Clarification Regarding Admissibility of Export Remittances Received in Special INR Vostro Account | Circular
Circular No. 202/14/2023-GST dated October 27th, 2023 The CBIC has clarified that when the Indian exporters are paid the export proceeds in INR from the Special Rupee Vostro Accounts of correspondent bank(s) of the partner trading country, opened by AD banks, the same shall be admissible for treating as exports under GST subject to the […]
REs of Bank Joining Account Aggregator Ecosystem as ‘FI-U’ Shall Necessarily Join as ‘FIP’ | RBI
Circular No. RBI/2023-24/77 DoR.FIN.REC.53/03.10.123/2023-24, Dated: 26.10.2023 The RBI observed that certain entities, which are eligible to join the Account Aggregator (AA) ecosystem as Financial Information Provider (FIP), have onboarded as Financial Information User (FI-U) only. Consequently, such entities are accessing financial information from other FIPs but aren’t providing the financial information held by them. To […]
MCA Notifies Competition (Form of Publication of Guidelines) Rules, 2023 for Issuance of Guidelines by CCI
Notification No. G.S.R. 795(E), Dated: 26.10.2023 The Govt. has notified the Competition (Form of Publication of Guidelines) Rules, 2023. As per notified rules, the CCI must issue guidelines u/s 64B of the Competition Act through publication on its official website. The guidelines must specify the title and the effective date. Further, one paragraph must contain […]
Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC for Assessment Year 2021-22
Publish Date : Monday, October 23, 2023 source
Case Study on Determination of the Effect of Dilution or Anti-Dilution in Earnings Per Share as Per Ind AS 33
Para 44 of Ind AS 33, Earnings per share, states that in determining whether potential ordinary shares are dilutive or anti-dilutive, each issue or series of potential ordinary shares is considered separately rather than in aggregate. The sequence in which potential ordinary shares are considered may affect whether they are dilutive. Therefore, to maximize the […]
Madras HC Set Aside Demand Order Since Notice Was Not Sent on Email of Petitioner
Case Details: R. Soundararajan & Co. v. Deputy Tax Officer – [2023] 155 taxmann.com 385 (Madras) Judiciary and Counsel Details Mrs S. Srimathy, J. N. Viswanathan for the Petitioner. B. Saravanan for the Respondent. Facts of the Case In the present petition, the petitioner challenged the assessment order on the ground that no notice was given to […]
CBDT completes 3rd week of Special Campaign 3.0.
Publish Date : Monday, October 23, 2023 Attachments : 1. https://incometaxindia.gov.in/Lists/Press Releases/Attachments/1163/Press-Release-CBDT-completes-3rd-week-of-Special-Campaign-3.0.pdf source
AA Erred in Rejecting Section 9 Plea Where Undisputed Overdues to Creditor Were Admitted by Corporate Debtor | NCLAT
Case Details: Clicbrics Technologies (P.) Ltd. v. Ansal Housing Ltd. – [2023] 155 taxmann.com 76 (NCLAT-New Delhi) Judiciary and Counsel Details Justice Ashok Bhushan, Chairperson & Barun Mitra, Technical Member Vinod Kr. Chaurasia, Adv. for the Appellant. Vikas Tiwari, Kumar Deepraj, Advs. & Anchit, AR for the Respondent. Facts of the Case In the instant case, an MoU was […]
CBIC Restricts Refund on Metallised Polyester Film/Plastic Film Under Inverted Duty Structure | Notification
Notification No. 20/2023 dated October 19th, 2023 The CBIC has issued notification to provide that no refund to be allowed on polyester film (metallised)/plastic film on account of inversion i.e. under inverted duty structure. Notably, the GST rate on zari thread or yarn, known by various trade names, has been reduced from 12% to 5% […]
Income-tax Amendment (Twenty-fifth Amendment), Rules, 2023
Publish Date : Monday, October 16, 2023 source