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Archive: 24 June 2022

Posts in 24 June 2022

Section 194R TDS on Benefits/Perquisites/Gifts arising out of Business or Profession

June 24, 2022 47244 Views 2 comments Print

Understand Section 194R TDS on benefits, perquisites, and gifts in business or profession. Learn about the applicable rate, deduction limit, and who is liable.

Attention Business Owners – Let’s talk about budget

June 24, 2022 528 Views 0 comment Print

Understand the importance of corporate budgeting for startups and avoid financial crunches. Learn how budgeting can help you achieve your business goals.

Penalty u/s 44 and 45 of Competition Act levied as ‘real ambit and purpose’ was intentionally not made known

June 24, 2022 1455 Views 0 comment Print

The Appellant/Amazon because of the violations committed by it, had intentionally not made known the `real ambit and purpose’ of the `Combination’. Penalty under Section 44 and 45 of the Act, 2002 levied.

GIFT (Gujarat International Financial Tec-City) At A Glance

June 24, 2022 11670 Views 1 comment Print

Discover GIFT City: Indias first International Financial Service Center (IFSC) and a world-class smart city in Gujarat.

Addition only on the basis of retracted statement is unsustainable

June 24, 2022 1098 Views 0 comment Print

The Hon’ble Madras High Court in the case of M. Narayan N. Boos. Vs. ACIT, Circle (339 ITR 192) held that addition made by the A.O merely on the basis of retracted statement u/s 132(4) could not be sustained in the absence of any evidence material or recovery of any movable or immovable assets at the time of search to corroborate the disclosure made by the assessee.

Madras HC upholds SCNs issued under Customs Act by DRI officers

June 24, 2022 2949 Views 0 comment Print

HC held that under the Customs Act, 1962, there are different Power Centres for appointing persons as Officers of Customs for discharging their powers and functions (duties) imposed under the Act. The contours of powers to be exercised by such Officers of Customs is to be drawn by the Board.

HC allows revision of TRAN-1 form on online portal

June 24, 2022 720 Views 0 comment Print

Bombay High Court in the case of Okay Paper Products Pvt. Ltd. Has allowed the revision of TRAN – 1 form on the online portal and directed the Government to open the form within 2 weeks.

Detention of vehicles / goods without following procedural norms is in gross contravention of statutory provisions of GST

June 24, 2022 1461 Views 0 comment Print

HC held that, detention/seizure of the vehicle and goods without issuing proper notice or detention order by the proper officer is in gross contravention of the statutory provisions.

Frequently Asked Questions (FAQs) On FCRA

June 24, 2022 6732 Views 0 comment Print

Get answers to frequently asked questions (FAQs) on the Foreign Contribution Regulation Act (FCRA) and understand its requirements for trusts and associations.

It is an era of new regime of CBDT circulars after tax rates new regime

June 24, 2022 1827 Views 0 comment Print

Understanding the implications of the new CBDT circulars and the impact on tax rates in the new regime. Dive into the details and get a clear picture.

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