Companies Act, 2013 Act merely provided for the investigation into the Beneficial Ownership of the company by the central government (CG), if it deems fit. However, section 22 of the Amendment Act contains completely revamped provisions relating to SBO
Sec 10 of CGST Act 2017 explains the composition levy under Goods and Services Tax. Chapter II of the CGST Rules 2017 deals with the various propositions of levy of composition scheme under the CGST Act 2017. Rule 3-7 of Chapter II of the CGST Rules 2017(as amended upto 06th July 2018) have been reproduced below
Discussion on Circular No. 6/2018 on Tax Audit Report for deferment of Clause 30C and 44 CBDT have issued a circular no. 6/2018 dated 17 August 2018 in relation to the Tax Audit Report to be furnished under section 44AB of the Income Tax Act, 1961 (‘the Act’) read with Rule 6G of the Income […]
One more ruling has come from an AAR which seems to have created havoc and panic in the industry. The ruling talked about is in the case of COLUMBIA ASIA HOSPITALS PRIVATE LIMITED (2018-VIL-126-AAR) given by the Karnataka Authority. Let us first understand the said ruling and then ponder on its correctness.
With lot of amendments come day by day in the Companies Act & Rules, an attempt has been made from my side to share my knowledge regarding Board’s Report for One Person Companies (OPC) and Small Companies under the Companies Act, 2013 in the form of an Article. This Article contains the introduction, clarification, amended provisions and format and other important points included in Board’s Report for OPC and Small Companies under Companies Act, 2013.
Amongst slew of other recommendations, an important exemption from GST has been provided to Indian entities/branches/project offices/liaison offices of foreign companies supplying services to them. This is indeed a remarkable exemption which will provide relief to many multinational companies.
In order to ensure compliance under GST law various measure has been taken by the government and GST audit is one of them. The GST Audit limit 2 crore has been set by the government, it means if a taxpayer having a turnover exceeding Rs. 2 crore in a financial, it will create an obligation for compulsory audit under GST . The registered person shall electronically file:
The mere fact that closure is a real possibility forces managements to get serious with debt monies. The Corporate Finance strategist is set to review her views on the leveraging strategies, as debt may cease to be the soft and easy option. Every corporate who has ended in the Insolvency Process, has gone through cycles of exuberance and despondence, as either it has paid the price of its own mistakes or was a victim of economic cycles. Each legal case is a management case study for the stakeholders and in particular the Insolvency Professional to guide when she is in the trenches attempting to pull out a battered corporate out of insolvency. It has learning for every individual on either side of a corporate debt. And the Beginning of the Journey could not have been any less controversial than what Synergy was. Presenting the complete story of the resolution that could have derailed the most critical reform post Man Mohan Singh.
Sections 22 to 27 of the Act deal with the subject of taxation of “Income from house property”. Section 22 : Annual value of property is taxable under the head “Income from House property”. Section 23 : Determination of ‘Annual value’ Section 24 : Allowable deductions from “Income from House property” Section 25 : Amounts not deductable from “Income from House property” Section 25A : Special Provision for arrears of rent and unrealised rent received subsequently. Section 26 : Property owned by co-owners Section 27 : Situations where the ownership shall be deemed, for taxing income from house property
In this age of globalization many organizations including individuals have got their wings spread all over the world. In any country the tax is levied based on 1) Source Rule and 2) the Residence Rule. The source rule holds that income is to be taxed in the country in which it originates irrespective of whether the income accrues to a resident or a non-resident whereas the residence rule stipulates that the power to tax should rest with the country in which the taxpayer resides. If both rules apply simultaneously to a business entity and it were to suffer tax at both ends, the cost of operating on an international scale would become prohibitive and would deter the process of globalisation. It is from
