Tax cannot be levied and collected without authority of law. Tax collected becomes revenue of the Union or the State. Taxes are levied for public purposes and benefit of tax collected cannot be given to taxpayer. Therefore, where any amount is leviable under the law as tax, it cannot be refunded to the taxpayer. Tax […]
The objective of this document is to summarize all the tax concessions, applicable w.e.f FY 2019-20, announced by Finance Minister, Nirmala Sitharaman with intent to boost the economy and to promote ‘Make-in-India’. Highlights of Tax Concessions by Finance Minister press Conference on 20 Sep 2019 1. Tax Concessions for Existing Domestic Companies. 1.1. Option has […]
The GST Council in its 37th meeting held on 20th September 2019 at Goa discussed and approved: (i) Some policy recommendations; (ii) certain amendments in the GST Law; (iii) reduction in GST rates for certain category of goods and services; and (iv) clarifications on GST rates for existing goods or services; 1. Changes related to […]
An Independent Director is a non-executive director of a company and helps the company in improving corporate credibility and governance standards. Section 149 of the Companies Act, 2013 falls under chapter XI – Appointment and Qualification of Directors. The applicable rules are Companies (Appointment & Qualification of Director) Rules, 2014.
(i) Section 110(1)(b)(iii) of the CGST Act which states that a Member of the Indian Legal Services, who has held a post not less than Additional Secretary for three years, can be appointed as a Judicial Member in GSTAT, is struck down. (ii) Section 109(3) and 109(9) of the CGST Act, 2017, which prescribes that the tribunal shall consists of one Judicial Member, one Technical Member (Centre) and one Technical Member (State), is struck down.
Deduction under section 80DD of the Income Tax Act covers the amount paid towards the medical expenditure of a dependant with a specific disability. It also covers the amount of insurance premium paid towards specific insurance plans. The current article provides a complete explanation of all the provisions covered under section 80DD of the Income Tax […]
