The Finance Ministry has issued a rebuttal to the Karnataka government’s allegations of discrimination in the distribution of central taxes, dismissing them as incorrect and misleading. This response comes shortly after the state’s Congress party staged a protest in the national capital. In a statement,
NCLT Bengaluru Bench: Resolution Plan Approval Process Must Not Lead to Endless CIRP In a recent ruling, the National Company Law Tribunal (NCLT) Bengaluru Bench addressed the case of Parag Finlease Pvt. Ltd. vs. Mr. Ratnakar Shetty, the Resolution Professional (RP) of Unishire Lifestyle Dwellings
Resolution Plan Approval by NCLT Renders Pending Service Tax Refund Appeal Abated, Rules CESTAT Chandigarh In a recent decision, the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) Chandigarh ruled on the matter of Ballarpur Industries Ltd. vs. CCE & ST, Panchkula. The tribunal held
Heading 1: Validity of Income Tax Search Upheld The Gujarat High Court has upheld the validity of search and seizure operations conducted by the Income Tax (I-T) department at the residence and office of lawyer Maulik Sheth. The search, carried out between November 3 and
Clarification on MSME Section 43B Impact: Payments made or due to vendors registered under MSME, as defined in the Micro, Small and Medium Enterprises Development (MSMED) Act 2006, are affected. To encourage timely payments to micro and small enterprises, such payments now fall under section
Q1: When does the amendment become effective? A1: The amendment applies from FY 2023-24, corresponding to AY 2024-25. Q2: What defines an MSME? A2: MSME classification is based on investment and turnover, with Micro units having up to Rs.1 crore investment and Rs.5 crore turnover,
In a recent ruling by the Income Tax Appellate Tribunal, Nagpur Bench, the appeal of Mr. Sanjay Kisan Chopde against the Income Tax Department for the assessment year 2014-15 was meticulously examined and adjudicated upon. The tribunal’s detailed order addressed a crucial matter concerning the
A senior official from the Finance Ministry has indicated that any significant changes to the Goods and Services Tax (GST) rates are likely to occur only after the upcoming Lok Sabha elections. The official mentioned that while minor adjustments may happen based on the
In a recent development, the Bombay High Court has granted an interim stay on the demand for GST dues on expatriate salary payments by Mercedes-Benz, providing a temporary relief to the auto giant. This decision, handed down by a Division Bench comprising Justices G.S. Kulkarni
Expat salary is under the lanses of Department. The supreme court already decided in a the case of Northern Operating Systems Private Limited (NOS). In this case the amount was deemed to be service and was made taxable. After this judgment GST dept started ending
