The Taxation of Works Contract was always a subject matter of dispute because both Service and Transfer of Property in Goods were involved in the very same transaction. In the case of Gannon Dunkerly, the Hon’ble Supreme Court had held that in case of a works contract, the dominant intention of the contract is the […]
TDS on payment of Rent falls under section 194I of Income Tax Act-1961. The plain reading of this section is very simple but very difficult to apply practically, specially when there is no clarity over simple definition of Rent and duration of Rent too. In this article, section 194I shall be critically analysed and confusion […]
GST Provisions for Tax Deducted at Source ( TDS ) have become applicable since 01-10-2018. Detailed analysis with section, rules, notifications and circulars is as under : 1. Who is liable to deduct TDS ? The persons specified under clauses (a), (b) and (c) of section 51 (1) and persons notified under clause (d) of section […]
Form the point of view of revenue collections by the government, monthly return in form GSTR-3B has been major source of tax collections under the GST regime. However, it has been observed that the due dates for filing this return in form GSTR-3B has not provided in GST Acts, these have not even provided in […]
The section 292BB talks about ‘Notice deemed to be valid in certain circumstances’ was introduced by Finance Act 2008 & is reproduced below – [Notice deemed to be valid in certain circumstances. 292BB. Where an assessee has appeared in any proceeding or co-operated in any inquiry relating to an assessment or reassessment, it shall be deemed […]
Additional Relaxations/Clarifications in Relation to Compliance With Certain Provisions of The SEBI LODR Regulations, 2015 Due to The COVID –19 Pandemic: SEBI vide its circular dated April 17, 2020, in continuation with its circular dated March 19, 2020 and March 26, 2020, has decided to grant the following further additional relaxations regarding provisions of the […]
Karnataka – Extension of Due dates for matters concerning Professional Tax, VAT, KTEG and Sales tax Due to the Pandemic Covid-19 outbreak and subsequent lockdown nationwide causing difficulties to various taxpayers adhering to the provisions of tax laws. The Karnataka Government extends certain due dates concerning payment of taxes, filing of appeals and concluding assessment […]
Pharmaceuticals have always been a huge component of India’s ever-growing trade expansion strategy, especially since the country has already stated its goal of diversification of exports both in terms of the products that are being exported and the countries to which they are exported. India is a leading exporter of generic drugs across the world […]
Micro Small & Medium Enterprises MSMEs have played a vital role in our economy and with low investment, it is giving the maximum employment in the country providing wide area of products and services. During the lockdown, the MSMEs are suffering because of the sudden break in operations, thereby creating a situation of panic. Some […]
CoVID-19, better known as the novel coronavirus, hit the India. From the day 1 of lock down the Indian economy facing dilemma in various fields. The virus doesn’t leave the capital markets and Banking Industry. On 27th March, RBI reduced the repo rate by 75 bps and announced of three months on all term loan and credit card instalments due between 1st March and 31st May 2020.
