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Archive: July, 2023

Posts in July, 2023

Importance of Compliances in Early-Stage Startups in India

July 9, 2023 972 Views 0 comment Print

Unlock the potential for long-term success in early-stage startups by prioritizing legal and regulatory compliance in India. Learn why adherence to laws, from Companies Act to data protection, is crucial. Boost investor confidence, secure funding, protect intellectual property, and foster a positive work environment. Navigate the complex regulatory landscape for sustainable growth.

Protecting Trademarks in India: Objection & Opposition under TM Act, 1999

July 9, 2023 1371 Views 0 comment Print

The Trade Marks Act, 1999 provides a robust legal framework for the protection and registration of trademarks. One crucial aspect of this legislation is the provision for objections and oppositions, which allow interested parties to raise concerns and challenge the registration of a trademark.

Know the TCS provisions on remittance made under LRS and Overseas Tour Package

July 9, 2023 7212 Views 2 comments Print

Discover the recent changes in Tax Collection at Source (TCS) rates and exemptions under the Liberalised Remittance Scheme (LRS) in India. Understand the revised TCS rates, the exclusion of credit card transactions abroad from LRS coverage, and the thresholds applicable for TCS on remittances and overseas tour program packages. Stay informed to optimize your foreign exchange dealings.

Patents: Registration, Penalty and Relief

July 9, 2023 2436 Views 0 comment Print

Discover the significance of intellectual property rights (IPR) and patents in India. Learn about the main objective of intellectual property laws, the process of granting patents, penalties for infringement, and the reliefs available in patent infringement cases.

Geocoding Functionality for Principal Place of Business Now Available on Common Portal

July 8, 2023 4011 Views 0 comment Print

Access the geocoding functionality on the Common Portal to ensure accuracy and streamline the address verification process for your principal place of business in GSTN records. Discover how this feature converts addresses into geographic coordinates and enhances compliance requirements.

Addition based on rough notes with corroborative evidence sustained

July 8, 2023 2967 Views 0 comment Print

ITAT Mumbai held that addition towards unaccounted cash receipts on the basis of seized documents i.e. rough notes duly supported with corroborative evidence sustained.

Principal amount taken for trading purpose when waived off results in income

July 8, 2023 945 Views 0 comment Print

ITAT Hyderabad held that waiver of the principal amount, which was taken for trading purpose, which is credited to the profit & loss account results in income in the hands of assessee and accordingly taxable.

Denial of pre-operative expenses intricate to nature of business activity is unsustainable

July 8, 2023 612 Views 0 comment Print

ITAT Delhi held that denial of pre-operative expenses like brokerage and commission expenses, business promotion expenses, vehicle running expenses, etc. intricate to the nature of business activity is unsustainable.

Omission of claiming long term capital loss in original return not bona fide so claim via revised return allowable

July 8, 2023 1758 Views 0 comment Print

ITAT Pune held that omission of claiming long term capital loss at the time of filing of original return was not bona fide. Accordingly, rejection of claim of the same in revised return unsustainable in the eyes of law.

Remuneration as per Office Memorandum dated 30.11.2018 payable to Company Secretary attached with office of Official Liquidator

July 8, 2023 1371 Views 0 comment Print

Gujarat High Court held that the Company Secretary attached with the office of the Official Liquidator shall be henceforth entitled to be paid remuneration in terms of the Office Memorandum dated 30.11.2018.

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