Post my article on Conversion of Company into LLP, I was asked lot of question on the tax implication after conversion. I have made an attempt to explain here some provisions related to that. Hope I clarify some doubts.
In this article I’ll be discussing the valuation of a rent free unfurnished accommodation given to an employee as a perquisite. The term accommodation includes a flat, farm house (or part thereof) or accommodation in a hotel, motel, service apartment, guest house, caravan, mobile home, ship or other floating structure. For the purpose of valuation of the perquisite in respect of unfurnished accommodation, employees are divided in the following two categories:
In actual practice there is a good deal of difference of opinion as to whether a particular payment is capital or revenue expenditure. Sometimes, the distinction between capital and revenue creates a considerable litigation. In many cases borderline between the two is very thin. However it is essential to distinguish revenue expenditure and capital expenditure […]
Defaults under the Companies Act, 2013 provides for certain liabilities and the registrar of a company has powers to initiate prosecution against the company and its directors and other officers in accordance with the provisions of the law. When a provision has been violated or a default or delay has occurred, the directors may, instead […]
As you all know Copyrights Trademarks Patents etc are buzzing words of this decade.To elaborate IPR in India are broadly classified in five categories that is Copyright, Trademark, Patent, Designs, Geographical indication The biggest opportunity/advantage as well as the threat in IPR is that it is an intangible asset. For example if I want to own a flat […]
(1) These regulations may be called the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020. (2) These regulations shall come into force on the date of their publication in the Official Gazette.
GST audit and annual return are to be filed up to a certain date and at present the due date is 31st January 2020. Let us first see how this due date of the GST audit and Annual return is extended from time to time and in most of the cases of extension the reasons […]
CBDT has released Circular No. 4/2020 which explains provisions related to TDS on Salary under Section 192 of Income Tax Act, 1961 applicable for A.Y. 2020-21 or F.Y. 2019-20. Circular also explains taxation of different components of Salary, Tax Treatment of Allowances, Perquisites, Retirement benefits etc. Circular No. 04/2020-Income Tax F.No. 275/192/2019-IT(B) Government of India […]
