Latest Updates on Income Tax, GST, Customs, Corporate Laws & more
Highlights 
Articles
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ITC is not available for the construction of the immovable property for renting it out for commercial purposes
May 17, 2024
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CORE BANKING SYSTEM
May 17, 2024
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Liability to pay GST under RCM goes beyond taxable territory
May 17, 2024
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Deciphering GST Notification: Tax Implications of Corporate Guarantees
May 16, 2024
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Tax leviable at 12 percent on Mango Pulp from the beginning of GST
May 16, 2024
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ONUS IS ON THE PART OF SERVICE PROVIDER TO PROVE THAT THE SERVICES ARE UTILIZED FOR COMMERCIAL PURPOSES
May 16, 2024
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GSTR 2A and GSTR 3B during 2018-19
May 15, 2024
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Delhi Court rules against ITC denial to NBFCs’ recovery agents.
May 15, 2024
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Understanding Systems Audit and Process Audit: A Comparative Analysis
May 15, 2024
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Assessee cannot be deprived of filing an appeal due to non-constitution of the Arbitral Tribunal
May 15, 2024
Short Notes
IBC:
Maximizing Value in Insolvency: NCLAT Upholds CoC's Right to Negotiate Post-Challenge MechanismIBC:
Supreme Court Clarifies Limitation Period for Appeals before NCLAT under IBC in the Digital Age: E-filing and Limitation PeriodsIncome Tax:
Navigating the Bounds of Tax Law: Supreme Court's Verdict on Section 153-C AssessmentsIncome Tax:
The Delhi High Court's Guiding Light on Post-Search Tax Assessments: Application of Section 153C, powers of tax authorities and the rights of assessees.Income Tax:
Navigating Legal and Procedural Hurdles: A Charitable Institution's Quest for Tax Exemption and Registration u/s 12A and 80GIncome Tax:
Supreme Court Clarifies Jurisdictional Objections in Tax Assessments: A Landmark OrderIncome Tax:
Invalid Notices and the Importance of Proper Jurisdiction: Lessons from a High-Profile Tax CaseIncome Tax:
Upholding Precedent: Supreme Court's Stance on Taxation of Cross-Border Software Payments (Royalty)Income Tax:
The Cross-Border Software Purchase Conundrum: Supreme Court's Clarification on TDS for Non-Resident Software Transactions as RoyaltyGST:
Ensuring Justice in GST Registration Cancellations: A Landmark High Court RulingIBC:
Limitation Period in Insolvency Appeals: A Step Towards Legal Clarity for determination of relevant date and Condonation of delay in filing an appeal.Customs:
Navigating Trade Restrictions: India's Stance on North Korea Exports and ImportsIBC:
Deadline Adherence in Insolvency Claims: The Supreme Court on Enforcing Arbitration Awards Amidst InsolvencyIBC:
Resolution Plan Approvals: The Supreme Court's Clarification on NCLT and NCLAT's Jurisdiction in Insolvency Resolution.Income Tax:
Navigating Tax Exemptions u/s 80P: The Supreme Court's Verdict on Cooperative Societies vs. BanksCustoms:
Supreme Court Verdict on Pre-Import Condition and IGST Exemptions: A Legal AnalysisIndian Laws:
Understanding Beneficial Ownership: A Landmark Admiralty Case in IndiaCustoms:
Beneficial Ownership, Beyond Baggage in Customs Law: Seizure of foreign currencySEZ:
Expanding Trade Horizons: The 2023 Amendment to SEZ Rules for Gem and Jewellery UnitsGST:
The Significance of Signature: A Landmark Decision on GST Assessment OrdersIncome Tax:
Principles of Natural Justice in Tax Litigation: Unraveling the Significance of Cross-Examination Rights in Tax CasesIncome Tax:
Deadline Extension for Processing E-Filed Tax Returns: Refund Claims on Income Tax ReturnsDGFT:
Deadline Extended for Pharmaceutical Track and Trace System ImplementationCorporate Law:
MCA Announces Establishment of Central Processing Centre at IMT ManesarCustoms:
Export Obligation Compliance: Detailed SOPs for EPCG and Advance Authorization HoldersNotifications
Cus (NT)
- Rate of exchange of one unit of foreign currency equivalent to Indian rupees–Supersession Notification No. 34/2024-Customs(N.T.), dated 2nd May, 2024May 16, 2024
ADD
- Seeks to impose Anti-dumping duty on import of 'Pentaerythritol' from China PR, Saudi Arabia and Taiwan for 5 years, pursuant to final findings issued by DGTRMay 16, 2024
Cus (NT)
- Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and SilverMay 15, 2024
CE
- Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude.May 15, 2024
SEBI
- Notification under Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007May 10, 2024
SEBI
- Sebi appoints the amendments in sub-regulation (III) of regulation 3 of the Securities and Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations, 2023 shall come into forceMay 10, 2024
SEBI
- Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2024May 10, 2024
SEBI
- Securities and Exchange Board of India (Depositories and Participants) (Amendment) Regulations, 2024May 10, 2024
Indian Law
- Competition Commission of India (General) Amendment Regulations, 2024May 10, 2024
IT
- Exemption from specified income U/s 10(46) – ‘Tamil Nadu Electricity Regulatory Commission, notifiedMay 8, 2024
FTP
- Extension in Import Period for Yellow Peas under ITC (HS) Code 07131010 of Chapter 07 of ITC (HS) 2022, Schedule -I (Import Policy)May 8, 2024
