"27 October 2022" Archive

CBDT extends due date for filing of TDS statement in Form 26Q for Q2

Circular No. 21/2022-Income Tax 27/10/2022

CBDT extends due date for filing of TDS statement in Form 26Q for the second quarter of Financial Year 2022-23  This is to inform that Central Board of Direct Taxes (CBDT) has extended the due date of filing of form 26Q for the second quarter of financial year 2022-23 from 31st October’2022 to 30th November’2022 […]...

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Block Mechanism in demat account of clients undertaking sale transactions – Clarification

Circular No. SEBI/HO/MIRSD/DoP/P/CIR/2022/143 27/10/2022

SEBI introduced block mechanism in demat account of clients undertaking sale transactions, for ease of operations in Early Pay-in mechanism. ...

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Transfer of Entire Project Land Including all Common Areas & Facilities under RERA, 2016

From the very definition of the term common areas, it can be made out that the entire project land is deemed to be the common areas along with all the common amenities and facilities in the project except covered car parking areas, garages which have been excluded from the purview of the definition of the common areas while open car parki...

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Posted Under: Income Tax |

GST liability on renting of building for poultry purpose

Applicability of GST on renting of land along with building for poultry purpose There is always a confusion in the poultry industry on the applicability of GST on the land and building given on rent or lease for rearing or breeding of birds. To understand the issue better, let us go back to the service […]...

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Posted Under: Income Tax |

Charitable institution, society or trust should ‘solely’ engage itself in educational activities and not in any activity of profit to enjoy tax exemption

Charitable institution, society or trust should ‘solely’ engage itself in educational activities and not in any activity of profit to enjoy tax exemption The Hon’ble Supreme Court in M/s. New Noble Educational Society, v. The Chief Commissioner of Income Tax 1 [Civil appeal no. 3795 of 2014 dated October 19, 2022] has held that for ...

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Posted Under: Income Tax |

Advance Pricing Agreement for Taxpayer approved by CBDT in India 

(A)  Special Features of Advance Pricing Agreement (APA) in India  1. Reasons for Introducing APA in India     (i) Govt. of India (Govt.) had observed that lot of litigations are arises due to Transfer Pricing (TP) based on Arm Length Price (ALP) regulations as introduced through Finance Act, 2001 (ii) Govt. has introduced through fi...

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Posted Under: Income Tax |

When Interest is awarded by way of damages awarding additional compensation is unjustified: NCDRC

Suncity Projects Pvt. Ltd. Vs Sandeep Kumar Goel (National Consumer Disputes Redressal Commission)

The National Commission modified the Order of State Commission by reducing the rate of interest from 12% to 9% in the matter of delayed possession of Apartment and further it was held that since the compensation in the form of interest @9% p.a. has already been awarded, the Complainant shall not be entitled for any other compensation....

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Department Circular cannot alter the statutory provisions to the detriment to the assessee: Gujarat HC

Chromotolab And Biotech Solutions Vs Union of India (Gujarat High Court)

Honble Gujarat High Court held that the date of filing of the application by the petitioner on common portal would be liable to be treated as date of filing claim for refund to the satisfaction of requirement of Section 54 of the CGST Act and Rule 89 of the CGST Rules. The procedure evolved in Circular dated 15.11.2017 cannot operate as d...

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Food Safety and Standards (Food Products Standards and Food Additives) Second Amendment Regulations, 2022

Notification No. F.No. STD/FA/A-1.30/No.1/2020-FSSAI(P-I) 27/10/2022

These regulations may be called the Food Safety and Standards (Food Products Standards and Food Additives) Second Amendment Regulations, 2022....

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Effect of disciplinary proceedings on benefits from accumulated pension corpus under NPS

Notification No. - 57/03/2022-P&PW(I3)/8361 27/10/2022

Provisions relating to effect of disciplinary proceedings on the benefits from accumulated pension corpus under National Pension System and gratuity in respect to Central Government employees covered under NPS....

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