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Archive: 02 July 2023

Posts in 02 July 2023

Free Webinar: Analysis of 10 Recent Income Tax Judgments in Favour of Assessee

July 1, 2024 2472 Views 0 comment Print

Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.

Service tax exempt on packed goods, delivered for sterilization under N/N. 8/2005-ST

July 2, 2023 747 Views 0 comment Print

Learn about the significant verdict of CESTAT Ahmedabad in Universal Medicap Limited Vs Commissioner of Central Excise & ST case, offering critical insights on taxability and exemptions concerning the sterilization process in goods production.

ITAT allows ‘set off of losses against Surrendered Business Income 

July 2, 2023 726 Views 0 comment Print

Delve into the notable decision of ITAT Chandigarh in the case of Mahaluxmi Food Industries Vs ITO, concerning the right to set off losses against surrendered business income as per Section 115BBE(2) of the Income Tax Act, 1961.

Dividend distribution tax is a tax on domestic company distributing dividend

July 2, 2023 774 Views 0 comment Print

ITAT held that dividend declared, distributed or paid by a domestic company to non resident shareholder (s) attract additional income tax (tax on distributed profits) referred to in section 115-O of the Act, such additional income tax payable by the domestic company  shall be at the rate of mentioned in section 115-O of the Act and not at the rate of tax applicable to the non resident shareholder(s) as specified in the relevant DTAA with reference to such dividend income.

ITAT Allows Depreciation on Asset Kept Ready for Use but Actually not Put to Use

July 2, 2023 1341 Views 0 comment Print

A comprehensive review of the recent ITAT Delhi’s ruling on Span Air Pvt Ltd Vs ACIT case, which offers key insights on depreciation claims under section 32 of the Income Tax Act.

Income Tax Return Filing and Tax Audit Applicability

July 2, 2023 46494 Views 0 comment Print

Understand the criteria for individual and HUF income tax return filing, covering total income, assets outside India, and specific situations. Explore tax audit applicability under Section 44AB, including scenarios for businesses, professions, presumptive schemes, and non-residents. Gain clarity on the essential aspects of income tax and tax audit to ensure compliance and avoid penalties.

Role of Finance & ESG (Environment, Social, Governance) Leaders

July 2, 2023 747 Views 0 comment Print

Explore the evolving role of Finance & ESG leaders in driving strategic decisions, cost reduction, and growth opportunities. Learn how their collaboration brings financial and ESG benefits to organizations, creating a winning situation. Discover key examples and effective ways for finance and ESG teams to work together for ESG success. Stay ahead by investing in sound ESG programs, training teams, and using tools for seamless reporting and decision-making.

Section 455 of Companies Act, 2013: A Respite for Inactive Businesses

July 2, 2023 2493 Views 0 comment Print

Explore Section 455 of the Companies Act, 2013, providing insights into dormant company status, eligibility criteria, application process, and obligations. Learn how businesses can efficiently manage inactive phases while staying compliant. Connect with a knowledgeable Company Secretary for legal guidance.

Income tax on Salary Income

July 2, 2023 14262 Views 0 comment Print

Explore the complexities of Income Tax on Salary Income. From the employer-employee relationship to the nuances of salary accrual and chargeability, understand the intricacies of contracts and tax implications. Learn about allowances, exemptions, and deductions, ensuring comprehensive insight into salary-related tax matters. Stay informed and navigate the tax landscape with clarity.

‘DRC-01B’ under GST – A tool or Weapon?

July 2, 2023 5370 Views 0 comment Print

Delve into the intricacies of ‘DRC-01B’ under GST, a tool or weapon? Unravel the 48th Council Meeting’s decisions, Rule 88C implications, and the active functionality on GSTN Portal. Learn about liabilities, discrepancies, and the potential impact on taxpayers. Stay informed and navigate the evolving GST landscape effectively.

‘Composite Supply’ under Health Care Services with reference to a Case Law

July 2, 2023 3030 Views 0 comment Print

Explore the case law on Composite Supply under Health Care Services. This analysis delves into the complexities of a composite supply involving exempt and taxable components, examining the eligibility for Input Tax Credit and the implications for the health care provider.

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