Section 44AB read with rule 6G prescribes
provisions relating to revision of the tax audit report
The Income Tax (Eighth Amendment) Rules, 2021 has
inserted sub-rule (3) in rule 6G that provides for reasons to revise tax audit
report.
Monday 31 October 2022
CAN TAX AUDIT REPORT BE REVISED?
Saturday 29 October 2022
Registration procedure for Casual Taxable persons under GST
According to Section 2(20) of the CGST Act, a Casual taxable person” means a person who occasionally undertakes transactions involving supply of goods or services or both in the course or furtherance of business, whether as principal, agent or in any other capacity, in a State or a Union territory where he has no fixed place of business; This can be easily explained through this following example:- A is participation in a fair/expo in another state. When a taxable person participates in a fair/expo outside the state where his usual place of registration is, then he should register as a casual taxable person in order to undertake the sale and purchase of goods in that other state.
Thursday 20 October 2022
No Interest or Penalty on CVD or SAD Defaults - Customs and GST Implications
In a major bombshell dropped on the Revenue, the Bombay High Court (‘HC’) in the case of Mahindra and Mahindra Limited v. Union of India, 2022 (10) TMI 2022, held that there is no provision under the Customs Tariff Act, 1975 ('CTA 1975') to levy interest or penalty on Countervailing Duty ('CVD') or Special Additional Duty ('SAD').
Government extends the scope of Customs IGCR Rules
In our update dated September 12, 2022, we apprised you about the introduction of new Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022 [‘IGCRS Rules’]
Reiteration on FEMA Regulations.- Capital Account Transactions
As you would be aware that Foreign Exchange Transactions in India, are governed by Foreign Exchange Management Act, 1999 (FEMA, 1999) and Rules & Regulations, Notifications, Circulars and Directions (FEMA Regulations) issued thereunder by Reserve Bank of India in consultation with Government of India.
Monday 3 October 2022
CBDT notifies rules providing manner for filing application for re-computation of income for disallowing claim for cess deduction
This Tax Alert summarizes a recent Notification No. 111/2022 dated 28 September 2022 issued by the Central Board of Direct Taxes (CBDT) prescribing rule and forms for taxpayers to make voluntary application with the tax authority for re-computation of total income to avoid deeming penal consequences for under-reported income on account of disallowance, on retrospective basis, of surcharge or cess as business deduction which was claimed and allowed in the past.
Outbound/export freight is liable to GST from 1st October
This is to apprise you about the withdrawal of following two exemptions* from October 1, 2022:
- Services by way of transportation of goods by a vessel from customs station of clearance in India to a place outside India
CBIC notifies effective date for amendments in CGST Act and modifies CGST Rules
This Tax Alert summarizes recent Notifications issued by Central Board of Indirect Taxes and Customs (CBIC).
Vide Finance Act, 2022, Government had proposed various amendments in the
Central Goods and Services Tax Act, 2017 (CGST Act). The following amendments
have been now made effective from 1 October 2022:
Taxation of Intangible assets acquired through business restructuring.
1. Background 1.1 When a company aims to acquire another company's business through amalgamation or demerger, assets or ...
-
A new website launched for TDS related matters www.tdscpc.gov.in TRACES – T DS R econciliation A nalysis and C orrection E nabling S yste...
-
LEASE-DEED (A brief Introduction) Lease defined. A lease of immovable property is a transfer of a right to enjoy such property, mad...
-
Particulars in Part 1 and Part 2 of Step-2 of registration form are required to be exactly the same as reported in the TDS statement. Plea...
-
Introduction It's important for taxpayers to have a clear understanding of the available allowances and deductions, as they can grea...
-
· Mumbai ITAT in the case of Mukesh Harilal Mehta held that Exemption U/S 54 cannot be denied merely due to mistake by the developer.
-
Earlier this year, the Mauritius Government approved the amendment to the India – Mauritius tax treaty, aligning it with the proposal of th...
-
Slump sale is transfer of one or more business undertakings for a lump sum consideration, without assigning individual values to the each...
-
This Tax Alert summarizes a recent instruction issued by the SEZ Division, Department of Commerce, clarifying various concerns relating t...
-
This Tax Alert summarizes a recent judgement of the Delhi High Court (HC) [1] dealing with the issue of denial of input tax credit (ITC) ...
-
An eminent concern within the GST framework pertains to the entitlement of Input Tax Credit (ITC) concerning expenditures associated with In...