In the context of Alternate Investment Funds (AIFs), references have been made to the Central Board of Direct Taxes (the Board) seeking clarity regarding taxability of income from investments made by the non-resident investor through these AIFs, outside India (off-shore investment).
Stay up to date with the key changes in ITR form for A.Y 2019-20. Find out how the new tax return forms impact individuals, corporates, and other taxpayers.
Pharmaceutical companies have received some relief in the recent favorable decisions such as Aishika Pharma (P.) Ltd. which have allowed tax deduction of expenses in the nature of sales promotion, marketing and distribution expenses which would otherwise be outright disallowed by tax authorities due to Circular No. 5/2012 dated 1-8-2012 issued by the Central Board of Direct Taxes (‘CBDT’) which cites such expenses as inadmissible as per Section 37(1) of the Income-tax Act, 1961 (the ‘Act’).
The health care sector is one of the biggest sectors in India, is regulated by the Indian Medical Association (IMA). Doctors, apart from engaging themselves in healthcare services by working as doctors and consultants in hospitals, or running their own clinic etc. can do a lot of other activities. For instance, they can set up […]
INPUT TAX CREDIT (ITC) IN RESPECT OF CAPITAL GOODS UNDER GST LAW 1. As per section 16 if CGST Act, every registered person will be entitled to take input tax credit (ITC) in respect of input tax charged to him on supply of goods or services to him, if it is used or intended to […]
Krishna,monsoon has arrived in India with all it’s glory. Similarly it’s raining in GST,with downpour of various notifications and circulars by CBIC, what are they about?
The National Financial Reporting Authority Form-1 (NFRA Form-1) – Documents and Attachments The following details/documents are required before proceeding with Form NFRA-1 filling on NFRA Website www.nfra.gov.in . In case of Indian Body Corporate following details are required: 1. PAN of Indian authorized individual 2. PAN of body corporate 3. DIN of Director/Membership No. of […]
If you are MSME Registered Enterprise, then you can take action for non-payment of due amount along with Interest. The Government under MSMED Act, 2006 (Dealing with Delayed Payment) provides facility to MSME Registered Entities to file the case for non payment of due amount along with interest as per the provisions under MSMED Act, 2006.
Time limit for filing NFRA-1 will be 30 days from deployment of Form on the Website of NFRA. Form NFRA-1 is available on https://nfra.gov.in/ and the last date of filing the same by Entities concerned is 31st July, 2019.
In this Exposure Draft, the International Accounting Standards Board (Board) proposes targeted amendments to IFRS 17 Insurance Contracts, issued in May 2017 to respond to concerns and challenges raised by stakeholders as IFRS 17 is being implemented.
