"05 May 2022" Archive

Concessional GST rate of 0.75% on construction applies to promoter & not to sub-contractor

In re OM Construction Company (GST AAR Karnataka)

Concessional rate of CGST @ 0.75% as per entry No.3(i) of the Notification No. 11/2017-Central Tax (Rate) dated 28.06.2017, as amended by the Notification No. 03/2019-Central Tax (Rate) dated 29.03.2019 is not applicable to the applicant as the said entry is applicable only to the promoters, but not to the sub-contractors....

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PVAT: HC deletes penalty imposed for carrying Invoice in Mobile instead of Hard Copy

Rakesh Jewellers Vs State of Punjab (VAT Appellate Tribunal, Punjab)

Rakesh Jewellers Vs State of Punjab (VAT Appellate Tribunal, Punjab) Brief facts relevant for the decision of the present appeal are that the appellant had purchased 1KG gold bar from M/s Robiun Jewellers Pvt. Ltd., Sarafan Bazar, Hoshiarpur vide invoice dated 23.03.2017 and was transporting the same in the car. The said gold bar was [&he...

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Interest payable on belated payment of GST: Madras High Court

Srinivasa Stampings Vs Superintendent of GST and Central Excise Hosur (Madras High Court)

Srinivasa Stampings Vs Superintendent of GST and Central Excise (Madras High Court) Interest has been demanded on the net tax liability of the petitioner on account of belated payment of tax during the aforesaid period under Section 50(1) of the CGST Act, 2017. Since tax was paid by the petitioner belatedly, petitioner is liable to [&hell...

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Maintenance of SLR- Cash to include balances held by banks with RBI under SDF

DOR.RET.REC.16/12.01.001/2022-23 08/04/2022

Cash to be maintained by banks, as referred to in the Annex of the notification ibid, shall also include the balances held by banks with RBI under Standing Deposit Facility (SDF)....

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RBI notifies non-applicability of Sections 45IA, 45IB & 45IC to NBFCs

Notification No. DoR. FIN. REC. 95 /CGM (JPS)-2022 14/03/2022

Sections 45IA, 45IB and 45IC of the Reserve Bank of India Act, 1934 (2 of 1934) shall not apply to any non-banking financial company (i) which is (a) providing only microfinance loans as defined under the Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022, provided the monthly loan obligations of a househ...

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Companies (Share Capital and Debentures) Amendment Rules, 2022

Notification No. G.S.R. 335(E). 04/05/2022

(1) These rules may be called the Companies (Share Capital and Debentures) Amendment Rules, 2022. (2) They shall come into force from the date of their publication in the Official Gazette....

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Income Tax Reassessment Notices Under New Provisions

Hon’ble Supreme Court in its order today i.e. 4th May, 2022 in the matter of UOI vs. Ashish Agarwal, reversed the decisions of the several High Courts and restored the notices issued under new provisions of income tax in reassessment matters which were applicable w.e.f. 01.04.2021. The decisions of the various High Courts which have [&h...

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No addition for cash deposited during demonetization out of earlier cash withdrawals

Om Parkash Nahar Vs. ITO ( ITAT-Delhi)

Om Parkash Nahar Vs. ITO ( ITAT-Delhi) The amount deposited during demonetization period was relate to out of withdrawals from the same account from 2014,2015 & 2016 is not treated as income from undisclosed source The assessee’s explanation is that looking to his old age and suffering from various ailments as he had suffered a [&he...

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Transfer pricing aspects of business restructuring

It is highly essential for multinational enterprises to come up with different workable business strategies to compete in today’s economy. One such strategy is business restructuring. Business restructuring is an activity wherein companies significantly modify their financial and operational aspects of a company....

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Super Seven Income Tax Planning Tips

Everyone wants to reduce tax outgo. However, Tax reduction should be done within the ambit of law & that is termed as tax planning in common language. Income tax laws provide ample opportunities for smart persons to utilise and lower their tax liabilities. These aren’t methods of tax evasion rather there are tax planning tools [...

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