CBDT said that OTS or loan waiver by a bank will not be treated as a benefit or a perquisite and not face Tax Deducted at Source as they would have to bear the additional cost of tax deduction besides the haircut. The exemption will be available to all public financial institutions, scheduled banks, cooperative banks, rural development banks, state financial corporations, and state industrial investment corporations.
Karnataka High Court admits Revenue’s appeal against ITAT ruling in Infosys BPM where ITAT allowed the grant of foreign tax credit against income eligible for Section 10AA exemption, by following Karnataka High Court ruling in Wipro Ltd. v. DCIT (2016) 382 ITR 179 (Karn.);
SLP admitted by the Supreme Court against Madras High Court's decision in Karti P. Chidambaram v. Deputy Director of Income Tax (Investigation), Chennai (2021) 431 ITR 261 : (2020) 122 taxmann.com 146 (Mad.)
The Central Board of Indirect Taxes and Customs has issued a Circular No.180/12/2022-GST dated September 9, 2022 regarding Guidelines for filing/revising TRAN-1/TRAN-2.
Finance Minister Nirmala Sitharaman underscored the significance of micro, small and medium enterprises (MSMEs) in order to assess how India can benefit from its vast labour force.
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MCA Amendment in definition of Small Company, Section 2(85) of the Companies Act, 2013
With effect from today i.e. 15th September, 2022, MCA has amended the Companies (Specification of definition details) Rules amending the definition of _Small Company_, the limit of Paid up Capital and Turnover for the small company has been increased to Rupees Four Crores (Earlier 2 Crs.) and Rupees Forty Crores (Earlier 20 Crs.) respectively.
Notification Link: https://www.mca.gov.in/bin/dms/getdocument?mds=tiMs9IFJ8xuPm%252B%252Foxc6fUw%253D%253D&type=open
Nevertheless to mention, as the Amendment is effective from today i.e. 15th September, 2022, the earlier threshold limit of Rupees Two Crores and Twenty Crores for Paid Up Share Capital and Turnover respectively for the purpose of Preparation of Cash Flow Statement and Reporting under CARO, 2020 for the financial year ended 31st March, 2022
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✅ Amendment in definition of SMALL Company
MCA amended the Companies (Specification of definition details) Rules amending the definition of *small company w.e.f. 15.09.2022 the limit of paid up capital and turnover for the small company has been increased to rupees four crore (Earlier 2 Crs.) and rupees forty crore (Earlier 20 Crs.) respectively.
New limit:
Paid up Capital – Rs. 4 Crs.
Turnover – Rs. 40 Crs.
Link: https://www.mca.gov.in/bin/dms/getdocument?mds=tiMs9IFJ8xuPm%252B%252Foxc6fUw%253D%253D&type=open
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CBDT has amended Rule 121A and Form 52A. Form 52A shall be filed electronically within 60 days from the end of the previous year. The Govt. has widened the scope of section 285B to include persons engaged in ‘specified activities i.e. event management, documentary production, etc. To incorporate this change in the existing Rule & Form.
CBDT issued Circular no 18 dated 13.9.22 clarifying issues on section 194R :
One-time loan settlement with borrowers or waiver of loan granted on reaching settlement with the borrowers by the following would not be subjected to tax deduction at source
Amount incurred by such "pure agent" for which he is reimbursed by the recipient would not be treated as benefit/perquisite for the purpose of section 194R of the Act.
If out of pocket expense is already included as part of professional fee, then there IS no further benefit/perquisite which requires tax deduction
If benefit/perquisite is provided in a group activity in a manner that it is difficult to match such benefit/perquisite to each participant using a reasonable allocation key, the benefit/perquisite provider may at his option not claim the expense, representing such benefit/perquisite, as deductible expenditure for calculating his total income. If he decides to opt so, he will not be required to deduct tax under section 194R.
