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Archive: 03 January 2024

Posts in 03 January 2024

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 16, 2024 3867 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 3501 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Have you received SMS/Email from Income Tax Department for High Value Transactions?

January 3, 2024 187242 Views 13 comments Print

Received an SMS/Email from Income Tax? Explore insights on the high-value transactions advisory, its purpose, and how to respond. Understand the significance of AIS, discrepancies, and consequences of non-compliance. Stay informed with professional advice

NCLAT Upholds Rs. 5000/Day Compounding fees for 20+ Directorships in Karan Samtani case

January 3, 2024 5568 Views 0 comment Print

National Company Law Appellate Tribunal (NCLAT) recently upheld the compounding fees of Rs. 5000 per day in the case of Registrar of Companies vs. Karan Kishore Samtani.

DGFT Allocates 8606 MTRV Raw Cane Sugar to USA under TRQ Scheme 2024

January 3, 2024 348 Views 0 comment Print

Public Notice No. 36/2023- DGFT announces allocation of 8606 MTRV raw cane sugar to USA under TRQ scheme for the US fiscal year 2024. Details on conditions, certification, and implementation.

Amendment in Import Policy for Screws under HS Code 7318

January 3, 2024 6918 Views 0 comment Print

Explore the latest amendment in the Import Policy for screws under HS Code 7318 by the Government of India’s Ministry of Commerce & Industry. Notification No. 55/2023-DGFT dated 3rd January, 2024.

Delhi HC Directs Electronic Issuance of CGST Notice Summary

January 3, 2024 1629 Views 0 comment Print

Explore the Delhi High Court’s directive in Sulender Shah vs. Additional Commissioner CGST, emphasizing the electronic issuance of summary for CGST notice under Rule 142(1).

ITC for different financial years can be clubbed together for claiming refund under Rule 89(4) of the CGST Rules

January 3, 2024 2196 Views 0 comment Print

Explore Bombay High Court’s groundbreaking decision allowing clubbing of ITC for refund under Rule 89(4) of CGST Rules, as per Circular 135/05/2020-GST.

Exclusion of Know-How Fees from Assessable Value in Customs Valuation Rules

January 3, 2024 621 Views 0 comment Print

Charges of Know How agreement were not required to be added to the assessable value of imported goods in terms of Customs Valuation Rules, 1988 as there was no technical know-how fees attributable towards post import related/associated acts and activities and thereby no case arose for scaling up the assessable value with the inclusion of the royalty charges.

Tax Liability on Unexplained Investment/Expenditure: Implications for Taxpayers

January 3, 2024 2028 Views 0 comment Print

Explore the heavy tax implications on taxpayers for unexplained investments and expenditures under Income Tax Act sections 69 to 69C. Learn about penalties and consequences.

Recent GSTN Advisories: New Banks, Forward Charge by GTAs, ITC Reversal

January 3, 2024 4842 Views 0 comment Print

Explore the latest GSTN advisories, including additions of Karnataka Bank and RBL Bank, forward charge option for GTAs, and date extension for ITC reversal reporting.

Venus Universal Ltd Penalized for Companies Act Section 92 Violation

January 3, 2024 564 Views 0 comment Print

Explore the adjudication order under Section 454 against Venus Universal Ltd for non-compliance with Section 92 of the Companies Act, 2013. Details, penalties, and consequences revealed.

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