SEBI
- Securities and Exchange Board of India (Employees' Service) (Second Amendment) Regulations, 2024.May 6, 2024
FEMA
- Foreign Exchange Management (Deposit) (Fourth Amendment) Regulations, 2024.May 6, 2024
Cus
- Import of Gold or Silver by Banks - Exemption from IGST on import - Seeks to further amend List 34A and List 34B in the Appendix to the Table of Notification No. 50/2017-Customs dated 30.06.2017May 6, 2024
FTP
- Export of food commodities through National Cooperative Exports Limited (NCEL).May 6, 2024
Circulars/ Public Notices
SEBI
- Review of validation of KYC records by KRAs under Risk Management FrameworkMay 14, 2024
SEBI
- Certification requirement for key investment team of manager of AIFMay 13, 2024
DGFT
- Applicability of Notification No. 71/2023 dated 11.03.2024May 10, 2024
DGFT
- Enabling provisions for import of inputs that are subjected to mandatory Quality Control Orders (QCOs) by Advance Authorisation holders, EOU and SEZMay 10, 2024
Insolvency and Bankruptcy
- Uploading of judicial orders related to insolvency proceedings by Insolvency ProfessionalsMay 9, 2024
FEMA
- Margin for Derivative ContractsMay 8, 2024
SEBI
- Periodic reporting format for Investment AdvisersMay 7, 2024
SEBI
- Master Circular for Alternative Investment Funds (AIFs)May 7, 2024
Customs
- Amendments to the All Industry Rates of Duty Drawback effective from 03.05.2024May 7, 2024
Companies Law
- Relaxation of additional fees and extension of last date of filing of Form No. LLP BEN-2 and LLP Form No. 4D under the Limited Liability Partnership Act, 2008May 7, 2024
SEBI
- Entities allowed to use e-KYC Aadhaar Authentication services of UIDAI in Securities Market as sub-KUAMay 6, 2024
Customs
- IGST Refunds on exports unprocessed due to SB005 error- Reg.May 3, 2024
Customs
- Non-disbursal of Drawback due to Exporter’s Bank account details not validated by PFMS-Reg.May 3, 2024
DGFT
- Clarification on the applicability of 3% amount on account of non-achievement of minimum Value Addition as mentioned in para 4.49 (b) and amount equivalent to 10% of the CIF value in Para 4.49 (a) (ii) of HBP 2023May 3, 2024
Income Tax
- Guidelines for compulsory selection of returns for Complete Scrutiny during the Financial Year 2024-25 — procedure for compulsory selection in such casesMay 3, 2024
News
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DPIIT organizes ONDC Startup Mahotsav in New Delhi; platform for startups to leverage Open Network for Digital Commerce
May 17, 2024
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IICA organises roundtable consultation on R&D expenditure by top 1,000 listed companies in India
May 17, 2024
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Exchange Rate Notification No. 36/2024- Customs (N.T.)
May 16, 2024
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Information from manufacturers of Pan Masal and Tobacco taxpayers
May 16, 2024
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3rd Session of India-Zimbabwe Joint Trade Committee held in New Delhi
May 15, 2024
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Index Numbers of Wholesale Price in India for the Month of April, 2024 (Base Year: 2011-12)
May 14, 2024
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CBDT releases new functionality in AIS for taxpayers to display status of information confirmation process in real-time
May 14, 2024
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Retail Inflation Eases to 4.83% in April, 2024
May 13, 2024
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4th Meeting of ASEAN-India Trade in Goods Agreement Joint Committee
May 13, 2024
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India's Index of Industrial Production grows by 4.9 % in March 2024
May 10, 2024
Forum - Popular issues
Payment to cine or tv artists. liability under rcm (32)
Sec 16(4) reversal of itc when 3b is filed belatedly (21)
Registration-another state (19)
Penalty under section 73(1) of cgst act, 2017 (16)
Issue regarding discharge of gross tax liability while filing gst returns (15)
Itc of fy 2017-18 blocked (14)
Penalty under section 122(1)(ii) of the gst act (14)
Gst on hostel / pg (13)
Inquiry by the appellate authority (13)
Reversal of igst itc and payment through drc 03 (13)
Section 16 (2) (c) (13)
Addition of unaccounted supplies in the returns (13)
Goods sent for exhibition and get consumed during display (13)
Notification no. 3/2023 - compensation cess (rate) dt. 26.07.2023-is it retrospective? (11)
Forum - Recent Replied Issues
Notice u/s 73 converted to 74 (1)
Short payment of gst discharged through next year's gstr3b ... (4)
Composition dealer - drc - 01 (1)
Gst on post supply discount (5)
Supply of services to state owned disaster management entity ... (2)
Reverse charge mechanism gst (4)
Typo error in 3b year 18-19 (5)
Gst of skill training services (4)
Delivery of assessment order (4)
Itc under gst (1)
Reconciliation of eway bills (4)
Refund of igst charged and collected from foreign customer on export of ser ... ... (6)
Itc claimed after due date (6)
Jiva Seva is Shiva Seva:
Service to humanity is Service to God
May I be born again and again, and suffer thousands of miseries so that I may worship the only God that exists, the only God I believe in, the sum total of all souls—and above all, my God the wicked, my God the miserable, my God the poor of all races, of all species, is the special object of my worship.
- Swami Vivekananda, CW, 5:137
