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Archive: 23 January 2023

Posts in 23 January 2023

Form INC-22 updates in the V3

January 23, 2023 51366 Views 0 comment Print

Stay updated on Form INC-22 changes in MCA V3 portal. Recent updates make documents, including director photos and office premises, compulsory. Comply with filing requirements within 30 days of change to avoid penalties. Understand the process and dos and don’ts for changing the registered office address. Learn the crucial role of company secretaries in ensuring compliance and smooth filing.

Basics of Stock Market

January 23, 2023 2679 Views 0 comment Print

A Stock Exchange Or Stock Market Is A Physical Or Digital Place Where Investors Can Buy And Sell Stock, Or Shares, In Publicly Traded Companies. The Price Of Each Share Is Driven By Supply And Demand.

Reopening of assessment sustained due to failure of true & full disclosure

January 23, 2023 759 Views 0 comment Print

Gujarat High Court held that reopening of assessment sustainable on failure of true and full disclosure of demanded material on the part of the petitioner.

Payment of Tax under GST – Input Tax Credit and Refund

January 23, 2023 2871 Views 0 comment Print

Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be entitled to take credit of input tax charged on any supply of goods or services or both to him which are used or intended to be used in the course or furtherance of his business and the said amount shall be credited to the electronic credit ledger of such person.

Goods released as department failed to prove the smuggled nature of goods

January 23, 2023 387 Views 0 comment Print

CESTAT Delhi held that appellant produced all the evidence and documents contending that mobile phones were purchased from open market in Delhi. However, customs department failed to satisfy the onus that the said mobile phones were smuggled in nature. Accordingly, goods released.

Re-opening of assessment in absence of any new tangible material is unsustainable

January 23, 2023 1161 Views 0 comment Print

Bombay High Court held that in absence of any receipt of new information or reference to any new material on record, it can be concluded that re-opening of assessment is merely because of change of opinion and the same is unsustainable in law.

TDS u/s. 194C @2% deductible on common area maintenance charges

January 23, 2023 1422 Views 0 comment Print

ITAT Delhi held that as common area maintenance charges are not forming part of the actual rent paid to the owner by the assessee, TDS on the same is deductible under section 194C @2% and not under section 194.

Electronic filing of Form 10F – Impact analysis

January 23, 2023 18927 Views 0 comment Print

E-filing Form 10F for non-residents Understand the impact of recent CBDT notifications making it mandatory. Learn the requirements and compliance burden for non-residents, including obtaining PAN and appointing professionals for DSC. Examine the impact on the tax department and increased transparency in transactions with non-residents. Stay informed to ensure compliance with Tax Treaties and avoid penalties.

Electronic credit ledger cannot be blocked without providing an opportunity of personal hearing

January 23, 2023 951 Views 0 comment Print

HC quashed and set aside the orders blocking Electronic Credit Ledger (ECL) of assessee without providing an opportunity of personal hearing. 

ITC on trading of meat products & packed cold cuts spices & masala powder

January 23, 2023 3669 Views 0 comment Print

In re Meat Mart Unit of the New Bangalore Ham Shop (GST AAR Karnataka) The applicant has stated that they are trading in fresh and semi processed meat products like chicken, mutton, fish, pork and all type of packed cold cuts spices and masala powder etc. They are trading in both taxable and exempted goods. […]

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