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Highlights / Annotations / Catch Notes For February of 2023

Home Highlights February February 2023 Year 2023

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Showing 451 to 500 of 526 Records

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February 3, 2023 Notes Income Tax

Double claim of Interest Paid on Capital Borrowed for purchase of Property - Ist U/s 24 under House Property income, 2nd deductions under chapter VI-A and 3rd u/s 48 as.....
February 3, 2023 Notes Income Tax

Increase in rate of TCS of certain remittances - To promote domestic tourism and to flow of money within India TCS rate on Overseas tour package & other foreign......
February 3, 2023 Notes Income Tax

For the purpose of inquiry u/s 142- Valuation of inventory has to be done through cost accountant now. Also, for the purpose of section 144 amended to exclude the period....
February 3, 2023 Notes Income Tax

Amendment in special tax regime for REIT & INVIT - To avoid dual Non-taxation in the hands of unit holders as well as business trust on any income distributed by such......
February 3, 2023 Notes Income Tax

Market Linked Debentures now included in the definition of securities and transfer of such market linked securities is taxable under as short term capital gain as well,.....
February 3, 2023 Notes Income Tax

Presumptive income - enhancement of threshold limits - U/s 44AD if 95% of gross receipts and payments through no-cash mode than limit of presumptive taxation increased......
February 3, 2023 Notes Income Tax

Life Insurance Policy - In order to prevent the misuse it is proposed that premium or aggregate of premiums (other than ULIP) in a year exceeding ₹5 Lakh shall be.....
February 3, 2023 Notes Income Tax

LTCG - Exemption u/s 54 and 54F - Imposing the restriction on claiming high value deduction taken by high-net-worth assessees - Maximum deduction can be claimed upto 10.....
February 3, 2023 Notes Income Tax

To cover all types of Online gaming in the ambit of tax deduction section 194BBA has proposed for deduction of tax on 'net winnings' from online gaming and sec 115BBJ......
February 3, 2023 Notes Income Tax

Introduction of new section 115BAE for newly incorporated Co-operative society - For new manufacturing cooperative societies incorporated on or after 1st day of April,......
February 3, 2023 Notes Income Tax

Facilitating certain strategic disinvestment - Definition of "strategic Investment" has been amended to include sale of sharholding by CG/SG/PSU in a Public company or a....
February 3, 2023 Notes Income Tax

Section 44BB and 44BBB - Benefit of opt-in or opt-out from presumptive taxation to certain assessee has been now limiting through insertion of proviso for no set off of.....
February 3, 2023 Notes Income Tax

Benefits for Development Authority [W.e.f. 1st April, 2024] • Insertion of the new clause (46A) of section 10 of IT Act to exempt any income arising to a body or......
February 3, 2023 Notes Income Tax

Clause (ix) of TDS deduction u/s 193 - on payment of any interest payable on any security issued by a company, where such security is in dematerialized form and is......
February 3, 2023 Notes Indian Laws

Tax Incentives to International Financial Services Centre - (i) Time limit for exemption on Transfer of assets of the original fund, or its wholly owned SPV to a......
February 3, 2023 Case Laws GST

Levy of tax with penalty - validity period of the E-Way bill stood expired - where a statute provides extension of time to a transporter, the Adjudicating Authority......
February 3, 2023 Case Laws GST

Refund of tax - Tax / GST paid under protest in order to release the detained vehicle or not - Adjudicating authority requiring to produce the proof - The Petitioner has....
February 3, 2023 Case Laws GST

Penalty for claiming input tax credit based on bogus tax invoices / debit notes - The SCN issued u/s 74 is bald and cryptic and the exact details of the violations......
February 3, 2023 Case Laws GST

Cancellation of registration of the petitioner firm - The notice, which even is presumed to have reached on 17.05.2022, the order of cancellation of registration is of......
February 3, 2023 Case Laws Income Tax

Stay of Demand of tax raised u/s 143(3)/144B - Additions u/s 68 - Since it is apparent that the demand raised is untenable, we find that the present petition is a fit......
February 3, 2023 Case Laws Income Tax

Exemption u/s 54B - agriculture land or not - land was just adjacent to the sea - To carry agricultural operation water is very much required and sea water is not useful....
February 3, 2023 Case Laws Income Tax

Scrutiny assessment - Non-issuance of statutory notice u/s 143(2) - Addition u/s 68 - Notice was issued by Ld. AO and the service was effected through speed post. The......
February 3, 2023 Case Laws Income Tax

Late fee u/s. 234E - intimation u/s. 200A - delay in filing the above TDS statement - Financial Years 2012-13 to 2014-15 - the levy of interest u/s.234E of the Act in......
February 3, 2023 Case Laws Customs

Refund - Period of limitation - duty paid under protest or not - Importer had preferred an appeal challenging the enhancement of the value of the goods - The decision of....
February 3, 2023 Case Laws Customs

