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Archive: 22 March 2023

Posts in 22 March 2023

Regulatory Restrictions on Loans and Advances by NBFCs

March 22, 2023 3765 Views 0 comment Print

Understand RBI’s regulatory restrictions on loans and advances by NBFCs, effective from October 01, 2022. Learn about limits for directors, senior officers, and real estate sector exposure. Stay compliant.

Excise: Fixation of MRP must be mandated by law to claim Section 4(A) exemption- SC

March 22, 2023 1542 Views 0 comment Print

SC held that fixation of MRP must have been mandated by law and in the present case the institutional sale to paramilitary forces being exempted from such fixation under legal Metrology (Packaged Commodities) Rules,2011, the voluntary fixing of the MRP could not make the respondent eligible to get the exemption on institutional sales and thus allowed the SLP of the department.

Scheme for settlement of dues under Maharashtra Settlement of Arrears of Tax, Interest and Penalty Act 2023

March 22, 2023 9069 Views 0 comment Print

Unlock benefits of Maharashtras Arrears Settlement Scheme 2023 for tax dues under MVAT, CST, and other acts pre-dating 30-06-2017. Explore the provisions, waiver options, and application process. Act now.

Revision application u/s 264 allowable to rectify bonafide mistake

March 22, 2023 8361 Views 1 comment Print

Calcutta High Court held that revision application filed under section 264 of the Income Tax Act allowable on account of bonafide mistake which cannot be rectified by filing revised return since original return was filed belatedly.

Sale of property held with commercial intent taxable as business income, Section 50C inapplicable

March 22, 2023 2070 Views 0 comment Print

ITAT held that profit from sale of property purchased to exploit commercially and sold as a stock in trade cannot be assessed to tax under the head capital gain and shall be assessed under the head, profit and gains of business or profession;

Important points to be kept in mind for GST before end of F.Y 2022-23

March 22, 2023 3903 Views 0 comment Print

As F.Y 2022-23 concludes, grasp crucial GST points: LUT renewal, Composition Scheme, QRMP option, ITC reconciliation, turnover review, and supplier compliance checks. Get detailed insights now.

Gold loan with diamond jewellery: Is it possible? Find out

March 22, 2023 1917 Views 0 comment Print

Gold is one of the most precious metals in the country. Whether for investment purposes or aesthetics, almost every household in the country has gold in the form of metal or jewellery.

Extension of ad-hoc appointment in ACIT grade in respect of 161 Officers

March 22, 2023 2859 Views 0 comment Print

CBDT President is pleased to extend the ad-hoc appointments of the 161 Assistant Commissioners of Income Tax w.e.f. 12.11.2021 to 31.08.2022

Tax, interest, penalty, fine, and fees due need to be paid for revocation of cancellation of GST Registration

March 22, 2023 1797 Views 0 comment Print

HC held that tax, interest, penalty, fine, and fees due need to be paid for the revocation of cancellation of GST Registration by assessee.

Corporate Social Responsibility – Applicability & Implementation

March 22, 2023 29892 Views 1 comment Print

Explore the evolving landscape of Corporate Social Responsibility (CSR) under the Companies Act, 2013. Understand criteria, committee formation, expenditure, and consequences for non-compliance.

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