ITAT Mumbai imposes Rs. 10,000 cost on Hunt International Investments LLC for non-response to notices under section 142(1). Details on the case inside.
Clarification provides the level of authority of various documents issued by ICAI e.g. Accounting Standards, Auditing Standards, Guidance Notes on Accounting, Guidance Notes on Auditing.
ITAT Ahmedabad rules that Section 271D penalty doesn’t sustain if a loan is accepted through banking channels, relating to A.Ys. 2013-14 & 2016-17.
ITAT Delhi deletes section 68 addition in B N Public School vs ACIT, confirming no separate PAN or return needed for institution owned by trust/society.
Analysis of ITAT Delhi’s ruling in Bushra Javed Vs ACIT: Indexation benefits for acquisition costs based on payment year. Read the full legal insight here.
Ministry of Finance issues Notification No. 48/2023-Customs, imposing an effective export duty rate of 40% on onions until December 31, 2023.
Ministry of Finance’s Notification No. 47/2023-Customs amends Second Schedule to Customs Tariff Act, imposing 50% export duty on onions.
Read detailed analysis of GST Advance Ruling by Uttar Pradesh AAR on including value of material and execution work in taxable value for installation of lines by Purvanchal Vidyut Vitran Nigam.
Check the latest Customs exchange rates for foreign currencies to Indian rupees for imported and export goods. Effective from August 18, 2023.
Ministry of Finance introduces new rule for TDS on foreign currency income, specifying exchange rates for tax calculation. Learn about changes.
