"11 January 2023" Archive

Direct Tax Collections for F.Y. 2022-23 up to 10.01.2023

Direct Tax collections up to 10th January, 2023 show that gross collections are at Rs. 14.71 lakh crore which is 24.58% higher than the gross collections for the corresponding period of last year....

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Posted Under: Finance |

Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023

Notification No. 03/2023-Customs (N.T.) [G.S.R. 19(E)] 11/01/2023

Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes & Customs New Delhi Notification No. 03/2023-Customs (N.T.) Dated: 11th January, 2023 G.S.R. 19(E)- In exercise of the powers conferred by section 156 read with section 14 of the Customs Act, 1962 (52 of 1962), the Central Government, hereby...

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Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023 (CAVR, 2023)

Circular No. 01/2023-Customs 11/01/2023

F.No. 466/32/2022-Cus.V Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes & Customs Room No. 227A, North Block, New Delhi ***** Circular No. 01/2023-Customs | Dated 11th January, 2023 To, Pr. Chief Commissioners/Chief Commissioners (Customs or Central Tax & Customs) Pr. Directors General...

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New GST Registrants – Furnish bank details on GST Portal (Rule 10A)

Many new GST registrants do not know they have to update their bank account details after getting their GST Registration within prescribed time limit. These days the banks do not open the accounts unless you take a GST registration especially in case of individuals/proprietorships and partnerships. This is one of the primary reasons bank ...

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Posted Under: Finance |

Formalities Before Budget Presentation

We all know that date of budget for announcement in Parliament is 1st February, every year, since 2017. Up to 2016 it was announced on 28th or 29th February, Every year. It is but natural that people expect relief in budget to be produced on 1st February, 2023. Since 2021 it was paperless, because Finance […]...

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Posted Under: Finance |

HC directs assessee to approach appellate authority w.r.t. order detaining ‘Teak Sawn Timber’

Md. Yusuf Vs State Tax Officer (Calcutta High Court)

HC held that assessee cannot approach High Court when first remedy is still available. Directed the assessee to approach the State Tax Authority who passed the detention order and seek to revoke it by answering all the allegations....

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Replacement of old machinery with new machinery for improvement in quality/quantity results in ‘Modernisation’ and not diversification

SC upheld order passed by Allahabad HC holding that due to advancement in technology, if there is a replacement of the old machinery with the new machinery for improvement in quality and quantity of a product, it results in expansion and/or modernization, but not in diversification, thus, the assessee will not be entitled to exemption on ...

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Posted Under: Finance |

Annual compliance for Nidhi company

NIDHI – (National Initiative for Developing and Harnessing Innovations). Most companies in India cater to a larger amount of money, A Nidhi company, which is Non- Banking financial sector and it comes under the Companies Act 2013 and is managed as per RBI’s guidelines. The Primary business is borrowing as well as lending funds bet...

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Posted Under: Finance |

Interior work in Rented Premises is Revenue Expenditure

The tests to classify a particular expenditure as Capital or Revenue Expenditure as follows – A. If the outgoing expenditure is so related to the carrying on or the conduct of the business that it may be regarded as an integral part of the profit- earning process the expenditure may be regarded as revenue expenditure. […]...

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Posted Under: Finance |

Critique of Amendments made to Section 44 of PMLA by way of Finance Act, 2019

Introduction The provisions of Section 44 of PMLA concern “crimes that may be tried by Special Courts.” A provision has been added to Section 44(1)(b) stating that, if no evidence of money laundering is found at the completion of the inquiry, the relevant body must submit a report of closure to the Special Court. This [&hellip...

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Posted Under: Finance |

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