"04 May 2023" Archive

IBC casts duty on IP to carefully plan his actions and not be negligent: IBBI

Notification No. IBBI/DC/162/2023 04/05/2023

IBC casts duty on IP to carefully plan his actions and not be negligent while performing his functions and duties under Code. It is the professional's responsibility and duty to actively and consciously perform his functions, and there should be no lapses while discharging his functions....

Read More

IP to take reasonable care and diligence while incurring expenses

Notification No. IBBI/DC/161/2023 04/05/2023

Section 208(2)(a) of the Code mandates the IP to take reasonable care and diligence while performing his duties, including incurring expenses. He must, therefore, ensure that not only fee payable to him is reasonable, but also other expenses incurred by him are reasonable. The DC notes that during the personal hearing held on 28.04.2023, ...

Read More

CBIC imposes CVD on imports of Saturated Fatty Alcohols of Carbon Chain

Notification No. 01/2023-Customs (CVD) [G.S.R. 344(E).] 04/05/2023

CBIC impose countervailing duty on imports of Saturated Fatty Alcohols of Carbon Chain length C10 to C18 and their blends originating in or exported from Indonesia Malaysia and Thailand for a period of 5 Years vide Notification No. 01/2023-Customs (CVD) Dated: 4th May, 2023. MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. ...

Read More

RBI permits 22 entities for Aadhaar Authentication under PMLA

Notification No. S.O. 2119(E). 04/05/2023

Reserve Bank of India, hereby permits the said Reporting Entities to perform authentication under the Aadhaar Act for the purposes of section 11A of the Money Laundering Act...

Read More

Maximizing Accuracy & Efficiency: Importance of Audit Checklist & Documentation

An audit is a systematic and independent examination of financial statements, records, and other relevant documentation to provide assurance that they are free from material misstatement. In order to ensure that audits are conducted effectively and efficiently, auditors often use audit checklists and documentation....

Read More
Posted Under: Corporate Law |

Application of Transfer Pricing on Intra-Group Guarantee

There is always a debate between Indian Tax Authorities and Taxpayers regarding the application of Transfer Pricing Regulations (TPR) on ‘Contract of Guarantee’. Below is the detailed discussion on the issue. Meaning A contract of Guarantee is a contract to perform the promise or discharge the liability of a third person (“P...

Read More
Posted Under: Corporate Law |

TDS payment & Return Filing responsibility is of Person deducting the TDS


Section 200 of the Act casts a duty on person deducting tax to pay the same within prescribed time to the credit of the Central Government. Section 200A of the Act draws out the procedure for processing of statements of tax deducted at source....

Read More

TDS credit eligible to dedcutee despite non-payment or non-response to notices by deductor

Paulomi Iyer Vs DCIT (ITAT Ahmedabad)

Paulomi Iyer Vs DCIT (ITAT Ahmedabad) At the outset, we note that this is second round of litigation before us. The background of case is that the assessee is an individual and engaged in the profession of service provider. During the year under consideration, the assessee provided services of SAP implementation to one of her […]...

Read More

Draft IRDAI (Insurance Advertisements and Disclosure) (First Amendment) Regulations, 2023

Ref: IRDAI/Life/Advt./REG/5/2023 04/05/2023

Draft Insurance Regulatory and Development Authority of India (Insurance Advertisements and Disclosure) (Amendment) Regulations, 2023...

Read More

Ignoring debit side entries, entire amount of credit entries cannot be added to taxable income 

Ajay Kumar Aggarwal Vs ACIT (ITAT Delhi)

Entire amount of credit entries cannot be added to taxable income of assessee ignoring debit side entries and as when assessee is receiving cash and issuing cheques then said cheque of almost same amount then assessee cannot be held beneficiary of entire amount or entire amount of credit entries treating the same as unexplained....

Read More

Search Posts by Date

May 2023