• June 15, 2023

A company engaged in manufacturing of super alloys generates a significant amount of scrap. It has been estimated that 95% of the generated scrap can be reused in the production process, while the remaining 5% is sold in the open market. The company recognizes the net increase or decrease in scrap stock as “Consumption of […]

• June 14, 2023

Publish Date : Monday, June 12, 2023 source

• June 14, 2023

Case Details: Keshav Sunderam Rajam v. Income-tax Officer (International Taxation) - [2023] 150 taxmann.com 386 (Chennai-Trib.) Judiciary and Counsel Details V. Durga Rao, Judicial Member & G. Manjunatha, Accountant Member S.V. Venkateshwaran, FCA for the Appellant. AR V. Sreenivasan, Addl. CIT for the Respondent. Facts of the Case Assessee, a Non-Resident, sold land adjacent to the sea that […]

• June 13, 2023

Publish Date : Wednesday, May 31, 2023 source

• June 13, 2023

Circular No. RBI/2023-24/42 DOR.CRE.REC.18/07.10.002/2023-24, Dated 08.06.2023 With a view to easing the implementation challenges faced by UCBs, the RBI has decided to extend the phase-in time for achieving targets by an additional period of two years. Further, UCBs would not be required to contribute to the Rural Infrastructure Development Fund (RIDF) or other eligible funds […]

• June 12, 2023

Publish Date : Wednesday, June 7, 2023 source

• June 12, 2023

Table of Contents Relevant Notification Relevant Circulars Relevant Case Laws Check out Taxmann's GST Law & Practice is unique/concise book on the GST Laws (i.e., Statutory Portion & Case Laws). What sets it apart is the 'unique way of presenting' the compendium of 'updated, amended & annotated' text of the CGST & IGST Acts along […]

• June 11, 2023

IBBI discussion paper 2, Dated 07.06.2023 The IBBI with an objective to ease the entry in the Insolvency Profession has floated discussion papers on simplifying the enrolment and registration process. The key proposals include Simplification of Enrolment of membership and registration process, modification in exam and Pre-Registration Educational Course (PREC) requirements, streamline the exit process. […]

• June 10, 2023

Table of Contents Additional onus on start-up private limited Co. to explain ‘source of the source’ of share capital/share premium raised Angel tax u/s 56(2)(viib) – share premium received by closely held companies in excess of FMV taxable Check out Taxmann's Taxation of Start-ups & Investors which provides focused analysis, starting from recognising start-ups to […]