"17 February 2023" Archive

Taxpayers can now enter negative values in Table 4D(2) of GSTR-3B

Press Release No. 569 17/02/2023

The impact of credit note & their amendments will now be auto-populated in Table 4(A) instead of Table 4(B) of GSTR-3B. In case the value of credit notes becomes higher than sum of invoices and debit notes put together, then the net ITC would become negative and the taxpayers will be allowed to report negative values in Table-4A. Also, ta...

CBDT press release on out Income Tax survey operations at BBC offices

Income Tax Department carries out survey operations in Delhi & Mumbai A survey action under section 133A of the Income- tax Act, 1961 (the Act) was carried out at the business premises of group entities of a prominent international Media Company at Delhi and Mumbai. The group is engaged in the business of development of […]...

Vouchers – GST Implication

With the increasing trend of electronic commerce, the use of prepaid vouchers and gift cards has increased exponentially not only in B2C transactions but also in B2B transactions. Vouchers are instruments that are redeemable on their face value against supply of goods or services. For example, multi-brand retailers supply gift cards to th...

No Violation of IBC when appointment of process advisors in CIRPs was approved by CoC

Order No. IBBI/DC/152/2023 17/02/2023

The Code casts important duties on a resolution professional to carry on the business of the corporate debtor during the insolvency resolution process and to resolve the corporate debtor in accordance with the provisions of the Code. The Resolution Professional can also appoint such professionals as he deems necessary for this purpose. Th...

IBBI directs RBSA Valuation Advisors LLP to not to accept new assignment for 6 months

Order No. IBBI/Valuation/Disc./06/2023 17/02/2023

In exercise of powers conferred vide notification of Central Government no. GSR 1316(E) dated 18.10.2017 under Section 458 of the Companies Act, 2013 and in pursuance of rule 15 and rule 17 of the Valuation Rules IBBI hereby directs that RBSA Valuation Advisors LLP having registration number IBBI/RV-E/05/2019/110 shall not seek or accept ...

ICSI Helplines for resolution of issues on MCA21-V3 Portal

Institute has been receiving queries regarding the issues being faced by stakeholders in filling and filing of e-Forms on MCA-21 V3 portal. ...

Governance, measurement and management of Interest Rate Risk in Banking Book

Notification No. RBI/2022-23/180 DOR.MRG.REC.102/00-00-009/2022-23 17/02/2023

Interest Rate Risk in Banking Book (IRRBB) refers to the current or prospective risk to banks’ capital and earnings arising from adverse movements in interest rates that affect its banking book positions. Excessive IRRBB can pose a significant risk to banks’ current capital base and/or future earnings. These guidelines, accordingly, r...

Revenue department cannot initiate assessment proceedings once moratorium order passed by NCLAT

Tvl. ITNL-KMB (J.V.) Vs Deputy Commissioner of (ST) (Madras High Court)

HC quashed assessment order and consequential recovery notice issued by Revenue Department on the grounds that no opportunity of hearing was afforded to assessee and contentions of assessee were also not considered, thus same was a violation of principles of natural justice....

Budget 2023- No Deduction if payment is delayed to MSE, Section 43B

Amendment in Budget 2023 of Income Tax Act Section 43B aims to strengthen working capital for small businesses. Benefits & implications of changes in deductions for delayed payments....

Unit eligible for exemption under notification 50/2003-CE continue to be eligible under Scheme of Budgetary Support

Special Cables Pvt. Ltd Vs Central Board of Indirect Taxes And Customs & Ors (Delhi High Court)

Delhi High Court held that petitioner eligible for exemption from Central Excise Duty Notification No.50/2003-CE dated 10.06.2003 prior to 1st July 2017 is eligible for budgetary support under Scheme of Budgetary Support under Goods and Services Tax (GST) Regime...

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