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Archive: 31 January 2023

Posts in 31 January 2023

Clarifications on Miscellaneous Matters relating to IRDAI Investments

January 31, 2023 567 Views 0 comment Print

At any point of time, investment in any single Mutual Fund shall not exceed 20% of the total investment in Mutual Funds (all taken together)

Order under section 5(1) read with clause (91) of section 2 of RGST Act, 2017

January 31, 2023 1332 Views 0 comment Print

Chief Commissioner of State Tax, Rajasthan, hereby assign the functions to be performed under this Act by a proper officer under different sections of the said Act as mentioned in the entries in column 2 of the table given below and described in the corresponding entries at column 3 of the said table, to the Proper Officers

IBBI imposes Rs. 1 Lakh penalty on IP for not providing information to financial creditors

January 31, 2023 828 Views 0 comment Print

Certain Homebuyers had requested Mr. Gokhale Insolvency Professional (IP)  as well as RP to provide certain documents/information viz. copy of IM, up to date financials of CD, proceedings before NCLTs, etc. The documents requested by the homebuyers were important documents for taking informed decisions for voting on various resolutions in the CIRP of the CD. […]

Tariff Notification No. 07/2023-Customs (N.T.), Dated: 31.01.2023

January 31, 2023 2193 Views 0 comment Print

Tariff Notification No. 07/2023-Customs (N.T.), Dated: 31.01.2023 – Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi Notification No. 07/2023-Customs (N.T.) | Dated: 31st January, 2023 S.O. 459(E).— In exercise of the powers conferred by […]

Loss on sale of unusable old/ obsolete inventory allowable

January 31, 2023 5172 Views 0 comment Print

ITAT Mumbai held that loss on sale of unusable old/ obsolete inventory allowed as there is nothing on record to suggest that such inventories was part of the Fixed Assets of the appellant company and the appellant has claimed depreciation on such Inventories earlier.

Section 80QQB of the Income Tax Act 1961

January 31, 2023 18429 Views 1 comment Print

Learn the key features and benefits of Section 80QQB of the Income Tax Act 1961. Read up on this important provision of royalties for authors, composers, photographers, and film producers.

Analysis of Section 80TTA of the Income Tax Act 1961

January 31, 2023 11703 Views 2 comments Print

Get a complete analysis of Section 80TTA of the Income Tax Act 1961 & learn when trusts and companies are ineligible for the deduction of up to Rs 10,000. Understand how these deductions apply to individuals & HUFs.

Uncovering the Crucial Role of the Forensic Auditor

January 31, 2023 1047 Views 0 comment Print

Discover what makes forensic auditors essential in uncovering financial fraud or wrongdoings. Get insight into the crucial role of the forensic auditor in law and justice.

Behind the Scenes: The Indian Government Budget Team Hidden Warriors

January 31, 2023 1506 Views 0 comment Print

In India, the National Budget is developed and maintained by a team of government officials and researchers. The team behind the national budget is headed by the Finance Minister and consists of a number of officials who work on the budget and are responsible for its implementation.

Consideration towards right to use of brand name/ trademark taxable as royalty

January 31, 2023 4548 Views 0 comment Print

ITAT Delhi held that consideration for permitting the licensee the right to use of brand name or trademark has to be treated as Royalty in terms of section 9(1)(vi) of the Act read with Article 12 of the tax treaty. Accordingly, the same will be taxable.

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January 2023