"06 April 2023" Archive

Salary TDS U/S 192 Changes/Clarification W.E.F. 05/04/2023

Section 192 of the Income Tax Act, 1961 is applicable to all employers who are responsible for deducting tax at source from the salaries of their employees. This section applies to all types of employees, including full-time, part-time, and contractual employees, as long as they are earning a salary....

Posted Under: Income Tax | ,

Understanding IND AS 7: Cash Flow Statements

IND AS 7, or the Indian Accounting Standard 7, is a financial reporting standard that outlines the requirements for preparing and presenting cash flow statements. It is applicable to all entities that are required to comply with IND AS and provides guidance on the presentation of information about an entity's cash receipts and payments du...

Posted Under: Income Tax |

Sufficient time to comply with section 143(2) notice & valid notice u/s 142(1)(ii) is mandatory

Sufficient time is required to comply with the notice issued u/s 143(2) of the Act and valid notice u/s 142(1)(ii), 142(1)(iii) has to be issued compulsorily after 143(2) notice The Ld. Assessing officer is not justified to make assessment as he has issued notice u/s 143(2) of the Act but time period given in the […]...

Posted Under: Income Tax |

Corruption in International Commercial Arbitration & its Impact on Public Policy

International commercial arbitration is a process by which parties to an international contract can resolve their disputes without having to go through the courts. However, corruption in this system has become a major concern in recent years. It is estimated that up to 10% of all international commercial arbitration cases involve some for...

Posted Under: Income Tax |

Mandatory Six-Digit Alphanumeric HUID for Gold Jewellery Sales from April 1, 2023

To safeguard the interest of consumers and enhance credibility of jewellers, government through the Bureau of Indian Standards has made sale of Gold jewellery mandatory with only a six-digit alphanumeric HUID (Hallmark Unique Identification) from April 1, 2023. In accordance with notification number CG-DL-E-06032023-244162 dated 6th March...

Posted Under: Income Tax |

Promising Future of Green Hydrogen: How it is Poised to Revolutionize Energy & Industry

Green hydrogen is a clean and renewable energy source that is produced by using renewable electricity to split water molecules into hydrogen and oxygen. This process is called electrolysis, and when it is powered by renewable energy sources such as solar or wind power, it produces green hydrogen. Green hydrogen has a wide range of [&helli...

Posted Under: Income Tax |

Standardisation of procedure for conduct of GST adjudication/appeal proceedings

Standardisation of procedure for conduct of GST adjudication/appeal proceedings by Adjudication authorities/First Appellate GST authorities Various GST Adjudication authorities (both Centre or State), follow different procedures for conduct of adjudication proceedings. It is also observed that various First Appeal GST authorities (Centre ...

Posted Under: Income Tax |

New Accounting Rule Requires Audit Trail in Company Software from April 2023

Learn about the recent amendment to the Companies (Accounting) Rules, 2014 that mandates companies to use accounting software with an audit trail feature. Discover the implications, compliance requirements, and responsibilities involved in maintaining such records. The Companies (Accounting) Rules, 2014 have been amended to bring a very i...

Posted Under: Income Tax |

Carrying of physical copy of Invoice is mandatory – Soft copy is not valid: HC

J. K. Jain Buildtech India Pvt. Ltd. Vs Assistant Commissioner (Calcutta High Court)

J. K. Jain Buildtech India Pvt. Ltd. Vs Assistant Commissioner (Calcutta High Court) The principal ground on which the petitioner was defeated before the appellate authority was that the petitioner could not produce the relevant invoices in physical form. Mr. Sandip Choraria, learned counsel appearing for the petitioner referring to Rule ...

AMASR – Protection and Preservation of India’s cultural heritage

The Ancient Monuments and Archaeological Sites and Remains Act of 1958 is a significant piece of legislation in India that aims to protect and preserve the country’s rich cultural heritage. The act was enacted to safeguard the ancient monuments and archaeological sites and remains of national importance from misuse, damage, and dest...

Posted Under: Income Tax |

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December 2023