[Opinion] Examining the Ramifications of Director’s Failure to Disclose Interest | A Case Study
Prof R Balakrishnan – [2023] 156 taxmann.com 482 (Article) 1. Disclosure of interest by directors The framework of the Companies Act 2013 lays down that every director of a company to make disclosure of his interest in any company or firm or body corporate or any association of individuals at the first board meeting or […]
Format, Procedure and Guidelines for submission of Statement of Financial Transaction (SFT) for Mutual Fund Transactions by Registrar & Share Transfer Agent
Publish Date : Wednesday, November 15, 2023 source
Determining Asset Readiness | The Crucial Role of Commissioning Dates in Depreciation Accounting Under Ind AS 16
A company has floated a tender for the construction of the plant and machinery. The plant is commissioned three years from the tender date and a certificate of commissioning by the company to the contractor is issued a few days later from the date of commissioning. The contractor is also required to perform the performance […]
No Abuse of Dominance by ‘DEN Networks Ltd.’ Due to Presence of Other Players in the Market of Cable TV Service in U.P.
Case Details: Sobhagaya Media (P.) Ltd. v. DEN Networks Ltd. – [2023] 156 taxmann.com 110 (CCI) Judiciary and Counsel Details Ms Ravneet Kaur, Chairperson & Ms Sangeeta Verma, Member Facts of the Case In the instant case, the Informant was engaged in the business of television broadcasting of news with the brand name ‘APN’. The OP-DEN […]
Biometric-based Aadhaar Authentication & Risk-based Physical Verification Introduced in Andhra Pradesh
Notification No. 54/2023-Central Tax, Dated 17-11-2023 The State Andhra Pradesh has been notified for Biometric-based Aadhaar authentication and risk-based physical verification in terms of Rule 8(4B) of the CGST Rules. Notably, earlier the given functionality was made available on pilot test basis in the State of Gujarat and Union Territory of Puducherry. The existing procedure […]
HC Allowed Assessee to Carry Forward ITC of TDS under TNVAT Act to GST Regime Where Benefit of Transitional Credit Was Denied
Case Details: Harshandh Construction (P.) Ltd. v. Assistant Commissioner (ST), Varadarajapuam – [2023] 156 taxmann.com 376 (Madras) Judiciary and Counsel Details C. Saravanan, J. M.A. Mudimannan, Adv. for the Petitioner. Ms Amirtha Poonkodi Dinakaran, Adv. for the Respondent. Facts of the Case The writ petition pertains to the denial of TDS which was claimed as Transitional Credit […]
Taxpayers' Lounge of Income Tax Department set up at IITF, 2023
Publish Date : Wednesday, November 15, 2023 Attachments : 1. https://incometaxindia.gov.in/Lists/Press Releases/Attachments/1168/Press-Release-Taxpayers-Lounge-of-Income-tax-Department-set-up-at-IITF-2023-dated-15-11-2023.pdf source
CBDT Prescribes Monetary Limit of Rs. 10 Lakh or More to Withhold Refund u/s 245(2)
Instruction No. 02/2023, dated 10-11-2023 Section 245(2) empowers the Assessing Officer (AO) to withhold the income tax refund. The AO can pass such an order if the proceedings for assessment or reassessment are pending in the case of such person, and he believes that the refund grant is likely to adversely affect the revenue. After […]
Direct Tax Collections for F.Y. 2023-24 up to 09.11.2023
Publish Date : Friday, November 10, 2023 Attachments : 1. https://incometaxindia.gov.in/Lists/Press Releases/Attachments/1167/Press-Release-Direct-Tax-Collections-for-FY-2023-24-up-to-09-11-2023.pdf source
Post Office Savings a/c Interest Rate Applies on Premature Closure Under National Savings Time Deposit After 4 Years
G.S.R. 830(E), 07-11-2023 The Govt. has notified the National Savings Time Deposit (Fourth Amendment) Scheme, 2023, amending the National Savings Time Deposit Scheme 2019. It has been provided that if a deposit in a five-year account is withdrawn prematurely after four years from the date of opening of an account, interest shall be payable at […]