Income Tax: Central Board of Direct Taxes (CBDT) has notified that Transfer of capital asset from NTPC Ltd. to NTPC Green Energy Ltd. shall not be treated as transfer u/s 47 (Notification No. 63/2022 Dated 15th June 2022)
Customs: CBIC has issues the Tariff Notification for Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver (Notification No. 50/2022-Custom (N.T.) Dated 15th June 2022)
DGFT: Changes are made in Public Notice 10/2015-20 dated 24.05.2022 for notifying additional provisions for allocation of Tariff Rate Quota (TRQ) for 20 Lakh MT of Crude Soya bean oil and 20 Lakh MTs of Crude Sunflower oil for FY 2022-23 and 2023-24 (Public Notice No. 15/2015-20 Dated 14th June 2022)
GST: CBIC has issued detailed procedure for sanction, post audit and review of refund claims under GST (Instruction No. 03/2022-GST Dated 14th June 2022)
Income Tax: Roll out of first phase of changes in Income Tax Business Application (ITBA) functionalities for Faceless Assessment due to amendments in Section 144B by Finance Act, 2022. (Instructions NaFAC/Delhi/CIT-I/2021-22/105 /49 Dated 14th June 2022)
Income Tax: CBDT has notified Cost Inflation Index for Financial Year 2022-23 at 331 (Notification No. 62/2022-Income Tax Dated 14th June 2022)
SEBI: SEBI cautions Investors against dealing with unregulated platforms offering Algorithmic Trading (Press Release No. 20/2022 Dated 10th June 2022)
MCA: Govt. has notified the Companies (Appointment and Qualification of Directors) Second Amendment, Rules, 2022. As per amended norms, any individual whose name has been removed from the databank, may apply for restoration of his name on payment of fees of Rs. 1000 and the institute shall allow such restoration subject to riders. (Notification No. …
Income Tax: CBDT has specified subordination of Chief Commissioners & Principal Commissioners of Income-tax. (Notification No. 60/2022 Income Tax Dated 10th June 2022)
Income Tax: CBDT makes more changes in jurisdiction of Income tax Authorities. (Notification No. 61/2022 Income Tax Dated 10th June 2022)
Income Tax: CBDT has revised the procedures laid down for sharing information with tax deductors/collectors for Sections 206AB & 206CCA (Notification No. 1 of 2022 Dated 9th June 2022)
Income Tax: CBDT has notifies new units under Faceless Assessment incorporating amendments made by the Finance Act 2022 (Notification No. 187/4/2021-ITA-I Dated 10th June 2022)
In view of expanding ambit of TDS, Union Budget 2022-23 proposed to insert new section 194R in the Income Tax Act, 1961 to provide that the person responsible for providing to a resident, any benefit or perquisite, whether convertible into money or not, arising from carrying out of a business or exercising of a profession …
This article has been dealt independently while understanding Hon. Supreme Court decision on ocean freight in the case of M/s Mohit Minerals. Hon Supreme Court have not only dealt on the above issues, but it has gone in depth on each argument of Union Govt, who had issued the Notification No. 8/2017-Integrated Tax (Rate) dtd …
Bizsol Update for the month June 2022: Article on “Decision on Ocean Freight & Co-operative Federalism” by CMA Ashok Nawal, Founder, Bizsolindia Services Pvt. Ltd Article on “New TDS Provision u/s 194R of Income Tax Act , 1961 – Ease of Doing Business??” by CMA Ashok Nawal, Founder, Bizsolindia Services Pvt. Ltd. Changes in GST, …
RBI: RBI has decided to allow financially sound and well managed (FSWM) Primary (Urban) Co-operative Banks (UCBs) to provide Doorstep Banking Services to their customers on a voluntary basis. (Circular No. RBI/2022-23/66 DOR.REG.NO.45/19.51.052/2022-23 Dated 8th June 2022)
RBI: RBI has decided to discontinue the return w.r.t Details of guarantee availed and invoked from non-resident entities under the Foreign Exchange Management Act, 1999 w.e.f. the quarter ending June 2022. (Circular No. RBI/2022-23/69 A.P. (DIR SERIES) Circular No. 05 Dated 9th June 2022)
Customs: CBIC has extended the time period for furnishing the final Mega power project certificate from 120 months to 156 months and extending the period of validity of security in the form of Fixed Deposit Receipt or Bank Guarantee from 126 months to 162 months, in case of provisional mega power projects (Notification No. 31/2022-Customs …
Customs: The Central Government revokes the anti-dumping duty imposed on ‘Hydrogen Peroxide’ falling under tariff item 2847 00 00, originating in or exported from Bangladesh, Taiwan, Korea RP, Indonesia, Pakistan and Thailand, and imported into India (Notification No. 20/2022-Customs (ADD) New Delhi Dated 7th June 2022)
DGFT: Baltic Testing India Private Limited and DD International Global are appointed as Pre-shipment Inspection Agency (PSIA). (Public Notice No. 12/2015-2020- DGFT Dated 9th June 2022)
