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The 28th meeting of the GST Council was held on 21st July, 2018. Several important and consumer friendly decisions have been taken in the meeting. The time and cost involved in tax compliance has also been dramatically reduced by enabling businesses with an annual turnover of up to Rs. 5 Crore to file quarterly returns, in lieu of monthly returns, along with the simplification of the return format itself. I urge you all to become familiarized with the changes in law and procedures so as to act as facilitators in furthering the Government’s resolve to enhance Ease of doing Business.
MCA has issued Companies (Incorporation) Third Amendment Rules, 2018 and amended Companies (Incorporation) Rules, 2014 for Substitution of Explanation to Rule 3(1) relating to the meaning of the term ‘Resident in India’ and Rule 15 pertaining to Affidavit from Subscribers and First Directors. to give effect to such rules MCA has notified Section 5 and […]
MCA has notified vide notification dated 27th July, 2018 Companies (Incorporation) Third Amendment Rules, 2018 to amend the Companies (Incorporation) Rules, 2014. GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi 27 July, 2018 G.S.R. 708(E)._ In exercise of the powers conferred by section 3, sub-section (1) of section 7 and sub-sections (1) and […]
Central Government hereby constitutes the National Company Law Tribunal, Kochi Bench at Kochi and for the said purpose hereby makes the following further amendments in the notification of the Government of India, Ministry of Corporate Affairs number S.O. 1935 (E), dated the 1st June, 2016, namely:—
Article presents Questions and Answers on Section 192 of Income Tax Act, 1961 related to TDS on Salary. Q.1. Who is responsible to deduct tax on Salary under Section 192 of Income Tax Act, 1961? A.1. All persons paying salary are responsible to deduct TDS on income chargeable under the head “Salary”. In other words […]
All household items stand reduced from 28 percent to 18 percent and 12 percent. All items of construction except cement stands reduced. Most white goods stand reduced.
Xavier Institute of Management Vs ITO (ITAT Cuttack) The Cuttack bench of the Income Tax Appellate Tribunal (ITAT) has held that the income received by a charitable institution imparting education shall not be charged for receiving training and consultancy fee from corporates as the same cannot be treated as a ‘commercial activity’ for denying tax […]
Shri Tej Narayan Agarwal Vs Addl. CIT (ITAT Hyderabad) Amount received and repaid by the assessee subsequently is not a loan. This is a transaction done on behalf of his children to accommodate tham in obtaining DD’s without charges and cannot be considered as taking of loan or repayment of loan in cash. Facts of […]
To bring Uniformity and to give deductors sufficient time in filing of TDS Statement CBDT has vide Notification No. 30/2016 Dated: 29.04.2016 has revised due date for filing above referred TDS statements for Government and non-governemnt deductors wef 01.06.2016 to as follows :-
A derivative is nothing but a bet. We in our daily lives enter into a derivative contract (place a bet) without even knowing about it, say while watching a cricket match. To make you familiar with one of the derivative contract let me give you an example. Let’s say you have to buy a cable connection for your televison.
