CBDT Notifies Rule For Determination Of Value Of Perquisite In Respect Of Residential Accommodation Provided By Employer

The Central Board of Direct Taxes (CBDT) has introduced an amendment to the Income Tax Rules, 1962, relating to the valuation of perquisites for residential accommodation provided by employers. The amendment, effective from September 1, 2023, brings changes to the categorization and limits of cities and populations, along with revised perquisite rates based on the 2011 census.The...

Government Imposes 40% Export Duty On Onions To Stabilize Domestic Market

In a move aimed at curbing the potential rise in onion prices and ensuring adequate supplies in the domestic market, the government has announced the imposition of a 40% export duty on onions. The decision was communicated by the Ministry of Finance (Customs) through Notification No. 48/2023-Customs, which takes immediate effect and will remain in force until December 31, 2023.Citing...

IGST Payable On Supplier Of Online Money Gaming Located Outside India

The Ministry of Law and Justice has notified the Integrated Goods and Services Tax (Amendment) Act, 2023, by which the term ‘online gaming’ under Section 2(80A) of the CGST Act, 2017 and Section 2(17)(vii) of the IGST Act, 2017 is defined.As per the amendment, online gaming excludes online money gaming as defined in clause (80B) of Section 2 of the Central Goods and Services Tax Act,...

Tax Cases Weekly Round-Up: 13 August To 19 August, 2023

Supreme Court Income Tax Settlement Commission's Purpose Is To Give Assessee Chance To Disclose Undisclosed Income To Seek Immunity : Supreme Court Case Title: SHREE NILKANTH DEVELOPERS v. PRINCIPAL COMMISSIONER OF INCOME TAX Citation : 2023 LiveLaw (SC) 648 A Division bench of the Supreme Court, while hearing an appeal, discussed the objective and purpose behind...

Gujarat High Court Quashes Order Rejecting Refund Claim By Vodafone-Idea

The Gujarat High Court has ruled in favor of M/S Vodafone Mobile Services Limited, a prominent telecommunications provider, in a case challenging the rejection of their claim for a tax refund under the Goods and Services Tax (GST) regime.The petitioner, M/S Vodafone Mobile Services Limited, had undergone a merger with Idea Cellular Limited on August 30, 2018, following an order issued by...

CBDT Notifies Exchange Rate For TDS Deduction On Income Payable In Foreign Currency

The Central Board of Direct Taxes (CBDT) has notified the rate of exchange for the purpose of deducting tax at source (TDS) on income payable in foreign currency.The board has inserted Rule 26 in the Income-tax Rules, 1962, by notifying the Income-tax (Seventeenth Amendment) Rules, 2023.As per the new Rule, for deducting the TDS on any income payable in foreign currency, the rate of exchange...

Labor Cess Inapplicable To Material Supply And Consultancy Charges: Jharkhand High Court

The Jharkhand High Court has ruled that Labor Cess should not be imposed on the supply of materials and consultancy charges for a contract that is different from civil works contracts. This decision came after the State appealed against a ruling made by a Single Judge Bench on June 13, 2022. The Single Judge Bench had stated that Labor Cess is not applicable to the supply of materials...

Income Tax Dept. Not Under The Obligation To Grant Additional Tax Concession As Per BIFR’s Order: Delhi High Court

The Delhi High Court has held that the income tax department is not under the obligation to grant additional tax concessions as per the order passed by the Board for Industrial and Financial Reconstruction (BIFR).The bench of Justice Vibhu Bakhru and Justice Amit Mahajan has observed that the obligation to extend further concessions could not be imposed on the Central Government (Income...

Gujarat High Court Quashes Faceless Assessment Order For Lack Of Proper Opportunity Of Hearing

The Gujarat High Court has quashed the faceless assessment on the grounds that there is only a day for the assessee to respond so as to save the limitation period.The bench of Justice Biren Vaishnav and Justice Devan M. Desai has observed that the order under Section 263 of the Act was passed by the PCIT-4 on March 16, 2020. No action was taken thereafter for over 17 months. At the far end of...

Supreme Court Recalls Judgment Holding That No Indirect Taxes Can Be Levied On Duty Free Shops At Airports

The Supreme Court has recalled its Division Bench judgment dated 10 April 2023, where the top court had ruled that Duty Free Shops situated in the arrival or departure terminals of Airports are outside the customs frontiers of India and therefore, they cannot be saddled with any indirect taxes like the Service Tax.While allowing the review plea filed by the Commissioner of CGST and Central...

Govt. Notifies Increase In Special Additional Excise Duty On The Export Of Diesel and ATF

The government has notified the increase in special additional excise duty on the export of Diesel and Aviation Turbine Fuel (ATF) with effect from 15 August 2023.A new amendment to Notification No. 04/2022-Central Excise, dated June 30, 2022, has been announced by the Ministry of Finance. The notification seeks to prescribe rates of Special Additional Excise Duty for exports of petrol...

CBDT Notifies Computation Of Income Chargeable To Tax For Amount Received Under Life Insurance Policy

The Central Board of Directed Taxes (CBDT) has notified the computation of income chargeable to tax for the amount received under the life insurance policy.The CBDT has inserted Rule 11UACA in the Income-tax Rules,1962 by notifying Income tax Amendment (Sixteenth Amendment), Rules, 2023.Rule 11UACA states the manner of computation where any person receives at any time during any previous year...