"12 March 2022" Archive

CBI court awards rigorous imprisonment to then Assistant Commissioner of Customs

The Special Judge, CBI Cases, Ernakulam(Kerala) has sentenced Shri K.S. Chandrasekhar, then Assistant Commissioner of Customs, Air Cargo Complex, Cochin International Airport, Nedumbassery, Ernakulam(Kerala) to undergo three years Rigorous Imprisonment with fine of Rs.1,20,000/-....

Read More
Posted Under: Custom Duty |

Corporate Social Responsibility That Firms Have To Follow: Terms & Regulations

The concept of Corporate Social Responsibility (referred as CSR) has become a dominant concept which is mandatorily followed by business vide Section 135 of The Companies’ Act, 2013. Thus, every entity is required to furnish its CSR report explaining such activities otherwise one may suffer from serious consequences of it with a charge ...

Read More
Posted Under: Custom Duty |

E-Invoice – A Recent Cover in GST

With the Notification No. 01/2022- Central Tax dated 24/02/2022 the turnover limit is further reduced to Rs. 20.00 Crores to cover a large number of taxpayers within the ambit of E-INVOICE under GST. The essence of GST is to remove the cascading effect of tax and to pass on the GST credit at each stage. […]...

Read More
Posted Under: Custom Duty |

Whether Income Tax Attachment Order will Be Considered as Bar on Sale of Assets of A Company in Liquidation under IBC ,2016

It is clear that the Income Tax -Department does not enjoy the status of a secured creditor, on par with secured creditor covered by a mortgage or other security interest, who can avail the provisions of Section 52 of the Code. At best it can only claim a charge under the attachment order in terms of the provisions of Section 281 of the A...

Read More
Posted Under: Custom Duty |

Strike Off a Company

STRIKE OFF A COMPANY A Company goes for strike off when the management no longer wishes to carry on the business further. Strike off simply means removing of the name of the company from the Registrar of Company. Section 248 of The Companies Act 2013 states about the provisions of Strike off of company. BY […]...

Read More
Posted Under: Custom Duty |

Advance Tax Compliance under Income Tax Act, 1961

Advance Tax refers to Income tax collected in advance from the taxpayer for the year before the end of the concerned financial year. Advance Tax is payable by the taxpayer during a financial year in every case where the amount of tax payable exceeds Rs 10,000/- Advance Tax is calculated on the basis of expected […]...

Read More

Shri Narayan Rane launches MSME Innovative Scheme

Shri Narayan Rane launches MSME Innovative Scheme (Incubation, Design and IPR) & MSME IDEA HACKATHON 2022 under MSME Champions Scheme Union Minister for MSME Shri Narayan Rane today launched the MSME Innovative Scheme (Incubation, Design and IPR) along with the MSME IDEA HACKATHON 2022. Speaking on the occasion Shri Rane said MSMEs ...

Read More
Posted Under: Custom Duty |

Recent Updates In GST till 11.03.2022

Now that election results of five state assemblies which went to polls is February – March, 2022 have been announced with BJP winning four states, while one going to AAP party for the first time. These results reflects that there is going to be stability in policy making and Governance which will only be beneficial […]...

Read More

Maharashtra Amnesty Scheme, 2022 for GST Department

Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Scheme -2022 is applicable regarding concessions on various taxes levied by Sales Tax Department before introduction of GST Act and duration of this Amnesty Scheme will be from April 1, 2022 to September 30, 2022....

Read More
Posted Under: Custom Duty |

Appeal under GST

Any person aggrieved with the order passed by an adjudicating authority can file an appeal in GST before the First Appellate Authority. Who is Adjudicating Authority? Adjudicating Authority is the authority which passes an order or decision against which we appeal. Who is First Appellate Authority? (i)  The first appellate authority woul...

Read More
Posted Under: Custom Duty |