"30 January 2023" Archive

IRDAI notifies Obligatory Cession for financial year 2023-24

Notification No F. No. IRDAI/RI/1/189/2023. 30/01/2023

The percentage cession of the sum insured on each General Insurance Policy to be reinsured with the Indian Re-insurer(s) shall be 4% (four percent) in respect of insurance attaching during the financial year beginning from 1st April, 2023 to 31st March, 2024, except the terrorism premium and premium ceded to Nuclear pool wherein it would ...

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Analysis of Deduction in respect of certain income of Producer Companies Section 80PA

Section 80PA of Income Tax Act, 1961 deals with deduction allowed to an eligible assessee with respect to profits and gains from his business specified in Schedule V to Act....

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Posted Under: Corporate Law |

Cancellation, Suspension & Revocation of Registration under GST

Cancellation of GST Registration describes that the taxpayer will no longer be a GST Registered Person and they will no longer have to pay or collect the taxes. The cancellation can be due to closure/transfer/change in the constitution of business....

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Posted Under: Corporate Law |

Analysis of Form 13 for applying lower/Nil TDS/TCS deduction/collection

Income Tax FORM 13 is gives option to taxpayers to avail benefit of lower/nil deduction of taxes on their respective income which is liable for TDS as well as lower or No TCS in regard to transaction covered under Section 206C ...

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When & How to Strike Off Name of LLP from Register of LLPs

An application is required to be made in E-Form 24 to Registrar of Companies for striking off name of the LLP with consent of all partners...

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Posted Under: Corporate Law |

GST search, seizure- HC dismisses writ – validity of panchnama under consideration – efficacious remedy

Ashoo Road Lines Vs Union of India (Madhya Pradesh HC)

Ashoo Road Lines Vs Union of India (Madhya Pradesh HC) HC held that Since a show cause notice dated 04.12.2020 has been issued to the petitioner and others in which the validity of the panchnama is under consideration, hence the petitioner is having efficacious remedy to contest the show cause notice before the adjudicating authority. [&h...

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Ex-parte assessment order passed in violation of principles of natural justice entails civil consequences

Balram Singh Vs Union of India (Patna High Court)

HC quashed ex-parte assessment order rejecting ITC claim & imposing tax as it was passed in violation of principles of natural justice ...

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GST on development rights: Same war, different weapon

It took a good number of years for the lobby of tax experts to give up on the debate as to whether the transfer of development rights is a taxable supply under GST. However, it is hard to say bon voyage to the old discussions so close to one’s heart. In that spirit, one must […]...

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Posted Under: Corporate Law |

Classification of Services Under GST Law – A Problematic Lack of Objectivity

Abstract GST Taxes both Goods and Services, but whether services given are subject to GST or not is determined by classification of that service. In light of the Calcutta High Court decision in Ramesh Kumar Patodia v. Citi Bank, this paper examines the provisions of the GST laws that determine the classification of services. It […]...

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Posted Under: Corporate Law |

BSE Circular mandating XBRL filing of announcement by listed companies

The Bombay Stock exchange (BSE) issued a circular on January 27, 2023, filing of announcement under Listing agreement in eXtensible Business Reporting Language (XBRL) XBRL format.   Disclosures requiring XBRL filing  With effect from January 28, 2023, the following disclosures are to be filed in XBRL format. The list of disclosures und...

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Posted Under: Corporate Law |

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