No Question of Law Arises if Assessee Failed to Establish Basic Ingredients Required to Be Established u/s 68 | HC
Image Case Details: Balgopal Merchants (P.) Ltd. vs. Principal Commissioner of Income Tax – [2024] 162 taxmann.com 465 (Calcutta) Judiciary and Counsel Details T.S. Sivagnanam, C.J. & Hiranmay Bhattacharyya, J. J.P. Khaitan, Sr. Adv., Pratyush Jhunjhunwala, Ms Sretapa Sinha, & Samit Rudra, Advs. for the Appellant. Om Narayan Rai, Sr. Adv. Soumen Bhattacharjee, Adv. for the Respondent. Facts of the Case […]
CBDT Introduces Real-time Status Display for Taxpayers in AIS to Track Feedback Submitted by Them
Press Release, dated 13-05-2024 The Central Board of Direct Taxes (CBDT) has rolled out a new functionality in the Annual Information Statement (AIS) to display the status of the information confirmation process. The new functionality will help taxpayers check whether their feedback is acted upon by the Source/Reporting Entities. The following attributes shall be visible […]
SEBI Amends Stock Exchanges & Clearing Corporations Norms | Reduces Timeline for Payment of Regulatory Fee to 15 Days
Notification No. SEBI/LAD-NRO/GN/2024/174; Dated: 10.05.2024 SEBI has notified the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2024. An amendment has been made to Regulation 11 of the existing regulations, i.e. regulatory fee. It states that a recognised stock exchange must pay the Board within 15 days from the end of each […]
SEBI Prescribes Timeline for Payment of Annual Charge by Depositories
Notification No. SEBI/LAD-NRO/GN/2024/173, Dated: 10.05.2024 The SEBI has notified amendment in Regulation 9 i.e., Payment of annual charge of SEBI (Depositories and Participants) Regulations, 2018. Now, a depository shall make payment of the annual charge within fifteen days from the end of each month, a percentage of the annual custody charges received by it from […]
[World Tax News] UAE Releases Corporate Tax Guide on “Investment Funds and Investment Managers and More
Editorial Team – [2024] 162 taxmann.com 346 (Article) 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 releases Corporate Tax Guide on “Investment Funds and Investment Managers” The Federal Tax Authority has recently published a […]
MCA Relaxes Additional Fees on Filing of Form LLP BEN-2 and LLP Form No. 4D Up to 01.07.2024
General Circular No. 03/2024; Dated: 07.05.2024 In view of the transition of MCA-21 from version 2 to version 3 and to promote compliance on the part of reporting LLPs, MCA has granted relaxation in filing LLP forms. Accordingly, LLPs may file Form LLP BEN-2 and LLP Form No. 4D, without payment of any further additional […]
No GST Shall be Levied on Entry Fees Collected from Visitors/Devotees/Pilgrims | AAR
Case Details: Authority for Advance Rulings, Rajasthan Shri Digamber Jain Sidhkut Chaityalaya Temple Trust, In re – [2024] 162 taxmann.com 291 (AAR-RAJASTHAN) Judiciary and Counsel Details Mahipal Singh & Mahesh Kumar Gowla, Member Sanjeev Jain, CA for the Applicant. Facts of the Case The applicant was engaged in religious activities aimed at advancing Jain religion and […]
GST Authority Can’t Pass Order for Insertion of Negative Balance in Credit Ledger of Assessee | Telangana HC
Case Details: Laxmi Fine Chem v. Assistant Commissioner – [2024] 161 taxmann.com 270 (Telangana) Judiciary and Counsel Details P. Sam Koshy & N. Tukaramji, JJ. S. Dwarkanath, Ld. Sr. Counsel & Siddharth Gilda, Ld. Counsel for the Petitioner. Swaroop Oorilla, Ld. Sp. Govt. Pleader, Rajesh Reddy, Ld. Counsel & Gadi Praveen Kumar, Ld. Dy. Solicitor General of […]
ADs Can Post and Collect Margins in India/Outside India for Derivative Contracts Entered With Non-Residents
Notification No. FEMA 399(1)/2024-RB; Dated: 30.04.2024 The RBI has notified the Foreign Exchange Management (Margin for Derivatives Contracts) (First Amendment) Regulations, 2024. An amendment has been made to Regulation 4 of the existing regulations. These shall come into force with effect from the date of their publication in the Official Gazette. As per the amended […]
SEBI Permits ‘360 ONE Distribution Services Limited’ to Use UIDAI’s e-KYC Aadhaar Authentication as Sub-KUA in Markets
Circular No. SEBI/HO/MIRSD/SECFATF/P/CIR/2024/36, Dated 06.05.2024 Earlier, Finance Ministry vide notification dated 30.04.2024 has notified ‘360 ONE Distribution Services Limited’ to conduct Aadhaar authentication under section 11A of the Prevention of Money-laundering Act, 2002. Now, SEBI has allowed the entity to use e-KYC Aadhaar Authentication services and on-boarding process of Unique Identification Authority of India in […]