Revocation of Customs Broker License - misdeclaration of goods by the exporter - any error on the part of the appellant to inform the exporter regarding the......
February 3, 2023 Case Laws Customs

Grant of reward under the Merchandise Exports from India Scheme - amended shipping bills not transmitted online - The Policy Relaxation Committee has correctly pointed......
February 3, 2023 Case Laws Service Tax

SVLDRS - Rejection of declaration - Petitioner was subjected to audit as on the relevant date - There is no challenge to the audit proceedings before us. It is not......
February 3, 2023 Case Laws Central Excise

100% EOU - Denial of refund of Terminal Excise Duty (TED) paid on the inputs - Since the Supreme Court has held that EOU is additionally eligible to avail of the......
February 3, 2023 Case Laws Central Excise

Refund - Amount deposited during proceedings before the Settlement Commission - Period of time limitation - In this case the amounts have not been appropriated and......
February 3, 2023 Case Laws VAT and Sales Tax

Jurisdiction of Revisional Authority to revise an order - The decision of the Tribunal may not be acceptable to the Revisional Authority, but that cannot furnish any......
February 3, 2023 Case Laws VAT and Sales Tax

Dealer or Commission Agent or Importer? - the Petitioner, is a person who brings goods within the limits of the Corporation for the purpose of their delivery to the......
February 3, 2023 Case Laws VAT and Sales Tax

Interpretation of Statute - Scope of overriding provisions - when two or more laws or provisions operate in the same field and each contains nonobstante clause stating......
February 3, 2023 Case Laws Indian Laws

Dishonor of Cheque - amicable settlement of dispute - This is a very clear case of the parties entering into an agreement and compounding the offence to save themselves.....
February 2, 2023 Notes Indian Laws

New Provisions on Electronic Gold Receipt (EGR) :- 1. For the purpose of capital gain conversion of gold to EGR and vice versa is excluded from purview of 'Transfer" 2......
February 2, 2023 Notes Income Tax

Ease in claiming deduction on amortization of preliminary expenditure - certain preliminary expenses which are required to approved by the Board (CBDT) - In order to......
February 2, 2023 Notes Income Tax

Extension of date of incorporation for eligible start-up for exemption - For 100% deduction on profit of eligible start-up business u/s 80-IAC will be available where......
February 2, 2023 Notes Income Tax

TDS on certain income from units of a business trust u/s 194LBA - This budget removes the difficulty of obtaining certificate of lower deduction rate u/s 197, w.e.f. 1st April 2023.
February 2, 2023 Notes Income Tax

Taxability of Gift received by Non Residents / and Not ordinarily residents from a Person in India - Deeming provision u/s 9 extended to not-ordinarily resident with NR.....
February 2, 2023 Notes Income Tax

Relief to start-ups in carrying forward and setting off of losses - Relaxation in 51% holding of shares for the purpose of carry forward of losses of eligible star-up......
February 2, 2023 Notes Income Tax

Penalty for cash loan/ transactions against primary co-operatives - Section 269SS / 269T - Relief given to Primary Agricultural Credit Societies (“PACS”) and Primary......
February 2, 2023 Notes Income Tax

Removal of exemption of news agency under clause (22B) of section 10 - Exemption available to news agency withdrawn from 1st April 2024. - They will also be free from......
February 2, 2023 Notes Income Tax

Agnipath Scheme, 2022 - For the benefits of employee under agniveer scheme, contribution of 30% of his salary per month to corpus fund u/s 80CCH and govt will also......
February 2, 2023 Notes Income Tax

Payment to MSME is allowed on actual payment basis - Any expenditure shall be allowed only if payment to MSME within 15 days or 45 days as the case may be - section 43B.....
February 2, 2023 Notes Income Tax

Relief to sugar co-operatives from past demand - excess price paid for purchase of sugar cane over and above SMP shall be allowed as deduction for the period prior to......
February 2, 2023 Notes Income Tax

SEZ - Repatriation of Foreign Exchange Earning of sales proceeds must be brought in India within six months from the end of the Previous Year or extended period -......
February 2, 2023 Notes Income Tax

Business profit - benefits and perquisites in cash - the apex courts have interpreted that if the benefit or perquisite are in cash, it is not covered within the scope......
February 2, 2023 Notes Income Tax

Income Tax - Rebate u/s 87A - Benefit of full exemption from Income is extended where the total income is not exceeding Rs. 7 lakhs as computed under the New Tax Regime.....
February 2, 2023 Notes Income Tax

Rate of Income Tax - Now the facility of "new tax regime" is available to individual or HUF, association of persons [other than a co-operative society], or body of......
February 2, 2023 Case Laws Income Tax

Exemption u/s 11 - denial of the Registration u/s 12AA - The genuineness of the activities would mean to see that activities are not camouflage, bogus, artificial and......
February 2, 2023 Notes Income Tax

AMENDMENTS TO THE CUSTOMS ACT, 1962 - Due to increase in Custom Duty these items will get costlier Compounded rubber, Articles made from gold bars, Electric Kitchen......

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