Taxscan | Simplifying Tax Laws
  • CST & VAT / GST
  • No GST applicable on Rent received from Backward Classes Welfare Department: AAR [Read Order]
  • April 14, 2021
April 11, 2021
The Institute of Cost Accountants of India (ICMAI) has extended the time period granted to undergo Mandatory Capacity Building Training (MCBT) upto 31st December, 2021. The practicing members who have taken the Certificate of Practice (COP) during the period 1st February, 2019 to 31st March, 2021 and have not undergone the MCBT and have to […]
April 10, 2021
The National Company Law Tribunal ( NCLT ) has decided to take up regular hearings through Video Conference with effect from April 12 at all NCLT Benches. The sitting hours of the bench have also been modified. Members have been requested to operate from their respective NCLT Bench or Station. As many as 1.3 Lakh […]
April 10, 2021
The Customs, Excises, and Service Taxes Appellate Tribunal (CESTAT), Delhi Bench held that the Show Cause Notice was not validly served which is a condition precedent for giving jurisdiction to the Adjudicating Authority to pass an order. The appellant, Baldeep Singh is neither an importer nor engaged in the business of import and export. Further, […]

  • TDS - Income Tax Act - Taxscan
  • TDS under Income Tax Act: All You Need to Know
  • April 13, 2021
  • INTRODUCTION Tax is a compulsory payment imposed by the government or the authority for the services rendered for the citizens. Income tax is a form of taxation in which the tax is collected on the basis of the income generated from a business. Tax deducted at source (TDS) is one of the modes of collecting […]
ITAT - Re-Assessment proceedings - Bharti Airtel - Taxscan
April 14, 2021

The Income Tax Appellate Tribunal (ITAT), Delhi bench quashed the reassessment proceedings against Bharti Airtel as all the material facts were fully and truly disclosed. The assessee, Bharti Airtel filed the return of income for the Assessment Year was filed declaring income at Rs. Nil and the same was assessed at Nil income vide order […]

US Tax - Digital Taxes - Equalisation Levy - Taxscan
April 13, 2021

The Indian Government is open to engaging in discussions around the minimum global corporate tax being initiated by the United States (US) and said that the issue of equalisation levy or digital taxes should also be addressed positively. The Biden administration in the US is calling for the world’s biggest multinational companies to pay levies […]

Cenvat Credit - input service - manufacture of goods - CESTAT - Taxscan
April 6, 2021
The Customs, Excises, and Service Taxes Appellate Tribunal (CESTAT), Delhi Bench ruled that the Cenvat Credit is admissible for input service used in storage facilities for inputs outside the premises in relation to the manufacture of goods. The Department observed that the appellant, M/s. Balkrishna Industries Ltd. have wrongly filed Cenvat Credit of input services on ineligible services as that of renting premises for business purposes. It was observed that the appellant has utilised Cenvat Credit of service tax on
Clandestine Removal - CESTAT - Taxscan
April 13, 2021

The Customs, Excise, and Service Tax Appellate Tribunal (CESTAT), Delhi Bench held that the burden of proof for alleged clandestine removal of goods is upon the department. The present order disposes of four appeals arising out of the order of Commissioner, GST has been assailed before this Tribunal. The said order has been passed in […]

Bombay High Court - Custom Authority - allow clearance - Pigeon Peas - valid registration - Advance Payment Certificate - Taxscan
April 12, 2021

The Bombay High Court directed the Custom Authority to allow clearance of Pigeon Peas as there was valid registration of Advance Payment Certificate. The petitioner, Rika Global Impex Limited is a company incorporated under the Companies Act, 2013 and engaged in the business of import and export of agricultural commodities. Petitioner is a regular importer […]

CESTAT - Adjudicating Authority - credit of refund amount - Consumer Welfare Fund - Taxscan
April 10, 2021

The Customs, Excise, and Service Taxes Appellate Tribunal (CESTAT), directed the  Adjudicating Authority to examine in respect of the credit of refund amount to Consumer Welfare Fund. The appellant, M/s Rakesh Canteen Contractor has been awarded the canteen services contract from M/s Caparo Engineering India Limited, by way of running and managing their canteen located […]

DGFT - late cut for MEIS applications - exports - the Financial Year 2019-20 - Taxscan
April 10, 2021

The Director-General of Foreign Trade (DGFT) notified the late cut for Merchandise Exports from India Scheme (MEIS) applications for exports made in the Financial Year 2019-20. MEIS applications for Shipping bills with a Let Export date from March 1, 2019, to March 31, 2020, can be submitted without any late cut up to September 30, […]

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 […]

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. […]
Income Tax on cards - GCC countries - Oman - High Income Earners - IMF - Taxscan
February 14, 2021
The International Monetary Funds said that Oman is weighing up plans to introduce income tax on high earners in 2022 as part of the finance ministry’s 2020-2024 economic scheme and efforts to reduce the fiscal deficit. The plan aims to bring Oman’s fiscal deficit down to 1.7 percent of gross domestic product by 2024, from […]
UAE - introduces - new version - eDirham system - pay Taxes - taxscan
October 13, 2020
The United Arab Emirates ( UAE ) has introduced the new version of eDirham system to pay Taxes. UAE tax registrants have until October 31 to register with the latest version of the eDirham platform, the Federal Tax Authority said. The FTA said it completed its preparations to join the third generation eDirham system, which […]

