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Archive: 12 June 2023

Posts in 12 June 2023

CBDT amends Income Tax Rule 44E, 44F and FORM No. 34C to 34EA

June 12, 2023 1566 Views 0 comment Print

CBDT amends Income Tax Rule 44E, 44F and FORM No. 34C to FORM No. 34EA vide Notification No. 37/2023 Income-Tax Dated: 12th June, 2023. Also Read: Corrigendum notification, No. 53/2023-Income Tax, on 26th July 2023 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 37/2023 Income-Tax | Dated: 12th June, 2023 G.S.R. […]

Identifying and Preventing Fraud in GST

June 12, 2023 2241 Views 0 comment Print

Goods and services tax (GST) has been an integral part of India’s economy since its inception in 2017. It has replaced the cumbersome tax system and made tax compliance easier, but in the recent times fraudulent activities related to GST have increased significantly.

Income already declared under one head cannot be taxed under other head simultaneously

June 12, 2023 2628 Views 0 comment Print

ITAT held that income of the assessee which is already taxed in one head cannot be taxed under any other head by the Revenue Department.

Accepting Cryptocurrency Payments for Your Business

June 12, 2023 549 Views 0 comment Print

Accepting cryptocurrency payments for your business can be a forward-thinking move, allowing you to tap into a growing market and provide additional payment options to your customers.

Legal compliances of non-profit companies in India

June 12, 2023 4386 Views 0 comment Print

The principle of a Non-Profit Making Company is not new in India. It was previously governed by Section 25 of the Companies Act of 1956, which is why it was known as a Section 25 Company.

StrataTex HSR® classifiable under HSN 59119032 subject to BIS certification

June 12, 2023 555 Views 0 comment Print

AAR held that based on the information submitted by the applicant, the proposed product StrataTex HSR® would be classifiable under Tariff Item (TI) No. 59119032 of the Customs Tariff Act, 1975 however subject to the condition that they have been granted BIS certification in terms of amendment in Customs Tariff Act, 1975 as per 3rd Schedule (Sr. No. 43(vi)) read with section 98 of Finance Act, 2022.

Application for discharge rejected in matter of demand of tax money in name of extremist group

June 12, 2023 450 Views 0 comment Print

Tripura High Court held that application for discharge by the petitioner duly rejectable in matter of demand of tax money in the name of an extremist group.

Kandi ravo falls under HSN 24013000 & 28% GST payable: AAR Gujarat

June 12, 2023 777 Views 0 comment Print

The supply of applicant of Kandi ravo’ is classifiable under 24013000. The applicant is liable to pay GST at 28% [14 % CGST and 14 % SGST] in terms of notification No. 1/2017-CT(Rate),  Sr. No. 13 of Schedule IV subject to the condition that goods are cleared without brand name.

Educational Institution Eligible for Section 10(23C)(iiiab) Exemption

June 12, 2023 3558 Views 0 comment Print

The appeal involves eligibility of an educational institution for exemption under section 10(23C)(iiiab) of Income Tax Act. It is observed that educational institution in question is substantially financed and meets criteria for exemption under section 10(23C)(iiiab) of Income Tax Act.

Applicant filing declaration under SVLDR Scheme cannot quantify amount

June 12, 2023 429 Views 0 comment Print

Delhi High Court held that the applicant filing declaration under SVLDR Scheme cannot quantify the amount since it was the prerogative of the Department to quantify the amount.

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