• News Updates
  • Union Budget: Finance Bill 2023 Amends Appeal Provisions [Read Finance Bill]
  • February 1, 2023
February 1, 2023
The Union Budget 2023 has inserted a new provision mandating valuation of inventory by a Cost Accountant for the proceedings relating to section 68 of the Income Tax Act, 1961. Clause 68 of the Bill seeks to amend section 142 of the Income-tax Act relating to inquirybefore assessment. Sub-section (2A) of the said section provides […]
February 1, 2023
Under the newly proposed union Budget 2023 the Union Ministry has proposed an amendment which allow the claim of deduction for expenditure on payment only after the actual payment is made. This amendment will help the authority to comply with the payment on time focusing mainly upon the Micro Small and Medium Enterprise payment (MSME).  […]
February 1, 2023
The Union Budget 2023 imposed penalty of Rs. 5,000 for Inaccuracy in Statement of Financial Transactions (SFT) submitted by Prescribed Reporting Financial Institution and the proposed is amendment is to take effect from 1st April, 2023. A Statement of Financial Transaction is a report of particular financial transactions by persons including prescribed reporting financial institutions. […]


  • GST - ACT - S - A - Critical - Analysis - TAXSCAN
  • GST ACT/S: A Critical Analysis
  • December 28, 2022
  • GST LAWS: an Overview: “IT’S VERY EASY FOR US TO REACH THE MOON MR. LODHA [GP], IF SOME ONE SAYS MR. PARDIWALA AND MRS. THAKORE – HIS JUSTICES OF HON’BLE HIGH COURT OF GUJARAT- WOULD YOU LIKE TO TAKE A TRIP TO MOON WE WOULD TAKE A CHANCE BUT UNDERSTANDING YOUR POLICIES AND YOUR INTRICACIES […]
  • GST Procedures - GST - Decoding GST Procedures - Registration - Cancellation of Registration - Registration Procedures - taxscan
  • Decoding GST Procedures: Registration and Cancellation of Registration Procedures
  • December 21, 2022
  • Implemented in 2017, Goods and Services Tax ( GST ) was meant to be the one-stop solution for taxation of goods produced and services provided. At present, the whole process of registration, cancellation and revival of registration of Goods and Services Tax is still shadowed by many confusions, especially when the Goods and Services Tax […]
  • trade - taxscan
  • Will Missing ‘proportionate’ in S. 16(4) create full Problem for Tade?
  • November 29, 2022
  • With the number of notifications and circulars issued in the last 3 months of monsoon it seemed like GST just had a monsoon budget announcement. Right from the day GST was introduced its been common to see majority of changes being announced in GST Council meetings instead of making them a part of the budget […]
  • FOREIGNERS - GOLD BANGLE - taxscan
  • Beware Foreigners!! Even a Gold Bangle can be a Threat to you
  • November 4, 2022
  • “Conflicts are aplenty in this world because of gold” – famous Malayalam poet Kunchan Nambiar satirically wrote. Madras High Court on Tuesday held that gold/silver ornaments that are worn in person and that exceed Rs. 50,000 in value have to be declared before the Customs Authority. Justice C Saravanan observed that import of jewellery worth […]
budget 2023 - Strategic Disinvestment - budget 2023 live - union budget 2023 - nirmala sitharaman budget - nirmala sitharaman union budget - nirmala sitharaman - budget 2023 india - union budget 2023 live - Taxscan
February 1, 2023

Under the newly proposed Union Budget 2023 the Union Ministry has proposed to modify the definition of ‘strategic disinvestment’. Strategic disinvestment would imply the sale of substantial portion of the Government shareholding of a central public sector enterprise (CPSE) of up to 50%, or such higher percentage as the competent authority may determine, along with...

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Income Tax - Amount received - Agnipath Scheme 2022 - Union Budget 2023 - taxscan - budget 2023 - budget 2023 live - union budget 2023 - nirmala sitharaman budget - taxscan
February 1, 2023

The 2023 union budget Presented by the finance minister Nirmala Sitharaman introduced so many tax reliefs to the taxpayers of India. One of the major among was related to the Agni path scheme. Under the scheme the payment received from the agniveer corpus fund by the agniveers is proposed to be exempt from taxes. Deduction...

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Bombay HighCourt - Service Tax - Show Cause - Demand Notice -taxscan
January 28, 2023
The Bombay High Court has recently quashed a show cause notice-cum-demand order issued on 12 October 2009, holding that the same cannot be carried forward after such an inordinate delay. The petitioner is a provider of services under the category of Steamer Agent service, Cargo Handling services Business Support Services, GTA and Business Auxiliary Services. Pursuant to an audit conducted for the period 2004-05 to 2007-08, the Delhi office of the Petitioner was served with a Show Cause cum Demand
CBIC - CBIC notifies - Health Certificate - import - food consignments - food - taxscan
January 31, 2023

The Central Board of Indirect Taxes and Customs ( CBIC ) has recently notified the extension of the mandatory requirement to carry a health certificate with the import of food consignments, in reference to an order of Food Safety and Standards Authority of India. In reference to the  Board’s Instruction No 18/2022-Customs dated Instruction No...

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Writ Court - Products - Customs Tariff Act - Customs - Technical Analysis - Calcutta High Court - taxscan
January 31, 2023

In a recent judgment the Calcutta High Court observed that Writ Court should not act as Expertise to classify Products Under Customs Tariff Act, requires Technical Analysis. The petitioner, M/s Harsh Poly fabric, approached the Court to decide upon which chapter and classification of the Customs and Central Excise Tariff Act applied to its product....

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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 […]
Appeal - Physical Mode - NCLAT - Condone delay - Submission of Appeal Papers - taxscan
January 28, 2023
The National Company Law Appellate Tribunal ( NCLAT ), Chennai Bench refused to condone delay of 14 days on the ground that there was delay in submission of appeal papers through physical mode. In the instant case, the impugned order was passed by the `Adjudicating Authority’ (`National Company Law Tribunal’). For preferring an appeal, by […]
MCA - MGT-3 - CA -CS -CMA - taxscan
January 25, 2023
The Ministry of Corporate Affairs (MCA) has notified the Companies (Management and Administration) Amendment Rules, 2023. They shall come into force with effect from 23rd January, 2023. In the Companies (Management and Administration) Rules, 2014, the MCA has amended the form MGT-3 to be certified by the Chartered Accountants, Company Secretaries and Cost Accounatants. MGT-3 […]
MCA - Amendment - Companies - Amendment to Companies - Amendment Rules, 2014 - Form URC-1 - taxscan
January 23, 2023
The Ministry of Corporate Affairs (MCA) has notified the the Companies (Authorised to Register) Amendment Rules, 2023 wherein the Government has amended the Companies (Authorised to Register) Rules, 2014. The notification issued on Saturday, “in sub-rule (2) of rule 3,- (1) in clause (a),- (i.) for sub-clause (iv), the following sub-clause shall be substituted, namely:- […]
Adjudicating Authority - IRP - RP - Jurisdiction - NCLT - National Company Law Appellate Tribunal - Insolvency Resolution Process - taxscan
January 21, 2023
The National Company Law Appellate Tribunal ( NCLT ) held that the adjudicating authority being the appointing authority of Insolvency Resolution Process (IRP)/RP has jurisdiction to remove Resolution Professional (RP). Srigopal Choudary Resolution Professional of Shree Ram Urban Infrastructure Ltd challenged the order passed by the Adjudicating Authority, National Company Law Tribunal, Mumbai Bench, Mumbai […]
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