Author: NewsTaxIndia

RBI Press Release: 2023-2024/1222 dated 01-11-2023 The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The status of withdrawal of ₹2000 banknotes has been periodically published by the RBI. 2. … Continue Reading →

GST revenue collection for October 2023 is second highest ever, next only to April 2023, at ₹1.72 lakh crore; records increase of 13% Y-o-Y Revenue from domestic transactions (including import of services) is also 13% higher Y-o-Y Average gross monthly GST collection in FY 2023-24 … Continue Reading →

Record 7.85 crore ITRs filed for all assessment years up to 31st October, 2023 Over 7.65 crore ITRs filed for AY 2023-24 till 31st October, 2023; 11.7% higher Y-o-Y More than 7.51 crore ITRs verified and almost 96% of the verified ITRs stand processed till … Continue Reading →

Hon’ble Allahabad High Court in case of M/s Ram Kamal Healthcare Pvt. Ltd Vs Union of India (Allahabad High Court) Appeal Number : Writ Tax No. 1435 of 2018 dated 05-10-2023 held that there is exemption from levy of GST on premium and lease rent … Continue Reading →

CBIC Notification No. 52/2023 – Central Tax on October 26, 2023. This notification introduces changes to the CGST Rules, 2017 & amends Rule 28, Rule 142, Rule 159, FORM GST REG-01, FORM GST REG-08, FORM GSTR-8, FORM GST PCT-01 and FORM GST DRC-22. MINISTRY OF … Continue Reading →

Hon’ble ITAT Ahmedabad in case of ACIT Vs Pradip Overseas Ltd Date of Order: 04-10-2023 held that the Income Tax Settlement Commission has also passed order which is binding on the Revenue Department and the Assessing Officer has no power to reopen the assessment. … Continue Reading →

CBDT Circular No. 19/2023-Income Tax, Dated: October 23, 2023 Sub: Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC for Assessment Year 2021-22 – Reg. In exercise of the powers conferred under section 119(2)(b) of the … Continue Reading →

The Ministry of Commerce & Industry’s Directorate General of Foreign Trade (DGFT) has released Policy Circular No. 06/2023-24 on October 19, 2023, addressing the implementation of Import Management Systems for IT Hardware. This circular provides important clarifications following DGFT Notification No. 23/2023 dated 03rd August … Continue Reading →

Hon’ble ITAT Mumbai in case of Ishwardas Satyanarayan Gupta Vs ITO (ITAT Mumbai) ITA No. 2058/MUM/2023 Date of Order: 15-09-2023held that the partner should be entitled to all the deductions which he was entitled while computing his share of profits in the firm including the … Continue Reading →

CBI Press Releases 17-10-2023 (View Source Document) FIVE YEARS RIGOROUS IMPRISONMENT TO THEN SUPERINTENDENT OF CENTRAL EXCISE & CUSTOMS FOR POSSESSING DISPROPORTIONATE ASSETS The Special Judge, CBI cases, Ahmedabad (Gujarat) has sentenced Shri Fauza Singh Pandher, then Superintendent, Central Excise & Customs (Preventive Branch), Daman … Continue Reading →