Dealer can get depreciation benefit on the gifted car when tds has already been deducted u/s 194R
Section 194R is not applicable on benefit/perquisite provided by, an organization in scope of The United Nations (Privileges and Immunity Act) 1947, an international organization whose income is exempt under specific Act of Parliament (such as the Asian Development Bank Act 1966), an embassy, a High Commission, legation, commission, consulate and the trade representation of a foreign state.
Section 194R of the Act is not required to be deducted on issuance of bonus or right shares by a company in which the public are substantially interested as defined in clause (18) of section 2 of the Act, where bonus shares are issued to all shareholders by such a company or right shares are offered to all shareholders by such a company.
Revenue collection from GST has been trending at over Rs 1.4 lakh crore in the past six months consecutively but has not crossed the Rs 1.5-lakh-crore-mark yet on a consistent basis.
MCA Amendment With effect from 15th September, 2022, MCA has amended the Companies (Specification of definition details) Rules amending the definition of Small Company the limit of Paid up Capital and Turnover for the small company has been increased to Rupees Four Crores (Earlier 2 Crs.) and Rupees Forty Crores (Earlier 20 Crs.) respectively.
ICAI is privileged and delighted to host the 21st World Congress of Accountants 2022 - the Olympics of Accountants being held for the first time in India from 18th–21st November 2022 in Mumbai, India. The event is expected to be attended by more than 6000 delegates in physical mode and about 10000 delegates virtually from across the globe.
The upcoming World Congress would dwell upon the theme, Building Trust, Enabling Sustainability keeping in mind the important role the accountancy profession plays in protecting public interest and also ensuring sustainable economies for the future.
Kindly visit our website WCOA 2022 https://www.wcoa2022mumbai.org/ for registration. The details of the registration are mentioned on the registration form with fees applicable.Registration URL - https://www.wcoa2022mumbai.org/register
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CBDT has amended Rule 121A and Form 52A. Form 52A shall be filed electronically within 60 days from the end of the previous year. The Govt. has widened the scope of section 285B to include persons engaged in ‘specified activities i.e. event management, documentary production, etc. To incorporate this change in the existing Rule & Form.
CBDT issued Circular no 18 dated 13.9.22 clarifying issues on section 194R :
One-time loan settlement with borrowers or waiver of loan granted on reaching settlement with the borrowers by the following would not be subjected to tax deduction at source
Amount incurred by such "pure agent" for which he is reimbursed by the recipient would not be treated as benefit/perquisite for the purpose of section 194R of the Act.
If out of pocket expense is already included as part of professional fee, then there IS no further benefit/perquisite which requires tax deduction
If benefit/perquisite is provided in a group activity in a manner that it is difficult to match such benefit/perquisite to each participant using a reasonable allocation key, the benefit/perquisite provider may at his option not claim the expense, representing such benefit/perquisite, as deductible expenditure for calculating his total income. If he decides to opt so, he will not be required to deduct tax under section 194R.
Dealer can get depreciation benefit on the gifted car when tds has already been deducted u/s 194R
Section 194R is not applicable on benefit/perquisite provided by, an organization in scope of The United Nations (Privileges and Immunity Act) 1947, an international organization whose income is exempt under specific Act of Parliament (such as the Asian Development Bank Act 1966), an embassy, a High Commission, legation, commission, consulate and the trade representation of a foreign state.
Section 194R of the Act is not required to be deducted on issuance of bonus or right shares by a company in which the public are substantially interested as defined in clause (18) of section 2 of the Act, where bonus shares are issued to all shareholders by such a company or right shares are offered to all shareholders by such a company.
Revenue collection from GST has been trending at over Rs 1.4 lakh crore in the past six months consecutively but has not crossed the Rs 1.5-lakh-crore-mark yet on a consistent basis.
MCA Amendment With effect from 15th September, 2022, MCA has amended the Companies (Specification of definition details) Rules amending the definition of Small Company the limit of Paid up Capital and Turnover for the small company has been increased to Rupees Four Crores (Earlier 2 Crs.) and Rupees Forty Crores (Earlier 20 Crs.) respectively.
