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Archive: 20 July 2023

Posts in 20 July 2023

Appeal to Review the GST Council’s Decision on Online Gaming Taxation

July 20, 2023 3858 Views 0 comment Print

Discover the catastrophic implications of the recent change in GST for online gaming, including its impact on the industry, employment, and offshore competition. This analysis calls for a review of the decision and highlights its inconsistency with the government’s efforts to promote and regulate the sector.

DGFT Advance Authorisation Scheme: Duty-Free Imports for Export Inputs

July 20, 2023 651 Views 0 comment Print

DGFT implements Advance Authorisation Scheme, allowing duty-free import of inputs for export purposes. Learn about enhancements in Advance Authorisation and Norms Fixation Workflow, simplifying process for exporters.

AML & CFT Guidelines for Professionals with CoP (ICAI, ICSI, ICMAI)

July 20, 2023 10923 Views 0 comment Print

We have published below AML & CFT guidelines for professionals with Certificates of Practice (CoP) from ICAI, ICSI, and ICMAI. These guidelines aim to prevent money laundering, terrorist financing, and proliferation financing activities. It covers reporting obligations, risk assessments, and the role of Statutory Bodies (SRBs) in supervision and monitoring. The AML & CFT guidelines […]

Unfair Suspension of Customs Broker License: Director’s Judicial Custody Prevented Representation

July 20, 2023 486 Views 0 comment Print

Andhra Pradesh High Court held that suspension of Customs Broker Licence is against the principles of natural justice as Managing Director being in the judicial custody couldn’t have any opportunity to submit his explanation.

Actual use of inputs and quantities not required for claiming DFIA benefit

July 20, 2023 333 Views 0 comment Print

CESTAT Ahmedabad held that there is no requirement of the actual use of inputs and quantities of imported goods for claiming DFIA i.e. Duty-Free Import Authorization benefit.

Applicability of POEM on Foreign Company in India

July 20, 2023 12261 Views 0 comment Print

Get answers to 41 frequently asked questions about the POEM (Place of Effective Management) concept for companies located outside India but controlled from India. Understand the implications, criteria, and international perspectives on POEM.

Penalty Invalid Due to Defective Notice Issued u/s 271(1)(c) of Income Tax Act

July 20, 2023 459 Views 0 comment Print

The ITAT Delhi nullifies the penalty imposed under Section 271(1)(c) of the Income Tax Act on Meena Singhal, as the notice issued did not specify the particular charge.

Term Insurance decoded: How to identify best Term Insurance Plan in India

July 20, 2023 615 Views 0 comment Print

When it comes to securing your family’s financial future, term insurance is an essential protection plan that provides financial security to your loved ones in the event of your demise. It is the purest form of life insurance that covers you and your family.

Avoid Cash Payments: Impact on Deductions and Tax Compliance

July 20, 2023 1062 Views 0 comment Print

Discover why cash payments should be avoided for personal and business transactions. Learn about the deductions affected and the potential consequences of using cash. Stay compliant with tax regulations.

Types of Taxes in India

July 20, 2023 1491 Views 0 comment Print

Dive into the world of Indian taxation with insights into direct and indirect taxes. Explore the nuances of Income Tax, Gift Tax, Wealth Tax, and more under direct taxes. Uncover the impact of Service Tax, Value Added Tax (VAT), Customs Tax, and others as part of indirect taxes. Stay informed on the ever-evolving tax landscape.

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July 2023