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No Section 234B & 234C Interest, if entire income was subject to TDS

March 5, 2023 4254 Views 0 comment Print

ITAT held that Interest under section 234B and 234C not chargeable, if entire income of the assessee was subjected to TDS.

Bombay HC grants bail to ITO in alleged bribery case

March 5, 2023 1131 Views 0 comment Print

Present applicant was working as ACIT. Accused No. 2  who was an Income Tax Inspector approached PW-6 and told him that there was a complaint filed against him and for that he should meet the present applicant i.e. ACIT.

Cenvat credit admissible on expansion of existing Jetty 

March 5, 2023 366 Views 0 comment Print

CESTAT held that even though setting up of a new factory, construction of building of service provider is not excluded from the definition of Input service. In this case the construction of Jetty is clearly in the nature of expansion of existing Jetty therefore, credit is clearly admissible.

Format for Serving a Copy of Application for Initiation of CIRP & Guide to fill

March 4, 2023 1323 Views 0 comment Print

Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi – 110 001 Circular No. IBBI/LAD/58/2023 04th March, 2023 To All Registered Insolvency Professionals All Recognised Insolvency Professional Entities All Registered Insolvency Professional Agencies (By mail to registered email addresses and on website of the IBBI) Dear Madam / Sir, Subject: Serving […]

Customs valuation of imported goods for trading activity

March 4, 2023 3573 Views 0 comment Print

The applicant does not undertake any value addition on the goods. It earns a margin of 3% while trading imported goods. The assessable value for payment of customs duties has been determined by the applicant as the sum of price at which the goods are sold by Ingrasys Singapore to the applicant plus freight. It may be noted that such freight is directly met by ADSPL.

Hallmarking of Gold Jewellery and Gold Artefacts (Amendment) Order, 2023

March 3, 2023 1500 Views 1 comment Print

No person shall, after 31st March, 2023, sell or display or offer to sell any Gold jewellery or Gold Artefacts unless it is hallmarked in accordance with the standards specified in IS 1417:2016 as amended by notification number Ref: HQ-PUB014/1/2020-PUB-BIS (191), dated the 7th July, 2021, published in the Gazette of India, Extraordinary, Part III, Section 4, dated the 15th July, 2021.

CBDT amends Income tax Notification No. 61/2022 dated 10th June, 2022

March 1, 2023 3399 Views 0 comment Print

Notification under sub sections (1), (2) and (5) of section 120 of the Income tax Act, 1961 (43 of 1961) – Notification No. 10/2023-Income Tax Dated:1st March, 2023 MINISTRY OF FINANCE (Department Of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 10/2023-Income Tax Dated: 01st March, 2023 S.O. 951(E).—In exercise of the powers conferred by […]

MCA imposes penalty on company for Private placement in violation of section 42(7)

March 1, 2023 6081 Views 0 comment Print

a. That the provision pursuant to sub-section (7) of Section 42 of the Act, no company issuing securities under this section shall release any public advertisements or utilize any media, marketing or distribution channels or agents to inform the public at large about such an issue. As mentioned in para (IX)(d) above, with the use […]

Setting up of Units under section 144B(3) of Income-tax Act, 1961

March 1, 2023 1428 Views 0 comment Print

In pursuance of sub-section (3) of section 144B of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby makes the following amendments in the Office Order — 2 of even number dated 10.06.2022

IFSCA: Net worth requirements for a Bullion Exchange & Bullion Clearing Corporation

March 1, 2023 1155 Views 0 comment Print

A Bullion Clearing Corporation shall also establish and maintain a fund called Core Settlement Guarantee Fund to guarantee the settlement of trades executed on the Bullion Exchange, in accordance with the norms issued from time to time by the The contribution made by Bullion Clearing Corporation to the Core Settlement Guarantee Fund shall be considered as part of its net worth.

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