Protocol Between The Government Of The Republic Of India And The Government Of The Republic Of Austria Amending The Convention For The Avoidance Of Double Taxation And The Prevention Of Fiscal Evasion With Respect To Taxes On Income, Which Was Signed At Vienna On 8 November, 1999
Compliance audit is an assessment as to whether the provisions of the applicable laws, rules and regulations are complying with various orders and instructions issued by the competent authority. This audit by its nature promotes accountability, good governance and transparency as it is concerned with reporting deviations, identifying weaknesses and assessing propriety. In short, the […]
Two new sections (Section 115BAA and Section 115BAB) were introduced reducing the corporate tax rate for domestic companies to 22% and for domestic companies indulged in manufacturing activities to 15%. Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 has also fixed the rate of surcharge to 10% irrespective of the profits earned by the company.
The force majeure is the term which initially derives from French civil law and is frequently used in various commercial contracts governed by such common law systems across the world because of the limited remedies otherwise available to the parties when the contract becomes impossible, difficult or onerous to perform due to events outside the affected party’s control.
Understand the tax impacts of compound financial instruments. Learn how the introduction of Indian Accounting Standards affects financial reporting requirements.
Mohd. Asif Naseer Vs West Watch Company (Supreme Court) It may be so that mere receipt of notice having been sent under certificate of posting, in itself, may not be sufficient proof of service, but if the same is coupled with other facts and circumstances which go to show that the party had notice, the […]
Synopsis: Recently, the Hon’ble HC, Jharkhand in the matter of Mahadeo Construction Co. [W.P.(T) No. 3517 of 2019 dated 21-04-2020] held that no interest liability u/s 50 of the CGST Act 2017 can be determined without initiating any adjudicatory process either under section 73 or 74 of the CGST Act. Further held that, garnishee proceedings […]
Pandhes Infracon Pvt Ltd Vs ACIT (ITAT Mumbai) Mumbai ITAT worked from home and lifted attachment u/s 226(3) from Bank and debtors of COVID quarantine facilities constructor 1. The taxpayer sought an urgent hearing in respect of the recovery of the Income-tax demand of Rs. 2.91 Crores for the Assessment Year 2010-11. The total income […]
Not filing a return on time does have financial implications, especially if you have a net income tax payable and / or if you have losses to be carried forward. This can really hurt especially if the losses to be carried forward are significant. Therefore, your best option is to ensure that you file the income tax return by the deadline.
As it is not possible to discuss all the perquisites in one article, let us discuss the taxability of a perquisite which is always in question – taxability of prepaid coupons say for example Sodexo coupons which are very famous. These days many employers are giving sodexo coupons to the employees. The value of the coupons varies from employer to employer.
