• Headlines
  • Kidney Failure a “Reasonable Cause” for Non-Compliance during Assessment Proceedings: ITAT directs Re-Adjudication
  • March 23, 2023
February 4, 2023
On February 3, 2023, K N Balagopal, Finance minister, State of Kerala delivered the budget speech. As the Union Budget 2023 already featured a significant break, the following are the Key Highlights of the Kerala Budget 2023: Budget Highlights  ‘Make in Kerala’ – 100 Cr to support Agritech startups  Energy Park – Set up an […]
February 3, 2023
The Union Budget 2023, presented by Finance Minister Nirmala Sitharaman has introduced some major changes to the rebate rate limits favorable to the middle-income earners along with some slab changes. The taxability of direct tax payers now starts from Rs. 3 Lakhs, in comparison to Rs. 2.5 Lakhs earlier, as per the new regime. The […]
February 3, 2023
Budget 2023 proposed to allow a taxpayer to obtain a certificate of Tax Deduction Source (TDS) to lower or ‘nil rate’ on sums on which tax is required to be deducted under section 194LBA of the Income Tax Act, 1961 by Business Trusts. The bill proposed to insert the provision 194LBA into the section 197 […]

  • Unregistered MSME - MSEFC - MSME - MSMED Act 2006 - MSMED Act - taxscan
  • Whether Unregistered MSME can refer to MSEFC under MSMED Act, 2006?
  • March 7, 2023
  • Micro, Small, and Medium Enterprises (hereinafter referred to as ‘MSME’) are a blue-eyed boy for the government nowadays. In the recent budget session of 2023 also, the government has brought many important reforms for a such segment of industries/organisation. MSMED Act, 2006 was introduced with the object to promote and support the MSME sector of […]
  • Union - Budget - 2023 - Corporate - Taxation - TAXSCAN
  • Union Budget 2023 Wishlist: Corporate Taxation
  • February 1, 2023
  • The Union Budget 2023 is being presented in the midst of an uncertain and slowing global economy with India emerging as the fastest growing large economy and the “bright spot”. The geo-political developments and dynamic leadership in India has made India the most preferred global investment destination. The corporate tax collections have increased dramatically despite […]
  • GST - ACT - S - A - Critical - Analysis - TAXSCAN
  • GST ACT/S: A Critical Analysis
  • December 28, 2022
  • 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 […]
Kidney Failure - Reasonable Cause - Assessment Proceedings - ITAT - Re-Adjudication - Taxscan
March 23, 2023

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has while directing re -adjudication observed that kidney failure has a reasonable cause for non-compliance during assessment proceeding. Assessee Sunil Kumar Garg, carrying the business of trading of menthol oil and when the assessment proceedings carried out the assessing officer found that the list of sundry creditors included […]

Electricity Load Extension Charges - Expenditure - ITAT - Taxscan
March 23, 2023

The Kolkata bench of Income Tax Appellate Tribunal (ITAT) has recently held that electricity load extension charges are allowable as expenditure. Assessee Tewari Warehousing Co. Pvt. Ltd  is a private limited company engaged in the business of loading, unloading, blending and packing of raw tea. After filing the return assessee’s  Case selected for scrutiny Assessment […]

Registration - NBFC - NBFC Registration - Service tax for levy - Service tax - CESTAT - Customs - Excise - Service Tax - taxscan
March 23, 2023
The Hyderabad Bench of the Customs, Excise & Service Tax Appellate Tribunal (CESTAT) has held that mere registration as an NBFC is not enough under the provision of service tax to levy. The Appellant is a subsidiary of Qualcomm Inc. USA which entered into a Master Service Agreement with a group entity ‘Verizon Inc’ located outside India for providing telecom bandwidth and telephone-related services for all its affiliated entities across the globe.  The Appellant being one of the group entities
CESTAT - Cenvat Credit - Service Tax - Services - Toilets - Port User Building - taxscan
March 23, 2023

The Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ), Mumbai Bench allowed Cenvat Credit of Service Tax paid on services of Toilets located in Port User Building. The appellants, M/s Jawaharlal Neharu Port Trust, are providing port services and also providing facility of toilets to the users of port services. Service Tax is […]

Service Tax Refund - Service Tax - CESTAT - consideration of documentary evidence - departmental records -documentary evidence - taxscan
March 23, 2023

The Kolkata Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), remanded back matter for consideration of documentary evidence and departmental records in a case regarding service tax refund. The appellant in the present matter is M/s. Acclaris Business Solutions Private Ltd. The Counsel appearing on behalf of the appellant submitted that they […]

  • 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 […]
Lists of Documents - submitted by Foreign Lawyers - Foreign Firms to Practise in India - BCI - Taxscan
March 15, 2023
The Bar Council of India issued the rules for the foreign lawyers and firms to practice in India. According to reports, they are not permitted to litigate issues before Indian courts, and their time permitted to practise in India is quite short. i.e.Approximately 60 days in a year. Documents to be Submitted as per the […]
Audit - Trail - requirements - Accounting - Software - TAXSCAN
March 15, 2023
The Ministry of Corporate Affairs (MCA) through three notifications had notified that every company using accounting software must use software that records an audit trail of each and every transaction and creates an edit log of each change made in the books of account. The software must also ensure that the audit trail cannot be […]
Truncated Documents - CD - NCLT - NCLT Kochi - Kotak mahindra bank - CIRP - CIRP Petition - Phoenix Arc Pvt Ltd - Taxscan
February 18, 2023
The National Company Law Tribunal Bench at Kochi has recently dismissed the Corporate Insolvency Resolution Process (CIRP) initiation petition by Phoenix Arc Private Limited, an asset reconstruction company partly sponsored by Kotak Mahindra Group. The Application was filed by Phoenix ARC Private Limited (Trustee of Phoenix Trust FY 17-8), (Financial Creditor) on 10.10.2022 by invoking […]
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 […]
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