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Archive: 08 January 2023

Posts in 08 January 2023

What you need to know about Government schemes for starting a Business in India

January 8, 2023 1245 Views 0 comment Print

Unlock the potential of your startup journey in India with a guide to government schemes, financing options, and step-by-step instructions. Explore initiatives like Start-up India, Stand-up India, and more. Learn how to set up your business legally, source capital, build the right team, market effectively, and scale for success. Empower your startup with valuable insights and navigate the entrepreneurial landscape in India seamlessly.

Penalty u/s 271AAA leviable on additional/undisclosed income accepted via statement u/s 132(4)

January 8, 2023 2754 Views 0 comment Print

ITAT Delhi held that penalty u/s 271AAA of the Income Tax Act is leviable when the assessee has accepted the additional/undisclosed income during the statement recorded u/s 132(4) of the Act.

Shares can be hold as both investment and stock-in-trade

January 8, 2023 4149 Views 0 comment Print

ITAT Ahmedabad held that as per CBDT circular no. 4/2007 dated 15.6.2007 and 6/2016 dated 29-2-2016, person can hold shares as both investment and stock-in-trade Accordingly income will be taxable based on the type in which share is hold.

Imposition of penalty u/s 271(1)(c) on highly debatable issue is unsustainable

January 8, 2023 1893 Views 0 comment Print

ITAT Chennai held that levy of penalty u/s. 271(1)(c) of the Income Tax Act alleging furnishing of inaccurate particulars of income unsustainable as the matter is highly debatable.

GST: Pecuniary Limit for issuance of SCNs & passing of orders

January 8, 2023 8265 Views 0 comment Print

The monetary limit of the aggregate amount of SGST, CGST, IGST and cesses if any, not paid, short-paid, or erroneously refunded, or input tax credit wrongly availed of, or utilised, for the issuance of show cause notices and passing of orders under section 73 of the KSGST Act, 2017, CGST Act, 2017, and IGST Act, 2017

Proper officer for various provisions under Kerala State GST Act, 2017

January 8, 2023 1473 Views 0 comment Print

Commissioner of State Tax, hereby assigns the officers mentioned in Column (2) of Table 1, as the proper officers for the various sections of the Kerala State Goods and Services Tax Act, 2017

GST: Shifting of adjudication from Intelligence, Enforcement & Audit verticals

January 8, 2023 1359 Views 0 comment Print

Henceforth, all the show cause notices issued under Section 73 or 74 of the Central and State Goods and Services Tax Acts of 2017, or corresponding notices issued under the Integrated Goods and Services Tax Act, 2017 by Intelligence and Enforcement vertical, and the Audit vertical shall be answerable to the jurisdictional adjudicating authority in the Taxpayer Services Vertical.

Uncovering Industry Updates of 48th GST Council Meeting

January 8, 2023 1602 Views 0 comment Print

Dive into the comprehensive insights on the 48th GST Council Meetings industry updates by Harshita Agrawal. Explore key recommendations for GST amendments in the insurance, micro-enterprises, real estate, IBC, transport, banking, POS, energy, automobile, and trade sectors. Stay informed on the latest changes and their implications for taxpayers.

Section 80P deduction cannot be denied merely for non-filing of ITR

January 8, 2023 5622 Views 0 comment Print

Section 80AC contemplates denial of deduction in respect of certain provisions of Chapter VI ‘A’ of the Act, if ITR is not filed. Those provisions do not apply to the claim for deduction u/s. 80P.

HC set-aside notice imposing Interest on Gross Tax Liability without opportunity

January 8, 2023 936 Views 0 comment Print

Bombay HC sets aside Recovery Notice imposing Interest on Gross GST Tax Liability without giving an opportunity of being heard to Appellant

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