Section 44 of the Companies Act, 2013 the shares or debentures or other interest of any member in a company shall be movable property transferable in the manner provided by the articles of the company. Sub-section 2 of Section 58 of the Companies Act, 2013 provides that the securities or other interest of any member […]
The Article below summarizes the changes proposed in the CGST Act, 2017 and IGST Act, 2017 vide the Finance Bill, 2020 (‘Budget’). Post the enactment of Finance Act, 2020, these changes shall be applicable only when a notification is issued regarding their applicability. 1. Section 10 (Composition Scheme) With the option to avail composition scheme […]
Extending time limit for approval of affordable housing project for availing deduction under section 80-IBA of the Act extended to 31st March, 2021. The existing provisions of section 80-IBA of the Act, inter alia, provide that where the gross total income of an assessee includes any profits and gains derived from the business of developing […]
Receipts of advance against sale of commercial space is not a receipt in the nature of loan or advance as contemplated in section 2(22)(e) of the Income tax Act, 1961 which attracts the provisions of in that section as the said advance is in the nature of business advance which did not fall within the ambit of provisions of section 2(22)(e) of the Income tax Act, 1961.
The issue under consideration is whether the assessee can challenge the order of AO for which he has agreed before without there being any contrary evidence?
Budget 2020: Extending time limit for sanctioning of loan for affordable housing for availing deduction under section 80EEA of the Act to 31st March, 2021. The existing provisions of section 80EEA of the Act provide for a deduction in respect of interest on loan taken from any financial institution for acquisition of an affordable residential […]
Exemption in respect of certain income of wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA) and Sovereign Wealth Fund Section 10 of the Act provides for exemption in respect of certain incomes and activities under specific circumstances. In order to promote investment of sovereign wealth fund, including the wholly owned subsidiary of Abu Dhabi […]
Payments made to dealers for providing services to ultimate customers in lieu of free service coupons surrendered by them were not in the nature of reimbursement of expenditure incurred by dealers but in the nature of payment of consideration pursuant to a contract, as per which dealer provided such services to ultimate customers, accordingly, assessee was obligated to have deducted tax under section 194C from payments towards service coupons to its dealers.
The provisions of section 271(1)(c) of the Act are penal in nature and they are required to be strictly construed. These cannot be extended by way of liberal interpretation to include the cases, which otherwise, do not fall within the purview and scope of the provisions of section 271(1)(c) of the Act.
In re Latest Development Advisory Ltd. (GST AAR Rajasthan) In the instant case, we find that the applicant is providing services to the society (RWA) in two parts viz. all services of maintenance (other than supply of water) and supply of water. We further observe that as a general practice across trade and market, the […]
