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Archive: 25 February 2023

Posts in 25 February 2023

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 807 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7518 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Classification of Routers connecting two or more packet-switched networks

February 25, 2023 3099 Views 0 comment Print

In re Ingram Micro India Pvt. Ltd (CAAR Mumbai) The impugned goods are devices that connect two or more packet-switched networks or subnet works and deliver Wi-Fi network access to all parts of the house. They serve two primary functions: managing traffic between these networks by forwarding data packets to their intended IP addresses, and […]

Thermal Printer Ribbon correctly classifiable under CTH 84439959

February 25, 2023 1092 Views 0 comment Print

In re HID India Private Limited (CAAR Mumbai) Thermal Printer Ribbon (TPR) cannot be classified under Chapter Heading 9612 as the Thermal Printer Ribbon is different from typewriter/computer printer ribbons because of the difference in the physical characteristics and printing process. CTH 9612 comprises of “Typewriter or similar ribbons, inked or otherwise prepared for giving […]

Amendments by Finance Act, 2023 related to Tax on Capital gain

February 25, 2023 21903 Views 0 comment Print

Finance Act 2023 redefines capital gains Introduces amendments in Sec 54, 54F, and 45(5A), caps exemptions, and modifies MLD taxation. Embracing clarity and fairness in capital gain taxation.

Date of possession is considerable as actual purchase date for claiming exemption u/s 54

February 25, 2023 8697 Views 0 comment Print

ITAT Pune held that as on the date of agreement, the building was not constructed, the date of possession will be considered as actual date of purchase for the purpose of claiming exemption under section 54 of the Income Tax Act.

Job work Section 2(68) vs Manufacture Section 2(72) under GST

February 25, 2023 2883 Views 4 comments Print

Distinguish between job work and ‘manufacture’ under GST Job work involves processing goods for another registered person, while manufacture creates a new product. Understanding the criteria is crucial for compliance.

Decoding the audit of Charitable trusts or institutions

February 25, 2023 50940 Views 13 comments Print

Budget 2023 introduces changes to audit rules for charitable trusts and institutions under Income Tax Act, with new forms 10B and 10BB effective from April 1, 2023. Audit requirements now hinge on gross receipts, foreign contributions, and overseas income applications.

Fraudulent GST Registration: HC directs GST Authorities to examine grievance of petitioner

February 25, 2023 975 Views 0 comment Print

The petitioner claims that he apprehends that a demand of GST may be raised on him on account of fraudulent actions of the persons who have registered a firm in his name. He also claims that the said unknown persons have been filing returns without his knowledge. In the aforesaid context, the petitioner had also made a representation to the Delhi Police, which is pending action.

Digging Deeper into Section 9 on Income Deemed to Arise or Accrue in India under the Income Tax Act, 1961

February 25, 2023 59307 Views 0 comment Print

Section 9 of Income Tax Act, 1961, relates to the income deemed to accrue or arise in India. Income is considered as ‘accruing or arising in India’ if it is earned in India or if it is received in India or if it is received/accruing or arising in any other manner in India.

Credit of TDS to be allowed for salaries even if same is not deposited with exchequer

February 25, 2023 2595 Views 0 comment Print

HC held that, requirement is only for amount of TDS, and not amount eventually deposited with government after deduction and since Employer had deducted TDS from salary of assessee, TDS has to be allowed in intimation under Section 143(1) of Income Tax Act, 1961

Provisions Relating To TDS/TCS in Budget 2023

February 25, 2023 11958 Views 0 comment Print

Budget 2023 introduces new TDS/TCS provisions for online gaming winnings, revises rates for overseas remittances and tour packages, and adjusts cash withdrawal thresholds for co-operatives. Additionally, removes TDS exemption on interest from listed securities in demat form, effective April 1 and July 1, 2023.

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