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Archive: 04 March 2023

Posts in 04 March 2023

Dried Black Currant classifiable under HS code 08062010

March 4, 2023 957 Views 0 comment Print

In re Wholesome Essentials (CAAR Delhi) CAAR consider that application has been submitted, seeking ruling on the questions that (i) Dried Black Currant (subject goods) is classifiable under HS code 08062010; and (ii) the subject goods are eligible to be covered under Sr. No. 32 of Notification 50/2017-Cus., dated 30.06.2017. I notice that the applicant […]

GST Liability on Advance Payment received by Service Provider

March 4, 2023 10821 Views 0 comment Print

Understand GST liability on advance payments for services. Learn when liability arises, exemptions, steps for service providers, and GSTR-1 incorporation.

Practical Implication of amendment relating to MSME – Section 43B deduction only on payment basis

March 4, 2023 11631 Views 2 comments Print

MSME means Micro, Small and Medium Enterprises. It has been governed by MSMED Act, 2006. Based on the Investment made by the enterprise in the P&M / Equipment and their turnover they have been classified into Micro, Small and Medium Enterprises. Below is the Revised MSME Classification.

Basic Understanding of Composition Scheme Under GST Law

March 4, 2023 4665 Views 0 comment Print

Composition Scheme under CGST Act is a simple tax scheme designed for small businesses & service providers with a turnover of up to Rs. 1.5 crore per annum.

Reassessment of Income under Income Tax Act, 1961 as Per Finance Act, 2021

March 4, 2023 31926 Views 5 comments Print

As per the Finance Act 2021, the re-assessment notice can only be issued to an assessee under Section 148 of the Act when there is an information with the jurisdictional Assessing Officer which suggests that the income chargeable to tax has escaped assessment in the case of the assessee for the relevant Assessment Year with the prior approval of the specified authority under Section 151 to issue such notice.

Tax deduction of new employee cost under section 80JJAA

March 4, 2023 5715 Views 2 comments Print

Learn about tax deductions for new employee costs under section 80JJAA of the Income-tax Act, its eligibility criteria, and practical scenarios for claiming deductions.

Demand order passed without considering reply to SCN is not sustainable

March 4, 2023 3459 Views 0 comment Print

HC quashed demand order passed by Revenue Department, on the grounds that reply filed by assessee to SCN was not considered even though the same was received by Revenue Department.

SCN lacking reasons cannot be issued in a mechanical manner without any application of mind

March 4, 2023 1809 Views 0 comment Print

HC held that, purpose of a SCN is to enable the noticee to meet allegations, on the basis of which an adverse action is proposed. Further, procedure adopted by Revenue Department is flawed and order for cancellation of GST Registration of assessee was passed in violation of principles of natural justice.

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