The term Security Service is not defined in the CGST Act, 2017. As per general understanding Security service is a service wherein a person supplies security personnel to another person for a consideration. However, in the old regime of Service Tax, the term Security Agency was defined under section Section 65(94) of Finance Act, 1994; which is reproduced as under:
Learn about the mandatory linkage of PAN with Aadhaar from A.Y. 2019-20. Find out why quoting Aadhaar in your Income Tax Return is now mandatory.
Section 44 of CGST Act mandates every registered person, except the following, to furnish an annual return for every FY electronically in Form GSTR-9 on or before 31 December following the end of Financial Year.
Although Private Limited Company is the most popular form of starting a business, there are various compliances which are required to be followed once your business is incorporated.
Jefferris India Pvt. Ltd. Vs. ACIT (ITAT Mumbai) When there was no willful concealment and mistake involved human error, penalty under section 271(1)(c ) deleted
NRI’s would now have to disclose details of residency in foreign country. Tax Identification numbers allotted to them. With this, through exchange of information Government would keep a track on Evasion. Additional disclosure on assets held abroad. This isnt a welcome move since NRI’s would be reluctant to share the same with GOI.
Public Consultation on the proposal for amendment of Rules for Profit attribution to Permanent (PE) Establishment invited by CBDT. Under Article 7 in the Indian treaties, profits are to be attributed to the PE as if it were a distinct and separate entity on the basis of the accounts of the PE and where such accounts are not available to enable determination of profits attributable to the PE, the profits attributable to the PE can be determined under the domestic laws.
Assessee having already set up its business was eligible to claim basic administrative expenditure as business expenditure though business operations were commenced in the subsequent year.
In the case of Pr. CIT versus Chawla Interbild Construction Company Private Limited (2019) 412 ITR 152 (Bom.), the hon’ble Bombay High Court has reiterated an important principle regarding burden of proof which lay on the assessee to prove the genuineness of the transaction. The Court has held that the assessing officer cannot compel the […]
The audit report provided under regulation 55A of the securities and Exchange Board of India (Depositories and participants) Regulations, 1996 shall be submitted by the unlisted public company on a half-yearly basis to the Registrar under whose jurisdiction the registered office of the company is situated.
