• May 11, 2023

Notification No. S.O. 2135(E), Dated 10.05.2023 The Government has notified amendment in the definition of “person carrying on designated business or profession” u/s 2(1) (sa). The Govt. has included directors of a company, trustees of an express trust and nominee shareholders of the company as reporting entities under the PMLA for certain activities undertaken in […]

• May 10, 2023

Ind AS Schedule III provides guidelines for the presentation and disclosure of financial statements of companies in India. In accordance with Ind AS Schedule III, companies are required to provide detailed information regarding their current assets including inventories, investments, trade receivable, cash, loans, current tax assets & other current assets in their financial statements. This […]

• May 9, 2023

Mukesh Kohli – [2023] 150 taxmann.com 9 (Article) There was debate on whether the jurisdiction of AO to make assessment is confined to incriminating material found during the course of search u/s. 132 of the Income-tax Act. The High Courts had taken the view that AO can interfere with completed assessments u/s 153A only if […]

• May 9, 2023

Publish Date : Wednesday, May 3, 2023 source

• May 8, 2023

Circular No. SEBI/HO/MRD/TPD/P/CIR/2023/65; dated: 05.05.2023 SEBI has put in place a comprehensive testing framework for the Information Technology (IT) systems of the Market Infrastructure Institutions (MIIs). The framework will manage the IT systems of MIIs throughout their lifecycle and shall assist in performing thorough risk assessments before deploying any IT systems in the production/live environment. […]

• May 7, 2023

Case Details: Bankipore Club Ltd. v. Union of India - [2023] 150 taxmann.com 76 (Patna) Judiciary and Counsel Details Chakradhari Sharan Singh, ACJ. and Madhuresh Prasad, J. Ajay Kumar Rastogi, Sr. Advocate, Alok Kumar Shahi and Mrs. Archana Sinha, Advocates for the Petitioner.  Anshuman Singh, Sr. Standing Counsel for the Respondent. Facts of the Case The petitioner was a Members […]

• May 6, 2023

Case Details: ACIT v. Vertex Projects LLP - [2023] 150 taxmann.com 109 Judiciary and Counsel Details Laliet Kumar, Judicial Member and Rama Kanta Panda, Accountant Member. Sriram Seshadri, CA for the Assessee.  Rajendra Kumar, CIT-DR for the Revenue. Facts of the Case The issue before the Tribunal was “Whether shares received by the company on account of […]

• May 5, 2023

Notification No. 24/2023, dated 03-05-2023 The Government of the Republic of India and the Republic of Chile signed an Agreement and Protocol for the elimination of double taxation and the prevention of fiscal evasion and avoidance with respect to taxes on income (DTAA) in Chile on the 9th day of March 2020. Now, in the […]

• May 4, 2023

Notification F. No. IFSCA/2022-23/GN/REG035, Dated: 26.04.2023 The IFSCA has notified the IFSCA (Management Control, Administrative Control and Market Conduct of insurance business) Regulations, 2023. The aim is to put in place the regulatory framework related to Management Control, Administrative Control and Market Conduct of insurance business carried out by an IFSC Insurance Office (IIO) or […]