Jansampark Advertising & Marketing P. Ltd. Vs ITO (ITAT Delhi) Settled position of law as held by the Hon’ble High Court in the case of Haryana Acrylic Manufacturing Co. v. Commissioner of Income Tax 308 ITR 38 [ Delhi] is that the requirement of recording the reasons, communicating the same to the assessee, enabling the […]
Seeks to rescind notification No. 43/2016-Customs (ADD) dated the 8th August, 2016 to remove levy of ADD on Viscose Staple Fibre (VSF) originating in or imported from China PR and Indonesia. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 12th August, 2021 Notification No. 44/2021-Customs (ADD) G.S.R. 572(E).—In exercise of the powers conferred […]
Sony India Pvt Ltd Vs Union of India & Another (Telangana High Court) It is the duty and responsibility of the Assessing Officer / Assistant Commissioner to correctly determine the duty leviable in accordance with law before clearing the goods for Home consumption. The assessing officer instead, having failed in correctly determining the duty payable, […]
In order to stop littering due to light weight plastic carry bags, with effect from 30th September, 2021, the thickness of plastic carry bags has been increased from fifty microns to seventy five microns and to one hundred and twenty microns with effect from the 31st December, 2022. This will also allow reuse of plastic carry due to increase in thickness.
DCIT Vs Welspun Projects Limited (ITAT Ahmedabad) It was also argued by the learned DR that there is no provision under the Act for amortization of the expenses. Therefore, the assessee should not be allowed the deduction of the expenses amortized in the year under consideration. Undoubtedly, the assessee has incurred the expenses on the […]
Registrations with different Entities by Non-Deposit Taking NBFC NBFC is required to register with various entities as per relevant Master Direction, Circular and notification issued by RBI from time to time. Brief up for the same is as below. This article is limited to the extent registrations required by Non-Deposit Taking NBFC. (NBFC-ND-NSI) 1. CIC […]
Union of India Vs Quarry Owners Association (Supreme Court of India) Rule 89(5) – Restriction on refund of ITC under inverted tax structure- SC reserves order Supreme Court reserved the order on constitutional validity and vires of Rule 89(5) of the CGST Rules which restrict the refund of taxes on input services under inverted tax […]
The Credit Information Companies (Regulation) Act, 2005 (CIC Act), a legislation enacted by the Government of India to manage the actions of credit information companies in India (CIC’s) and to facilitate efficient distribution of credit also as for matters connected to an equivalent . Pursuant to the CIC Act, the Federal Reserve Bank of India […]
Hospitals and healthcare systems increasingly face financial pressures from increasing competition, deteriorating payer mix and other factors. Due to these pressures, Cost reduction and control is at the forefront of healthcare finance leaders’ minds, whether they are a rural, nonprofit, urban or safety-net organization. Healthcare is a manpower intensive industry. Spectrum of manpower is wide ranging from […]
“The management of accounts receivable, inventory and accounts payable is the least expensive way to manage cash flow .Account receivable should be monitored closely and actions should be taken to improve the collection of receivable and to encourage positive cash flow in a business. “Uncollected receivables are the main reason business owners are making money but don’t have any […]
