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Archive: 17 August 2022

Posts in 17 August 2022

Applying CAROTAR maintaining consistency with provisions of relevant trade agreement or its Rules of Origin – reg

August 17, 2022 2538 Views 0 comment Print

In the event of a conflict between a provision of Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 and a provision of Rules of Origin, provision of Rules of Origin shall prevail to extent of conflict.

SEBI Guidelines for overseas investment by AIFs / VCFs

August 17, 2022 1251 Views 0 comment Print

AIFs/VCFs shall invest in an overseas investee company, which is incorporated in a country whose securities market regulator is a signatory to the International Organization of Securities Commission’s Multilateral Memorandum of Understanding

RBI releases Discussion Paper on Charges in Payment Systems

August 17, 2022 1266 Views 0 comment Print

Discussion Paper on Charges in Payment Systems covers all aspects relating to charges in payment systems [such as Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT) system, Real Time Gross Settlement (RTGS) system and Unified Payments Interface (UPI)] and various payment instruments [such as debit cards, credit cards and Prepaid Payment Instruments (PPIs)], etc.

HC imposed cost of Rs. 50000 for arbitrary GST registration cancellation

August 17, 2022 3315 Views 0 comment Print

Arbitrary exercise of power cancelling the GST registration in the manner in which it has been done has not only adversely affected the petitioner, but has also adversely affected the revenues that could have flown to the coffers of GST

Burden of proof lies on revenue for classifying goods under different heading

August 17, 2022 1233 Views 0 comment Print

Chandigarh CESTAT held that if the department intends to classify the goods under a particular heading different from that claimed by the assessee, the department has to adduce proper evidence and discharge the burden of proof.

FAQs V3 Company Forms (Director KYC, Charge & Deposit Forms)

August 17, 2022 2229 Views 0 comment Print

Learn about the updated process for filing Company forms effective from 31st August 2022. Find out how to file Director KYC, Charge & Deposit forms in Version 3 of the MCA21 Portal.

Section 263 cannot be invoked if assessment order is not erroneous but is prejudicial to Revenue

August 17, 2022 5943 Views 0 comment Print

Section 263 cannot be invoked to correct each and every type of mistake or error committed by the AO; it is only when an order is erroneous as also prejudicial to Revenue’s interest, that the provision will be attracted.

HC allows refiling of Appeal with Appellate Authority which was dismissed for non filing of certified copy of order

August 17, 2022 714 Views 0 comment Print

Debabrata Santra Vs Assistant Commissioner of Revenue (Calcutta High Court) Calcutta High Court allows refiling of Appeal with Appellate Authority which was dismissed for non filing of certified copy of order FULL TEXT OF THE JUDGMENT/ORDER OF CALCUTTA HIGH COURT Heard learned Advocates appearing for the parties. By this writ petition, petitioner has challenged the […]

Startups – Snapshot of recognition benefits

August 17, 2022 1044 Views 0 comment Print

Learn about the recognition benefits for startups in India. Discover how startups can avail tax exemptions and intellectual property benefits under the Startup India initiative.

Income Tax on Educational Institution (Private School)

August 17, 2022 57681 Views 5 comments Print

Income of the charitable trust is exempt u/s 11 of Income Tax Act if the same has been registered u/s 12AA. However, Income of the  educational institution who has not registered u/s 12AA of the shall exempt u/s 10(23C) of the Act on fulfilment of certain conditions.

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