ICAI is privileged and delighted to host the 21st World Congress of Accountants 2022 - the Olympics of Accountants being held for the first time in India from 18th–21st November 2022 in Mumbai, India. The event is expected to be attended by more than 6000 delegates in physical mode and about 10000 delegates virtually from across the globe.
The upcoming World Congress would dwell upon the theme, Building Trust, Enabling Sustainability keeping in mind the important role the accountancy profession plays in protecting public interest and also ensuring sustainable economies for the future.
Kindly visit our website WCOA 2022 https://www.wcoa2022mumbai.org/ for registration. The details of the registration are mentioned on the registration form with fees applicable.Registration URL - https://www.wcoa2022mumbai.org/register
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√ Adani group pips Tata group in m - cap
√ International trade can now be settled in rupee
√ Exporters rue 20% duty on rice as Thailand, Vietnam look to capitalise
√ India faces WTO heat over rice export curbs
√ Adani set to invest ₹ 20k Cr in Ambuja
√ IDBI privatisation is a political threat for the government
√ FairFax India to sell Fairchem organics stake
√ Centre reduces windfall tax on Oil ₹ 10,500 A tonne
√ US stocks record biggest weekly loss in month as Fed meetings loom
√ Germnay seizes control of Rosneft oil refineries
√ Chinas local government financing vehicle go on land buying spree
√ Climate change intensified Pakistan rains up to 50% report indicates
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Delhi High Court dismisses the writ petition challenging reassessment proceedings under the new regime for AY 2013-14 where the original notice was issued under the old regime on 29.06.2021 and pursuant to Supreme Court ruling in Union of India and others v. Ashish Agarwal decided on 4.5.2022 and reported in 2022 SCC OnLine SC 543, notice under the new regime was issued on 20.07.2022.
Government may finally increase interest rates on small savings schemes such as Public Provident Fund (PPF), Sukanya Samriddhi Savings Scheme, Senior Citizen Savings Scheme (SCSS), and National Savings Scheme (NCS) in the forthcoming rate review on September 30.
Insolvency and Bankruptcy Board of India (IBBI) has prescribed minimum fee slabs for resolution professionals representing bankrupt firms from October 1 onwards so that such professionals are adequately compensated.
SIDBI, the principal financial institution engaged in the promotion, financing and development of MSMEs, has brought out profiles of 16 states with respect to their enterprise/industrial policies and good practices adopted to promote MSMEs through Project Management Units (PMUs) set up by the bank.
Made in India semiconductors could drastically reduce the prices of finished products, Vedanta Chairman Anil Agarwal said. Today, a laptop costs Rs 1 lakh, and once the glass as well as the semiconductor chip are available, the same can be priced at Rs 40,000 or less. The glass that is currently being produced in Taiwan and Korea will very soon be manufactured in India too.
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CBDT has revised the instruction on the compounding of offences under various sections of the Income Tax Act 1961. The revised instructions are attached for your reference.
Centre's advance direct tax collections grew by about 22% on year to Rs 1.81 trillion in the second quarter of the current financial year.
Starting 1st October 2022, all GST-registered businesses with a turnover of INR 10 crore or more will need to generate e-Invoices for all B2B transactions.
GST registration cannot be granted on disputed premises. Case Name : Parveez Ahmad Baba Vs Union Territory of J & K and others (Jammu & Kashmir High Court).
Kerala, in its pursuit to boost the Micro Small and Medium Enterprises (MSMEs) in the state, will take help of the Union Government's Open Network for Digital Commerce (ONDC) to ensure they get a level playing field with e-commerce majors like Amazon and Flipkart.
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✅ non-payment of Membership/COP fee within 30th September 2022* shall result in the Removal of Name from Register of Members and Cancellation of COP. Please note that the payment of fee shall be made online only through Self-Service Portal (SSP) at the link https://eservices.icai.org/. Kindly ignore if already paid.
