There have been various compliance related relaxations and extension of last dates in relation to GST. Some of them are listed hereunder including other recent amendments. Amendment in Rule 36(4) on ITC Rule 36(4) of CGST Rules, 2017 has been amended to the following effect: Before amendment: The registered person shall be required to claim […]
The Liability to pay tax on goods shall arise at the time of supply as determined in the terms of the provisions of the Section 12. Before we start the topic Time of Supply under GST Act, 2017, we need to understand section 31 and Section 12 must be read with Section 31, which prescribes […]
GST on Remuneration paid to Non-Executive Directors and Implications on Registration-Karnataka AAR This Article is based on recent AAR from Karnataka on 4th May 2020. Where it is ruled that remuneration paid to non-executive directors is taxable under RCM. AAR helps in identifying the nature of income which is taxable or exempt or no supply […]
Section 14A of the Income-tax Act read with Rule 8D of Income-tax Rules which provide for disallowance of expenditure incurred in relation to income which does not form part of the total income, had been subject matter of a number of controversies. Various High Courts and Benches of the Income-tax Appellate Tribunal have on numerous […]
The Finance Minister has proposed reduced tax rates in respect of an individual and HUF who opts to not to claim any exemption or deduction by introducing a new Section 115BAC. The budget 2020 has given taxpayers the option to choose between the existing income tax regime (which allows availing existing income tax exemptions and […]
Treatment of Interest against House Property in computation of Income [Section 24(b), 80EE, 80 EEA] After calculating the gross annual value (GAV) which is fairly simple to compute, most of the confusion to calculate the income under house property lies in computing the amount of interest deductible from the GAV. Section 24(b) of the Income […]
Important Points: 1. The budget 2020 has reduced the threshold limit for TDS to Rs 20 lakh for taxpayers who have not filed their income tax returns for past three years. Such taxpayers withdrawing cash in excess of Rs 20 lakh have to pay 2% as TDS. 2. Earlier, the Union Budget 2019 has introduced […]
Introduction With the recent amendment by Finance Act 2020 in residential status provisions, NRIs are looking for possible understanding. It is crucial to understand the same as taxability of any income in the hands of an individual depends on the below criteria:- – Residential Status of the individual as per the Income tax act and […]
Covid-2019 or Corona virus has impacted almost entire world including India. It has changed the way of life and has impacted businesses deeply and adversely so much so that even many resourceful and strong economies are facing its dreaded impact. The economies have been hit by and large in all sectors including corporate performance, banking, […]
Articles of Association (AOA) of Companies Registered under Companies Act 2013 are the rules and regulations which governs the internal management of a Company. Articles of Association (AOA) of Companies specifies the procedure for executing various matters like management of Company and issue of Share Capital, meetings of Shareholders, appointment of directors, managing the accounts […]
