"06 August 2022" Archive

TDS Rate Chart for Financial Year 2022-2023

Article explains TDS Rates for Financial year 2022-23 i.e. Assessment Year 2023-24 under Income Tax Act, 1961. Article contains TDS Rate Chart, Threshold limit for TDS deduction, Rate of Surcharge, Cess and TDS Rate if PAN no is not furnished. TDS Rate Chart for Financial Year 2022-2023 / Assessment Year 2023-24 Nature of Payment Made [&h...

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Posted Under: Corporate Law | ,

TCS Rate Chart for F.Y 2022-2023

Article contains TCS Rates for F.Y 2022-2023 (AY 2023-24) under Section 206C of Income Tax Act, 1961. Article explains TCS Rate on Alcoholic Liquor for human consumption, Timber obtained under a forest lease or by any other mode, Any other forest produce not being a timber or tendu leave, Scrap, Grant of license, lease, etc. of […...

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GST: Rajasthan HC granted interim protection against arrest

Ritik Arora Vs Union of India (Rajasthan High Court)

HC has issued interim protection against arrest and directed the Petitioner to appear before the concerned authority in response to the summon received under Section 70 of the Central Goods and Services Tax Act, 2017...

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Excise not payable on freight paid towards transportation of goods from place of removal to buyer’s premises

Jindal Tubular (India) Limited Vs Principal Commissioner (CESTAT Delhi)

Held that freight incurred from the place of removal to the buyer’s premises is not includible in the assessable value and accordingly excise is not payable on the same....

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HC criticises frequent breach of principles of natural justice by Income Tax Officers

Nabco Products Private Limited Vs Union of India (Allahabad High Court)

We are frequently coming across cases where Income Tax Authorities are giving complete go by to the principles of natural justice. The excuse orally being set up usually by the departmental counsels is that there is some problem in the computerisation system which is solely controlled by CBDT...

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Rajasthan High Court Stays recovery of GST on Royalty

Thekedar Vishnu Kumar Vs Union of India (Rajasthan High Court)

Thekedar Vishnu Kumar Vs Union of India (Rajasthan High Court) Stay on the recovery of GST on Royalty- HC directed that the proposed recovery of GST on royalty  shall remain stayed qua the petitioners. However, the respondents shall be at liberty to continue with the proceedings which have been initiated under the impugned notices. FULL ...

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Exposure Draft of Compendium of Social Audit Standards – for Comments

Sustainability Reporting Standards Board of ICAI has developed following- (i) Draft Preface to the Social Audit Standards (ii) Draft Framework for the Social Audit Standards (iii) Draft Social Audit Standards (SAS) on all the sixteen thematic areas specified in the above mentioned notification....

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Posted Under: Corporate Law |

GST: Search & Seizure power can be exercised by proper officer only

Under the preview of the law the power to search and seize goods in the terms of provisions of section 67(2) of the CGST Act and corresponding Rule 139(2).It could have been exercise only by the proper officer who is not below the rank of Joint Commissioner, hence the principle followed of section 69 which state the power to arrest....

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Posted Under: Corporate Law |

Advisory for Anonymised Escalation Mechanism for delayed Bill of Entry

CBIC has endeavored to provide an Anonymized Escalation Mechanism for ICEGATE registered users where they submit their grievance for delay in Bill of Entry clearance under faceless assessment. The delay in clearance would subsequently be escalated to the concerned Faceless Assessment Officers....

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Posted Under: Corporate Law |

Technical Guide on Filing Forms for LLPs and Companies

This guide on LLP Form-11 is prepared with an objective to creating user awareness and also to provide detailed guidance on the procedural aspects relating to filing of Form- 11 that we hope will enable higher levels of user accuracy....

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Posted Under: Corporate Law |

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May 2023