"11 December 2017" Archive

Insolvency and the tax conundrum

In recent times, India Inc. has witnessed a paradigm shift in the conduct of business. With the Insolvency and Bankruptcy regime (IBC) kicking in, companies are becoming exceedingly wary of any defaults in repaying creditors and banks, fearing that creditors/ lender banks may drag them to the NCLT for resolution....

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Posted Under: Corporate Law |

133 FAQs on RERA Act as applicable in Maharashtra (MahaRERA)

What are the objects and reasons for which the Real Estate (Regulation and Development) Act 2016 has been framed? Ans: The Real Estate Act is intended to achieve the following objectives:...

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Posted Under: Corporate Law |

Budget 2018 suggestions: Lower Corporate Tax Rate up to 20%, reduce MAT

Another suggestion was made to lower the Corporate Tax up to 20% by removing all exemptions in order to make it competitive at international level. It was also suggested to tax Long Term Capital Gains to bring equity and raise revenue, reduce MAT (Minimum Alternate Tax), and announce the road map for GST including convergence of rates, ex...

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Posted Under: Corporate Law |

Steps to file Refund application for IGST paid on export of goods

There is no requirement to file separate refund for IGST paid on export of goods. The Shipping Bills filed by the taxpayer itself is treated as refund application and the refund amount is processed and paid to the taxpayer if the following conditions are fulfilled: ...

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Posted Under: Corporate Law |

32 New FAQs on Goods and Services Tax Act, 2017

Question No. 1: How to claim refund of IGST paid in course of supply to SEZ unit under zero rated supply? Answer: Please refer to the circular no 17/2017. Question No. 2: GST for the education counseling agencies contracted by the overseas universities- will it be covered under export or not?? Commission earned in foreign […]...

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Posted Under: Corporate Law |

Time Management or Time Adjustment

Time management is a topic that has been spoken about by large number of scholars or rather by intellectuals. One must feel that this is a most discussed, explained, trained about topic in the world....

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Posted Under: Corporate Law |

What is Benami Transactions and Its Impact on Common Man

Where a property held by a person (Benamidar) and consideration has been paid by another person (Benefiacial owner) & The property is held for the immediate or future benefit, directly or indirectly for the person who has paid the consideration....

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Posted Under: Corporate Law |

Fees & Penalty for late / Non filing of TDS Return

Before understanding the penalty provisions for failure to furnish the statement of Tax Deducted at Source or statement of Tax Collected as Source (i.e. commonly known as TDS/TCS return) we shall first have a look at the few basic duties of a person liable to deduct/collect tax at source and due dates for filing of TDS/TCS return....

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Telecom Sector demands Tax free Bond and Lower GST Rate- Budget 2018

Tax free Bond for Telecom; Lowering GST on Telecom services to 12 per cent instead of 18 per cent; BCD on all non ITA-1 products; Depreciation benefits for Make in India; Promote components hub; Keep Electronics Sector out of RCEP and increase import duty on Mobile handsets....

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Posted Under: Corporate Law |

Provisions of Short Term Capital Gain with examples

Gain arising on transfer of capital asset is charged to tax under the head Capital Gains. Income from capital gains is classified as Short Term Capital Gains and Long Term Capital Gains. In this part you can gain knowledge about the provisions relating to tax on Short Term Capital Gains....

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