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Archive: 29 June 2023

Posts in 29 June 2023

Amendment in Import Policy for Cigarette Lighters – DGFT Notification

June 29, 2023 1908 Views 0 comment Print

DGFT has issued a notification amending the import policy for cigarette lighters. The notification prohibits the import of gas-fueled pocket lighters, both non-refillable and refillable, under certain HS codes. However, import is allowed if the CIF value per lighter is Rs. 20/- or above. This article provides an introduction to the notification, analysis of the revised import policy, and concludes with the impact of the amendment.

HC directs Refund of Pre-paid Taxes & Credit Migration of merged entities

June 29, 2023 957 Views 0 comment Print

Explore case of Virtusa Consulting Services Pvt. Ltd. vs. DCIT in Telangana High Court, where petitioner seeks disposal of a rectification application and grant of refunds for pre-paid taxes.

ITAT Ruling: Taxation of Software Sales and Royalty Payments

June 29, 2023 972 Views 0 comment Print

Analyze the case of DCIT vs. Software One Pte Ltd. (ITAT Delhi) regarding the taxation of software sales and royalty. Understand the distinction between copyright ownership and distribution rights, as well as the impact of the Supreme Court’s decision in the Engineering Analysis case.

Reimbursement of service tax not includible in gross turnover for Section 44BB

June 29, 2023 642 Views 0 comment Print

Explore the case of Western Geco International Ltd vs. DDIT (ITAT Delhi) and decision regarding exclusion of reimbursement of service tax from gross turnover for computation of taxable income under Section 44BB of Income Tax Act.

Online Explanation for Liability Difference in GSTR-1 & 3B (DRC-01B)

June 29, 2023 21630 Views 0 comment Print

Learn about new functionality developed by GSTN to explain difference in liability between GSTR-1 and 3B returns online. Understand process, requirements, and access detailed manual for filing a reply in Form DRC-01B.

Possibility of Suo Moto Adjudication & Coexistence between 441/454 of Companies Act 2013

June 29, 2023 7608 Views 0 comment Print

Understand the differences between compounding and adjudication under Section 454 of the Companies Act 2013. Learn about the role of the Regional Director, penalties vs. fines, and the coexistence of Section 441 and Section 454.

SEBI-Registered Research Analysts: Qualification & Certification Requirements

June 29, 2023 13341 Views 1 comment Print

Understand the qualification and certification requirements for research analysts as per SEBI regulations. Learn about the necessary qualifications, certifications, and associated criteria for individuals and entities in the field of securities market research.

Trademark Registration – Protect Your Brand with Simple Steps

June 29, 2023 795 Views 0 comment Print

Safeguard your brand with trademark registration – learn its importance, what constitutes a trademark, and the step-by-step procedure. Discover the significance of the ® symbol, and follow the process to secure legal protection for your brand identity.

GST refund cannot Be Withheld based on Revenue’s Appeal Intent

June 29, 2023 2043 Views 0 comment Print

HC ordered the Revenue department to release assessee’s refund claim with interest. The court held that Revenue cannot withhold refund solely because it plans to appeal to GST tribunal, especially when tribunal is not yet constituted.

Small Businessmen Can opt Presumptive Taxation Scheme under section 44AD

June 29, 2023 1866 Views 0 comment Print

Learn how small business owners can benefit from the presumptive taxation scheme under Section 44AD. Find out the eligibility criteria, calculation method, and advantages of this scheme. Discover how it can simplify tax compliance for small businesses.

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