"03 March 2023" Archive

Business Responsibility & Sustainability Report (BRSR)

In recent times, adapting to and mitigating climate change impact, inclusive growth and transitioning to a sustainable economy have emerged as major issues globally. There   is an increased   focus   of investors and other   stakeholders seeking businesses to be responsible and sustainable towards the environment and society. Thus...

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Posted Under: SEBI |

AO should service notice on proper E-Mail Ids & assesses should not try to evade notices

While proper E-Mail Ids should be used by AO to serve notice, assesses should not try to evade the notices too Rule 127 of Income Tax Rules require that for communications delivered or transmitted electronically under section 282, the e-mail address to which a notice or summons or requisition or order or any other communication […]...

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Posted Under: SEBI |

Detecting Unethical Financial Practices in Indian Businesses

Fraudulent activities in corporate organizations can result in major financial losses, reputational damage, and a tarnished image of the business, regardless of whether it is based in India or abroad. India is no exception to this rule, and with the rise of cyber-crime, the threat of internal frauds has become more serious, making it impe...

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Posted Under: SEBI |

Tax Holidays for Startups

Startup Tax Holiday has been established to encourage and aid businesses in their formative stages of development and hence Section 80 IAC was established. Section 80 IAC of the Income Tax Act of 1961 enables a Startup recognized by the Department of Industry Policy & Promotion to demand tax exemption for 3 consecutive financial years...

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Posted Under: SEBI |

Contractors under GST – Complications

During 2017 while GST implemented contractor was included under the service segment and charged GST @ 18%. However, in the case of contract work executed to Government and Government undertakings applicable rate was 12%, subsequently during 2022 this rate enhanced to 18% as per Notification 25/2021. Normally for contractors executing work...

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Posted Under: SEBI |

Rotation of Team of Auditor under Companies Act, 2013

Introduction India’s corporate law has undergone through changes various times since the independence be it introduction of  new companies act 2013, constitution of various expert company law committees or introduction of various new provisions of independent director, committees, evaluation etc., however without exaggerating more fact...

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Posted Under: SEBI |

Importance of Cost Control techniques & methods of cost control techniques

What is Cost Control? What is importance of Cost Control techniques in industry? Explain the methods of cost control techniques? Cost control is the process of managing and reducing expenses within an organization to achieve profitability and improve efficiency. It involves identifying, analyzing, and controlling expenses to ensure that t...

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Posted Under: SEBI |

What are Post Trademark Registration Compliances a Brand Must Do

Trademarks are an essential part of any business or brand, as they provide a unique identity and distinguish a company’s goods and services from those of others. A trademark registration provides legal protection to a brand’s name, logo, symbol, or any other distinctive feature that represents the brand. However, obtaining a t...

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Posted Under: SEBI |

Amendment to section 14A by Finance Act, 2022 applies Prospectively w.e.f AY 2022-23

AVH Resources India Pvt. Ltd. Vs ACIT (ITAT Delhi)

n this case addition was made u/s.14A r.w. Rule 8D by AO and confirmed by CIT (A) holding that Amendment  in Finance Act, 2022 in relation to disallowance u/s.14A r.w. Rule 8D is applicable retrospectively even if no exempted income was earned by assessee....

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New Notifications Arising Out of 49Th GST Council Meeting

CBIC has issued new Notifications under Central Tax (Rate) to give effect to GST rate changes, exemptions and change in compensation cess as recommended in 49th meeting of GST Council. These shall be effective from March 1, 2023. GSTN keeps issuing advisories and new functionalities to upgrade the portal and for ease of taxpayers. Recentl...

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Posted Under: SEBI |

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