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a) A Nidhi to be incorporated under the Act shall be a public company and shall have a minimum paid up equity share capital of five lakh rupees. b) Every Company incorporated as a Nidhi shall have the last words ‘Nidhi Limited’ as part of its name.
1. Maintenance of accounts by Registered Persons (RP):-a) TRUE AND CORRECT accounts of the goods or services supplied or imported or exported or supplies attract tax on reverse charge along with relevant documents like:
Invoice plays an important role in any taxation system and GST regime is no exception. It determines value of supply (goods or services), rate of tax, type of tax to be charged (Central GST, State GST, Integrated GST or Interstate GST), tax amount and so on.
The Government is trying its best to bring into effect the GST Law on 1st July 2017. Seeing at the close encounters during the current IPL, tell me what will happen if a match is to be played between GST and Service tax?
Ld. CIT(A) has rightly observed that the assessee is not required to explain source of source of the fund gets buttressed by the amendment made in section 68 with effect from 01.04.2013, which empowers the AO to examine source of source in case of share application money from 01.04.2013 and no other cases prior to that.
Respondents should not have appropriated the refund they received from the Income- Tax Department. There is nothing wrong in claiming the refund. The problem is in utilising the refund received.
However, the relevant certificate from the competent authority has not been submitted by the assessee as required under law for determination of the distance of land in question from Municipality etc.
Justice Ashwani Kumar Mishra of Allahabad High Court held that, wrongful claim of Input Tax Credit (ITC) would not constitute sufficient ground for cancellation of registration of a dealer under UP Value Added Tax Act.
It is an admitted position that the assessee treated the amount of subsidy as a capital receipt, but, did not reduce it from the value of fixed assets and eventually claimed depreciation on the higher value of assets without reduction of such subsidy. To deal with such a situation, the Finance Act, 2015, w.e.f. 1-4-2016, […]
Assessee is regularly in the business of purchase-sale of equity shares, share transactions entered during the year were in large number, funds were borrowed for the purpose of trading, no separate account has been maintained for the investment portfolio and all the transactions of purchase sale raised are only for one scrip namely Suraj Stainless Steel Ltd.
