"03 October 2022" Archive - Page 2

Interest expense on perpetual bonds allowable as deduction

ICICI Bank Limited Vs ACIT (ITAT Mumbai)

ITAT Mumbai held that mere RBI recognition of debt instrument as additional tier/ capital doesn’t change the nature of perpetual debt instrument. Hence, interest expenses on perpetual bonds, allowable as deduction under Section 36(1)(iii) of the Income Tax Act, 1961...

How to upload documents in GST Transition forms?

Manual on Uploading Documents in GST Transition Forms How can I upload documents in GST Transition forms? To provide tax officers an informed decision whether to pass ITC or not, Upload Document functionality is introduced. To upload documents in GST transition forms, perform the following steps: 1. Access the www.gst.gov.in URL. The GST ...

Posted Under: Income Tax |

How to file transition Form GST TRAN-2 on GSTN portal

Manual on Transition Form GST TRAN – 2 How can I file transition Form GST TRAN – 2? To file transition Form GST TRAN – 2, perform the following steps: 1. Login and Navigate to Transitions Forms > TRAN – 2 page 2. Enter details in various tiles Online Mode Offline Mode 3. Download TRAN-2 […]...

Posted Under: Income Tax |

Law on issuance of Sweat Equity Shares

Employees are the backbone of any business as their diligence and hard work play a crucial role in the growth of any business. Many companies appreciate their employees and reward them in different ways. Rewarding employees motivates them to contribute more to the growth of the business. Sweat equity shares is one such reward which [&hell...

Posted Under: Income Tax |

Declared additional income taxable as business income & not deemed income

Karthik Estate Vs Principal Commissioner of Income [Central] (ITAT Bangalore)

ITAT Bangalore Held that declared additional income offered to tax as business income is sustainable when the only source of income is business income. Hence, the provisions of section 115BBE cannot be invoked to tax the income as ‘deemed income’....

Things to be reported in Directors Report – Section 134 of Companies Act, 2013

Directors Report: A Directors Report is prepared and presented to shareholders mainly to explain or make the shareholders aware of the business and affairs of the company, its subsidiary and the scope of the Company business. The Report shall be based up to the date of signing of financial statements. It shall be a detailed […]...

Posted Under: Income Tax |

SEBI extends timeline of entering details of existing outstanding non-convertible securities

Circular No. SEBI/HO/DDHS/RACPOD1/CIR/P/2022/136 03/10/2022

SEBI is in receipt of representations from depositories that issuers have requested for extension in the timeline of entering the legacy data, details of the existing outstanding non-convertible securities....

IBBI (Model Bye-Laws & Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2022

Notification No. IBBI/2022-23/GN/REG100. 03/10/2022

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 3rd October, 2022 Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2022 No. IBBI/2022-23/GN/REG100.—In exercise of the powers conferred by sections 196, 203 and 205 read with sect...

No late fees under section 234 E of IT Act,1961 on TDS default before 01/06/2015

Shimas Network Pvt. Ltd. Vs CIT (ITAT Bangalore)

Fee u/s. 234E for filing TDS returns belatedly could not be levied prior to 01/06/2015 as there was no machinery provision of sec. 200A ....

Section 68 Additions Justified if Assessee fails to Prove Genuineness of Unsecured Loan

ITO-22(3) (2) Mumbai Vs Sai Everest Building & Developers (ITAT Mumbai)

Where assessee-firm claimed to have received unsecured loans during relevant years, however, it could not prove genuineness of unsecured loan taken and underneath sources for making these investments, addition made by Assessing Officer under section 68 was justified...

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October 2023