Already a batch of petitions has been filed challenging the validity of Section 144B of the Income Tax Act which deals with the faceless assessment procedure. The petitions are arguing that the faceless assessment procedure goes against the very right to equality enshrined in Article 14 of the Indian Constitution as taxpayers are denied the …
Faceless assessment puts companies in a soup, CFO News, ETCFO Read More »
India‘s top oil and gas producer ONGC wants the government to scrap windfall profit tax on domestically produced crude oil and instead use the dividend route to tap into bumper earnings resulting from surge in global energy prices, reported PTI. The company has also favoured a floor price for natural gas at USD 10 per …
The ‘Emergency Assistance Program Loan’ under which the loan was sanctioned to India was approved by the NDB Board of Directors on April 30. In an attempt to contain the spread of coronavirus (COVID-19) outbreak, the New Development Bank (NDB) of the BRICS countries has disbursed $1 billion emergency loan to India reported TOI. The …
BRICS’ New Development Bank provides $1 billion COVID loan to India, CFO News, ETCFO Read More »
The GST rules provide that Tran-2 has to be filed by end of the tax period. NEW DELHI: Companies in FMCG and consumer durable space are facing a surprise bouncer from their dealers experiencing goods and services tax (GST) transition blues. Dealers have sought compensation from companies as they are unable to claim credit on …
FMCG dealers seek to recover GST cost from companies, CFO News, ETCFO Read More »
After ice cream, papad and paratha, cheese balls is another food item that triggered the dispute of goods and services tax (GST ). The dispute has for now been settled by the appellate authority for advance ruling in Uttar Pradesh, Business Standard reported. Savencia Fromage and Dairy Pvt Ltd, the petitioner argued for inclusion of …
Confusion surfaces over GST rate on cheese balls, CFO News, ETCFO Read More »
Providing clarity regarding the application of tax on transactions involving compensation and penalties, the commercial tax department said that payment for injury, loss or damage is not taxable. The issue will be of relevance for home buyers where construction is delayed, farmers who have lost crops and payment of late charges. Chartered accountants, tax consultants …
Compensation, penalties cannot be taxed: Govt, CFO News, ETCFO Read More »
The MSME has never been in great shape, and historically liquidity crunch has been the prime reason for the high stress level. COVID-19 landed on us almost overnight, and almost without warning. It came on top of an economy that was slipping. So, our fight cannot be only against the pandemic; we must also fix …
Tribulations of being liquidity starved, CFO News, ETCFO Read More »
Publish Date : Wednesday, January 25, 2023 Source link
NEW DELHI: The goods and services tax in India will benefit the lower and lower-middle income class as it is likely to reduce the tax rate on goods, a blog posted on Asian Development Bank‘s website said. It will mitigate significantly the negative impact of goods and services tax (GST) on the “bottom half” of …
GST to benefit lower, lower-middle income class, CFO News, ETCFO Read More »
By Jitendra Jain Transfer pricing law was introduced in India in April 2001. Since its introduction, transfer pricing has become the most important international tax issue for multinational enterprises operating in India. India has detailed compliance and filing requirements to ensure that taxpayers report their related party transaction in the prescribed transfer pricing form and …
