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Archive: 02 June 2023

Posts in 02 June 2023

Section 194BA – TDS on winning from Online Games

June 2, 2023 12711 Views 1 comment Print

from online gaming. This includes both the winnings withdrawn and the remaining amount of net winnings in the user account at the end of the financial year. If the net winnings are received wholly or partly in kind, and the cash portion is insufficient to cover the entire TDS liability, the payer must ensure that the required tax has been paid before releasing the winnings.

Examining Directors’ Liability under the Negotiable Instruments Act during the Moratorium Period under the Insolvency and Bankruptcy Code (IBC)

June 2, 2023 3012 Views 0 comment Print

Explore directors’ liability under the Negotiable Instruments Act during the moratorium period under the Insolvency and Bankruptcy Code (IBC). Learn about legal precedents, the nature of offenses, and the accountability of directors. Stay informed on the intersection of the NI Act and IBC.

Amendment in Import Policy Condition 6 (Pet Coke)

June 2, 2023 1374 Views 0 comment Print

DGFT issued a notification amending the Import Policy Condition 6 (Pet Coke) under Chapter 27 of Schedule-I (Import Policy) of ITC (HS) 2022. The amendment allows the import of pet coke for specific industries such as cement, lime kiln, calcium carbide, gasification, and graphite electrode industries, on an actual user basis for use as feedstock […]

IRDAI transfers business of Sahara India Life Insurance to SBI Life Insurance

June 2, 2023 645 Views 0 comment Print

IRDAI has issued an order on June 2, 2023, to transfer the life insurance business of Sahara India Life Insurance Co. Ltd. (SILIC) to SBI Life Insurance Co. Ltd. This decision was made due to concerns regarding SILIC’s governance system and its impact on policyholders and the insurance sector. SILIC had been non-compliant with previous […]

TDS on insignificant winnings from online games

June 2, 2023 1866 Views 0 comment Print

Section 194BA was introduced by Finance Act 2023 to deduct TDS on net winnings from any online games. Manner of computation of net winning has been prescribed in Rule 133 of Income-Tax Rules, 1962.

Transactions in Corporate Bonds through RFQ platform by Stock Brokers

June 2, 2023 942 Views 0 comment Print

SEBI has issued a circular to all stock brokers through recognized stock exchanges, mandating increased trading of corporate bonds through the Request for Quote (RFQ) platform. The circular sets targets for stock brokers to undertake a certain percentage of their total secondary market trades in corporate bonds using the RFQ platform, with the aim of […]

TDS on Payment on transfer of certain immovable property other than agricultural land

June 2, 2023 5085 Views 1 comment Print

Understand TDS implications under section 194IA of the Income Tax Act for the transfer of immovable property. Learn about the minimum limit, who should deduct TDS, and scenarios where TDS may not be applicable. Explore relevant case law to grasp the nuances of TDS on property transactions.

Utttar Pradesh Jal Nigam is not a Local authority; 18% GST applicable on works contract services

June 2, 2023 2109 Views 0 comment Print

AAAR held that, the assessee providing works contract services to Uttar Pradesh Jal Nigam, a government authority, would be liable to pay GST @ 18%.

EPFO: Committees for Drafting Schemes under Social Security Code 2020

June 2, 2023 738 Views 0 comment Print

EPFO constituted committees for drafting schemes under Social Security Code 2020. This article provides details of committees and their members.

Start-Up India Registration: A Comprehensive Guide

June 2, 2023 1563 Views 0 comment Print

Explore a comprehensive guide on Start-Up India registration, an initiative by the Government of India promoting innovation and economic growth. Learn about the eligibility criteria, benefits, and the action plan of the government for start-ups. Discover the advantages, including tax exemptions, financial support, tender participation, and networking opportunities. Understand the government’s focus on funding support, streamlined registration processes, tax benefits, and protection of intellectual property rights.

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