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Archive: 11 January 2024

Posts in 11 January 2024

Non-Disclosure of DIN in Financial Statements: MCA Imposes 3 lakh Penalty

January 11, 2024 744 Views 0 comment Print

Explore the adjudication order imposing penalties on MARS MERCANTILES PRIVATE LIMITED for non-compliance with Section 158 of the Companies Act, 2013. Understand the violations, company’s response, and the imposed penalties.

AO cannot treat advance from customers as Deferred Sale without concrete basis

January 11, 2024 585 Views 0 comment Print

In the case of Raj Auto Wheels (P) Ltd vs ACIT, ITAT Jaipur meticulously analyzed additions based on customer advances and sales deferment, emphasizing legal principles and fair assessment. Tribunal’s rulings underscore the importance of genuine transactions and consistent legal application in tax assessments.

No disallowance under Section 40(a)(ia) if payee has already paid taxes: ITAT Jaipur

January 11, 2024 2142 Views 0 comment Print

The issue involved the contention that disallowance under Section 40(a)(ia) should not be made if the payee has already paid taxes. Noteworthy payees included public limited companies such as Maruti Udhyog Ltd., and Non-Banking Finance Corporations like Sundaram Finance, AU Finance, and Mahindra & Mahindra Finance.

CESTAT Sets Aside Service Tax Demand as it was Based Solely on Income Tax Form 26AS

January 11, 2024 1317 Views 0 comment Print

Rajeshwar Prasad Choudhari challenges service tax demand based on Form 26AS data. CESTAT Kolkata sets aside order due to lack of evidence. Detailed analysis and key legal precedents.

GST Notice Invalid as Sent to Wrong Email, Not Assessee’s Email Address: Madras HC

January 11, 2024 594 Views 0 comment Print

R. Soundararajan & Co. challenges GST order in Madras High Court. Notice sent to wrong email, violating natural justice. Detailed analysis of the case and court’s directive.

A Comprehensive Guide to Setting up AIF Category II in IFSC Gift City

January 11, 2024 1143 Views 0 comment Print

Explore the steps, regulations, and tax benefits associated with establishing an Alternative Investment Firm (AIF) Category II in India’s only International Financial Service Centre (IFSC) – GIFT City. Learn about leverage permissions, diversification limits, and investment avenues for AIFs, providing a roadmap for global financial service providers.

New Tab in GSTR 1 For Reporting of Sales Through E-Commerce Portal

January 11, 2024 11823 Views 0 comment Print

Explore the latest enhancement in GSTR 1 with dedicated tabs for reporting electronic e-commerce portal sales. Learn the intricacies of Tables 14 and 15, facilitating seamless and accurate reporting for taxpayers.

Key Updates in GST: Rate Reduction on LPG, Deadline Extensions & New Procedures

January 11, 2024 945 Views 1 comment Print

Stay informed with the latest GST changes: Reduced GST on LPG, extended filing deadlines (GSTR-3B, GSTR-9, GSTR-9C), and a new special procedure for manufacturers.

Empowering Innovation: Unveiling the Potential of Startup Culture in India

January 11, 2024 279 Views 0 comment Print

Explore transformative journey of Startup India, catalyzing innovation and economic growth. Learn about eligibility, benefits, and exemptions for startups under Indian regulations.

Non-banking financial Companies (NBFCs) in India: Regulations, Categories, & Compliance

January 11, 2024 1119 Views 0 comment Print

Explore the regulations governing Non-Banking Financial Companies (NBFCs) in India. Learn about categories, compliance, and essential requirements for NBFCs.

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January 2024