Brief About Form 26AS Any person whoever files Income Tax Return must have encountered with Form 26AS. It is a Tax Credit Statement showing the amount of Tax deducted at source (TDS), Tax Collected at Source (TCS) during the year as well Tax Deducted from the Sale of Immovable Property. At time of Filing Income […]
The introduction of the Goods and Services Tax (GST) in India was held as one of the most significant tax reforms in the country. It has ensured rationalization of the economy and reinforced mop-up, producing consistent convergence under the “One nation one tax” idea. Supply under GST has been defined under Section 7 of CGST […]
The issue under consideration is whether A.O. is correct in issuing Notice under section 147 for re-opening of assessment irrespective of the fact that the material on which he relied is already present in front of him at the time of assessment u/s 143(3)?
Issues in classification – Pharma Products 1. Chapter 30 of the Customs Tariff Act covers classification of pharmaceutical products. The most essential characteristic of any medicine is its curative effect i.e. therapeutic use. Curative effect means its ability to cure the disease or mitigate the disease. Another important characteristic is medicines should have the ability […]
The form of appeal shall be verified by the person who is authorised to verify the return of income under section 140 of the act as applicable to the assessee. According to the provisions of section 140(c) of the act, the first proviso says that where company is not a resident in India, the return may be verified by a person who holds a valid power of attorney (POA) from such company to do so.
1. Meaning of the Entrenchment: – The Companies Act, 2013 not defined the Entrenchment term but it introduced in it. The Companies Act, 1956 not contain the Entrenchment in it. In the Companies Act, 1956 there was nothing specific provision like entrenchment, the act mostly depends on the judicial decisions. As the term is not […]
In this article we will discuss about appointment of additional director and key managerial personnel under companies act and rules. Additional director (As per Section 161 and Chapter XI The Companies (Appointment and Qualifications of Directors) Rules, 2014 ]
The issue under consideration is regarding applicability of provision of section 43B on the registration fees collected from the customers on sale of the vehicles?
As per sub-clause (a) of Entry no 5 of Schedule II of CGST Act, 2017, ‘renting of immovable property’ hotel accommodation Supply is considered as supply of service. Supply of food is treated as composite supply of service, as per sub Para (b) of Entry No 6 of Schedule II of CGST Act, 2017, ‘supply, by way of or as part of any service or in any other manner whatsoever, of goods, being food or any other article for human consumption or any drink (other than alcoholic liquor for human consumption), where such supply or service is for cash, deferred payment or other valuable consideration.’
With the expansion of information and communication technology influencing the modes and scales of supply and procurement of goods and services exponentially, the digital economy has enabled conducting of businesses without regard to national boundaries and physical presence. The same has also resulted in novel issues in the tax regime regarding taxability of revenue from […]
