"09 December 2019" Archive

GST शास्त्र : Joint Development Agreement ‐ Taxability & other aspects

After 1st April, 2019, real estate sector has undergone massive changes as far as GST implications are concerned. Hence, it is important to revisit law, understand taxability impacts and other aspects in respect of joint development agreement. Joint development agreements are normally entered into either on revenue sharing basis or area s...

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GST Seva Kendras resolve complaints related to GST

CBECMITRA, a pan-India helpdesk, a national toll-free number and GST Seva Kendras have been established to resolve taxpayer grievances relating to Goods & Service Tax (GST)....

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Search Assessment under Section 153A & Section 153C

This article covers some of the basic but important issues faced by the Assessing Officer in Search assessment. It also covers the judicial history of the issue and stand taken by the Department. After completion of search by the Investigation Wing, correct application of the provision of the Income Tax Act and assessment of true income o...

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A Bird’s Eye View of HUF Taxation in India

Considering the unique social, cultural and economic dynamics of Indian joint family, the Income Tax Act has given the status of separate legal entity to Hindu Undivided Family(HUF) under section of 2(31) of the IT Act. This article discusses various aspects of HUF taxation, touching upon recent judicial decisions which help to understand...

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Principles of Cross Examination in Context of Income Tax Proceedings

The issue of cross examination of witnesses in Income Tax proceedings has seen substantial litigation before various appellate fora. Many a time, income tax assessments, otherwise sound on facts and merits, suffer adverse consequences due to opportunity of cross examination not being provided to the assessees....

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Taxability of Capital Gain in Case of Joint Development Agreement (JDA)

Individuals/ HUF who enters Joint Development Agreement with the builder are liable to capital gains in the year in which the certificate of completion is issued by the competent authority....

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Draft of Accounting Standards for Local Bodies (ASLBs) 4, ‘Effects of Changes in Foreign Exchange Rates’

While formulating the ASLBs, due consideration is given  to the International Public Sector Accounting Standards (IPSASs) issued by the International Public Sector Accounting Standards Board (IPSASB) of IFAC for  integrating the same to the extent possible, in the light of the conditions and practices prevailing in India. The Committee ...

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Understanding Applicability of Section 115BBE

Post-demonetization in FY 2016–17, there has been large scale cash deposits in bank accounts, out of which a substantial portion could be unexplained u/s 69A. Such income in nature of Ss. 68 to 69D has been made liable for being taxed at higher rate @ 60% u/s 115BBE from AY 2017–18, irrespective of whether such unexplained income is s...

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Fine vis-a-vis Penalty imposed under Companies Act, 2013

Fine imposed when any application/ petition filed with any court (like: NCLT, High Courts) and penalty imposed when company made any non compliance and adjudicating authority directly can impose penalty on such companies....

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Chairman of a Company or Board- A prospective

Introduction Unless otherwise provided in the Articles of Association of the Company, the Companies Act, 2013 (‘CA, 2013’) and Listing Regulations, 2015 do not explicitly lay down provisions mandating the appointment/election of a permanent Chairperson of the Board. However, section 104 of the CA, 2013 provides that either the Chairpe...

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