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🗞️India's banking system liquidity slips into deficit: RBI
🗞️KKR, Hero to pump $450 million into Hero Future Energies, raise valuation to over $1 billion
🗞️Yes Bank okays sale of $6 billion stressed debt to JC Flowers
🗞️Adani pledges stake worth $13 billion in newly acquired Holcim cement unit
🗞️Essar to invest USD 4 bn in steel plant in Saudi Arabia
🗞️Tourism sector to contribute USD 250 billion to GDP by 2030: Centre
🗞️India's GDP likely to grow 7.2-7.4% in FY23, says CEA Nageswaran
🗞️M&M to acquire Swaraj Engines' 17.41% stake from Kirloskar Industries
🗞️Japan's Kirin in talks to triple investment in beer maker Bira: Report
🗞️Ola Electric plans to hire 3K to focus on non-software engineering domains
🗞️India would be $25-trn economy in 25 years: NaBFID Chairman K V Kamath
🗞️Air India Express incurs net loss for the first time in seven years.
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The Finance ministry is planning to define the characteristics of cryptocurrencies, their use, and how they fit into the existing legal framework.
The Finance Minister said Work is going on to implement a common KYC for all financial transactions. The common KYC can be used for undertaking various financial transactions across institutions.
Right to Residence cannot be curtailed by State Reorganization Act: Case Name : State of Telangana Vs B. Subba Rayudu and Others (Supreme Court of India).
DGFT has sought details of the rice stranded at ports for which Indian exporters had entered into agreements with global buyers before the government imposed a 20% export duty on September 9.
IBBI has notified the IBBI (Liquidation Process) (Second Amendment) Regulations 2022 (Amendment Liquidation Regulations), and IBBI (Voluntary Liquidation Process) (Second Amendment) Regulations 2022 (Amendment Voluntary Liquidation Regulations).
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Delhi High Court held that alleged transaction not relating to the assessee in as much as in the information on Insight portal the name of the assessee was of some other person, no transaction done in unlisted shares through Asian Bulls , all mistakes were due to wrong posting in Insight portal, the AO had to apply his own mind and analyse the reply of the assessee. AO was personally called in the court. Notice U/S 148 with order U/S 148A(d) quashed.
High Court erred in entertaining writ petition against assessment order by-passing statutory remedies without any valid reasons, especially when there were serious disputes on facts as to date of assessment order. State of Maharashtra and others v. Greatship (India) Ltd. - Date of Judgement : 20.09.2022 -(SC)]
Karnataka bench of the GST-Authority for Advance Rulings (AAR) has held that goods and services tax (GST) is not applicable on sale of plots even if these are sold after completion of works related to basic necessities (such as land levelling, installation of sewage lines etc.
Rajasthan Assembly on Thursday passed the Rajasthan Goods and Services Tax (Amendment) Bill, 2022, which proposes that the registration of companies would not be cancelled even if they fail to file the return for six months. Also, the system of issuing credit notes will also start.
ICAI is proud to launch the Official Mobile App of the 21st World Congress of Accountants to be held in Mumbai.
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✅Section 16(4) amendment will be effective from 1 October 2022 which prescribes that ITC can be availed and CN can be issued till November of the subsequent year. ITC Availment limit for FY 21-22 would be 30th November.
✅E-Invoice applicability from 01/10/22 for businesses with an annual turnover exceeding 10 crores in any previous financial year from FY 2017-18.
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Few amendments carried out in the GST Law vide Finance Act, 2022 have been notified wef October 1, 2022. The important amendment being
👉 1. *The last date for claiming the input tax credit for any financial year has been extended from due date of returns for the month of September to November 30 following the end of the Financial Year.
👉 2. The last date for reporting the credit note has also been extended from September to November 30 following the end of the Financial Year.
♻️ Please note that these changes will apply to FY 21-22 as well. However, it is important to note that the ITC and Credit Notes are required to be reported by November 30, 2022 which effectively means that these need to be reported in the GSTR 3B for the month of October 2022 which is due by November 20, 2022.
🌐 Effectively, due date has been extended by one month.
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CBDT extends the due date for filing of various reports of audit for Assessment Year 2022-23 from 30th September, 2022 to 7th October, 2022 for certain categories of assessees. Circular No. 19/2022 dated 30.09.2022.
