Know the Due Dates for GST Compliances for March 2023
1) Know the Due Dates for GST Compliances for March 2023
It is important for individuals to be good citizens by paying their taxes on time and following all major tax-related rules and regulations proposed by the government.
2) Condonation Application Not Required when Delay is Condoned by CBDT Circular: ITAT Allows Deduction Claim
The Bangalore Income Tax Appellate Tribunal (ITAT)has recently while allowing the deduction claim of assessee held that condonation of application was not required when the delay were condoned by Central Board Direct Tax circular
3) Lease Rent paid for Acquiring Mining Rights is “Capital” in Nature, Not Allowable as Deduction: ITAT
The Pune Income Tax Appellate Tribunal (ITAT) has recently held that lease rent paid for acquiring mining rights is capital in nature and no deduction would be allowable.
4) Capital Gain Exemption u/s 54B can be claimed without filling of Income Tax Return: ITAT
The Bangalore Income Tax Appellate Tribunal (ITAT) has recently held that capital gain exemption under section 54B of Income Tax Act 1961 could be claimed without filing of Income Tax Return.
5) CBIC Notifies Exemption as per GST Council’s Recommendation on Coal Rejects Supplied to/By Coal Washery
The exemption on coal rejects provided to or by coal washeries was approved by the council for the 49th Goods and Service Tax ( GST ). In order to implement the suggestions made at the 49th GST Council Meeting held on February 18, 2023, the Central Board of Indirect Taxes and Customs ( CBIC ) published Notification No. 1/ 2023-Compensation Cess (Rate) on February 28, 2023. This notification will take effect on March 1, 2023.
6) Value of Gold Biscuits recovered less than Rs 1 Crore: Patna HC grants Bail for offence under Customs Act
The Patna High Court granted bail under the Customs Act, 1962 on the ground that the value of gold biscuits recovered less than Rs 1 Crore and also taking into consideration the period of custody.
7) Addition of Sundry Debtors/Advance to Growers cannot be made u/s 68 of Income Tax Act: ITAT
The Income Tax Appellate Tribunal ( ITAT ), Amritsar Bench, has recently, in an appeal filed before it, held that addition of sundry debtors/advance to growers cannot be made under section 68 of Income Tax Act.
8) Extension of EOP under Advance Authorisation Scheme: DGFT Prescribes Levy of Composition Fee
The public notice modifying Section 4.42 of the Manual of Procedures has been released by the Director General of Foreign Trade ( DGFT ). The authority has the right to occasionally make changes if they deem them essential as mentioned in para 1.03 and 2.04. Under Para 4.42 of Handbook of Procedures (HBP) 2015-2020, a new sub-para (j) is added. The notice also stated that no refund of the earlier paid Composition Fee shall be admissible.
9) ITAT deletes Addition on Cash Deposits during Demonetization Period on Proper Explanation as to Utilization
The Pune Bench of the Income Tax Appellate Tribunal ( ITAT ) has deleted the addition of cash deposits during demonetization on proper explanation as to utilization of the cash deposit.
10) CA Vacancy in Deloitte
Deloitte has invited applications for the post of Tax – Business Process Solutions – Assistant Manager.