"16 April 2023" Archive

Why am I not able to file ITR Filing for Financial Year 2022-23?

New Financial year has started and people are looking forward to filing their income tax returns. However people are not able to file their income tax return for Financial Year 2022-23 and Assessment Year 2023-24.  The new Financial year 2023-24 started on 1st April 2023 and once a new Financial year starts citizens are required [&hellip...

Posted Under: Income Tax |

Consolidated FDI Policy 2020 – India

The Department for Promotion of Industry and Internal Trade (DPIIT) issued the consolidated Foreign Direct Investment (FDI) policy circular of 2020 (“Revised Policy”) on 28 October 2020. The DPIIT has released an updated consolidated FDI policy after a long gap of 3 years since the last one which was issued on 28 August 2017. The [&he...

Posted Under: Income Tax |

Code on Wages (Central) Rules, 2020 – Centre and State – wise

The central government has published the Code on Wages (Central) Rules, 2020 (Rules) under the power conferred by section 67 of the Code on Wages, 2019 (29 of 2019).  The Rules were published on 7th July, 2020 under Official Gazette.  The following are the major topics covered under the rules – Enforcement  The rules will [&helli...

Posted Under: Income Tax |

Standardized trigger point or not: Proposed IBC amendments at a glance

Section 7 of the Insolvency and Bankruptcy Code, 2016, addresses the initiation of the corporate insolvency resolution process by the financial creditor....

Posted Under: Income Tax |

Retirement Planning Options & Strategies: From PPF to NPS

Explanation of Retirement Planning Options and Strategies: From Public Provident Fund (PPF) to National Pension System (NPS) Why Is Retirement Planning Important? Retirement planning is important because it allows individuals to secure their financial future and maintain their lifestyle even after they stop working. By planning ahead and ...

Posted Under: Income Tax |

6 Step Guide To Register Start-Up In India

WANT TO REGISTER YOUR START-UP IN INDIA-HERE ARE THE 6 STEPS TO GUIDE YOU We have a million problems, but at the same time we have over a billion minds: Prime Minister Narendra Modi. To enable India a start-up hub, Prime Minister Narendra Modi has coined a new slogan ‘Start-up India, stand up India‘ during […]...

Posted Under: Income Tax |

Clandestine Removal of Goods – Absence of corroborative evidence – CESTAT deletes penalty

Dipal Narendrabhai Shah Vs C.C.E. & S.T.-Bhavnagar (CESTAT Ahmedabad)

Dipal Narendrabhai Shah Vs C.C.E. & S.T.-Bhavnagar (CESTAT Ahmedabad) These appeals are directed against the Order-In-Appeal whereby the Commissioner (Appeals) upheld the penalty imposed by the original authority under Rule 26 (1) of Central Excise Rules, 2002. The brief facts of the case are that all the appellants in the present app...

Addition without providing copies of seized materials – HC upheld deletion

PCIT Vs Bishandayal Jewellers (Exemption) (Orissa High Court)

PCIT (Exemption) Vs Bishandayal Jewellers (Orissa High Court) Before the CIT(A), the Assessee claimed that the Assessing Officer (AO) had not given copies of the seized materials extracted from the hard disk and the pen drive. The CIT( A) called for a remand report from the AO. By the time, the remand report could be […]...

Enhancement of holding tax: Orissa HC directs fresh adjudication

Maa Samaleswari Automobiles Vs State of Odisha & ors. (Orissa High Court)

There is no dispute through Annexure-1 that the earlier assessment assessing the Petitioner’s building by the Sambalpur Municipal Corporation as it was then operating raising the holding tax to Rs. 1,19,858/- and the proposal for further assessment is only made by way of notice dated 22.2.2023 enhancing the holding tax from Rs.1,19,858/...

No service tax on Business Auxiliary Service utilized outside India to foreign principal

Commissioner of Service Tax Vs Tata International Limited (CESTAT Kolkata)

Service Tax not payable on ‘Business Auxiliary Service’ provided to a foreign principal, which has been utilized outside India ...

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December 2023