"22 October 2022" Archive

Implementation of mandatory mentioning of HSN codes in GSTR-1

Press Release No. 560 22/10/2022

it is mandatory for the taxpayers to report minimum 4 digit or 6 digit of HSN Code in table-12 of GSTR-I on the basis of their Aggregate Annual Turnover (AATO) in the preceding Financial Year....

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ICSI Request MCA for extension of time period for filing of financial statements

ICSI requested for granting extension of time for filing of financial statements for the financial year ended 31.03.2022 up to 31st December, 2022 without levying additional fee....

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Insurance company cannot go beyond grounds mentioned in letter of repudiation of claim: SC

JSK Industries Pvt. Ltd.  Vs  Oriental Insurance Company Limited (Supreme Court of India)

Supreme Court observed that National Commission ought not to have gone beyond the grounds of repudiation of the claim and the matter was remanded to the State Commission for taking a decision afresh on the claim of the appellants on the grounds which formed the basis of repudiation and determine as to whether at the material point of time...

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Compensation under Motor Vehicles Act to be determined as per Pranay Sethi case: SC

Raj Bala Vs Rakeja Begam (Supreme Court)

Supreme Court after applying the law laid down in Judgment of National Insurance Co. Ltd. v Pranay Sethi have reassessed the amount pertaining to compensation and have enhanced the compensation under the head loss of dependency but have deducted the compensation under the head loss of consortium....

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Profit Oriented Institutions Cannot Claim Tax Exemption U/S 10(23C)

PROFIT ORIENTED INSTITUTIONS CANNOT CLAIM TAX EXEMPTION U/S 10(23C), EDUCATION MUST BE ‘SOLE’ OBJECTIVE-SUPREME COURT The Supreme court has provided a landmark judgement in the case of New Noble Educational Society vs Chief Commissioner of Income Tax 1 and ANR held that the educational trust or society, which seek exemption un...

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Securities Appellate Tribunal- An Overview

Securities Appellate Tribunal (SAT) is formed as a statutory and autonomous body as per the provisions of the SEBI Act, 1992 where orders passed by the SEBI are appelled, heard and resolved or by an adjudicating officer under the Act and to exercise jurisdiction, powers and authority conferred on the Tribunal by or under this […]...

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Exposure Draft of IRDAI (Re-insurance) (First Amendment) Regulations, 2022

Exposure Draft of IRDAI (Re-insurance) (First Amendment) Regulations, 2022 proposes a. To reduce compliance requirements on submission of Advance Reinsurance programme; b. To revise order of preference while placing the Reinsurance business; c.  To increase the cession limits of the cedants while placing business with Cross Border Reinsu...

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Mock Test Papers Series – I for December 2022 CA Examination

ICAI is commencing Mock Test Papers Series-I from November 1st, 2022 for students appearing in CA foundation for December 2022 examination....

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Market Study on Film Distribution Chain in India: Key Findings & Observations

COMPETITION COMMISSION OF INDIA PRESS RELEASE Market Study on Film Distribution Chain in India: Key Findings and Observations The Competition Commission of India (the ‘Commission’) released, a report titled ‘Market Study on Film Distribution Chain in India: Key Findings and Observations’, today. The study highlights some of the ke...

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Appointment of CA/Cost Accountant Firm as Internal Auditor of PFRDA

PFRDA Request for Proposal for Appointment of Chartered Accountant/ Cost Accountant Firm as Internal Auditor of PFRDA for F.Y.2022-23...

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February 2023