Finance minister asked the Income-Tax department to quickly process tax returns, issue refunds and redress grievances. Sitharaman said pending cases need to be resolved expeditiously and that the department could run a campaign for this on the lines of public sector banks.
E-invoice limit in GST reduced from Rs. 20 Crores to Rs. 10 Crores wef 01/10/2022 i.e for any registered person with aggregate turnover exceeding Rs. 10 Crores in any FY 2017-18 onwards has to issue E-invoice w.e.f 1st October 2022.
CBIC has extended the last date for taking input tax credit (ITC) for FY22 from October 20 to November 30. The due date for issuance of credit notes and declaration in the returns for FY22 has also been extended to November 30.
RBI hikes repo rate by 50 bps to 5.9% as battle on inflation continues in full swing. Monetary Policy Committee voted with 5-1 majority to increase repo rate by 50 bps to 5.9%.
Inflation continues to be at alarming high levels across jurisdictions, he added. Economic activity in India “remains stable.” It gives us confidence to deal with aggressive policies of other central banks.
SEBI is set to allow companies holding initial public offerings (IPOs) to submit confidential pre-filing of offer documents; relax open offer pricing norms for the disinvestment of public sector undertakings (PSUs); and seek enhanced disclosures from startups in offer documents on the IPO issue price.
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✅The CBIC, helpdesk has clarified that benefit of an extended time limit to avail Input Tax Credit till November 30, 2022 is applicable for the Financial Year 2021-2022 as well.
✅Extended due date for filing of various reports of audit under any provision of the Act for AY 2022-23 - is 7th October, 2022 for certain categories of assessees.
✅ E-Invoice applicability from 01/10/22 for businesses with an annual turnover exceeding 10 crores in any previous financial year from FY 2017-18.
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👉WMEC is organizing Sky High Symposium-25 Live Webinar on Investment Outside India- New Regulatory Framework & Introduction to Revised Code of Ethics on 12th October 2022 from 5:00 PM to 7:00 PM
https://www.icai.org/new_event.html?event=6508
👉Reserve Bank of India (Financial Statements - Presentation and Disclosures) Directions, 2021 - Disclosure of Divergence in Asset Classification and Provisioning (11-10-22)
https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOTI130D54317FD9BE84CEF95FE968AA883887E.PDF
👉CBIC notified the foreign currency exchange rates for Imports and Exports
https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2022/cs-nt2022/csnt87-2022.pdf
👉MFI loans up 18% on year in April-June: Report(12-10-22)
https://economictimes.indiatimes.com/industry/banking/finance/banking/mfi-loans-up-18-on-year-in-april-june-report/articleshow/94792648.cms
👉 Youtube channel
https://www.youtube.com/channel/UCwAq-U2ls2crYBoD4YSTPtA
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The Ministry of Finance has invited suggestions from the Industry and Trade Associations for formulating the proposals for the Union Budget of 2023-24. The stakeholders may send suggestions for changes in the duty structure, rates, and broadening of the tax base on both direct and indirect taxes giving economic justification.
Finance minister said that digital banking units (DBUs) would promote financial inclusion and digital literacy, which will boost the formalisation of the economy. DBUs are physical banking outlets that will provide services without requiring paper.
Goods and Service Tax Council has made it mandatory for businesses with an annual turnover of over ₹ 5 crore to move to e-invoicing from next year. Such businesses will have to generate electronic invoices for business-to-business (B2B) transactions starting January 1, 2023.
Government is considering proposals to extend the Rs 35,000 crore PLI scheme to different sectors. These sectors include leather, bicycle, some vaccine materials, and certain telecom products.
Technology for MSMEs: More than 6.33 billion businesses make up India's MSME sector, employing over 11 billion people. Nearly 30 percent of the nominal GDP of the nation is contributed by this industry, which has been expanding at a CAGR of 18.5 percent.
