"09 March 2020" Archive

Startups and ECB

What is a startup? A startup is an entity registered as a Private Limited Company (registered under Companies Act 2013) or Limited Liability Partnership (registered under Limited Liability Partnership Act 2008) or Partnership Firm(registered under Partnership Act 1932), working towards innovation, development or improvement of product or ...

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Posted Under: Fema / RBI |

No penalty for bonafide different perspective in ALP calculation

ITO Vs Tianjin Tianshi India Pvt. Ltd. (ITAT Delhi)

The assessee is one of the group companies of China based TIENS Group of Companies. The business of the assessee, is Trading/Distribution of Food Supplements and Health Care Equipments. The products dealt with by the Company are basically products manufactured at China or other places by Group concerns. Another Group Entity Tianjin Tiansh...

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Tax Audit under Income Tax Act – Guide to Integrated effects of Section 44AB and 44AD

With times, the people search the loopholes in the laws and the lawmakers keep on plucking such loopholes. Such is also the fate of Tax Audit under the Income Tax Act in our country. The efforts of the government to maintain the right balance between the provisions make the tax compliances simple and inexpensive for […]...

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Posted Under: Fema / RBI |

Place of Supply – Analysis of Sections 10(1)(a) and 10(1)(b)

Before analyzing the above provisions we should first know that a supplier is liable to pay correct type of tax i.e. IGST or CGST & SGST. The Supplier is liable to pay correct tax. If he paid tax incorrectly he may be penalized....

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Posted Under: Fema / RBI |

Input Tax Credit under GST- All you want to know

What is Input Tax? Input tax in relation to a registered person means, the CGST, SGST/UTGST or IGST charged on any supply of goods or services or both made to him and includes- ⇒ IGST charged on import of goods. ⇒ Tax payable under the provision of RCM. {INPUT TAX CREDIT IS A BENIFIT GIVEN […]...

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Posted Under: Fema / RBI |

Exemption available under section 54 of Income Tax Act

Section 54 of the Income Tax Act provides exemption towards ‘Long Term Capital Gain’ arising on sale of residential property. Under the current article, we would try to thoroughly understand the exemption available under section 54 of the Income Tax Act along with relevant frequently asked questions. Understanding the basis of ‘Capi...

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Posted Under: Fema / RBI |

Submit Letter of Undertaking (LUT) for FY 2020-21 by 31.03.2020

In terms of rule 96A of CGST Rule-2017 which was notified under Notification No. 16/2017 dated 07-07-2017, any registered person availing the option to supply goods or services for export without payment of IGST shall furnish, prior to export, a bond or a LUT in Form GST RFD-11. The facility of export under LUT has […]...

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Posted Under: Fema / RBI | ,

Salient Features of Finance Bill, 2020 by CA Ved Jain

The Finance Minister presented her Second Budget on 1st February, 2020.  This budget was presented in the backdrop of economic slowdown.  The Indian economy which was supposed to grow at the rate of 6.8% during 2019-2020 has been projected to come down to growth rate of 5.0%....

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Posted Under: Fema / RBI | ,

A Review on Current GST Provisions as at 08th March 2020

A REVIEW ON CURRENT GST PROVISIONS AS AT 08TH MARCH 2020 (Recent Status/Amendments on Returns, Dates, Rules, Forms, Order, Circular etc.) Volume 2 – GST Act, Rules – dt.08-03-2020 Dear readers, every day you may come across with various amendments, directives issued by Govt. on alone GST Act, Rule etc. since its implementation w.e.f. ...

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Posted Under: Fema / RBI |

Applicability of CSR on Section 8 Companies

Section 135 clearly states and start with EVERY COMPANY and Every company includes Private Limited Companies/ Public Limited Companies/ Foreign Companies/ Section 8 Company and every company incorporated under the Companies Act 2013 or any other previous law, as may be applicable thereon....

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Posted Under: Fema / RBI |