In our view this is not a fair or proper procedure. If not in the first notice, at least at the time of furnishing the reasons the assessee should have been informed that the revenue relied upon the second proviso. The assessee must be put to notice of all the provisions on which the revenue relies upon.
The taxability of director’s remuneration under GST has caused a furore throughout the country due to a couple of Advance Ruling judgements in case of M/s Alcon Consulting Engineering Pvt Ltd by Karnataka Advance Ruling Authority and the more recent M/s Clay Craft India Pvt Ltd by Rajasthan Authority for Advance Ruling.
Corona, lock down and economy along with the compulsion and strength of the Indian people & Government Corona ! An epidemic! Who thought a few months before today that life would become something like this, everything would stop and we would all be living life under a bond, maybe no one else can think like […]
REPORT OF WORLD BANK ON ECONOMIC CRISIS: The World Bank said the Coronavirus flare-up has seriously disturbed the Indian economy, amplifying prior dangers to its viewpoint. In its South Asia Economic Update: Impact of COVID-19, the World Bank assessed the Indian economy to decelerate to 5 per cent in 2020 and anticipated a sharp development deceleration in monetary 2021 […]
The FAQ explains that commitment made towards the PM Care funds qualify as CSR, reserves given to Chief Minister’s Relief Fund doesn’t qualify as CSR. The Ministry of Corporate Affairs has given a FAQ on what qualifies as a contribution towards CSR exercises of the corporate in their battle against COVID-19. The FAQ explains that commitment made towards the PM Care finance qualifies […]
The World economy is extended to take a major step back with the advent of Coronavirus outbreak. The Indian Government has been taking practice steps to address the issues concerning the citizens and businesses. On 24th March 2020, the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman announced important relief measures on statutory and […]
CBIC notifies Rate of Exchange of Foreign Currencies against India Rupees wef 17.04.2020 vide Notification No. 39/2020-Customs (N.T.), Dated: 16th April, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 39/2020-Customs (N.T.) New Delhi, dated the 16th April, 2020 27 Chaitra 1942 (SAKA) In […]
50 FAQs issued by MCA on Companies Fresh Start Scheme (CFSS), 2020 and LLP Modified Settlement Scheme, 2020 Thus, Ministry has launched a scheme known as ‘Companies Fresh Start Scheme, 2020‘ and ‘LLP Modified Settlement Scheme, 2020′ condoning the delaying filing the above mentioned documents with Registrar, it relates to waiver of additional fees and […]
Provisions relating to Composition Scheme under GST have been provided under Chapter III of CGST Act which provides for provisions in so far as those relate to levy and collection of tax under GST laws.
Due to the lockdown and COVID-19 effect, work from home is being followed in all companies and businesses. But the new norm of working from home is bringing a few challenges for start-ups and even for bigger corporations too. One of the challenges faced by businesses is that employees who are responsible for filing tax […]
