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 the […]
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 FDI and/ or made ODI in any […]
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 of the definition […]
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 […]
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 […]
