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Archive: 04 March 2023

Posts in 04 March 2023

Delay of 988 days cannot be condoned on the basis of vague reason

March 4, 2023 1257 Views 0 comment Print

ITAT Hyderabad held that delay of 988 days in filing of the appeal cannot be condoned on the basis of vague reason.

BIS Certification mandatory for Fortified Rice Kernels (FRK) Equipment Manufacturers under IS 17853:2022

March 4, 2023 6285 Views 0 comment Print

BIS Certification mandatory for Fortified Rice Kernels (FRK) Equipment Manufacturers under IS 17853:2022 Rice fortification is a process of adding the essential micronutrients to regular rice. Fortified Rice Kernels (FRK) are rice-shaped kernels comprising of micronutrient premix such as iron, folic acid and vitamin B12. Fortified Rice (FR) is obtained by blending FRK with polished […]

Amendment in Capital Gain exemption under Section 54 & 54F – Budget 2023

March 4, 2023 47205 Views 1 comment Print

Explore the amendments in Capital Gain exemptions under Section 54 & 54F in the Budget 2023, aiming to limit exemptions for high net worth individuals.

Payment by GIPL to Google US towards seconded employees is outside purview of FTS/ FIS

March 4, 2023 1608 Views 0 comment Print

ITAT Bangalore held that the amount paid by Google India Private Limited (GIPL) to M/s. Google LLC (US) towards seconded employees doesn’t come under the purview of FTS (Fees for Technical Services) or FIS (Fees for Included Services) under the Income Tax Act or under DTAA.

Fresh adjudication directed as assessment order was dismissed on erroneous reasoning

March 4, 2023 753 Views 0 comment Print

ITAT Kolkata held that dismissal of assessment order passed under section 143(3) on erroneous reasoning that dispute was resolved via Vivad Se Vishwas Scheme. Fresh adjudication directed to decide all the appeals on merits.

TDS u/s 194A deductible on interest paid by subsidiary to holding company

March 4, 2023 1482 Views 0 comment Print

ITAT Delhi held that TDS under section 194A of the Income Tax Act duly deductible on interest paid by subsidiary company to its holding company.

Without fresh tangible material reassessment of earlier Assessment is unsustainable

March 4, 2023 846 Views 0 comment Print

Bombay High Court held that in absence of any fresh tangible material and simply attempting to re-visit and reconsider the decision which was rendered in earlier regular assessment proceedings is nothing but a change of opinion and hence reopening unsustainable.

Income Tax Demand Paid by User in India But Not Tagged the Challan in Demand: A Comprehensive Guide

March 4, 2023 6747 Views 0 comment Print

India’s Income Tax Act of 1961 governs the taxation of income in India. Income tax is levied on income earned by various kinds of entities ranging from individuals to companies.

Uncovering the Limitations of India’s Centralized Processing System (CPC) for Taxpayers

March 4, 2023 1401 Views 0 comment Print

Discover the limitations of Indias Centralized Processing System (CPC) for taxpayers. Explore solutions to enhance communication and efficiency in tax processing.

Applicability of Secretarial Audit under Companies Act, 2013

March 4, 2023 10245 Views 0 comment Print

Understand the applicability of Secretarial Audit under the Companies Act, 2013, including triggers, limits, and exemptions. Learn when Secretarial Audit is required.

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