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Threshold Limit for Interest under Mahila Samman Savings Certificate for Sec. 194A is Rs. 40,000: CBDT
Notification No. 27/2023, dated 16-05-2023 Section 194A of the Income-tax Act provides for deduction of tax at source (TDS) at the rate of 10% from interest, other than interest on securities, paid or payable to a resident person. The tax shall be deducted at the time of payment or credit, whichever is earlier. Further, tax […]
No Late Fees during GSTIN Revocation and Restoration Period: HC
Case Details: Ishwar Chand Proprietor of Bhagwati Trading Co. v. Union of India - [2023] 150 taxmann.com 294 (Delhi) Judiciary and Counsel Details Vibhu Bakhru & Amit Mahajan, JJ. Malay Swapnil & Ms Bhumika Aggarwal, Advs. for the Petitioner. Krishna Kumar Sharma, Sr. Panel Counsel Vijay Joshi, Sr. SC Anil Devlal, Govt. Pleader & Gurjas Singh Narula, Advs. for the […]
Order Demanding ITC Reversal Despite Tax Payment by Suppliers is Liable to be Set Aside
Case Details: Gajrar Singh Ranawat v. Union of India - [2023] 150 taxmann.com 260 (Rajasthan) Judiciary and Counsel Details Vijay Bishnoi & Yogendra Kumar Purohit, JJ. Vinay Kothari & Ayush Goyal for the Petitioner. Rajvendra Saraswat & Mukul Singhvi for the Respondent. Facts of the Case The petitioner was in business of construction of roads. It requested the supplier […]
Payment for Mutual Funds on Behalf of Minor to be Made via Minor/Parent/Legal Guardian’s Bank Account: SEBI
Circular no. SEBI/HO/IMD/POD-II/CIR/P/2023/0069; Dated: 12.05.2023 Earlier, SEBI prescribed a uniform process to be followed by Asset Management Companies (AMCs) regarding investments in mutual funds made in the name of a minor through a guardian. Now, SEBI has directed all AMCs to make necessary changes to facilitate such mutual fund transactions w.e.f June 15, 2023. As […]
[World Tax News] UAE Releases Norms for Maintenance of TP Documents and more…
World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week. 1. UAE Govt. releases norms for maintenance of TP documents for Corporate Tax Law The Finance Ministry of UAE issued Ministerial Decision No. 97 of 2023, specifying the […]
SEBI Directs all Reporting Entities falling under Debenture Trustee Segment to Register with FINNET 2.0 System
Circular No. SEBI/HO/DDHS/DDHS-POD1/CIR/P/2023/67, dated: 09.05.2023 Earlier, the Financial Intelligence Unit – India (FIU-India), issued a letter dated April 19, 2023 addressing designated directors and principal officers of Debenture Trustees (DTs). The letter outlined specific guidelines including red flag indicators for detecting suspicious transactions by the Debenture Trustees under Rule 7(3) of the Prevention of Money […]
Appeal against NCLT’s Order Rejected as Appellant-Director Disregarded HC’s Direction to File an Appeal within 2 Weeks
Case Details: M.K. Resely v. Union Bank of India - [2023] 149 taxmann.com 409 (NCLAT - Chennai) Judiciary and Counsel Details M. Venugopal, Judicial Member and Naresh Salecha, Technical Member S. Easwaran, Adv. for the Appellant.Varun Srinivasan, Shinu J. Pillai and A.G. Sathyanarayana, Advs. for the Respondent. Facts of the Case In the instant case, the CIRP application filed by […]
Notification No. 26 /2023 [F. No.300196/5/2019-ITA-I (Pt.-1)] / SO 2155(E)
Publish Date : Wednesday, May 10, 2023 source
MCA Amends Strike-off Rules; brings more Clarity on Filing of Overdue Financials before Applying for Striking-off
Notification No. G.S.R. 354(E), Dated: 10.05.2023 The Ministry of Corporate Affairs (MCA) has notified an amendment to the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016. The amendment provides more clarity on the filing requirements of overdue financials before applying for strike-off. As per the amended norms, the company cannot […]
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