Clarification on dispatch of notice under section 62(2) of Companies Act, 2013 by listed companies for rights issue opening upto 31st July, 2020 Section 62(1)(a)(i) of the Companies Act, 2013 mandates a company having a share capital proposing to increase its subscribed capital by the issue of further shares, to offer such shares to persons […]
What is chargeable to tax is only Income. Naturally whatever qualifies as income under section 2(24) , shall be taxed as per the applicable tax rates under the income tax act. A key tangent to decide whether the income earned is taxable in India, is the residential status of the person who is receiving the […]
As per section 14 of the Companies Act, 2013 a public company may convert itself into a private company by taking approval of members by way of passing special resolution in the General Meeting and by taking the approval of Central Government on an application made in such form and manner as may be prescribed.
it clearly stands established that the services of the Contractor for hiring of buses/cars for transportation of employees qualify as ‘rent-a-cab’ services. Further, if same is obligatory for an employer to provide to its employees under any law for the time being in force, so Input tax credit is not allowed in the case of Rent A Cabe service, firstly we have to pass the test of rent a cab, if same is comes within the preview, ITC is not allowed.
Micro, Small & Medium enterprises are the backbone of growing Indian economy. From some time, this term has come into lime light because government has issued various Rules, Directives and also enacted law for promotion, development and enhancing competitiveness of MSMEs. In this article, we will be covering following points:- 1. An introduction to MSMEs […]
This is in reference to recent Gujarat High Court ruling in the number of writ petitions filed before the court on the issue related to ocean freight under GST under reverse charge mechanism. The lead petition has been taken into consideration i.e. Mohit Minerals Pvt Ltd vs UOI. “No tax is leviable under IGST Act […]
Understand the implications of section 271AAD on false accounts. Learn how this new provision aims to deter taxpayers from manipulating their books of accounts.
Provision applicable for the set-off and carry forward of losses from the activity of owning and maintaining race horses (Section 74A of the Income Tax Act) Where the losses could not be set off under the same head or different heads of the income in the same assessment year, then such amount of losses are […]
There is no harm in filing ITR even income is below the Basic Exemption limit. Filing ITR will help you in maintaining the record of your annual income. 1. It helps in buying Insurance (Term, Medical etc.): Insurance Companies need 3 years of ITR copy before giving any Term Loan or any Insurance. You will […]
Consequences of failure in export of goods or failure in realizing export proceeds in respect of services exported 1.0 INTRODUCTION: 1.1 Covid-19 Pandemic has adversely impacted on all business sectors worldwide, resulting to which industries are facing various difficulties such as manufacturers are neither able to manufacture the goods (lack of proper labour) nor able […]
