DGFT announces draft modalities for E-Commerce Export Hubs (ECEH) pilot, outlining operational procedures and submission guidelines for stakeholders.
DGFT’s new amendments simplify the Handbook of Procedures, easing compliance and export obligations for unused drugs under Advance Authorisation.
This article delves into the key amendments introduced under section 11 of the Income Tax Act, focusing on the revised timelines and conditions for filing forms, setting apart or accumulating trust income, and the nuances of applying corpus funds. Understanding these changes is crucial for trustees to ensure compliance and optimize the financial management of their trusts.
Explore the duties of the Director General and penalties under Chapters V & VI of the Competition Act, 2002, with key cases illustrating enforcement and compliance.
Explore the essential details of General Meetings under the Companies Act, 2013, including AGMs, EGMs, quorum requirements, and notices as per SS-2 and Section 118.
ITAT Hyderabad held that voluntary surrender of income in good faith cannot be considered as concealment of income. Hence, penalty u/s. 271(1)(c) of the Income Tax Act cannot be sustained.
Delhi High Court held that Dividend Distribution Tax (DDT) is liable to be paid by the company which declares, distributes or pays the same. Petitioner, herein, has received interest income from Non-convertible debentures and accordingly cannot be subject to DDT.
ITAT Ahmedabad held that addition towards unexplained cash credit under section 68 of the Income Tax Act unwarranted as the amount represents sales already declared and taxed. Thus, income already offered for taxation cannot be taxed again as unexplained cash credit.
Delhi High Court held that mechanical approval granted by PCIT, vide general order of approval for all the 111 cases without satisfactorily record, for action under section 147/148 of the Income Tax Act is not valid.
The ITAT Ahmedabad ruled on the disallowance of TDS credit to Theo Desh Consultants due to non-inclusion of corresponding income in the relevant assessment year.
