Author: NewsTaxIndia

Hon’ble ITAT Ahmedabad in case of ACIT Vs Grand Polycoats Company Pvt. Ltd. (ITAT Ahmedabad) ITA No. 434/Ahd/2022 Date of Order: 03/10/2023 held that Gratuity Premium paid to LIC is allowable as business expenditure under section 37(1) of the Income Tax Act. The relevant para … Continue Reading →

Direct Tax Collections for F.Y. 2023-24 up to 9th October, 2023 show an increase over comparable period of last year Gross Direct Tax Collection higher by 17.95% Direct Tax Collection (net of refunds) higher by 21.82% Refunds amounting to Rs. 1.50 lakh crore issued during … Continue Reading →

CBDT Circular No. 17/2023 dated 09-10-2023 Sub: Order under section 119 of the Income-tax Act, 1961 – reg. Audit report in the case of a fund or trust or institution or any university or other educational institution or any hospital or other medical … Continue Reading →

GST Council recommends amendments in conditions of appointment of President and Member of the proposed GST Appellate Tribunals regarding eligibility and age GST Council recommends nil rate for food preparation of millet flour in powder form and containing at least 70% millets by weight when … Continue Reading →

Hon’ble ITAT in case of M/s Ramky ECI JV Vs ITO (ITAT Kolkata) Appeal Number : ITA No. 159 & 160/GTY/2020 Date of Order: 31/08/2023 held that TDS is not deductible on payment by Joint Venture to its constituents as the payment is not in … Continue Reading →

Hon’ble Calcutta High Court in case of M/s Dalam Tracon Pct. Ltd. Vs Assistant Commissioner of State Tax, Behala Charge & Ors. (Calcutta High Court) Appeal Number : WPA 22902 of 2023 Date of Judgement: 03/10/2023 held that the show-cause notice which is the second … Continue Reading →

More than 30 lakh Audit Reports filed on Income Tax Department’s e-filing portal till 30th September, 2023 Posted On: 02 OCT 2023 6:26PM by PIB Delhi View Source Document] More than 30.75 lakh audit reports, including about 29.5 lakh Tax Audit Reports have been filed … Continue Reading →

(370 kb) Date : Sep 30, 2023 ₹2000 Denomination Banknotes – Withdrawal from Circulation – Review The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. In order to complete the exercise … Continue Reading →

₹1,62,712 crore gross GST revenue collected during September 2023; records 10% Year-on-Year growth GST collection crosses ₹1.60 lakh crore mark for the fourth time in FY 2023-24 ₹9,92,508 crore gross GST collection for the first half of FY 2023-24 marks 11% Y-o-Y growth Average monthly … Continue Reading →

SEBI CIRCULAR SEBI/HO/IMD/IMD-IPOD1/P/CIR/2023/160 dated September 27, 2023 Subject: Nomination for Mutual Fund Unit Holders –Extension of timelines 1.SEBI vide Circular No. SEBI/HO/IMD/IMD-II DOF3/P/CIR/2022/82 dated June 15, 2022 read with SEBI Circular No. SEBI/HO/IMD/IMD-I DOF1/P/CIR/2022/105 dated July 29, 2022, and SEBI Circular No. SEBI/HO/IMD/IMD-I POD1/P/CIR/2023/47 dated … Continue Reading →