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Archive: 04 February 2023

Posts in 04 February 2023

Change in Partners/ Designated Partners in a LLP

February 4, 2023 9510 Views 0 comment Print

Get an overview of changes in Partners/Designated Partners in a Limited Liability Partnership (LLP), including Admission of a new Partner, Retirement of a Partner, Admission cum Retirement of Partner and Change in Partner’s Designation. Learn more with this easy guide.

Budget 2023 proposes valuation of inventory by a cost accountant

February 4, 2023 6963 Views 0 comment Print

In order to ensure that the inventory is valued in accordance with various provisions of law, it is proposed to amend section 142 of the Act relating to Inquiry before assessment to ensure the following:-(i) To enable the Assessing Officer to direct the assessee to get the inventory valued by a cost accountant,

Income from Insurances policies taxable if annual premium exceeds Rs. 500000

February 4, 2023 11922 Views 0 comment Print

Income from insurance policies (other than ULIP) having premium or aggregate of premium above Rs 5,00,000 in a year shall be taxable under the head income from other sources

Section 45(5A) provisions aligned with section 194-IC TDS provisions

February 4, 2023 5094 Views 0 comment Print

Sub-section (5A) of section 45 so as to provide that the full value of consideration shall be taken as the stamp duty value of his share as increased by any consideration received in cash or by a cheque or draft or by any other mode.

Cost of acquisition/improvement shall not include interest claimed under section 24 

February 4, 2023 8388 Views 1 comment Print

Cost of acquisition or the cost of improvement shall not include the amount of interest claimed under section 24 or Chapter VIA.

Budget 2023: Cost of improvement/acquisition of intangible asset shall be Nil

February 4, 2023 7464 Views 0 comment Print

‘Cost of improvement’ or ‘cost of acquisition’ of a capital asset being any intangible asset or any other right ( other than those mentioned in the said sub-clause or clause, as the case may be) shall be ‘Nil’.

Model GST Audit Manual

February 4, 2023 10293 Views 0 comment Print

This model GST Audit Manual is intended to be developed as a comprehensive document which would  be helpful for the audit officers of the Gujarat State throughout the entire  process of selection of taxpayers for audit till the completion of audit in an efficient and effective manner.

GST compliance calendar & litigation updates for February 2023

February 4, 2023 2205 Views 2 comments Print

The article enlists the important compliances due dates and various updates under the GST that have taken place during the past month, impacting the GST taxpayers at large.

Credit of unadjusted TDS under VAT can be transitioned into GST regime

February 4, 2023 1827 Views 0 comment Print

HC Held that assessee is entitled for migration of TDS amount in terms of Section 140(1) of CGST Act. Further held that, restriction on ITC only applies if there is an express prohibition under CGST Act.

What is the New Tax Regime Everyone is Talking about?

February 4, 2023 4320 Views 0 comment Print

Discover What is NTR and its impact on taxpayers with the new tax regime and understand the low income tax rates and additional slabs under NTR.

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