"02 June 2023" Archive

Section 194BA – TDS on winning from Online Games

In the Finance Bill 2023, a new TDS section, 194BA, and 115BBJ, have been inserted into the Income Tax Act, and they have been made applicable from 01.04.2023. Eligibility criteria for the tax deductor: Any person (resident or non-resident) responsible for paying any income by way of winnings from any online game to any person […]...

Posted Under: Income Tax |

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

Examining Directors’ Liability under the Negotiable Instruments Act during the Moratorium Period under the Insolvency and Bankruptcy Code (IBC) INTRODUCTION: To ensure smooth business operations and promote non-cash transactions, negotiable instruments play a crucial role in the economy. They offer an alternative to cash and facilit...

Posted Under: Income Tax |

Amendment in Import Policy Condition 6 (Pet Coke)

Notification No. 10/2023-DGFT, [S.O. 2408(E).] 02/06/2023

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 fe...

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

Order No. IRDAI/F8d/ORD/MISC/119/6/2023 02/06/2023

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 previ...

TDS on insignificant winnings from online games

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....

Posted Under: Income Tax |

Transactions in Corporate Bonds through RFQ platform by Stock Brokers

Circulars No. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/83 02/06/2023

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, wit...

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

Should a purchaser deduct TDS u/s 194IA of the Income Tax Act  if the total consideration/ Circle rate Value of the joint property exceeds Rs. 50 lacs but the share of the joint seller is less than Rs. 50 lacs? Before deliberating on the subject it would we trite to reproduce Section 194IA of the […]...

Posted Under: Income Tax |

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

In re The Indian Hume Pipes Company Ltd. (GST AAAR Uttar Pradesh)

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

Order No. File No: Committee/SSCode /95074 02/06/2023

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

Start-Up India is an initiative launched by the Government of India to foster employment generation and wealth creation through the development and innovation of products and services. The scheme offers several benefits to registered start-ups, including simplification of work, financial support, access to government tenders, and networki...

Posted Under: Income Tax |

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September 2023