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Archive: 23 August 2022

Posts in 23 August 2022

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 16, 2024 3834 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 3480 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Provisions of Benami Act to be implemented prospectively: SC

August 23, 2022 6714 Views 0 comment Print

Section 3(2) of the unamended 1988 Act is declared as unconstitutional for being manifestly arbitrary. Accordingly, Section 3(2) of the 2016 Act is also unconstitutional as it is violative of Article 20(1) of the Constitution.

Overseas Investment Rules 2022 under FEMA notified

August 23, 2022 10446 Views 0 comment Print

In view of integration in the global market and the need for the Indian corporates to make a global impact, Department of Economic Affairs has notified Foreign Exchange Management (Overseas Investment) Rules, 2022. The rules notified are forward looking and favours the Indian Corporates by simplifying the legislation and providing clarity on the issues involving […]

GST Audit by Tax Authorities – Commencement To Conclusion

August 23, 2022 8328 Views 1 comment Print

Understand the GST audit process from start to finish. Learn about the importance of self-assessment and compliance with tax laws.

Panipat Exporters Association enlisted for issuing Certificate of Origin (Non Preferential)

August 23, 2022 1500 Views 0 comment Print

Panipat Exporters Association (PEA), Panipat is enlisted under Appendix 2E of FTP, 2015-20 for issuing Certificate of Origin (Non Preferential). Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Vanijya Bhawan, New Delhi Public Notice No. 22/2015-2020 | Dated: 23rd August, 2022 Subject: Enlistment of an Agency under […]

Clause 44 of Tax Audit Report – Breakup of Expenses with & without GST

August 23, 2022 27348 Views 1 comment Print

Purchase and capital expenditures are required to be reported under clause 44 of Tax Audit report as both falls under expenditure terminology

SC’s suo moto extension of limitation period order is applicable even for condonation period

August 23, 2022 7023 Views 0 comment Print

HC sets aside order cancelling GST registration, and held that SC suo moto extension of limitation period is applicable for filing appeal against cancellation

Indivisible composite works contracts not chargeable to Service tax prior to June 2007

August 23, 2022 1251 Views 1 comment Print

Whether Service Tax could be levied on Composite Works Contracts prior to the introduction of the Finance Act, by which the Finance Act, 1994 amended to introduce Section 65(105)(zzzza) pertaining to Works Contract Service.?

Profit element to be taxed in case of bogus purchases

August 23, 2022 3066 Views 0 comment Print

Held that if the parties are failed to prove the genuineness of entire transaction of such tainted purchases, the revenue authorities are not entitled to bring the entire transaction to tax. Authorities can tax the income component in such tainted transactions

Straightaway relying on statement of persons & demanding tax is unsustainable

August 23, 2022 1527 Views 0 comment Print

Held that the Adjudicating Authority had failed to follow the requirement of Section 9D of the Act regarding examination in chief of witness, therefore demand of service tax on the basis of statements of persons cannot be sustainable.

How Profitable are Bitcoin Mining Sites in 2022

August 23, 2022 1512 Views 0 comment Print

#AD If you are interested in the world of cryptocurrencies, you have probably heard about mining. It is one of the most profitable investments in this business, which makes it very popular. However, as time goes on and things change, in the past anyone could mine, but now it can be very difficult to do […]

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