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Archive: November, 2022

Posts in November, 2022

Obtaining DUNS registration by the Organizations

November 15, 2022 20466 Views 0 comment Print

Unlock global opportunities with DUNS registration. Learn about the Data Universal Number System (DUNS) and its significance in international business. Discover how to obtain a free DUNS number, its role in securing grants, loans, and government contracts. Elevate your organization’s credit profile and expand your global reach. Get started with DUNS registration today. #BusinessRegistration #DUNSNumber #InternationalBusines

No section 11 tax exemption if educational institutions collects Capitation Fee: Madras HC

November 15, 2022 3664 Views 0 comment Print

The Honble Madras High Court observed that Juxtaposing the provisions of both the Acts viz., Income Tax Act, 1961 and the Tamil Nadu Educational Institutions (Prohibition of Collection of Capitation Fee) Act, 1992, with each other, it is explicit that collection of any amount in excess of what has been prescribed as fee or in the nature of donation or voluntary contribution either directly or indirectly to the institution or through some other person or institution or trust, as quid pro quo for the seat in any educational institution, would render the activity of both the entities ungenuine.

MCA imposes Rs. 1.5 Lakh Penalty for not delivering certificates of securities allotted

November 15, 2022 1644 Views 0 comment Print

Section 56(4)(b) of Companies Act, 2013 stipulates that every company shall, unless prohibited by any provision of law or any order of court, tribunal or other authority, deliver the certificates of all securities allotted, transferred or transmitted within a period of 2 months from the date of allotment, in case of any allotment of any of its shares.

GST on works contract service for construction of residential quarters for employees of NPCIL

November 15, 2022 1617 Views 0 comment Print

The execution of works contract service for construction of residential quarters exclusively meant for the employees of NPCIL at Anuvijay township by the appellant is covered under entry Sl.No.3(vi) of Notification 11/2017-CT-Rate dt. 28.06.2017 and the corresponding SGST Notification for the period upto 31.12.2021.

Penalty reduced as company was having accumulated losses & not in a position to employ CS

November 15, 2022 1035 Views 0 comment Print

Company is having accumulated losses and not in a position to employ a Whole Time Company Secretary. Though the Company has earned some profits during the last two years, it is not sufficient to make its net worth positive.

Non-appointment of CS as Company was not in a cosmopolitan area – Penalty reduced

November 15, 2022 999 Views 0 comment Print

F.No:9/72/ADJ/SEC. 203/2013/ANDHRA PRADESH /RD(SER)/2022/5492 BEFORE THE REGIONAL DIRECTOR, SOUTH EAST REGION MINISTRY OF CORPORATE AFFAIRS, HYDERABAD IN THE MATTER OF COMPANIES ACT, 2013 IN THE MATTER OF SAUMYA MEDICAL CARE AND MEDIA LIMITED 1. M/s. Saumya Medical Care And Media Limited 2. Mr. Suresh Chintamaneni, Managing Director Appellants Date of hearing :15.11.2022 Present : Mr. […]

More than 15% of revenue generated from India can’t be attributed to Permanent Establishment: ITAT

November 15, 2022 912 Views 0 comment Print

The ITAT by relying upon the Judgment of co-ordinate Bench, wherein co-ordinate Bench followed the Judgment of Jurisdictional High Court have observed that 15% of the revenue relating to bookings made from India being attributable to the taxpayers PE in India after considering the nature and extent of activities in India and abroad and assets employed & risk assumed.

Addition towards unexplained investment u/s 69 on loose sheet is unsustainable

November 15, 2022 3102 Views 0 comment Print

ITAT Delhi held that addition of unexplained investment under section 69 of the Income Tax Act merely on the basis of loose sheet alone without any other corroborative evidence is unsustainable in law.

Interest on loan borrowed for project held as stock-in-trade is revenue expenditure

November 15, 2022 2418 Views 0 comment Print

ITAT Mumbai held that it is an undisputed fact that loan is borrowed for the purpose of project and the said project constitutes stock-in-trade. Accordingly, interest expenditure cannot be disallowed by capitalizing it to work in progress. Such interest expenditure is revenue in nature.

Central Goods and Services Tax (Third Amendment) Rules, 2022

November 15, 2022 24501 Views 2 comments Print

Effect given in GSTR 9 for 30th November 2022 (Last Date to Claim ITC for FY 21-22 and Last Date to Amend Invoice Pertaining to FY 21-22) vide Notification No. 22/2022–Central Tax | Dated: 15th November, 2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi Notification No. 22/2022–Central […]

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