"30 May 2020" Archive

Official Guideline for Phased Re-opening (Unlock 1)

No. 40-3/2020-DM-I(A) 30/05/2020

1. Phased re-opening of areas outside the Containment Zones- In areas outside Containment Zones, all activities will be permitted, except the following, which will be allowed, with the stipulation of following Standard Operating Procedures (SOPs) to be prescribed by the Ministry of Health and Family Welfare (MoHFW), in a phased manner:...

Import of Goods under GST- Brief Analysis

Article explains Definition of Import of Goods, Import of Goods- Scope of Supply under GST, Levy of GST on Import of Goods, Input tax Credit of GST paid on Import of Goods, Inter-state or Intra State supply, Place of Supply of import of Goods and Import of goods for personal use. Definition of Import of […]...

Posted Under: Corporate Law |

Capital Gain Tax on Dissolution/Reconstitution of Partnership Firms in the Hands of Partners & Firms

Taxability in the event dissolution/reconstitution of Partnership Firms have always been point of contentions before various Judicial Forums and the provisions of Income Tax has been amended from time to time to address the ambiguity in taxing the same. Our article is limited to Taxation in following situations 1. Dissolution of Firms 2. ...

Posted Under: Corporate Law |

BCAS Representation on Goods and Services Tax Act

As our country is passing through an unexpected difficult period where almost all kind of commercial activities have become stand still. The entire country is in the lock down condition, and, either partial or full lock down may continue for some time...

Posted Under: Corporate Law |

Audit Committee- Section 177 | Companies Act, 2013 & Rules

Article explains about Audit Committee under Section 177, Rule 6 and 7 of Companies (Meetings of Board and its Powers) Rules, 2014, Composition of Audit Committee, Functions of Audit Committee, Powers of Audit Committee, Vigil Mechanism and Penalty for Violation of Audit Committee Provisions. Introduction: Audit Committee is of the major ...

Posted Under: Corporate Law |

Taxation of Gifts under Section 28(iv) qua Shah Rukh Khan’s case

Preface `Gifts` received are specifically dealt with by the provisions embedded in section 56(2)(vii)/(x) inserted with effect from 01st October, 2009 &  01st April, 2017 falling under Part F of Chapter IV of the Income Tax Act, 1961. In the course of professional pursuits, any benefit or perquisite whether convertible in monetary ...

Posted Under: Corporate Law |

No Section 69 addition merely for cash deposit in Saving Bank Account

Sarita Tyagi Vs ITO (ITAT Delhi)

The issue under consideration is whether the addition made by the A.O. for cash deposited into saving bank account by the assessee is justified in law?...

Section 12AA registration cannot be rejected merely on suspicion

Lady Floreance Education Society Vs CIT (Exemptions) (ITAT Delhi)

The issue under consideration is that whether the CIT(Exemptions) is correct in rejecting the application seeking grant of registration u/s 12AA of the Act?...

All about filing of Form GST ITC-02A with FAQs

FAQs on Filing of Form GST ITC-02A Q.1 What is Form GST ITC-02A? A person having multiple places of business in a State or Union territory may be granted separate registration for each place of business. If a registered person, who has obtained separate registration for multiple places of business in a State/UT and intends […]...

Posted Under: Corporate Law |

Understanding ‘Limitation of Benefit’ Clause in DTAA

1. Introduction to the ‘Limitation of Benefit’ Clause in Double Taxation Avoidance Agreement (DTAA): Double Taxation Avoidance Agreements (DTAAs) were developed to address the problem that arose due to international double taxation. Double taxation occurs when a certain income is taxed in two different countries resulting in the incom...

Posted Under: Corporate Law |

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