"29 May 2023" Archive

CBDT notifies Income Tax e-Appeals Scheme, 2023

Notification No. 33/2023-Income Tax [S.O. 2352(E)] 29/05/2023

CBDT issued Notification No. 33/2023-Income Tax on May 29, 2023. This notification introduces the e-Appeals Scheme, 2023 under the provisions of the Income-tax Act, 1961. The key points of the scheme are as follows: 1. The scheme is called the e-Appeals Scheme, 2023 and it comes into force from the date of its publication in […]...

Amendment in Export Policy of Rice (Basmati & Non-Basmati) to European Countries

Notification No. 09/2023-DGFT, [S.O. 2769(E).] 29/05/2023

DGFT issued Notification No. 09/2023 dated 29th May, 2023. The notification pertains to an amendment in the policy conditions of SI.No. 55 and 57, Chapter 10 Schedule-2, ITC(HS) Export Policy, 2018. According to the notification, the Central Government has amended the existing entries of Chapter 10 at Sl. No. 55 and 57 related to the [&he...

Company penalised for holding board meeting with delay of 45 days

File No. ROC(B)/Adj.Ord.454-173/Volvo/Co.No.78252/2023 29/05/2023

The company failed to hold its 3rd board meeting within the prescribed time frame, with a delay of 45 days. The penalties imposed are as follows: Rs. 54,000 on the company, Rs. 50,000 on Mr. Kamal Bali (Managing Director), and Rs. 50,000 on Ms. Alka Mishra (Company Secretary)....

MCA impose penalty on Auditors for Failure in Disclosures in Audit Report

Order No. ROC/ADJ/2023/138312/ 2191-2195 29/05/2023

Ministry of Corporate Affairs (MCA) in India has issued an adjudication order imposing penalties on auditors for their failure to comply with the provisions of Section 143 of the Companies Act, 2013. The penalties are imposed on the auditors of Strong Infracon Private Limited for non-disclosure of various key financial information in the ...

Section 134(5)(a) Violation: MCA Imposes Penalty on amalgamated Company

Order No. ROC/LEGAL/ADJ/2023/138312/penalty order/ 2184-2188 29/05/2023

Strong Infracon Private Limited and Elite Realcon Private Limited were identified as violators of Section 134(5)(a) of the Companies Act, 2013, following an inspection conducted under Section 206(5) of the Act. These violations date back to the fiscal years 2010-11 to 2015-16. The penalty imposed amounts to a total of INR 400,000, distrib...

Liquidator should consider average of value arrived as per regulation 35 of CIRP Regulation, 2016

Amit Ahirrao Vs Anagha Anasingharaju (NCLAT Delhi)

NCLAT Delhi held that liquidator is obliged to consider the average of the value arrived as per Regulation 35 of the CIRP Regulation, 2016....

Posted Under: Income Tax | |

Disallowance of late deposit of employees’ share of PF/ ESI beyond prescribed due date is sustained

Sushil Kumar Gupta & Co Vs ITO (ITAT Chandigarh)

ITAT Chandigarh held that disallowance for late deposit of employees’ share of PF/ ESI contribution to relevant funds beyond prescribed due date under respective Act is duly sustainable in law....

Income Tax Calculation for Senior Citizens: Comprehensive Guide

In this article, we will delve into the intricacies of income tax calculation for senior citizens. We will explore the tax-free amount for senior citizens, the tax slabs applicable in 2023, and provide useful tips on how senior citizens can reduce their income tax burden....

Posted Under: Income Tax |

Challenges faced by investors in claiming IEPF refunds

Investor Education and Protection Fund (IEPF) was established by the Indian government in 2016 to protect the interests of investors and ensure that unclaimed dividends, shares, and other securities are returned to their rightful owners. The IEPF authority is responsible for managing the funds and overseeing the process of returning uncla...

Posted Under: Income Tax |

Analysis of SEBI Circulars for First Fortnight of May 2023

Securities and Exchange Board of India (SEBI) issued several circulars during the first fortnight of May 2023, introducing amendments and providing guidance on various matters. These circulars aim to enhance transparency, streamline processes, and ensure compliance within the securities market. In this article, we will summarize the key a...

Posted Under: Income Tax |

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September 2023