NCLT - hearings virtually - Covid-19 Second Wave - Taxscan
April 10, 2021
The National Company Law Tribunal ( NCLT ) has decided to take up regular hearings through Video Conference with effect from April 12 at all NCLT Benches. The sitting hours of the bench have also been modified. Members have been requested to operate from their respective NCLT Bench or Station. As many as 1.3 Lakh […]
IBBI - new pre-packaged resolution process -Taxscan
April 10, 2021
The Insolvency and Bankruptcy Board of India (IBBI)  notified the regulations for the recently announced pre-packaged insolvency resolution process. The Insolvency and Bankruptcy (pre-packaged insolvency resolution process) Rules, 2021 has been introduced to provide an easier path to resolution for stress Micro, Small, and Medium Enterprises (MSMEs). As per the new rules the a corporate […]
MCA - minimum default threshold - MSME pre-pack insolvency resolution - Taxscan
April 10, 2021
The Ministry of Corporate Affairs (MCA) set the minimum default threshold at Rs.10 lakh for Micro, Small, and Medium Enterprises (MSME) pre-pack insolvency resolution. Explaining the benefits of the pre-packaged resolution process through a series of tweets, the Finance Ministry said that the central government has decided minimum threshold default of Rs 10 lakh for […]
LLP - Partnership Firm - Kerala High Court - Taxscan
April 9, 2021
The Kerala High Court held that Limited Liability Partnership (LLP) can form a partnership firm with an individual or other persons. The Petitioner claims to be the designated partner of Sleeplock LLP which is a limited liability partnership registered under the Limited Liability Partnership Act, 2008. The Sleeplock LLP formed a partnership firm along with one […]
Alternate Investment Funds - SEBI - Taxscan
April 8, 2021
The Securities and Exchange Board of India (SEBI) notified the Regulatory reporting by Alternative Investment Funds (AIFs). AIFs are funds established or incorporated in India for the purpose of pooling in capital from Indian and foreign investors. Based on consultation with various stakeholders and recommendation of the Alternative Investment Policy Advisory Committee, the SEBI has […]
SEBI - Mukesh Ambani - Anil Ambani & Family - RIL Shareholding - Taxscan
April 8, 2021
The Securities and Exchange Board of India (SEBI) fined Mukesh Ambani, Anil Ambani and Family  Rs. 25 Crores for irregularities in (RIL) Shareholding. The SEBI conducted an investigation into the alleged irregularities relating to the issue of 12 crore equity shares in January 2000 by RIL at a price of Rs. 75 per share to […]
RBI - policy to refund - interest on interest - moratorium - Taxscan
April 8, 2021
The Reserve Bank of India (RBI) ordered the Banks and NBFCs to immediately make a policy to refund the ”interest on interest” charged during the moratorium. The Circular was issued by the RBI with regards to the asset classification and Income Recognition following the expiry of the COVID-19 regulatory package as per the orders of […]
Delhi Court - Bail - TMC MP K D Singh - Money Laundering Case - Taxscan
April 7, 2021
The Delhi Court Tuesday granted bail to former Trinamool Congress MP and businessman, K D Singh who was arrested by the Enforcement Directorate in a money laundering case. It was stated that the applicant-accused is aged about 61 years and his family comprises an old mother, wife, and two sons. It is also stated that […]
Second FIR - offence - different offences - same transaction is impermissible - Delhi High Court - Taxscan
April 5, 2021

The Delhi High Court ruled that the second FIR in respect of an offence or different offences committed in the course of the same transaction is not only impermissible but it violates Article 21 of the Constitution. The application, that has been filed by the applicant, Anoop Joshi sought who made the prayer seeking an […]

RFL money laundering case - Delhi Court - Second Bail - ex-promoter - Malvinder Mohan Singh - taxscan
April 4, 2021
The Delhi court rejected the second bail application of Malvinder Mohan Singh, erstwhile promoter of Religare Enterprises Ltd (REL), in an alleged fraud case entailing an amount of around Rs Rs.2397 crores. The Religare Finvest Ltd., a group firm of REL, which was earlier promoted by Shivinder Mohan Singh and his brother Malvinder Mohan Singh, […]
Government - Amendments to Industrial Development Bank (Transfer of Understanding And Repeal) Act - Taxscan
April 1, 2021
The Government notified April 1, 2021 as an effective date for Amendments to Industrial Development Bank (Transfer of Understanding And Repeal) Act, 2003. In the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003, in section 3, in sub-section (2), in the opening paragraph, the words “in addition to the business which may be […]
ICMAI - conduct Corporate Laws Quiz - Company Secretaries - CS Students - Taxscan
February 18, 2021

The Corporate Laws Committee of the Institute of Costs Accountants of India (ICMAI) is conducting a Quiz on Corporate Law on the account of celebrating February 2021 as Corporate Law Month on all India basis. The link of the quiz will be made available to the members or students who have registered in the above […]

Simplified Master Class - Input Tax Credit - Legal & Practical Controversies - Nitya Tax - Forward - Taxscan
February 4, 2021

Taxscan in association with NITYA Tax Associates is pleased to announce our next program under Simplified series, a webinar on ‘Input Tax Credit – Concept and Practical Issues’. Input Tax Credit (ITC) is one of key elements of Goods and Services Tax (GST) regime and seamless flow of ITC has always been the objective of […]

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 […]
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