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Archive: 08 January 2023

Posts in 08 January 2023

Virtual digital assets and complex world of tax compliance

January 8, 2023 8886 Views 1 comment Print

Explore the intricate world of tax compliance in the realm of virtual digital assets (VDA). Delve into the provisions of section 115BBH introduced by the Finance Act 2022, covering aspects like taxable income, deduction limitations, and non-transferability of losses. Navigate through the taxation landscape of Airdrops, Gas Fees, and Initial Coin Offerings (ICOs), unraveling the complexities and potential tax implications.

Startup registration simplified

January 8, 2023 2661 Views 0 comment Print

Under the Startup India initiative of the Government of India, eligible companies can get themselves recognized as Startups by Department for Promotion of Industry and Internal Trade, in order to access a host of tax benefits, easier compliance, IPR fast-tracking & more.

E-Invoicing- Is it appropriate to upload Complete manual JSON file of GSTR-1?

January 8, 2023 2844 Views 0 comment Print

Uncover the nuances of uploading a complete manual JSON file of GSTR-1 for E-Invoicing taxpayers. Learn about the mandatory provisions under Rule 48(4) of the CGST Rules 2017, and understand how auto-populated details via e-invoice portal can be replaced by manually uploaded JSON data. Discover the potential challenges and recommended filing approaches to avoid data discrepancies and ensure accurate reporting in GSTR-01.

Decoding GST applicability on renting of residential property

January 8, 2023 2562 Views 0 comment Print

Article briefly discusses the GST applicability on rent in case where residential property is let out for business purposes and as well as for residential purposes.

No bar against legal proceedings continuing concurrently with IBC liquidation proceedings 

January 8, 2023 20079 Views 0 comment Print

HC held that There is no absolute bar against a lawsuit or legal proceedings continuing concurrently with liquidation proceedings under Section 33(5) of IBC (Liquidation Moratorium), unlike Section 14 of IBC (CIRP Moratorium).

Deduction 80PA of Income Tax Act, 1961: An Overview

January 8, 2023 2256 Views 1 comment Print

Dive into an overview of Deduction 80PA under the Income Tax Act, 1961, exploring eligibility criteria, key provisions, and the promotion of socio-economic development for Producer Companies. Understand the intricate details for availing this deduction and its impact on corporate income tax liability.

Full Fledged Money Changer (FFMC) License

January 8, 2023 2556 Views 0 comment Print

FFMC is an authorized entity that may purchase foreign exchange from the NRIs providing them with the Indian currency and may sell the foreign addition exchange for travel purposes, whether private or business but only to the people visiting from abroad. 

SEBI Settlement Scheme for 150 Stock Brokers, 2022 – FAQs

January 8, 2023 1665 Views 0 comment Print

SEBI Settlement Scheme for 150 Stock Brokers, 2022 provides an opportunity to Stock Brokers to settle enforcement proceedings that have been approved/initiated against them and are pending, for executing trades in Illiquid Stock Options at BSE during April 01, 2014 and September 30, 2015.

Grant of Registration as Alternative Investment Fund (AIF) – FAQs

January 8, 2023 2397 Views 0 comment Print

How to get registered as an AIF, What is the applicable registration fee for various categories of AIF, What documents/ information required to be provided by the applicant at the time of filing application on the SIPortal for registration as an Alternative Investment Fund?

No Service Tax liability can be imposed on Builder on cancellation of booking by flat buyer

January 8, 2023 1248 Views 0 comment Print

CESTAT held that once the buyer of a flat cancelled the booking and the consideration for service was returned, the service contract got terminated and once it is established the no service is provided, then refund of tax for such service becomes admissible.

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