"02 September 2023" Archive

Representation on Incorrect Processing of Income Tax Returns Filed

Representation Regarding Incorrect Processing of Income Tax Returns Filed for the AY 2023-24 [Denial of Deduction Even in Cases Where It Has Not Been Claimed]...

Posted Under: Income Tax | ,

All About ‘Electronic Credit Reversal & Reclaimed Statement’ in GST: Do’s & Don’ts

Over the period of time, the GST council is focusing on correct Input Tax credit by the taxpayers. Further, they want to control the credit availment of fake transaction in the overall chain.  To enhance the compliance with regards to Input Tax Credit (ITC) utilization and the accurate reporting of ITC availment, ITC reversal, ITC [&hell...

Posted Under: Income Tax | ,

BPO service provided to overseas client was not an intermediary service

Genpact India Pvt. Ltd. Vs Principal Commissioner of GST And Cx (Punjab and Haryana High Court)

HC set aside SCN and held that assessee was not 'intermediary' and therefore, refund claim of unutilized ITC used in making zero rated supplies of services without payment of IGST was allowed....

Posted Under: Income Tax |

Notice issued to Revenue Department challenging arrest & summoning powers of GST officials

Gagandeep Singh Vs Union of India & Ors. (Supreme Court of India)

SC in Gagandeep Singh v. Union of India & Ors. admitted Writ and issued notice to Revenue Department, challenging GST provisions pertaining to power to arrest and power to summon....

Regulatory Updates: August 2023 | Company, SEBI, RBI & Insolvency Law

Stay informed about the latest regulatory changes in Company Law, Securities Law, RBI, and Insolvency Law that took place in August 2023....

Posted Under: Income Tax |

Synopsis of the Circulars issued post 50th GST Council Meeting

The 50th GST Council Meeting was held on 11th July, 2023 in New Delhi, under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. Some of the important clarifications issued by the Government based on the recommendations of the GST Council are as follows: 1. Clarification on charging of intere...

Posted Under: Income Tax |

Change in the Registered Address of the Company

A company may decide to move its headquarters after a while; in that case, the registered office must be changed with notice. The MCA has established procedures, which must be followed by the company, for altering a company’s address....

Posted Under: Income Tax |

SC upheld importance of proportionate & equal treatment for creditors in a class

Supreme Court upheld the importance of proportionate and equal treatment for creditors in a class, emphasizing that the Resolution Plan should be feasible, viable, and just. The Court rejected the appellant's plea for a higher amount based on the value of their security interest, underscoring the need for a rational and equitable resoluti...

Posted Under: Income Tax |

Introducing Electronic Credit Reversal and Reclaimed statement

As per Notification No. 14/2022 – Central Tax dated July 5, 2022, along with circular 170/02/2022-GST dated July 6, 2022, the government has brought in certain modifications to Table 4 of Form GSTR-3B. These changes aim to help taxpayers accurately report information related to ITC availed, ITC reversal, ITC re-claimed, and ineligible I...

Posted Under: Income Tax |

Shri Amarjeet Singh takes charge as Whole Time Member, SEBI

Press Releases No.19/2023 01/09/2023

Shri Amarjeet Singh took charge as Whole Time Member, SEBI, in Mumbai today. Prior to this assignment he was Executive Director in SEBI....

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September 2023