"15 March 2023" Archive - Page 2

The Previous Indirect Tax Regime’s Flaws And GST’s Fix: An Analysis

According to India's federal tax structure, taxation authority is shared between the central government and the individual states. Due to these duelling taxing authorities, the tax process has become convoluted and numerous charges have been instituted....

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Checklist of documents in compliance with Registration of NBFC

Checklist of documents in compliance with Registration of NBFC under various portals as per Master circulars & directions issued by RBI A. General checklist (Following documents are required in all seven registrations. 1. RBI certificate 2. Incorporation certificate from ROC 3. Copy of PAN Card of the Company 4. Copy of GST certificat...

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What is a Trademark and Why Do You Need One?

A trademark is a unique symbol, logo, word, phrase, or combination of these, used by businesses to identify and distinguish their products or services from those of others. In India, the legal definition of a trademark is governed by the Trade Marks Act, 1999. Trademarks are important for businesses because they help to establish brand [&...

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Revisional proceeding u/s 18 has to be concluded not beyond 5 years from original assessment order

Orissa State Co-operative Milk Producers Federation Ltd. Vs Commissioner of Commercial Taxes Cuttack and others (Orissa High Court)

Orissa High Court held that the suo motu revisional proceeding under section 18(1) of the Odisha Entry Tax Act, 1999 has to be concluded not beyond five years from the original order of assessment....

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Digital Lending Regulations in India

Digital Lending refers to the use of technology and digital platforms to provide financial services, particularly loans, to customers. This can include online lending platforms, mobile apps, and other digital channels. Paytm, Lendingkart, Paisabazaar are some of the leading digital lending platforms in India....

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SOP of SEBI for dealing with non-compliances

Standard Operating Procedures (SOP) of Securities Exchange Board of India (SEBI) for non-compliances Introduction: In   order   to   ensure   effective   enforcement   of   the   Listing   Regulations,   the depositories,  on  receipt  of  intimation  from  the  concerned  recognized  stock exchange, shall fre...

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Mandatory to Link PAN with Aadhar Before 31.03.2023

Income Tax Department is sending mails and messages to taxpayers regarding linking of PAN with Aadhar. It is mandatory to link PAN with Aadhar upto 31/03/2023 otherwise PAN shall become invalid. The screenshot of messages/emails received by taxpayers is- “WHAT IS MANDATORY IS NECESSARY IT IS NOTICED THAT YOUR PAN IS REGISTERED AT E-FI...

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Top 10 most frequently asked trademark questions answered

A trademark is a word, logo or tagline that identifies your business’s products and services. It helps to build your business’s identity. It further prevents any third party from trading upon your established goodwill. In other words a mark which represent your trade is called Trademark ....

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Mere typographical mistake without independent evidence doesn’t amount to unexplained money

Jaspal Singh Prop Vs ITO (ITAT Amritsar)

ITAT Amritsar held that mere typographical mistake in mentioning the balance of capital account doesnot amount to concealment. Accordingly, addition on account of unexplained money unsustainable....

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Exemption u/s 54F not admissible on failure to prove construction of residential building within prescribed time

Amarnath Sarala Vs ITO (ITAT Bangalore)

ITAT Bangalore held that for claiming exemption under section 54F of the Income Tax Act, the assessee is required to furnish necessary evidence proving construction of the residential building within the period as enumerated in section 54F of the Act. As assessee failed to produce the same, exemption u/s 54F not available....

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