The services under consideration is covered under the above Notification. Therefore, such services are exempted from payment of GST and the lending company is not required to discharge GST on the activity of providing services by way of extending deposits, loans or advances where the consideration is represented by way of interest.
Respite for Startups from Angel Tax. CBDT says -Focus on innovation and improvement of existing products, services and processes and generate employment. Forget the Taxman !! Further through the promise made by our Hon’ble Finance Minister Nirmala Sitharaman’s on July 5th, 2019 to resolve the issues hovering around startups, CBDT has issued a circular “Circular […]
In order to bring greater transparency regarding reasons for encumbrance, particularly when significant shareholding by promoter along with persons acting in concert (PACs) with him is encumbered. The Securities and Exchange Board of India came up with a new Circular SEBI/HO/CFD/DCR1/CIR/P/2019/90 dated August 07, 2019 which calls for additional disclosure requirements under Regulation 31(1) read […]
Rate of income tax – Surcharge and Tax rate for company I. Rates of income-tax in respect of income liable to tax for the assessment year 2019-20 There is no change in this part. It is same as provided earlier. In respect of income of all categories of assessees liable to tax for the assessment […]
Union Budget of India (2019-20) Ms. Nirmala Sitharaman, Minister for Finance and Corporate Affairs, Government of India announced the Union Budget for 2019-20, in Parliament on July 05, 2019. The budget aimed at boosting infrastructure and foreign investment, the first since the Bharatiya Janata Party led by Prime Minister Narendra Modi returned for a second […]
What is a work Contract A works contract is an agreement which is a mixture of service or labour and transfer of goods. Under a works contract the contractor agrees to do certain job in execution whereof, certain goods are transferred to the contractee. Thus, an agreement of building construction, manufacture, processing, fabrication, erection, installation, […]
Knowledge sharing is essential for a company to achieve success, since it can facilitate decision-making capabilities, build learning organizations (through a learning routine) and finally, stimulate cultural change and innovation.
Bright line test is not an appropriate yardstick for determining existence of an international transaction for calculating arms length price.
Enhancement u/s 251 (1) (a) is prohibited on the issues which have not at all been considered by AO during assessment proceedings, therefore, CIT (A) had exceeded his jurisdiction in enhancing the income of assessee by considering the new sources of income not at all considered by AO.
Amount received by assessee from ‘HUF’, being its member, was a capital receipt in his hands and was not exigible to income tax as in case of individual, the HUF has not been included in the definition of relative in explanation to section 56(2) (vii) as it was not so required because in case of HUF,
