"21 May 2020" Archive

Comprehensive Analysis of Definition of Benami Transaction

A journey into the evolution of the definition It is natural that the comprehensive analysis of the definition of benami transaction in the benami act has to start with reproducing the definition itself. Section 2(9) of Prohibition of Benami Transactions Act, 1988 defines Benami Transaction. As per this, Benami Transaction means: A. A tra...

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Retrospective GST amendment – Transitional credit claims of past- Dis-entitled now?

GST laws contain Transitional provisions inter alia Section 140 of CGST Act, 2017 (similar provision in State GST laws) enables the taxpayer to carry forward the unutilized input credit under the pre-GST regime and allow the credit of taxes paid on the stock as on 30.06.2017 as GST credit. For this, Rule 117 of CGST […]...

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Posted Under: Corporate Law |

Impact of COVID 19 on business, GST Perspective

Impact of COVID 19 on GST Indian government chose complete lockdown as an important measure to protect human life’s from the rapid spread of COVID 19 outbreak. Besides human life which is the most important, nationwide complete lockdown has had a worst impact on the economic activities resulted into huge revenue loss to the Government [...

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Posted Under: Corporate Law |

Factors to consider for Payment of Rent during Lockdown

Ramanand & Others Vs Dr. Girish Soni and Another (Delhi High Court)

Temporary non-use of premises due to the lockdown which was announced due to the COVID-19 outbreak cannot be construed as rendering the lease void under Section 108(B)(e) of the TPA. The tenant cannot also avoid payment of rent in view of Section 108(B)(l)....

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Arrest, Bail And Compunding in GST

Recently a single member High Court Bench has provided for conditional bail of the accused on the condition that they may approach the GST authorities for Compounding of their Offenses as provided under the act. Compounding of Offenses as provided by Section 138 of the GST law would allow the accused to avoid criminal prosecution [&hellip...

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Posted Under: Corporate Law |

Income Tax on Revenue From YouTube

YouTube video blogging, popularly known as vlogging has reached at the peak of its popularity by now. The trend of googling for a content has shifted to you tube search. Many budding vloggers are making money from YouTube. However most of them are not aware of the tax implications. Let’s try to explore this in […]...

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Posted Under: Corporate Law |

ITAT upheld addition for Tax Evasion by misuse of Client Code Modification

Nirmala Devi Vs ITO (ITAT Delhi)

Nirmala Devi Vs ITO (ITAT Delhi) In the given case, the Investigation Directorate, Ahmedabad carried out survey u/s 133(A) to examine the misuse of Client Code Modification for tax evasion. The client code of the assessee was SS 493 & as per the Assessing Officer the error by the operator could be in the form […]...

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Transfer Pricing Audit Applicability in India

Article explains Section 92 of the Income Tax Act, 1961 related to Computation of income from international transaction having regard to arm’s length price,  Meaning of Associated Enterprise under section 92A, Meaning of international transaction under Section 92B, Audit under the Transfer Pricing under Section 92E and Report from ...

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Posted Under: Corporate Law |

Section 269SU Acceptance of payment through electronic modes

Section 269SU has been introduced by the government under Income Tax Act with an intention to promote cashless economy and digital mode of accepting payment. Section 269SU prescribes for accepting payment through certain electronic modes as prescribed in addition to other electronic modes. This article is a detailed discussion on Section ...

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Formation of Start up in India | Definition & Tax Benefits

Start up is the policy measure of the government of India, Ministry of Commerce and Industry to give stimulus and boost to the Innovative Talents to set up the business. These start up needs to get registered with Department of Industrial Policy and Promotion (DIPP) which will grant them a certificate, if all the conditions […]...

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Posted Under: Corporate Law |

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