"11 July 2023" Archive

50th GST Council Meeting: Tax Rates, Appellate Tribunal & Compliance Measures

Get the latest updates from the 50th meeting of the Goods and Services Tax (GST) Council. Discover the recommendations on tax rates for various goods and services, the establishment of the GST Appellate Tribunal, and measures for streamlining GST compliance. Stay informed about the changes and their impact on businesses....

Public Comments on draft IFSCA (Banking) (Amendment) Regulations, 2023

International Financial Services Centres Authority (IFSCA) sought public comments on the draft IFSCA (Banking) (Amendment) Regulations, 2023. This article provides an analysis of the received comments and the subsequent updates made to the regulations based on the feedback....

Tax Benefits of Home Loans: Analysis of Sections 24B, 80C, 80EE and 80EEA

Discover the tax advantages of home loans under the Income Tax Act, 1961. Explore Sections 24B, 80C, 80EE, and 80EEA, which offer deductions for interest on loan borrowed, principal repayment, and additional deductions. Gain insights into eligibility criteria and maximize your tax benefits....

Important provisions of Tax Deducted at Source

Gain a comprehensive understanding of Tax Deducted At Source (TDS) provisions under the Income Tax Act, 1961. Explore key sections such as 192, 193, 194, and 195, which cover various payment scenarios where tax deduction is required. Learn about TDS rates, thresholds, and implications for different types of income....

Reliance on a judgment later overturned does not constitute suppression of facts

Commissioner, Central Excise and Customs and Another Vs Reliance Industries Ltd. (Supreme Court of India)

In the case of Commissioner, Central Excise and Customs and Another vs Reliance Industries Ltd., Supreme Court of India held that reliance on a judgment later overturned does not constitute suppression of facts. ...

Calcutta High Court Verdict on Club Income Taxation & Principle of Mutuality

Saturday Club Ltd Vs PCIT (Calcutta High Court)

Detailed review and analysis of the landmark judgment - Saturday Club Ltd Vs PCIT by Calcutta High Court concerning club income taxation and the principle of mutuality....

MCA Penalizes Rs. 36.25 Lakh for Untransferred 14.50 Lakh Unspent CSR

F. No. ROC/CHN/TAKRAF/ADJ Order/S.135(6)/2023  11/07/2023

MCA penalizes M/s Takraf India Pvt. Ltd. and its directors with Rs. 36.25 Lakh for not transferring Rs. 14.50 Lakh of unspent CSR as required by Section 135(6) of Companies Act, 2013....

Imposition of penalty u/s 112(a) on an abettor without any mens rea is unsustainable

Rajeev Khatri Vs Commissioner of Customs (Export) (Delhi High Court)

Delhi High Court held that imposition of penalty u/s 112(a) of the Customs Act, 1962 on an abettor without any mens rea is unsustainable and liable to be set aside....

ITR-2 – Capital Gain Schedule- FAQ

Facing issues with ITR filing? Explore FAQs on ITR-2 Capital Gain Schedule for FY 2022-23. Learn how to report securities & mutual funds sale, find total sale value, and compute Short-Term Capital Gain Tax. Get insights on reporting long-term capital gains, dealing with losses, and resolving errors. For expert guidance....

Renting income from business of letting out house properties is taxable as business income

DCIT Vs Gulmohar Park Mall Pvt. Ltd (ITAT Ahmedabad)

ITAT Ahmedabad held that assessee was engaged in business of leasing out its house properties to earn rent, income so earned as rent should be treated as business income, and not as income from house property....

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