CBDT Prescribes New Form Of Report Of Audit For Trust, University, Educational Institutions, Hospital, Medical Institutions

The Central Board of Direct Taxes (CBDT) has announced the new Forms 10B and 10BB that charitable or religious trusts, institutions, universities, or other educational institutions are required to submit in accordance with Sections 10(23C) and 12A of the Income Tax Act.The Board has notified the Income-tax Amendment (3rd Amendment) Rules, 2023, which will take effect on April 1, 2023.Form 10 B relates to audit reports under Section 12A of the Income-tax Act, 1961, in the case of a fund, trust,...

Jharkhand High Court Stays Show-Cause Notices Issued By Two Different Authorities In Respect Of The Same Subject Matter

The Jharkhand High Court has stayed the show-cause notices issued by two different authorities in respect of the same subject matter as being outside its jurisdiction.The division bench of Acting Chief Justice Aparesh Kumar Singh and Justice Deepak Roshan has listed the matter on 29.03.2023 for the next date of hearing.The petitioner has challenged the show-cause notice issued by the Assistant Commissioner of State Tax, Office of the Deputy Commissioner of State Tax under Section 73(1) of the...

Fabrication Of Bills Worth Rs.367 Crores, Accused In Custody For 18 Months: Punjab and Haryana High Court Grants Bail

The Punjab and Haryana High Court granted bail to the person accused of forging bills worth Rs. 367 crores and evading GST payments worth Rs. 26 crores.The single bench of Justice Deepak Sibal has observed that the petitioner has already undergone actual custody for nearly one year and five months. Even if he is convicted, the maximum sentence that can be imposed on him is five years. At the pre-charge stage, the majority of the prosecution's material witnesses are examined. The proceedings that...

Setting-Up Naval Communication Network By Subcontractor For BSNL, Attracts 12% GST: Maharashtra AAAR

The Maharashtra Appellate Authority of Advance Ruling (AAAR) has ruled that 12% GST is applicable on setting up the Naval Communication Network as a subcontractor for the Indian Navy on behalf of Bharat Sanchar Nigam Limited (BSNL).The two-member bench of Dr. D. K. Srinivas and Rajeev Kumar Mital, while allowing the appeal, observed that the Navy (under the Ministry of Defense, a central government ministry) has entrusted the BSNL by agreement and work contract to supply, install, and commission...

Availability Of Interest-Free Surplus Fund To Make Investment: Bombay High Court Deletes Addition On Interest Expenditure

The Bombay High Court has upheld the CIT’s order in deleting the addition made on account of interest expenditure as the assessee, Godrej & Boyce, had sufficient interest-free surplus funds to make the investment.The division bench of Justice Dhiraj Singh Thakur and Justice Kamal Khata has observed that the AO has neither examined the claim in respect of expenditure incurred in relation to the exempt income of the assessee nor recorded any satisfaction with regard to the correctness of the...

49th GST Council Meeting: Know The Key Recommendations Relating To GST Rates On Goods and Services

The 49th meeting of the GST Council under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman.Here are recommendations relating to GST rates on Goods and Services:GST Rate ReductionThe GST Council has reduced the GST rate on rab from 18% to 5% if sold prepackaged and labeled and nil if sold otherwise. The GST rates on pencil sharpeners have been reduced from 18% to 12%.Regularize payment of GST on ‘Rab’It has been decided to regularise payment of GST...

49th GST Council Meet: Final GST Appellate Tribunal Agreement To Be Drafted

The 49th meeting of the GST Council under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman stated that the final GST Appellate Tribunal agreement is yet to be drafted.The second appeals forum for GST is the GST Appellate Tribunal (GSTAT), also known as the Appellate Tribunal. This means that any unsatisfactory order made by the First Appellate Authorities may be subject to a request for appeal at the Appellate Tribunal.In other words, any person...

49th GST Council Meeting: Know The Measures For Facilitation Of Trade

The 49th meeting of the GST Council was held on 18th February 2023 at Vigyan Bhawan, New Delhi under the chairpersonship of the Union Finance & Corporate Affairs Minister Nirmala Sitharaman.The measures for the facilitation of trade were:Extension of time limit for application for revocation of cancellation of registration and one-time amnesty for past casesThe Council has recommended amendment in section 30 of CGST Act, 2017 and rule 23 of CGST Rules, 2017 so as to provide that the time...

49th GST Council Meet: Approves Report Of GoM On Capacity Based Taxation & Special Composition Scheme In Certain Sectors

The 49th meeting of the GST Council under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman approved the report of GoM on capacity-based taxation and special composition scheme in certain sectors on GST.The Council accepted the GoM's recommendations to stop the leaks and increase revenue collection from goods like pan masala, gutkha, and chewing tobacco.It includes the capacity-based levy not to be prescribed. The compliance and tracking measures...

49th GST Council Meeting: Centre To Clear Entire Pending Balance GST Compensation For June 2022

The 49th meeting of the GST Council was held on 18th February 2023 at Vigyan Bhawan, New Delhi under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman.The government of India has decided to clear the entire pending balance GST compensation of Rs. 16982 crores for June 2022.Due to the lack of funds in the GST compensation fund, the center made the decision to release this money from its own funds, with the promise that it would be reimbursed through...

No Incriminating Material Found During Search: Madhya Pradesh High Court Dismisses Department’s Appeal

The Madhya Pradesh High Court's Indore Bench dismissed the department's appeal, ruling that no incriminating documents were discovered during the search.The division bench of Justices Sushrut Arvind Dharmadhikari and Prakash Chandra Gupta observed that the order in appeal did not suffer any illegality that would give rise to a proposed substantial question of law.The department raised the issue of whether, in the absence of any incriminating documents seized during the course of the search, the...

CBDT Notifies Authority To Share Info Of Income-Tax Assessees For Proper Implementation Of Welfare Schemes In Tamil Nadu

The Central Board Of Direct Taxes (CBDT) has notified the Authority for sharing of information regarding income-tax assessees for Centrally sponsored schemes and welfare schemes for Tamil Nadu.The Secretary (Information Technology & Digital Service Department), Directorate of e-Governance, Government of Tamil Nadu has been notified by the Board empowered under Section 138 of the Income Tax Act. The Authority shall be responsible to share information regarding income-tax assessees for the...