Magazine on Tax Update Month of Feb-2023-Download

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Magazine on Tax Update Month of Feb-2023-Download

Magazine on Tax Update Month of Feb-2023 || Online Publication-01.03.2023

 

Online Edition: - 01.03.2023

Pages-37

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CONTENTS Page No.
GST Law

1.     Important Due Date Calendar

 

5-7
2.     Budget 2023 Few Important Proposed Amendments in GST

  • Amendment of section 10: - Electronic commerce operators under the composition levy
  • Amendment of section 16: - Amendment in ITC reversal disclosure of 180 days to align the sub-sections with return filing status
  • Amendment of section 17: -Restrict Availment of input tax credit- in case of supply of warehouse goods before clearance for home consumption- (section 17(3)
  • Input tax credit not allowed for goods or services or both used for corporate social responsibility expenditures (section 17 (5)
  • Substitution of new section for section 23: -Persons exempt from registration under section 23(1) need not take GST Registration under section 22(1)/24
  • Amendment of section 37.
  • Amendment of section 39
  • Amendment of section 44.
  • Amendment of section 52.
  • Filing of belated GSTR-1, GSTR-3B, GSTR-5, GSTR-6, GSTR-7, GSTR-9, GSTR-9C, GSTR-8 NOT ALLOWED TO FILE AFTER EXPIRY OF THREE YEARS- (Section 37, Section 39, Section 44, Section 52)
  • Amendment of section 54: - Refund: - Provisional refund eligible for provisionally accepted Input Tax Credit
  • Amendment of section 56: -Interest on Refund Interest on delayed refunds
  • Amendment of section 122:-New Section for penalty on Electronic Commerce Operator
  • Amendment of section 132:- decriminalise of Offences: -
  • Amendment of section 138:- Compounding of the offences: - section 138
  • Insertion of Section 158A:- Consent Based Sharing of Information Furnished by Taxable Person on GST Portal
8-19
3.    Madras High Court:- Ramanujan Venkatesan Vs  Joint Commissioner (Appeals- II):- There cannot be any condonation beyond the cap or belated period (GST Appeal) 20-21
4.    Supreme Court of India:- Godrej Sara Lee Ltd Vs Excise and Taxation Officer cum-Assessing Authority & Ors.:- Writ Petition can be Entertained under Article 226 without Relegating the Petitioner to Alternative Remedy 22-26

Income tax Law

5.    Important Point on Tax Treatment on Gifts

·       Tax treatment of monetary gifts received by an individual or Hindu Undivided Family (HUF)

  • Cases in which sum of money received without consideration, i.e., monetary gift received by an individual or HUF is not charged to tax
  • Taxability of monetary gifts received from friends
  • Monetary gifts received from abroad
  • Once the aggregate value of gifts received during the year exceeds Rs. 50,000 then all gifts are charged to tax
  • When immovable property received by an individual or HUF without consideration (i.e. by way of gift) is not charged to tax
  • Marriage of individual is the only occasion when gift received by him will not be charged to tax
27-31
6.    Bombay High Court:- D.K. Realty India Private Limited Vs ACIT:-Reopening unsustainable as post assessment there was no change in law and no new material came on record, No information has been received

 

32-37

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