Sanjaya Kumar Mishra as the first President of Goods and Service Tax Appellate Tribunal Appellate Tribunal ( GSTAT ). On September 15, the Center announced the establishment of 31 state benches for the GSTAT. Justice (Retd.) Mishra’s appointment is the beginning […]
May 3, 2024
The allegation of a leaked Multiple Choice Questions (MCQs) of an Institute of Chartered Accountants of India (ICAI) Exam – Financial Reporting [FR] of the May 2024 Final Exams has sparked heated discussions on Social Media, especially X, formerly Twitter. The discussion centers around a message in a telegram account named AIR1CA Guidance & Notes […]


  • GST Rates - GST on Indian Diet - GST on an Average Indian Diet - Taxscan
  • How Much GST Do You Eat in a Day? Analysis of GST on an Average Indian Diet
  • May 16, 2024
  • An average Indian eats three meals a day. Ever wondered how much of your food budget goes to taxes? From your morning cup of chai to your late night snacks, every bite of your food contains a hidden ingredient – GST. In this article, we’ll break down the GST rates of common food items in […]
Appeal - order ITAT - deduction us 80IC of IT Act - HP HC - TAXSCAN
May 21, 2024

In a recent case, the Himachal Pradesh High Court while observing the appeal against the order of Income Tax Appellate Tribunal  by providing the 100% deduction under Section 80IC of Income Tax Act, 1961 dismissed the application for condone delay of 224 day delay. The facts of the case is that the assessing officer initially...

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ITAT Kolkata - Income tax appellate tribunal - Section 194C - Income tax - taxscan
May 21, 2024

The Kolkata bench of Income Tax Appellate Tribunal (ITAT) ruled that Section 194C of the Income Tax Act,1961 is  not applicable on the  payments  made by the assessee  unless a charge is being determined. The Assessee RSD Natural Resources Private Ltd after filing the return of income assessee case was selected for scrutiny.Thereafter  the assessing...

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CESTAT Allahabad - Non-Taxable Area - Excise and Service Tax Appellate Tribunal - taxscan
May 20, 2024
The Allahabad Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) quashed service tax demand as the service provider and service recipient located in non-taxable area. The Officers of Central Tax, Audit Commissionerate, Noida had conducted audit of the records of the Appellant for the period from April, 2013 to June, 2017 during June,18, July,18 & September,18 and observed that in Balance Sheets for 2013-14 to 2016-17, income on two points was shown, (i) from sale of licence
Central Government - Pentaerythritol - Anti dumping duty - China - Saudi - Taiwan -DGTR-TAXSCAN
May 21, 2024

The Central Government has imposed an Anti Dumping Duty on Pentaerythritol originating in or exported from China PR, Saudi Arabia and Taiwan to India for 5 years. As detailed in notification F. No. 06/04/2023-DGTR dated February 20, 2024, and published in the Gazette of India, Extraordinary, Part I, Section 1 on the same date, the […]

CESTAT - custom excise - service tax - quashed - tax demand - Non existing laws - TAXSCAN
May 20, 2024

The Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ), Allahabad Bench quashed service tax demand as held that the classification of service on basis of non-existing provision is bad in law. The Appellant entered into Agreements with IVP-US and BACS for above said services. From the Agreement dated 21.03.2016 with IVP-US which was...

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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 […]
Application us 7 of Insolvency Bankruptcy Code - Debit - Corporate Debtor - NCLAT - TAXSCAN
May 19, 2024
The Principal Bench of the National Company Law Appellate Tribunal(NCLAT) has held that  application under section  7 of the Insolvency Bankruptcy Code can be admitted when Debit and default against Corporate Debtor is Available. An Application was filed under Section 7 Respondent – SREI Equipment Finance Limited, has been filed aggrieved by order dated 20.12.2023 […]
Ex-Director Ineligible to Submit Resolution Plan - MSME - Wilful Defaulter - NCLAT - TAXSCAN
May 18, 2024
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) held that the ex-director is ineligible to submit resolution plan for Micro Small & Medium Enterprise (MSME) when the Corporate Debtor (CD) is the wilful defaulter. The present appeal has been filed under Section 61 of the Insolvency & Bankruptcy Code, 2016 (in […]
Amount - Share Application Money - Financial Debt - IBC - NCLT - TAXSCAN
May 17, 2024
The Kolkata Bench of the National Company Law Appellate Tribunal (NCLT) held that the amount given as share application money is not financial debt under the Insolvency and Bankruptcy Code, 2016 (IBC). The petition has been filed by Mittson Fille Enterprise, the Financial Creditor represented by its Partner, Mrs. Neha Choudhary under section 7 of […]
Delhi HC- Interim Relief - NFRA Penalties in Reliance Capital Audit Lapses to CAs and CA Firm - TAXSCAN
May 16, 2024
The Delhi High Court has refused to entertain the plea for interim relief in the writ petition filed against penalties imposed by the National Financial Reporting Authority (NFRA) on two Chartered Accountants and CA Firm, owing to the nature of misconduct and the observations in the NFRA Order. The Petitioners were aggrieved by the order […]
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