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Archive: 19 January 2024

Posts in 19 January 2024

Vessel Damage Payments, Capital in Nature and Not fall under Section 5(2): ITAT

January 19, 2024 300 Views 0 comment Print

ITAT Ahmedabad upheld decision of CIT(A), ruling in favor of Nirma Limited. The nature of payments for vessel damage was deemed as reimbursement and capital in nature, not falling under Section 5(2) of the Act. The appeal by Revenue was dismissed, affirming the cancellation of TDS deduction on the payment of USD 4,50,000.

Delhi HC Directs Release of Seized Foreign Currency after realizing redemption fine & penalty 

January 19, 2024 447 Views 0 comment Print

Read the full judgment as Delhi High Court orders Customs Commissioner to release remaining amount after realizing redemption fine and penalty from seized foreign currency.

Analysis of Rule 9B and Securities Dematerialization for Private Companies

January 19, 2024 5955 Views 1 comment Print

Explore impact of Rule 9B on private companies’ securities dematerialization. Learn compliance details, due dates, and broader shift toward digital securities in India.

Taxation of Firm’s Income Exclusively in Firm’s Hands, Not Partners: ITAT Mumbai

January 19, 2024 765 Views 0 comment Print

Ketan Tokershi Shah Vs DCIT (ITAT Mumbai) Income belonging to firm whether disclosed or undisclosed can be taxed only in the hands of the firm and not in the hands of partner

Representation on Updated Return Processing under Income Tax Section 139(8A)

January 19, 2024 16749 Views 1 comment Print

Explore the challenges faced by Karnataka State Chartered Accountants Association (R) in processing updated returns under Section 139(8A) and proposed solutions for efficient tax administration.

RFP: Appointment of CA Firms/LLP/Proprietorship for NFRA’s Accounting & Taxation

January 19, 2024 1575 Views 0 comment Print

Explore NFRA’s RFP for Chartered Accountant firms/LLPs/Proprietorships to compile, verify books, handle taxation matters. Key dates, eligibility, scope & more.

HC Permits Exclusion of COVID-Impacted Period for GST Refund Deadline

January 19, 2024 705 Views 0 comment Print

Read the full judgment as Madras High Court rules on the computation of the refund period under CGST Act, emphasizing the date of receipt in convertible foreign exchange.

Indian Stamp Bill, 2023: Ministry of Finance Seeks Public Input

January 19, 2024 801 Views 0 comment Print

Participate in shaping India’s fiscal future! Ministry of Finance calls for public suggestions on the draft ‘Indian Stamp Bill, 2023’ for 30 days. Have your say now.

AAR Uttarakhand ruling on GST on Factory Canteen Services

January 19, 2024 663 Views 1 comment Print

The applicability of Goods and Services Tax (GST) on recoveries made by an entity providing food in the factory canteen has been a subject of inquiry.

Urgent Notice on Bar Council of India Certificate Verification Rules, 2015

January 19, 2024 2394 Views 0 comment Print

Stay compliant with Bar Council of Indias verification rules. Learn the guidelines for Advocates declaration of existence in the legal profession. Urgent notice issued for clarity.

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