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Archive: 15 June 2023

Posts in 15 June 2023

Appeal filed is abated post approval of resolution plan by NCLT

June 15, 2023 990 Views 0 comment Print

CESTAT Mumbai held that from the date of approval of the resolution plan by the NCLT, the appeal filed by the applicant has abated and CESTAT has become functus officio in the matters relating to this appeal

Virtual CFO, Innovating concept

June 15, 2023 1557 Views 0 comment Print

Explore the innovative concept of a Virtual CFO (Chief Financial Officer), offering cost-effective, flexible, and expert-driven financial services. Discover the benefits, including scalability, specialized expertise, and access to technology. Transform your financial management with a Virtual CFO, optimizing performance and strategic decision-making for your business.

Why You Should Set up a Holding Company in Singapore?

June 15, 2023 1518 Views 0 comment Print

Explore the advantages of setting up a holding company in Singapore, from its tax-friendly environment and financial expertise to easy registration and compliance. Discover the benefits, including tax exemptions, global market access, and a supportive business environment. Ensure long-term success and growth for your holding company in Singapore.

ITC cannot be denied to genuine buyer in case GST registration of supplier is cancelled retrospectively

June 15, 2023 42786 Views 0 comment Print

Calcutta High Court reaffirms Input Tax Credit (ITC) rights of a genuine buyer, even if supplier’s registration gets retroactively cancelled.

Imposition of penalty u/s 271FA prior to 01.04.2015 for non-furnishing of AIR by co-operative bank unsustainable

June 15, 2023 228 Views 0 comment Print

ITAT Bangalore held that co-operative bank is liable to furnish AIR only after 01.04.2016 in view of amendment under Rule 114E of Income Tax Rules, 1962. Accordingly, imposition of penalty u/s 271FA prior to 01.04.2016 is unsustainable.

Special Rate of Income Tax on Short and Long Term Capital Gain

June 15, 2023 6156 Views 0 comment Print

Discover the rates of income tax for various entities and explore special tax rates applicable to short-term and long-term capital gains. Learn how to calculate the cost of acquisition using the cost inflation index and purchase year.

Early Investments: Avoiding the Costly Mistake of Delaying in Your 20s

June 15, 2023 726 Views 0 comment Print

Discover the impact of delaying investments in your 20s and the benefits of starting early. Explore tax-saving and high-return investment options, setting financial goals, and planning for a secure future. Don’t let the common mistake of postponing investments affect your financial success.

KSCAA Representation on challenges faced in obtaining a Packing Registration

June 15, 2023 3072 Views 1 comment Print

KSCAA addresses Department of Legal Metrology in Karnataka, highlighting challenges faced in obtaining a Packing Registration. They emphasize the need for simplification, reducing wait times, and eliminating human intervention to promote ease of doing business.

Contract involving supply of material and labour is a ‘Works Contract Service’

June 15, 2023 1983 Views 0 comment Print

CESTAT held that contract involving both supply of material and labour is a ‘Works Contract Service’ which was not taxable prior to June 1, 2007.

Reassessment proceedings u/s 148 stood abated by virtue of search action u/s 132(1)

June 15, 2023 1359 Views 0 comment Print

ITAT Indore held that reassessment proceedings initiated u/s 148 stood abated by virtue of search and seizure action u/s 132(1). Hence, reassessment order passed thereon u/s 147 is illegal.

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