"21 July 2019" Archive - Page 2

Section 56 on Fresh /Bonus/Right Issue & Buy Back of Shares

Applicability of Section 56(2)(viia) & 56(2)(x) of the Income Tax Act, 1961 on Fresh /Bonus/Right Issue & Buy Back of Shares: An Undying Conundrum!! The provisions of section 56(2)(viia) of the Income Tax Act were inserted w.e.f. the Finance Act 2010, and read as under: Section 56(2) : “In particular, and without prejudice to th...

Posted Under: Income Tax |

FLA Return – Key points, FAQ’s, FLAIR System & Important Definitions

Annual Return on Foreign Liabilities and Assets (FLA Return)– An Analysis (Key Points, FAQ’s and Important Definitions) 1. Compliance Particular: Annual Return on Foreign Liabilities and Assets (FLA Return) 2. Requirement: FLA Return is required to be submitted mandatorily by all the India resident companies which have received FD...

Posted Under: Income Tax |

Who is your relative under different Acts?

Introduction: The author in this article has analyzed the provisions of the various Acts with regard to the definition of a relative. A comparative analysis has been done among the definitions provided under: Companies Act, 2013 Income Tax Act, 1961 Accounting Standards Goods & Service Tax Tax Act, 2017  Analysis: Comparative chart o...

Posted Under: Income Tax |

Section 12A Registration for Trust

Section 12A registration is one time exemption obtained by most Trusts, right after incorporation to be exempted from paying income tax. Trusts and NGOs having 12A registration enjoy exemption from paying income tax on the surplus income of the Trust or NGO. Income tax exemption is available for all non-profit NGOs. Hence, it is important...

Posted Under: Income Tax |

HC grants Anticipatory bail against arrest under GST for alleged bogus billing

Mr. Mahendra Kumar Singhi Vs Commissioner of Commercial Taxes (Karnataka High Court)

Mr. Mahendra Kumar Singhi Vs Commissioner of Commercial Taxes (Karnataka High Court) Though several contentions have been raised with reference to initiation of the action under the GST Act and CST Act, since the scope of these petitions is limited only to consider the bail applications, the other points which have been raised are not [&h...

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