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Archive: 25 February 2023

Posts in 25 February 2023

Advisory on opting for GST payment under forward charge mechanism by GTA

February 25, 2023 10203 Views 3 comments Print

In compliance of Notification No. 03/2022-Central Tax (Rate), dated 13th July, 2022, an option is being provided on the portal to all the existing taxpayers providing Goods Transport Agencies Services, desirous of opting to pay tax under the forward charge mechanism to exercise their option.

FAQ’s on Employees’ Provident Fund (EPF)

February 25, 2023 10767 Views 1 comment Print

Discover key FAQs on Employees Provident Fund (EPF) employer contributions, wage deductions, membership eligibility, contributions for piece-rate workers, interest on delayed deposits, and more. Understand your rights and obligations under EPF.

Order u/s 179(1) without gross-negligence, misfeasance or breach of duty of assessee is untenable

February 25, 2023 2067 Views 0 comment Print

Bombay High Court held that in absence of any finding that non-recovery of tax due from the company can be attributed to any gross-negligence, misfeasance or breach of duty on the part of the petitioner, no order could have been made u/s 179(1) of the Income Tax Act.

Non-repayment of loan advanced to subsidiary company is allowable business loss

February 25, 2023 4347 Views 0 comment Print

ITAT Ahmedabad held that loss on account of non-repayment of loan advanced to subsidiary company for the purpose of incorporation of business is an allowable business loss.

Insolvency & Bankruptcy Code, 2016 has an overriding effect on all acts

February 25, 2023 1980 Views 0 comment Print

ITAT Delhi held that as per specific provisions covered under section 178(6), Insolvency and Bankruptcy Code, 2016 has an overriding effect on all the acts including Income Tax Act.

Bail not granted as applicant doesn’t qualify twin conditions of Section 45 of PMLA

February 25, 2023 3405 Views 0 comment Print

Allahabad High Court held that bail not granted as the applicant doesnt qualify the twin conditions of section 45 of Prevention of Money Laundering Act, 2002 (PMLA) and applicant is based at Abu Dhabi.

Conditions for claiming benefit of exemption notification no. 52/2003 are to be strictly interpreted

February 25, 2023 1461 Views 0 comment Print

CESTAT Delhi held that benefit of the exemption Notification No. 52-2003 is available subject to some conditions, the same is to be strictly interpreted.

Short Note on Shop Commercial & Establishment Act – Delhi

February 25, 2023 8253 Views 0 comment Print

Explore the Delhi Shop and Establishment Acts key features Applicability, exemptions, registration, leave policy, overtime, wage payment, and penalties. Essential for business owners in Delhi.

Whether an order can be passed on the basis of allegations which were not mentioned in Impugned SCN?

February 25, 2023 3813 Views 0 comment Print

SCN is vague and cryptic in nature and order in original has been passed beyond the scope of SCN, both are liable to be quashed and set aside.

Forensic of Accounts in Big Organizations

February 25, 2023 1641 Views 0 comment Print

Forensic accounting in big organizations: A critical approach for detecting fraud, enhancing asset protection, and ensuring financial integrity. Essential for risk management and fraud prevention.

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