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Archive: 18 December 2023

Posts in 18 December 2023

Insurance claims relating to Cyclone Michaung and subsequent heavy rains/floods

December 18, 2023 336 Views 0 comment Print

IRDAI’s Circular on Cyclone Michaung claims, granting special dispensation to General Insurers. Increased limits for surveyors and assessors.

GSTR 9: Due Date, Types and Step-by-Step Filing Guide

December 18, 2023 4290 Views 2 comments Print

Explore the GSTR 9 annual return filing, types, and due date for the financial year 2022-23. Step-by-step guide on GSTR-9 filing, including deadlines and crucial details

Expenditure towards helper allowance disallowed in absence of any supporting documents

December 18, 2023 849 Views 0 comment Print

ITAT Chennai held that disallowance of expenditure towards helper allowance claimed as deduction u/s. 10(14)(i) of the Income Tax Act rightly sustained as no supporting documents submitted.

Penalty Imposed on Yuvraj International Ltd for Late Annual Return Filing

December 18, 2023 309 Views 0 comment Print

Explore the penalty order against Yuvraj International Limited for violating Section 92 of the Companies Act, 2013. Detailed analysis, findings, and consequences.

Deduction u/s 57 was allowable on cost of funds and proportionate administrative expenses for earning Interest Income

December 18, 2023 2154 Views 0 comment Print

Deduction under Section 57 was allowable on the cost of funds and proportionate administrative expenses for earning interest income to the extent of Rs.9,05,550/-.

IND AS vs Income Tax Act, 1961: Impact on Taxable Profit – Part 1

December 18, 2023 5457 Views 2 comments Print

Explore the differences between Indian Accounting Standards (IND AS) and the Income Tax Act in calculating taxable profit. Part 1 covers adjustments, additions, and deductions affecting entities under IND AS

Refund to be granted as order amending Bill of Entry had attained finality

December 18, 2023 612 Views 0 comment Print

CESTAT Delhi held that that refund has to be granted to the respondent as the order for amendment in the Bills of Entry had attained finality.

GST on Employee Secondment: Recent Developments & Judicial Insights

December 18, 2023 10392 Views 0 comment Print

Explore the complexities of GST on employee secondment. Unravel recent judicial decisions, implications on taxation, and the crucial role of secondment agreements. Stay informed and compliant.

Upward adjustment rejected as reimbursement of AMP expenses incurred by Sony India for AE was at arm’s length

December 18, 2023 612 Views 0 comment Print

Delhi High Court held that upward adjustment advertising, marketing and promotion expenses (AMP) rejected as reimbursement of AMP expenses incurred by respondent (Sony India) on behalf of its AE was at arm’s length.

Kerala HC Allows Rectification in GSTR-3B for Erroneous ITC Accounting

December 18, 2023 3240 Views 0 comment Print

Kerala High Court, in Chukkath Krishnan Praveen vs State of Kerala, allows rectification in GSTR-3B when Input Tax Credit (ITC) is erroneously accounted as Integrated Goods and Services Tax (IGST) credit instead of Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST) credit. Explore the details of the judgment and its implications.

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