"21 April 2023" Archive

Detailed Analysis of New Tax Regime Section 115BAC, 115BAA, 115BAD F.Y. 2023-24 A.Y 2024-25

DETAILED ANALYSIS OF NEW TAX REGIME SECTION 115BAC, 115BAA, 115BAD F.Y. 2023-24 A.Y 2024-25…… updated on 15.04.2023. Taxpayers now have to opt for New Tax Regime (lower tax rate with no deduction of various allowances and investments etc.) or Old Tax Regime (which allows deductions and allowances) and have to pay tax in accordance wit...

Posted Under: Income Tax |

Procedure for seeking prior approval for change in control of Vault Managers

Circulars No. SEBI/HO/MRD/MRD-PoD-1/P/CIR/2023/59  21/04/2023

The application shall be accompanied by the following information/declaration about itself, the acquirer(s)/the person(s) who shall have the control and their directors / partners...

Allocation of additional quantity of 2360 MT for export of raw cane sugar to USA under TRQ

Public Notice No. 08/2023-DGFT [F. No. 01/91/180/879/AM08/EC/Vol. VIII/E-20749] 21/04/2023

Additional quantity of 2360 MT of raw cane sugar for export to USA under TRQ, upto 30.09.2023, has been notified....

Amendment under Interest Equalisation Scheme in respect of UIN

Trade Notice No. 04/2023-24-DGFT 21/04/2023

An Acknowledgement consisting of UIN, valid for a financial year shall be unique to a specific bank. If a scheme beneficiary desires to take advantage of the benefits of the scheme from multiple banks, a new UIN must be provided for each bank....

If GST refund application is not deficient in material particulars, it cannot be treated as non est

Bharat Sanchar Nigam Limited Vs Union of India & ORS. (Delhi High Court)

Bharat Sanchar Nigam Limited Vs Union of India & ORS. (Delhi High Court) It is pointed out that the Adjudicating Authority had proceeded on the basis that it had communicated the deficiencies in Form GST RFD 03 on 31.01.2020 electronically and the said deficiency was resolved after the expiry of two years as stipulated in […]...

Hair Transplant is a cosmetic surgery & liable to service tax levy

Dr Sanjiv Arunchandra Vasa Vs C.S.T. (CESTAT Ahmedabad)

Hair Transplant is neither undertaken to restore or reconstruct anatomy or its functions, nor the procedure of hair transplant restores developmental abnormalities degenerative diseases, injury or trauma. We find that hair transplant is a medical procedure to improve outer look of the body for time being and it does in any way contributes...

AO cannot Levy Late Fee under section 234E for period Prior to 01.06.2015

Ochre Media Private Limited Vs ITO (ITAT Hyderabad)

Ochre Media Private Limited Vs ITO (ITAT Hyderabad) In the present case, the AO imposed late fees u/s 234E of the Act., where the enabling clause (c) was inserted in the section 200A w.e.f. 01.06.2015 and the same has been confirmed by the Ld. CIT(A) relying on the decision of Hon’ble Gujarat High Court in […]...

Claim of depreciation allowed in initial year cannot be disturbed in subsequent years

Hindustan Coca-Cola Beverages Pvt. Ltd. Vs DCIT (ITAT Delhi)

ITAT Delhi held that if in the initial year of claim the depreciation, is allowed, the claim cannot be disturbed in the subsequent years....

GST Registration Cancellation by Mistake of Accountant: HC Condones Delay in appeal

Sathya Furnitures Vs Assistant Commissioner (ST) (FAC)

Sathya Furnitures Vs Assistant Commissioner (ST) (FAC) (Madras High Court) Mrs. Ranganayaki, learned Additional Government Pleader accepts notice  for the respondent and is armed with instructions to enable a disposal of the matter at this juncture. 2. The petitioner has approached this Court belatedly seeing as the impugned order is dat...

Certification Pursuant to Regulation 17(8) of LODR

Certification Pursuant to Regulation 17(8) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 We, _______, Chief Executive Officer and ________ Chief Financial Officer of ______ (‘the Company’) do hereby certify to the board that:- a) We have reviewed Financial Statements ...

Posted Under: Income Tax |

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