"22 February 2023" Archive

No penalty can be levied if income already taxed in the hands of another entity

Amitkumar Hasmukhbhai Shah Vs DCIT (ITAT Ahmedabad)

Income which was sought to be taxed in the hands of the assessee had already been taxed as income in the hands of another entity so no penalty leviable...

Cancellation of GST Registration without stating a reason in SCN/Order is cryptic in nature

Gigamade Machineries Private Limited Vs State of Gujarat (Gujarat High Court)

GST Registration Cancellation order is not only non-speaking but also cryptic in nature, which entails penal and pecuniary consequences and Revenue Department ought to have referred to contents of SCN and have followed principles of natural justice....

Mandatory upload of Withdrawal/ KYC documents to enable Parallel Processing of Exit & Annuity for benefit of NPS Subscribers

Circular No. PFRDA/2023/09/SUP-ASP/01 22/02/2023

Common proposal for Exit from NPS and for buying annuity from ASP facilitates parallel processing of Lump sum component and Annuity due to which the time taken by ASPs while issuing Annuity Policies is significantly reduced which result in faster Subscriber servicing and timely Annuity issuance....

Advisory for SEBI Regulated Entities (REs) regarding Cybersecurity best practices

Circular No. SEBI/HO/ITD/ITD_VAPT/P/CIR/2023/032 22/02/2023

Considering the interconnectedness and interdependency of the financial entities to carry out their functions, the cyber risk of any given entity is no longer limited to the entity’s owned or controlled systems, networks and assets....

How to claim taxes paid outside India?

The concept of work from home has gained popularity greater than ever before. Further, it has now evolved from ‘work from home’ to ‘work from anywhere’. Not just salaried Individuals, businesses are also being run successfully from anywhere without any physical presence. Businesses have become seamless geographical...

Posted Under: Income Tax |

Research Paper Future of Mediation in Insolvency Proceedings under IBC

RBI issues norms for provisioning of NPA (Non-performing assets) in financials of all banks being a regulator. NPA means identification of a loan where the borrower defaults in repayment of the loan over 90 days from due date...

Posted Under: Income Tax |

SEBI Consultation paper on ESG disclosures, ratings and investing

Consultation Paper seeks public comments on the regulatory framework of ESG Disclosures by listed entities, ESG Ratings in the securities market and ESG Investing by Mutual Funds in order to facilitate balance between transparency, simplification and ease of doing business in an evolving domain....

Posted Under: Income Tax |

SEBI Consultation Paper on Streamlining Disclosures by Listed Entities

SEBI Consultation Paper on Streamlining Disclosures by Listed Entities and Strengthening Compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015...

Posted Under: Income Tax |

UPI-PayNow Interlinkage – FAQs

Q. 1 Who can undertake remittance transactions between India and Singapore through the UPI-PayNow interlinkage? Ans. Account-holders of the participating banks and financial institutions in India and Singapore can do the cross-border remittance transactions through the UPI-PayNow interlinkage. Q. 2 Which are the participating banks in Ind...

Posted Under: Income Tax |

Portable Solar Home Electric Light – HANS 300 & HANS 150 are solar power based device

JMK Energy Vs Commissioner of Customs (CESTAT Delhi)

JMK Energy Vs Commissioner of Customs (CESTAT Delhi) CESTAT Delhi held that simply because there are four other alternative means through which Portable Solar Home Electric Light – HANS 300 and HANS 150 can be charged, it doesn’t mean that they are not solar power based devices. Facts- M/s JMK Energy, New Delhi filed this […]...

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December 2023