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Income-tax (Thirtieth Amendment) Rules, 2023
Publish Date : Friday, December 22, 2023 source
RBI Issues Revised Instructions for Inoperative Accounts/Unclaimed Deposits in Banks
Circular No.RBI/2023-24/105 DOR.SOG (LEG).REC/64/09.08.024/2023-24, Dated 01.01.2024 The Reserve Bank of India (RBI) has issued comprehensive guidelines on the measures to be put in place by the banks covering various aspects of classifying accounts and deposits as inoperative accounts and unclaimed deposits. The central banks called for steps to trace the customers of inoperative accounts or […]
RBI Issues Master Direction on Internal Ombudsman for Regulated Entities
Press Release: 2023-2024/1588, Dated 29-12-2023 RBI has issued Master Direction – RBI (Internal Ombudsman for Regulated Entities) Directions, 2023 to harmonise instructions applicable to various regulated entities on the Internal Ombudsman (IO) mechanism. Directions bring in uniformity in matters like timeline for escalation of complaints to the IO, exclusions from escalating complaints to the IO, […]
Amount Wrongly Deposited By Owner of Goods After Detention Order Through GST Number of Transporter to Be Refunded | HC
Case Details: Sonu v. Financial Commissioner (Taxation) - [2023] 157 taxmann.com 616 (Punjab & Haryana) Judiciary and Counsel Details G. S. Sandhawalia & Ms Lapita Banerji, JJ. Bachanpreet Singh & Manish Kumar Gupta for the Petitioner. Arjun Sheoran for the Respondent. Facts of the Case The petitioner was engaged in transporting taxable goods without cover of documents as […]
CBIC Extends Time Limit for Passing Order u/s 73 for FY 2018-19 & 2019-20 | Notification
Notification No. 56/2023 – Central Tax dated December 28th, 2023 The Government has extended the time limit for passing order under Section 73 for FY 2018-19 and FY 2019-20 till 30-04-2024 and 31-08-2024 respectively. Earlier, the said time limits were extended till 31-03-2024 and 30-06-2024 respectively vide Notification No. 09/2023-Central Tax, dated 31-03-2023. Notably, the […]
MCA’s New Demat Rule for Private Companies – Impact | Compliance | Practical Insights
Table of Contents Relevant Provisions in the Companies Act, 2013 Relevant Provisions in the Companies Rules Extant Provisions Applicable to Public Cos. Made Applicable to Not Small Cos. 1. Relevant Provisions in the Companies Act, 2013 1.1 Section 29 of the Cos. Act, 2013 – Public offer of securities to be in dematerialised form (1) […]
[Opinion] The Ripple Effects of Central Bank’s Lexical Shift
Harshith Sharma – [2023] 157 taxmann.com 626 (Article) Indian legislative framework is often characterized by a domino effect, wherein an amendment in one sphere of law obliquely or otherwise resonates across various legislative realms. The Central bank’s recent subtle shift in nomenclature, substituting “interest” with “charges,” not only reaffirms this intricate interplay but also serves […]
HC Directed Assessee to Avail Appellate Remedy Against ITC Disallowed by Dept. Due to Allegation of Circular Trading
Case Details: M&Arun Tex v. State Tax Officer - [2023] 157 taxmann.com 566 (Madras) Judiciary and Counsel Details Krishnan Ramasamy, J. G. Natarajan for the Petitioner. T.N.C. Kaushik & A.G. Satyanarayana for the Respondent. Facts of the Case The petitioner was engaged in buying and selling of yarn. The department conducted search at its premises and issued notice […]
HC Directed Dept. to Refund Amount Since Tax & Penalty During Detention Could Not Be Collected Twice
Case Details: Nitin v. Union of India - [2023] 157 taxmann.com 543 (Delhi) Judiciary and Counsel Details Vibhu Bakhru & Amit Mahajan, JJ. Virendra Kumar, Adv. for the Petitioner. Shekhar Vyas, Neha Warrier, Archana Surve, Anurag Ojha, Vipul Kumar & Subham Kumar, Advs. for the Respondent. Facts of the Case The petitioner, being a transporter, was engaged to transport dried areca nuts […]
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