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Archive: 25 January 2023

Posts in 25 January 2023

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

January 25, 2023 7674 Views 0 comment Print

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.

Upgradation of E- Forms in tune with V3 portal

January 25, 2023 4962 Views 1 comment Print

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, SPICe+ PART B, INC-4, […]

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

January 25, 2023 5538 Views 0 comment Print

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 […]

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

January 25, 2023 38979 Views 1 comment Print

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 any loan […]

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

January 25, 2023 3147 Views 2 comments Print

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.

Clarifications On Applicable GST Rates on Certain Goods

January 25, 2023 10824 Views 0 comment Print

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 includes Rab Galawat and Rab Salawat, but does […]

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

January 25, 2023 9120 Views 1 comment Print

Learn about the updated return process under section 139(8A) of the Income Tax Act. File or update your ITR within two years for improved tax compliance.

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

January 25, 2023 1974 Views 0 comment Print

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.)

81 FAQ’s on Reserve Bank of India (RBI) Act, 1934 

January 25, 2023 3381 Views 0 comment Print

(A) RBI’s Preliminary under RBI Act, 1934 (Chapter-I)  1 RBI’s Act, 1934 + Applicability (Section-1) RBI Act, 1934 is applicable to whole of India including the J & K 2. RBI’s Act, 1934 + Definitions (Section-2) (i) Meaning of Bank Note (section 2(aiv)) Include a Bank note as issued by RBI in physical + digital […]

Launch of New GST Reports in ADVAIT

January 25, 2023 15528 Views 0 comment Print

ADVAIT has a variety of reports, dashboards and data science models that offer deep insights into taxpayer behaviour and compliance. Continuing with its endeavour to promote data-driven action, ADVAIT team is happy to announce the launch of five new GST reports on the portal.

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January 2023