"04 April 2020" Archive

Refund of ITC On Capital Goods – A Possible Perspective

– CA Venkat Prasad. P & CA Lakshman. K Background Section 16 of IGST Act, 2017 entitles exporters to claim refund under either of the two options: 1. Export without payment of IGST under bond or Letter of Undertaking (LUT) and claim refund of unutilized Input Tax Credit (ITC) or 2. Export with payment of […]...

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Extension of validity of Lower or Nil Tax Deduction/Collection Certificate

A quick analysis of the CBDT notification dated 31.03.2020 extending the validity of Lower Or Nil Tax Deduction/Collection Certificate for FY 2019-20 Introduction: Due to COVID-19 pandemic, all establishments including the income tax office are not working to full capacity and hence the income tax officers were unable to issue certificate...

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A Brief Note on Slump Sale

As per section 2(42C) of the Income-tax Act 1961, ‘Slump Sale’ means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales. For understanding the term ‘Slump Sale’, it is significant to delve into […]...

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Preferential Issue of Shares under Companies Act, 2013

1. The issue of shares on a preferential basis is governed by Section 62(1)(c) of the Companies Act, 2013 and Rule 13 of the Companies (Share Capital and Debentures) Rules, 2014. 2. In accordance with the provisions of Section 62(1)(c) of the Act, where at any time, a company having a share capital proposes to […]...

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Equalisation Levy (EL) on Specified Services and E-commerce Supply or Services, Finance Act 2020

In Finance Act, 2020 the scope of Equalisation Levy has been expanded to include Equalisation levy of 2 % by an ‘e-commerce operator’ from ‘e-commerce supply or services’. In this article I have discussed the existing Equalisation Levy provisions along with new amendment related to E-commerce supply or services. Equalisation Levy ...

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General Anti-Avoidance Rules (GAAR)

Tax Avoidance is one of the major concerns across the world. Different countries framed different rules to minimise such tax avoidance. Such rules in simple terms are known as General Anti-Avoidance Rule (GAAR). Thus GAAR is nothing but the set of rules ratified so as to check the avoidance of tax....

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Taxability of Rental Income received by a Non- Resident Individual (NRI)

Every person who has relocated out of India, has at one point or another faced issues with respect to taxability of his income earned in India. In this article we shall be looking at the aspects that cover taxability of rental income earned from property situated in India for an individual who has been assessed […]...

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Declaration and Payment of Dividend under Companies Law

SECTION 123 TO 127 OF COMPANIES ACT, 2013 READ WITH THE COMPANIES (DECLARATION AND PAYMENT OF DIVIDEND) RULES, 2014 DIVIDEND- SECTION 2(35) Where in simple words, dividend can be defined as the sum of money paid by a company, to its shareholders, out of the profits made by a company, if so authorised by its […]...

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Rights Issue, ESOP, Sweat Equity Shares & Preferential Issue of Shares

Article explains and compares Governing Section, Meaning, Applicability, Conditions / Restriction, Pricing / Valuation Report for issue of share capital under Rights Issue, Employee Stock Option Scheme, Sweat Equity Shares and Preferential Issue. A Comparative Chart showing the different ways of issue of share capital under Rights Issue, ...

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Ind AS 33 EPS- Contingently issuable ordinary shares

This article specifically covers the details / point in time when the contingently issuable ordinary shares shall be included in calculation of Basic and Diluted Earnings Per Share (EPS) : Extract of Ind AS – 33 Definition : 1. Contingently issuable ordinary shares are ordinary shares issuable for little or no cash or other consider...

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January 2022