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
The recent election of Manoj Sonkar, a Bharatiya Janata Party (BJP) candidate, as the Mayor of Chandigarh has been marred by controversy, with allegations of fraud and irregularities prompting legal challenges and scrutiny from the judiciary. The Punjab and Haryana High Court has taken cognizance
In a bid to ease the tax burden on residents and facilitate smoother transactions, the taxation department of the state government has launched a comprehensive awareness campaign promoting its one-time settlement (OTS) scheme for GST payments and the innovative ‘Mera Bill’ app. Officials within the
Overview of the Dispute At the heart of the matter lies the verification of tax dues intertwined with claims over specific pieces of jewelry. The multiplicity of parties involved adds layers of complexity to the case, as each party asserts ownership rights over the disputed
In a recent ruling by the National Company Law Appellate Tribunal (NCLAT) in the case of Kineta Global Ltd. v. IDBI Bank Ltd. & Ors., the issue of disclosing valuation reports to prospective resolution applicants has stirred debate within the legal and financial community. The