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▪️Kalyani Group to set up world’s largest artillery manufacturing facility in India
▪️GAIL (India) emerges as successful bidder for JBF Petrochemicals
▪️Lulu Group to invest Rs 3,000 cr to set up India’s biggest mall at Ahmedabad
▪️India has sufficient stocks of grains, could sell wheat in open market
▪️Global branding push for 400 items to boost exports
▪️Delhi: Over 50 lakh vehicles deregistered by transport department till 17 Oct
▪️Indian Railways running 211 special trains to meet festival season rush
▪️MSP hiked for wheat, pulses, mustard
▪️Senior ICAS officer Bharati Das takes charge as Controller General of Accounts
▪️India examining proposal to raise palm oil import tax
▪️SC: Citing period of custody and release of co-accused, grants bail to Applicant for an offence punishable u/s 132 of the CGST Act; Diposes appeal industry needs govt support for ethanol production: ISMA
▪️CCI slaps penalties totalling Rs 392 crore on MakeMyTrip, Goibibo, Oyo
▪️Pradeep Singh Kharola appointed CMD of India Trade Promotion Organization
▪️FCI to construct 111.125 LMT modern steel silos at 249 locations in 12 states
▪️Government to allow MSMEs to avail non-tax benefits for 3 years post re-classification
▪️High-risk foods to enter India only from 61 ports managed by FSSAI
▪️JSP signs MoU with Greenko for 1000 MW carbon-free energy
▪️Sugarcane production in India shifting from South to North: NSO report
▪️Irdai tells insurers to cover mental illness by month-end
▪️INOX Leisure loss halves as box office income picks up
▪️Mahindra & Mahindra partners with Indian start-up Statiq to make EV adoption accessible and affordable
▪️Blinkit launches its first 'silent store' in Delhi
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The Supreme Court, in the batch of appeals pertaining to educational institutions, overrules Division Bench rulings in Queen’s Education Society v CIT (2015) 8 SCC 47 (SC). and American Hotel and Lodging Association v Central Board of Direct Taxes, (2008) 10 SCC 509 (SC) on the interpretation of the word ‘solely’ occurring in Section 10(23C) where 'predominant object' test laid down by the Constitution Bench ruling in Addl. CIT v Surat Art Silk Cloth Manufacturers’ Association, (1980) 2 SCC 31 (SC) was followed;
Supreme Court holds that the education institutions shall 'solely’ engage in education or educational activities, and not engage in any activity of profit, means that such institutions ‘cannot’ have objects which are unrelated to education;
SC dismisses Assessees’ appeals against denial of registration under Section 10(23C) by Andhra Pradesh High Court and holds that their claim for approval or registration will have to be considered in the light of subsequent events, if any, disclosed in fresh applications made in that regard;
Supreme Court opines that since the present judgment has departed from the previous rulings regarding the meaning of the term ‘solely’, in order to avoid disruption, and to give time to make appropriate changes and adjustments, it would be in the larger interests of society that the present judgment operates prospectively;
Supreme Court lays down the following principles for the purpose of educational institution's registration under Section 10(23C):
The requirement of the charitable institution, society or trust etc., to ‘solely’ engage itself in education or educational activities, and not engage in any activity of profit, means that such institutions ‘cannot’ have objects which are unrelated to education,
Where the objective of the institution appears to be profit-oriented, such institutions would not be entitled to approval under Section 10(23C) whereas the surplus accrued in a given year or set of years per se, is not a bar, provided such surplus is generated in the course of providing education or educational activities,
Seventh provision to Section 10(23C), as well as Section 11(4A) refer to profits which may be ‘incidentally’ generated or earned by the charitable institution, thus, applicable only to those institutions which impart education or are engaged in activities connected to education.
‘Business’ and ‘Profits’ in the seventh proviso to Section 10(23C) and Section 11(4A) merely means that the profits of business which is ‘incidental’ to educational activity i.e., relating to education such as sale of textbooks, providing school bus facilities, hostel facilities, etc.
