Company Law - One of the primary reasons for maintaining minutes is that they serve as evidence of compliance with the provisions of Companies Act, 2013....
Read MoreCompany Law - When a normal person intends to start a business, it is often unclear to him which business form is best for the new business entity. The 2 most common business form an entrepreneur selects is a Private Limited Company in India and Limited Liability Partnership. These are two different ideas governed by Indian corporate law. […]...
Read MoreIncome Tax - When it comes to planning for retirement, one of the most popular investment options in India is the National Pension System (NPS). This government-sponsored scheme allows individuals to save for their retirement while also providing tax benefits....
Read MoreGoods and Services Tax - वर्तमान में जीएसटी विभाग से बहुत सारे आदेश आ रहे हैं और इनमें से कुछ आदेशों में कुछ गलतियां या त्रुटियां हो सकती हैं। ये त्रुटियाँ...
Read MoreCorporate Law - A Limited Liability Partnership (LLP) is a partnership firm that provides the benefits of limited liability to its owners while retaining the flexibility of a traditional partnership. LLP is a popular business structure in India as it offers the best of both worlds: the protection of limited liability and the ease of doing business in [&h...
Read MoreIncome Tax - The Income Tax Department has launched a Mobile app, namely, ‘AIS for Taxpayer’ to facilitate taxpayers to view their information as available in the Annual Information Statement (AIS) / Taxpayer Information Summary (TIS). ‘AIS for Taxpayer’ is a mobile application provided free of cost by the Income Tax Department, and is availab...
Read MoreCA, CS, CMA - Certain Ind AS require capital reserve to be created toward unrealised profits arising from certain transactions or other events. However, currently, there is no specific guidance on their subsequent transfer to retained earnings or other free reserve....
Read MoreIncome Tax - No study on effect of withdrawal of legal tender character of the Specified Bank Notes (SBNs) on Indian economy has been published by the Government. This was stated by the Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today. Certain studies on related matter […]...
Read MoreGoods and Services Tax - 21/03/2023 As per provision of section 2(62) of The Companies Act, 2013 “One Person Company” is defined as a company which has only one person as member. Some issues have been raised by the persons registering as ‘One Person Company’ while they take GST registration. Upon analysis, it has been noticed that the option of […]...
Read MoreGoods and Services Tax - Whether restaurants entitled to charge GST on service charge voluntarily paid by customer and if so, details thereof and provision and slab under which GST is charged...
Read MoreHoshiarpur Traders Vs PCIT (ITAT Amritsar) - AO had applied his mind while doing the assessment therefore, the investigation by AO could not be called ‘lack of investigation’ and revision order passed under section 263 was quashed....
Read MoreShiksha Foundation Vs DCIT (ITAT Ahmedabad) - t was decided that Incase it can be proved that the delay in filing of the appeal was on the advice of a professional, it would be considered that the delay is not attributable on the negligent/casual approach of the assessee....
Read MoreITO Vs Sohrab Fali Mehta (ITAT Mumbai) - Mumbai ITAT holds that while computing capital gains arising on transfer of a capital asset received by the Assessee under a will, the indexed cost of acquisition has to be computed with respect to the year in which the first owner held the asset...
Read MoreCommissioner of Central Excise & Service Tax Vs A.R. Polymers Pvt. Ltd. Etc (Supreme Court of India) - SC held that fixation of MRP must have been mandated by law and in the present case the institutional sale to paramilitary forces being exempted from such fixation under legal Metrology (Packaged Commodities) Rules,2011, the voluntary fixing of the MRP could not make the respondent eligible to get t...
Read MoreEna Chaudhuri Vs ACIT (Calcutta High Court) - Calcutta High Court held that revision application filed under section 264 of the Income Tax Act allowable on account of bonafide mistake which cannot be rectified by filing revised return since original return was filed belatedly....
Read More(21/03/2023) - In exercise of the powers conferred by sub-section (5) of section 23 of the Representation of the People Act, 1950 (43 of 1950), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Law and Justice (Legislative Department), num...
Read More(22/03/2023) - Activities under operating lease are integral part of ecosystem and may be included as part of shipping ecosystem in IFSC, as at present many of Indian players are going off-shore for availing these services....
Read More(22/03/2023) - Import of Urea (Agricultural grade) on Government account is allowed through Indian Potash Limited (IPL) subject to Para 2.20 of Foreign Trade Policy, 20152020, till 31.03.2024 vide Notification No. 61/2015-2020-DGFT Dated:22 March 2023. Government of India Ministry of Commerce & Industry Depa...
Read More(22/03/2023) - The Authority finds that since valuation is more of a subjective exercise, a valuation report must be transparent and set out all the necessary information and assumptions behind the valuation estimate provided by a valuer so as to enable the stakeholders to form a judicious economic opinion on the ...
Read More(21/03/2023) - PCCIT having their Headquarters at places specified below, to issue orders for exercise of powers & performance of functions by CIT (Appeals)...
Read MoreTax Planning while setting up of a business with reference to location related with A.Y 2021-2022 , A.Y 2022-2023 and A.Y 2023-2024. You will get the following deductions if y...
Read MoreFinancial year 2022-23 is about to end, & new financial year is about to start. How should a taxpayer prepare himself for this year’s march ending?...
Read MoreAs a business owner in India, it is essential to have an effective tax planning strategy to minimize your tax liability and optimize your financial resources. By following the...
Read MoreTax Planning while setting up of a business with reference to location related with A.Y 2021-2022 , A.Y 2022-2023 and A.Y 2023-2024. You will get the following deductions if y...
Read MoreITAT Chennai held that profit on transfer of flats to partners is computable in the hands of firm, however, benefit of deduction u/s 80IB(10) of the Income Tax Act duly availa...
Read MoreITAT Rajkot held that denying the exemption under Section 80P of the Income Tax Act merely on the ground of belated filing of return by the assessee is not justifiable....
Read MoreIncome Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y. 2023-24 and A.Y. 2024-25 Salary arrears are understood as unpaid wages of the previous period accrued...
Read MoreIncome Tax Calculator For A.Y. 2024-25 With Income Tax Ready Reckoner For F.Y. 2023-24 (A.Y. 2024-2025) A quick review (Limited Information) of the applicable provisions under...
Read MoreThe Depreciation Formula and the useful life is being provided in Schedule II of Companies Act, 2013 to calculate the rate of depreciation as per Companies act. MEANING OF DEP...
Read MoreTDS Rate Chart for Financial Year (FY) 2023-2024 / Assessment Year (AY) 2024-2025 including Budget 2023 Amendments Tax Deduction at Source (TDS) is one of the important compli...
Read MoreNew Income Tax Slabs FY 2023-24 (AY 2024-25) / FY 2022-23 (AY 2023-24) – New Tax Rates for FY 2022-23/ FY 2021-22 Finance Budget 23-24 New Income Tax Regime The most of the ...
Read MoreThis article summarizes Income Tax Rates, Surcharge, Health & Education Cess, Special rates, and rebate/relief applicable to various categories of Persons viz. Individuals (Re...
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