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Archive: 27 July 2024

Posts in 27 July 2024

Union Budget 2024-25: Key Highlights on Economy and Taxation

July 27, 2024 1983 Views 0 comment Print

Explore the Union Budget 2024-25 highlights, focusing on economic growth, taxation reforms, employment, MSMEs, and the middle class in India’s dynamic landscape.

HC Criticizes Appellate Authority for Overlooking Petitioner’s Documentation

July 27, 2024 726 Views 0 comment Print

Explore the Calcutta High Court ruling in Shiva Chemicals & Anr. Vs Assistant Commissioner of Revenue, focusing on Input Tax Credit (ITC) disputes.

There is no restriction that application for advance ruling can be made only by supplier: Rajasthan HC

July 27, 2024 630 Views 0 comment Print

Rajasthan High Court held that there is no restriction that application for advance ruling can be made only by the supplier. Even registered person liable to pay tax on reverse charge can file an application for advance ruling.

Notification prohibiting export of Non-Basmati White Rice cannot have retrospective effect: Andhra Pradesh HC

July 27, 2024 270 Views 0 comment Print

Andhra Pradesh High Court held that notification no. 20 of 2003 dated 20.07.2023 prohibiting export of Non-Basmati White Rice cannot have the retrospective effect. The said notification shall have prospective effect only.

Urgent Request for Amendment to Section 43(B)(h) for MSMEs

July 27, 2024 11307 Views 0 comment Print

Punjab Accountants Association urges Finance Minister to amend Section 43(B)(h) for MSMEs, proposing better payment timelines and uniform taxpayer regulations.

Gain on property kept for investment purpose taxable only under capital gain: Kerala HC

July 27, 2024 1014 Views 0 comment Print

Kerala High Court held that when a property kept not for trade, but for an investment purpose is sold, the gain has to fall under head ‘capital gains’ and such transaction is only taxable under capital gain and not under adventure of trade.

IC-Codecs are classifiable under CTH 8542 and are exempt from payment of customs duty: CESTAT Delhi

July 27, 2024 555 Views 0 comment Print

CESTAT Delhi held that goods imported are IC-Codecs and are classifiable under Customs Heading 8542 39 90 and hence are exempted from payment of customs duty leviable on goods imported into India.

Blacklisting order passed without giving any opportunity of being heard is unsustainable: Karnataka HC

July 27, 2024 432 Views 0 comment Print

Karnataka High Court held that passing of a blacklisting order without prior notice and without any opportunity of being heard cannot be sustained in law.

Amnesty Provisions Under Section 128A W.R.T. Section 73 Demands

July 27, 2024 39297 Views 2 comments Print

Explore the new Section 128A proposed in Budget 2024, detailing tax relief for non-fraud cases under Section 73. Learn how this impacts notices, statements, and orders.

How to Close a Company with Form STK-2: Key Steps & FAQs

July 27, 2024 5997 Views 0 comment Print

Learn the key FAQs and guidelines for closing a company under the Companies Act 2013 using Form STK-2. Detailed steps and required documents included.

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