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Archive: 18 September 2022

Posts in 18 September 2022

Empanelment for concurrent Audit of branches of Punjab National Bank

September 18, 2022 31861 Views 3 comments Print

Applications are invited for concurrent Audit of branches of PNB in Area II & III”. Format for CA Firms and List of Area II & III EMPANELMENT FOR CONCURRENT AUDIT.

Better utilize AI, data-analytics & other technologies to identify tax evasion

September 18, 2022 1245 Views 0 comment Print

We need to better utilize AI, data-analytics, IoT and other technologies to identify fraudulent practices, such as detection of tax evasion and better train officials on these aspects : Nirmala Sitharaman

Banking sector to make a big contribution to make India a developed nation

September 18, 2022 1062 Views 0 comment Print

Banking sector has to make a big contribution to making India a developed nation by 2047: Union Finance Minister Smt. Nirmala Sitharaman at 75th AGM of Indian Banks’ Association Union Finance Minister exhorts banks to plan for next 25 years, embracing digital, modern technologies and seamless systems which talk to each other “Use technologies such […]

Net Direct Tax collections for FY 2022-23 have grown at 23%

September 18, 2022 2106 Views 0 comment Print

Gross Direct Tax collections for the Financial Year (FY) 2022-23 register a growth of 30%. Net Direct Tax collections for the FY 2022-23 have grown at 23%. Advance Tax collections for the FY 2022-23 stand at Rs. 2,95,308 crore as on 17.09.2022 which shows a growth of 17%. Refunds aggregating to Rs. 1,35,556 crore issued […]

Exemption from BCD & IGST with respect to import of cable laying vessel

September 18, 2022 1125 Views 0 comment Print

Advance rulings on the applicability of Sr. No. 555 and 557C of the Customs Tariff Notification No. 50/2017, dated 30,06.2017 for import of cable laying vessel.

CAAR allowed withdrawal of Application filed with wrong jurisdiction

September 18, 2022 591 Views 0 comment Print

Applicant has informed that jurisdiction of this application is not Mumbai and this needs to be filed with Delhi Customs Authority for Advance Ruling and requested for permission to withdraw their application for advance rulings

In absence of corroborative evidence, parallel conduct in itself cannot be equated with collusion: CCI

September 18, 2022 390 Views 0 comment Print

There is no doubt that there did not appear to be any competitive bidding amongst the OPs, but such parallel conduct in itself cannot be equated with collusion so as to return a finding of bid rigging by the Commission in the absence of any plus factors or corroborative evidence, particularly when such benchmark was already available and known to all potential bidders.

CCI cannot take action if allegation not substantiated by any evidence

September 18, 2022 519 Views 0 comment Print

Competition Commission is of prima-facie view that the allegations raised by the Informant are not substantiated by any evidence on record

Reassessment when Income Tax Act not provide for it – Application of Article 142

September 18, 2022 5205 Views 1 comment Print

Can the I-T department call for reassessment when the Income Tax Act, 1961 does not provide for it – Per Incuriam application of Article 142

ITC on Transport/Cab services to employees under GST

September 18, 2022 18042 Views 3 comments Print

Discover eligibility for Input Tax Credit (ITC) on Transport/Cab services for employees under section 17(5) of CGST Act, 2017. Explore analysis of CGST Act provisions and government notifications. Learn how businesses can claim ITC for transport services, especially during night shifts for women employees, based on Circular No. 172/04/2022-GST. Stay informed and maximize tax benefits for your organization.

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