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Archive: 02 January 2023

Posts in 02 January 2023

Course on Mastering GST Sections Effortlessly with Memory Techniques!

November 28, 2024 6489 Views 0 comment Print

Simplify GST learning with memory techniques. Join live sessions, master CGST sections, and retain knowledge effortlessly. Register now for practical GST mastery!

Hiring of goods transportation vehicle by GTA is exempted from GST

January 2, 2023 40212 Views 0 comment Print

AAR ruled that no GST will be chargeable on the hiring of a transportation vehicle by a Goods Transportation Agency (GTA) and also has no liability under Reverse Charge Mechanism (RCM).

Concessional GST rate of 12% on composite supply of works contract to be applied prospectively

January 2, 2023 7344 Views 0 comment Print

AAR ruled that the Notification amending the tax rate from 18% to 12% on Composite Supply of Works Contract can only be applied prospectively, if an enactment does not expressly provides that it should be deemed to have come into effect form a past date.

ICAI President’s Message – January 2023

January 2, 2023 1716 Views 0 comment Print

ICAI being a prominent and world class educational institution actively works towards expanding the ecosystem for development of Commerce education in the country and to attract the best talent to the profession through Career Counselling, as also build the capacity and competency of the CA students through various interactive initiatives like CA Student Conferences.

Summary of compliance for related party transactions

January 2, 2023 7716 Views 2 comments Print

Understand the steps and precautions to ensure compliance of SA 230 with related party transactions. Explore limit thresholds, board approval & more. Summary of compliance for related party transactions.

Scope of section 143(1)(a) for delayed deposit of employees’ contributions for pre amended period

January 2, 2023 3162 Views 0 comment Print

Understand the scope of section 143(1)(a) for delayed deposit of PF/ESIC contributions under ITAT Mumbai-P.R. Packaging Service v ACIT (Mum.)(Trib.) (ITA No. 2376/Mum/2022),

Concept of deemed registration of trust not prevailing under Income Tax Act

January 2, 2023 1137 Views 0 comment Print

ITAT Surat held that there is no specific provision in the Income Tax Act that non-deciding the registration application under Section 12AA within a period of six months there shall be a deemed registration.

Typographical error should be rectified via rectification application u/s 154

January 2, 2023 3744 Views 0 comment Print

ITAT Delhi held that typographical error is to be rectified by filing a rectification application under section 154 of the Income Tax Act and not by preferring an appeal.

Penalty u/s 271(1)(c) not leviable as tax assessed is equal to TDS deducted

January 2, 2023 3006 Views 0 comment Print

ITAT Chandigarh held that as tax finally assessed would be equal to the tax deducted at source and hence there is no basis for levy of penalty u/s 271(1)(c) of the Income Tax Act.

Resolving Conundrum Surrounding Applicability of Moratorium under Section14(1)(a) of IBC

January 2, 2023 2865 Views 1 comment Print

Uncovering the mystery around the applicability of Moratorium as laid out in Section 14(1)(a) of the IBC, 2016- An insight on the legal battle surrounding it.

Cancellation of GST Registration Without Specifying Reasons is against Principles of Natural Justice

January 2, 2023 693 Views 0 comment Print

HC held that SCN that does not contain reason to justify cancellation of registration therefore, is violative of principles of natural justice and needs to be quashed.

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