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Archive: 18 August 2023

Posts in 18 August 2023

Seized jewellery within limit prescribed by Circular No. 1916 cannot be treated as undisclosed

August 18, 2023 1881 Views 0 comment Print

ITAT Surat held that seized jewellery within the permissible limit prescribed by CBDT Circular No 1916 dated 11.05.1994 couldn’t be treated as undisclosed jewellery. Accordingly, addition u/s 69A of the Income Tax Act liable to be deleted.

Reasons for reopening recorded by authority not having territorial jurisdiction is bad-in-law

August 18, 2023 609 Views 0 comment Print

ITAT Kolkata held that reasons for reopening of the assessment recorded by an Authority who was not having territorial jurisdiction over the assessee is unsustainable in law and accordingly the entire reassessment proceeding is liable to be quashed.

Section 69A doesn’t apply to cash deposited and declared as income

August 18, 2023 4605 Views 0 comment Print

ITAT Mumbai held that provision of Sec. 69A of the Income Tax Act cannot be applied in respect of cash deposited which have been duly recorded in the books of account and had already been declared income in the return of income filed by the assessee.

Additional concession not includible by Income Tax Department without extension/ modification of BIFR scheme

August 18, 2023 339 Views 0 comment Print

Delhi High Court held that no additional concession could be included in BIFR [Board for Industrial and Financial Reconstruction] by the Income Tax Department without any extension or modification of the Scheme.

Reset of Floating Interest Rate on EMI based Personal Loans

August 18, 2023 3066 Views 1 comment Print

We are writing to bring to your attention the recent update from the Reserve Bank of India (RBI) regarding the reset of floating interest rates on Equated Monthly Installments (EMI) based personal loans. This directive, outlined in RBI Circular no. RBI/2023-24/55 dated August 18, 2023, pertains to all Scheduled Commercial Banks, Regional Rural Banks, Primary […]

Documents and fees requied for RERA Agent Registration in Haryana

August 18, 2023 2370 Views 0 comment Print

Discover the documents and fees required for RERA Agent Registration in Haryana under the Real Estate (Regulation and Development) Act, 2016. Learn about the process, eligibility criteria, and fees applicable for individual and other entities. Ensure compliance with HRERA regulations for real estate agents.

Statutory Register under the Companies Act, 2013

August 18, 2023 8034 Views 0 comment Print

Understand the importance of statutory registers for companies under the Companies Act, 2013. Learn about the various registers like Register of Members, Debenture Holders, Significant Beneficial Owner, Directors, Contracts, and more. Ensure compliance to avoid penalties and legal repercussions.

GSTR-1 due date for montlhy filers since its inception

August 18, 2023 2613 Views 0 comment Print

Discover the GSTR-1 due dates for monthly filers since its inception in July 2017. Ensure compliance with Goods and Services Tax (GST) regulations in India by filing GSTR-1 on time. Get insights into the importance of GSTR-1, its components, and the repercussions of non-compliance. Stay updated on the latest due dates to avoid penalties and streamline your GST filing process.

10 Recent Changes in CGST Rules, 2017

August 18, 2023 8004 Views 1 comment Print

1. Rule 88 D inserted Rule 88D inserted to provide manner of dealing with difference in Input Tax Credit (ITC) available in Auto-generated Statement containing the details of ITC (FORM GSTR-2B) and that availed in FORM GSTR-3B Return The registered person shall be intimated of such difference in Part A of FORM GST DRC-01C electronically […]

RBI Guidelines on Fair Lending Practices for Penal Charges in Loan Accounts

August 18, 2023 6378 Views 0 comment Print

RBI issues guidelines to ensure transparency in penal charges on loans, with clear disclosure and reason, effective from January 1, 2024. Details and impact analyzed.

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