While considering applications for approval under Section 10(23C), the Revenue is not bound to examine only the objects of the institution but to ascertain the genuineness of the institution and the manner of its functioning, is free to call for the audited accounts or other such documents for recording satisfaction where the society, trust or institution genuinely seeks to achieve the objects which it professes,
Wherever registration of trust or charities is obligatory under state or local laws, the concerned trust, society, other institution etc. seeking approval under Section 10(23C) should also comply with provisions of such state laws which would enable the Revenue to ascertain the genuineness of the trust, society etc.,
This reasoning is reinforced by the recent insertion of another proviso of Section 10(23C) with effect from 01.04.2021; Supreme Court observes that the Constitution reflects a value which equates education with charity which is to be treated as neither business, trade, nor commerce, by relying on Supreme Court ruling in T.M.A Pai Foundation, thus, observes,
“The interpretation of education being the ‘sole’ object of every trust or organization which seeks to propagate it, through this decision, accords with the constitutional understanding and, what is more, maintains its pristine and unsullied nature. – [New Noble Educational Society v. Chief Commissioner of Income Tax [TS-809-SC-2022] – Date of Judgement : 19.10.2022 (SC)]
Failure to issue a Show Cause Notice /Draft Assessment Order (SCN/DAO) under section 144B, before passing a faceless assessment order, is only a procedural irregularity. [P. T. Lee Chengalvaraya Naicker Trust v. ITO (2022) 143 taxmann.com 252 (Mad.)]
Digital Transformation & Reengineering Committee of ICAI is proud to launch the Version 2.0 of ICAI Mobile App ICAI Now with a Contemporary Look & Feel & in Sync with the Latest Technology Trends. Download Android Version https://play.google.com/store/apps/details?id=com.app.icai
Ministry of MSME vide S.O. 4926 (E) dated 18.10.2022 has notified that in case of an upward change in terms of investment in plant and machinery or equipment or turnover or both, and consequent re-classification, an enterprise shall continue to avail of all non-tax benefits of the category it was in before the re-classification, for a period of three years from the date of such upward change.
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ADJUSTMENTS with RIGHT PEOPLE are always better than ARGUMENTS with WRONG PEOPLE. A MEANINGFUL SILENCE is always better than MEANINGLESS WORDS. PATIENCE is the key to SUCCESS.
The Supreme Court held that a general public utility (GPU) cannot engage in any trade or commercial activity if it wants to claim income tax exemptions available to organisations doing charitable work. However, statutory corporations, boards, authorities, commissions, etc, in the housing development, town planning, industrial development sectors with objects of GPU are entitled to be considered as charities.
Anonymous donations received by a wholly religious trust registered under section 12AA can't be treated as unexplained cash credit under section 68 in view of exemption from tax under section 115BBC(2). [DCIT(C) viJayananad Religious Trust (2022) 143 taxmann.com 281 (ITAT Mumbai)]
Delhi ITAT allows Assessee’s appeal, holds that income from providing online auction services to its wholly owned subsidiary in India from its Global Market Operations Centres located outside India, cannot be taxed as royalty under Article 12 of India-USA DTAA; [Ariba Inc v. DDIT [TS-819-ITAT-2022(DEL)] – Date of Judgement : 17.10.2022 (ITAT Delhi)]
Global IT hardware players like HP, Lenovo, Apple, ASUS, Acer and others have sounded the government to defer the implementation of the revised production-linked incentive (PLI) scheme for the sector by a year. They have also urged the government to extend the tenure of the scheme by a year to six years. The government plans to implement the revised hardware PLI from April 1, 2023.
Russia's Gazprombank opened a special rupee account with state-owned UCO Bank, paving the way for bilateral trades between Moscow and New Delhi. The move would help increase imports of cheaper oil from Russia. Earlier, the Reserve Bank of India (RBI) came out with a bespoke special rupee account for bilateral trades between rupee and any other currencies besides the US dollar.
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Use of designation "Chartered Accountant" or prefix "CA" by members while expressing views on professional/non-professional matters publicly including on social media - (22-10-2022)
https://www.icai.org/post/use-of-designation-chartered-accountant-or-prefix-ca-by-members
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