"07 February 2024" Archive

Display of Secured Assets under SARFAESI Act 2002: FAQs

Get answers to common queries about displaying secured assets under SARFAESI Act 2002. Learn about asset disclosure, updates, and more for transparency....

Posted Under: Fema / RBI |

Quarterly Returns with Monthly Payment (QRMP) Scheme under GST

Learn about the Quarterly Returns with Monthly Payment (QRMP) Scheme under GST, including eligibility criteria, conditions to be fulfilled, opting-in procedures, invoice furnishing facility (IFF), methods of monthly tax payments, and opt-in and opt-out timelines....

Posted Under: Fema / RBI |

Professional Indemnity Insurance for Chartered Accountants

Professional Indemnity Insurance is crucial for Chartered Accountants, protecting them from claims of negligence or errors, ensuring financial stability and reputation....

Posted Under: Fema / RBI |

Section 143(1)(a) Notices: Key Insights & Response Guide

Understand Notice u/s 143(1)(a): Learn about its purpose, common situations, response deadlines, and how to address discrepancies in your tax return effectively....

Posted Under: Fema / RBI |

TCS on credit card payments on international transactions

Learn about Tax Collected at Source (TCS) on credit card payments for international purchases. Understand its implications and stay informed for tax compliance....

Posted Under: Fema / RBI |

Section 43B(h) Deduction Allowed only on Payment Basis

Explore Section 43B(h) of the Income Tax Act, focusing on deduction allowances only on payment basis for payments to Micro & Small Enterprises. Analysis, implications, and compliance explained....

Posted Under: Fema / RBI |

Waiver of Late Filing Charges by Mumbai Customs Due to ICEGATE Glitch

Facility Notice No, 02/2024 07/02/2024

Mumbai Customs announces waiver of late filing charges for importers affected by ICEGATE system outage on February 3, 2024, ensuring smooth trade operations....

SOP for handling Transaction-less and Inoperative accounts in EPFO

Notifications No: WSU/2023/12/Inoperative Accounts in EPF (E-300140) 07/02/2024

Unlock the latest SOP for managing inoperative and transaction-less EPFO accounts effectively. Ensure compliance and safeguard member interests with our comprehensive guide....

TP adjustment rejected as margin determined falls within tolerance limit of +/- 5%: ITAT Mumbai

ITO - 10(3)(4) Vs Excult Client Services I P Ltd. (ITAT Mumbai)

ITAT Mumbai rejected the transfer pricing adjustment as margin which has been determined falls within the tolerance limit of +/- 5% as provided in proviso to Section 92CA of the Income Tax Act....

Discount on supply directly linked to subsidy forms part of transaction value: Madras HC

Supreme Paradise Vs Assistant Commissioner (ST) (Madras High Court)

Madras High Court held that if a discount offered on a supply is also directly linked to subsidy by a 3rd party, the value of such subsidy will be includible in the “transaction value” of the supply. In other words, a discount linked to the subsidy alone can form part of the “transaction value”....

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February 2024