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A report released on Thursday tagged a genuine exporter as ‘risky‘ and informed that it will affect India’s exports and the inter-ministerial board including representatives from commerce and finance ministries is needed to determine its detailed outlook before stigmatising them in such a category. Merely based on certain risk factors of customs, GST, income tax, […]
The disallowance of ocean freight charges paid to Korean-associated enterprises (AE) would have been deleted by the Chennai Bench of the Income Tax Appellate Tribunal (ITAT). According to Article 8 of the DTAA (Double Taxation Avoidance Agreements) of India-Korea, the ship’s rentals would be counted in the profit type from the ships or aircraft operated […]
In an effort to combat the pervasive issue of fake GST registration, the Central Board of Indirect Taxes and Customs (CBIC) is considering the implementation of biometric authentication and geo-tagging for high-risk entities operating under the GST system. Additionally, tax authorities are contemplating the reinforcement of regulations within the GST return filing framework to restrict […]
In an appeal about the secondary and higher secondary cess, the Income Tax Appellate Tribunal (ITAT), Kolkata bench ruled that their education cess is part of tax and therefore no deduction will be provided. The statement was held by the Kolkata ITAT when it received an appeal from an assessee. The assessee is challenging the […]
What are Technology-Enabled Services? Technology is transforming how businesses work in today’s ever-changing business environment. Technology has fundamentally changed every business, including accounting and compliance, by improving processes and customer service. Chartered Accountants (CAs) and Company Secretaries (CSs) in India are now facing fresh difficulties as a result of evolving technology, regulations, and reforms. It’s […]
The Punjab and Haryana High Court declared that Chartered Accountants (CAs) or Attorneys who support businesses but aren’t engaged in the bogus latter commits shouldn’t be detained. In a case where a chartered accountant and an attorney for a firm of exporters were called in and detained, the court issued this decision. They had petitioned […]
The tax relief given in the Budget, according to Sanjay Malhotra, revenue secretary in the Ministry of Finance, was founded on the idea of a relationship built on trust. “The effort in the taxation part of the budget is how we simplify and build a trust-based relationship and increase revenues, but without increasing the rates,” […]
Overview of the Direct and Indirect Tax Proposals in Budget 2023 (Finance Bill 2023) presented by Smt. Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs. Key Highlights of Finance Bill 2023 for Direct Tax In Budget 2023, the Finance Minister announced a number of changes to personal income tax, including a rise in the […]
Finance Minister Nirmala Sitharaman made the announcement when introducing the Union Budget 2023, making electric vehicles (EVs) more affordable in India by extending the subsidies on their batteries for another year. Finance Minister Nirmala Sitharaman said that “I propose to continue the concessional duty on lithium-ion cells for batteries for another year”, The government introduced […]
