A. Article
Gist of a few significant judgement on the issues concerning indirect taxes- Part II: by Shailesh Sheth
Gist of a few significant judgement delivered by the Hon’ble Justice Mr. Sanjeev Khanna as an SC or HC judge on the issues concerning indirect taxes Part II Read more
Gist of a few significant judgement on the issues concerning indirect taxes– Part I : Read more
SC favours ‘contractual’ over ‘statutory’ meaning of “transfer” – By Vikash
Hon’ble SC recently ruled that “transfer” in a lease deed should be read broadly, not confined to the Transfer of Property Act. Parties can agree to terms beyond statutory provisions, provided they don’t contravene laws or public policy. The “transfer” clause aims to retain the lessor’s control over the property and prevent alienation jeopardizing the lessor’s rights. Read more
Assessee would be considered as electronic commerce operator when digital gold is sold through the platform and sale amount is directly paid through escrow account for which commission is charged
The Karnataka, AAR in the case of In Re. M/s. Changejar Technologies Private Limited ruled that the Applicant would be considered as electronic commerce operator and is required to collect tax at source in case where the digital gold is sold through the platform and sale amount is directly paid through escrow account for which commission is charged. Read more
B. Tax in Media
Rice millers seek waiver of GST on packed rice bags
Rice millers have called for the waiver of 5% GST imposed on pre-packed and pre-labelled rice. Read more
Patanjali Group firms under DGGI scanner for non-payment of GST, fake ITC
Fresh troubles seem to be in the offing for Patanjali Group companies led by Baba Ramdev. Directorate General for GST Intelligence (DGGI) is understood to have issued 2 show-cause notices to Patanjali Group companies — Patanjali Ayurved and Patanjali Foods. Read more
Income Tax: Exposure Draft Guidance Note on Reports of Audit u/s 12A/ 10(23C) of the Income-tax Act, 1961
The Direct Tax Committee of The Institute of Chartered Accountants of India, New Delhi published a Exposure Draft Guidance Note on Reports of Audit u/s 12A/ 10(23C) of the Income-tax Act, 1961 seeking public comments latest by 29.05.2024 Read more
Income Tax: ITR filing for FY 2023 enabled but CAs advising to hold return filing
ITR filing was enabled for FY 2023 in the first week of April 2023 in order to ease compliance and avoid last minute rush. But the information related to interest income, high value transactions, TDS, TCS, capital gains in last quarter, tax exemption and deductions are reported by 31.05.2024. So, ITR cannot be filed before said date. Read more
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