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Archive: 23 January 2023

Posts in 23 January 2023

HC allows Govt servant to appear for All India Bar Examination

January 23, 2023 5874 Views 1 comment Print

Delhi High Court grants provisional enrolment to Sandeep, a Delhi Jal Board Senior Assistant, for AIBE-XVII, citing Supreme Court directions. Details of the hearing.

Cenvat Credit not eligible on Rent-a-Cab service if Assessee not in business of renting vehicles

January 23, 2023 1437 Views 0 comment Print

N R Agarwal Industries LTD Vs C.C.E. & S.T. (CESTAT Ahmedabad) Limited issue involved is whether the appellant is eligible for Cenvat credit in respect of Rent-a-Cab service. Both the lower authorities have denied the Cenvat credit on the ground that the said service is excluded for allowing the Cenvat credit as per exclusion Clause […]

ITAT allows Section 54B deduction to HUF on agricultural land purchased in Individual capacity

January 23, 2023 1704 Views 0 comment Print

HUF is owner of the said agricultural land though it is registered in the name of the coparcener, as the HUF is enjoying all the benefits of the said agricultural land.

ITR-U Return: Last Resort for those Who Missed ITR Due Date

January 23, 2023 16005 Views 1 comment Print

Filing ITR-U Return in India: Discover the benefits, process, and additional income tax payable. Learn about the updated return facility introduced in Union Budget 2022 under Section 139(8A) for taxpayers who missed the ITR due date. Understand the conditions, benefits, and calculation of additional tax payable. Stay informed and compliant with the tax laws.

Arrears of Salary – Taxability & Relief under Section 89(1)

January 23, 2023 25164 Views 4 comments Print

Understand the tax implications of arrears of salary and explore relief options under Section 89(1). Learn the calculation process for tax relief and the importance of filing Form 10E to claim relief. Stay informed about taxability, provisions, and steps to ensure a smooth process.

Significance of Form No 12BB at the time of submitting Income Tax return

January 23, 2023 6018 Views 0 comment Print

Discover the significance of Form No. 12BB in the context of submitting Income Tax returns for salaried individuals and pensioners. Learn about the details required and how it aids in estimating TDS on Salary. Stay informed about the rules and regulations to ensure a smooth tax filing process.

Pre-Budget 2023 Thoughts- Expectations of Startup Companies

January 23, 2023 1383 Views 0 comment Print

A company opting for special rate taxation under section 115BAA and 115BAB of the Act are exempt from paying MAT. Further, a company, being a unit of an International Financial Services Centre (IFSC) and deriving its income solely in convertible foreign exchange, will be required to pay MAT at 9% (plus cess and surcharge as applicable

Understanding & Evaluating ‘Change in Control’ SEBI Regulation 2023

January 23, 2023 3846 Views 0 comment Print

Change in control is an integral part of transitioning to a digital and automated future. The process comes with a number of benefits and risks, which need to be carefully managed to help firms get the best out of their circumstances. Any organization going through a change in control should ensure that it is conducted to the highest standards, with the interests of all stakeholders in mind.

GST on Co-operative housing societies or Resident Welfare Associations

January 23, 2023 42447 Views 14 comments Print

Exemption is provided upto Rs 7500 per month per member in case a society sources goods and services from third person for common use of its members. Eg (payments to security, cleaners, accountants etc). 

MCA amends Rule 14 of Companies (Appointment & Qualification of Directors) Rules, 2014

January 23, 2023 4452 Views 0 comment Print

The Ministry of Corporate Affairs (MCA) on January 20, 2023 inline with the Migration of forms from its V2 Portal to V3 Portal, issued the Companies (Appointment and Qualification of Directors) Amendment Rules, 2023 (Rule) which is effective from January 23, 2023 amending the Rule 14 of the Companies (Appointment and Qualification of Directors) Rules, […]

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