RNM Alert (Indirect Taxes) Nature of Compliances
Category: Department
RNM Tax Alert – Direct Tax Part for March 2024
Jayant Nanda VS. Union of India, [2024] 159 taxmann.com 674 (Delhi) Where based on search at premises of assessee, NRI, it was alleged that assessee had indulged in evading disclosure of a large amount of undisclosed foreign assets/income in offshore jurisdictions and LOC was issued against assessee, since assessee had not been called for investigation by authorities for two years, and in absence of any material which indicated that assessee was likely to be called for investigation in near future,
Reliance, Disney to Merge India Media Assets to Create $8.5 Bn Powerhouse
Mukesh Ambani led Reliance Industries and Walt Disney announced the merger of their India TV and streaming media assets, creating an $8.5 billion entertainment juggernaut far ahead of rivals in the world’s most populous nation. Largest Indian conglomerate will inject $1.4 billion in the merged entity, with the company and its affiliates holding a more than 63% stake, with Disney owning the rest. The merger values the India business of the US entertainment giant at just around $3 billion, far
Indirect Tax News Letter
GST Calendar –Compliances for the month of January’2024 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) February 10, 2024 GSTR-8 (Tax Collected at Source ‘TCS’) February 10, 2024 GSTR-1 February 11, 2024 IFF- Invoice furnishing facility (Availing QRMP) February 13, 2024 GSTR-6 Input Service Distributor February 13, 2024 GSTR-2B (Auto-Generated Statement) February 14, 2024 GSTR-3B February 20, 2024 GSTR-5 (Non-Resident Taxable Person) February 20, 2024 GSTR-5A (OIDAR Service Provider) February 20, 2024 PMT-06 (who have opted for
RNM Tax Alert – Direct Tax Part for January 2024
CBDT ORDER DATED 31.01.2024 [F. NO. 225/132/2023/ITA-II, DATED 31-1-2024] The CBDT vide this order dated 31.01.2024, to resolve grievance of taxpayer related to issue of refund in respect of returns of income validly filed electronically up to AY 2020-21, time limit of processing the same further extended the time till 30.04.2024. On 1st February 2024, Union Finance Minister Nirmala Sitharaman presented the Interim Budget. Vide this Budget / Finance Bill 2024, existing rates of income-tax are continues for the Financial Year (‘FY’) 2024-2025
BlackRock Strikes $12.5 Bn Deal To Acquire Global Infrastructure Partners
BlackRock and Global Infrastructure Partners (GIP) have signed a definitive agreement for a stock and cash deal. BlackRock will acquire GIP for $12.5 billion (around INR 1,00,000 crore) which will make the world’s largest asset manager as one of the biggest players in alternative assets and private markets. BlackRock will buy GIP in $3 billion cash and roughly 12 million BlackRock shares to create an infrastructure investing platform with more than $150 billion in combined assets. Founded in 2006, GIP
GST Calendar –Compliances for the month of January’2024
Indirect Tax News Letter GST Calendar –Compliances for the month of January’2024 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) January 10, 2024 GSTR-8 (Tax Collected at Source ‘TCS’) January 10, 2024 GSTR-1 January 11, 2024 IFF- Invoice furnishing facility (Availing QRMP) January 13, 2024 GSTR-6 Input Service Distributor January 13, 2024 GSTR-2B (Auto-Generated Statement) January 14, 2024 GSTR-3B January 20, 2024 GSTR-5 (Non-Resident Taxable Person) January 20, 2024 GSTR-5A (OIDAR Service Provider) January 20, 2024 PMT-06
RNM Tax Alert – Direct Tax Part for December 2023
NOTIFICATION NO. 105/2023; Dated: December 22, 2023 That the CBDT vide Notification No. 105 of 2023; notifies new ITR Forms (ITR-1 SAHAJ & ITR-4 SUGAM) for AY 2024-24. Important Judicial Precedents Whether re-opening of assessment can be resorted to solely on assumption that Assessee did not file ITR for the relevant AYs, thus revealing non-application of mind on part of AO – NO: ITAT [2023-TIOL-1607-ITAT-DEL ITA No. 2335/Del/2022_AY: 2012-13 DCIT, INTERNATIONAL TAXATION, Vs. SHRI VIKAS ARORA] That the Assessing Officer
Indirect Tax Alert – November 2023
Indirect Tax News Letter GST Calendar –Compliances for the month of December’2023 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) December 10, 2023 GSTR-8 (Tax Collected at Source ‘TCS’) December 10, 2023 GSTR-1 December 11, 2023 IFF- Invoice furnishing facility (Availing QRMP) December 13, 2023 GSTR-6 Input Service Distributor December 13, 2023 GSTR-2B (Auto-Generated Statement) December 14, 2023 GSTR-3B December 20, 2023 GSTR-5 (Non-Resident Taxable Person) December 20, 2023 GSTR-5A (OIDAR Service Provider) December 20, 2023 PMT-06
GST Return Audit & Assessment: What to Expect
Introduction Goods and Services Tax (GST) has transformed the Indian taxation system, bringing about a unified and transparent approach. However, with the implementation of GST comes the responsibility of complying with its intricate filing procedures. GST Return Audit and assessment is a crucial aspect that businesses must navigate to ensure compliance and avoid legal complications. In this blog, we will delve into the key elements of GST Return Audit and assessment, shedding light on what businesses can expect during this