"25 January 2023" Archive

No Late fees to be charged if returns not filed due to cancellation of GST registration, which was restored subsequently

Modicum Enterprise (OPC) Private Limited Vs Deputy Commissioner of State Tax & Ors. (Calcutta High Court)

held that the assessee cannot be penalised by demanding late fee where, assessee had not filed GST returns due to cancellation of GST Registration on factually incorrect grounds....

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Upgradation of E- Forms in tune with V3 portal

MCA Notification dated 21.01.2022 contains a list of notifications issued by the Ministry of Corporate Affairs during 2023 for making amendments to the provision of the Companies Act 2013 and Rules made thereunder. Amendment to Companies (Incorporation) Rule, 2014: The following forms are covered in the recent amendment: SPICe+ PART A, SP...

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Fixed Deposits as Tax saver under Section 80C of Income Tax Act

A Fixed Deposit(FD) is a type of deposit account of any individual with the bank, wherein, the amount deposited by the customer is kept for a fixed tenure or period and the bank pays a fixed interest rate on the sum deposited. Fixed Deposit can not only provide you good returns but can also come […]...

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Section 185 of Companies Act, 2013- Loan to Directors Etc

Section 185(1) of Companies Act 2013 primarily deals with the subject; Person to whom Company cannot give loan/ guarantee/ security. It basically covers individuals and firms: It states that, A Company shall not, directly or indirectly, advance any loan (including book debt) or give any guarantee or provide any security in connection with...

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Bureau of Indian Standard (BIS) Certification: How to obtain ISI Mark Certification?

ISI (Indian Standards Institute) mark is a product certification scheme by BIS (Bureau of Indian Standards). BIS is India's National Standardization Body, issuing ISI mark which conforms product’s quality with BIS prescribed parameters/standards....

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Clarifications On Applicable GST Rates on Certain Goods

Circular No. 189/01/2023-GST dt. 13.01.2023 has been issued by the TRU section of CBIC clarifying the applicable GST rates on certain goods. The given clarifications along with our comments follow. PRODUCT – RAB Clarification “Rab” means ‘massecuite prepared by concentrating sugarcane juice on open pan furnaces, and in...

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GST on designing and development of tools for the overseas OEMs/Machinist

In re Precision Camshafts Limited (GST AAAR Maharashtra)

In re Precision Camshafts Limited (GST AAAR Maharashtra) The moot issues before us are as to whether activity of appellant is an intermediary service as held by the MAAR or as contended by the appellant, an activity of design and development of patterns/tools used for manufacturing of camshafts, for a overseas customer is a composite [&he...

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GST under RCM on renting of immovable property services received from SEEPZ/SEZ

In re Portescap India Private Limited (GST AAAR Maharashtra)

In re Portescap India Private Limited (GST AAAR Maharashtra) AAAR held that any supply of goods or services or both made to a SEZ developer or SEZ unit for carrying out the authorised operation in SEZ will be considered as zero-rated supply. That is, the said supply will not attract any GST whatsoever. It is […]...

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Updated Return – Section 139(8A) – An Analysis

ITR-U is the form which is offer by Govt. to update your Income tax return or file your return within two years from the end of relevant Assessment Year. The concept was introduced in the union budget 2022 under section 139(8A) of Income tax Act, 1961 which allows assessee to update your ITR within two […]...

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Specification of Charge of penalty is an important factor while deciding the matters in litigation

Ganga Iron & Steel Trading Co. Vs CIT (Bombay High Court)

Specification of Charge of penalty under section 271(1)(c) is an important factor while deciding the matters in litigation- Ganga Iron and Steel Trading Co. v Commissioner of Income Tax dated 22.12.2021 , 447 ITR 743 (Bom.)...

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January 2023