Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert CA Hari Agarwal, FCA.
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In this write-up we will discuss about the Objects, procedure, compliance requirement, restrictions, penalties & exemption related to a Nidhi Company. Before starting with the topic let us understand the meaning of the ‘Nidhi Company’ first. Sub-Section 1 of Section 406 of Companies Act, 2013 defines Nidhi as follows: – “Nidhi means a company which has been incorporated […]
The issue circling around charging of tax in cases of ‘Liquidated Damages’ (LD) under Goods and Service Tax (GST) law has been an issue from the beginning of GST law coming into force as even in the earlier regime under Service tax (ST) the issued has cropped many times but no clarification, judgement or ruling had been realised on the matter made at that time. With different school of thoughts giving views equally for and against charging GST on the said receipt of money.
Where due to pending disputes with debtors, sales commission could not be paid to agents for longer period, taxation of such liability payable to agents under section 41(1) was not justified.
CIT Vs M/s T.V. Sundaram Ayangar & Sons (Uttarakhand High Court) It is stated that since there was no authorized translator in the Department as well as in the office of the Chief Standing Counsel, it took some time to translate the documents. Lastly, it is stated that due to above mentioned reasons, delay has […]
With increase in technological innovations such as Internet of Things (IOT), Cloud services and mobility coupled with constant connectivity, the geographical boundaries are reducing and exposing personal data to higher risks.
As AO failed to arrive at satisfaction as to non-correctness of assessee’s claim as regards no expenditure against exempt income, invocation of rule 8D was in contravention of section 14A(2) and, therefore, disallowance was deleted.
Chapter VI of The Central Goods and Services Act 2017 (CGST Act) deals with Registration. Section 22 deals with Person liable for registration; Section 23 deals with Persons not liable for registration and Section 24 deals with Compulsory registration in certain cases.
India witnessed its biggest ever tax reform in July, 2017, almost a year back when it migrated to Goods and Services Tax (GST) w.e.f. 1st July, 2017, subsuming therein over a dozen central and state indirect taxes. Given the nature of its federal structure, India followed a dual model of GST with simultaneous levy of Central and State GST.
This brief article explores items on which GST Input tax credits are disallowed in general and how this affects professionals in particular on a day to day basis.
