"01 June 2020" Archive

Six key changes in ITR forms for FY 2019-2020 (AY 2020-2021)

The CBDT has notified the Income Tax Returns (ITR Forms i..e. ITR 1 to ITR 7) for the FY 2019-2020 (AY 2020-2021)  vide Notification No. 31/2020-Income Tax Dated- 29/05/2020, which became effective from 30th May, 2020. Glad to see this notified a day before than what the department committed. Six key changes in newly notified […]...

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Posted Under: Income Tax |

TDS on acquisition of immovable property @ 0.75% is ‘almost’ mandatory

In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of Tax Deduction at Source (TDS) for the, specified payments made to residents, inter alia, for the acquisition of immovable property (194-IA) has been reduced by 25% for the period […]...

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Posted Under: Income Tax |

Interlinkage between Valuation and Transfer Pricing

We see that whenever there is any TP litigation in relation to valuation of assets or shares, following are the issues that are raised by the IRD while evaluating the valuation report:...

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Posted Under: Income Tax |

Post Incorporation Compliance under Companies Act, 2013

In this particular article my effort is to take care and to discuss post incorporation compliance as per Companies Act,2013 to the best of my knowledge and in accordance with the applicable provisions....

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Posted Under: Income Tax |

Related Party Transactions of Unlisted Companies | Companies Act 2013

Background: According to Section 2(76) of the Act, ‘related party’, with reference to a company, means: 1. A director or a key managerial personnel or their relatives; 2. a firm, in which a director, manager or his relative is a partner; 3. a private company in which a director or manager or his relative is […]...

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Posted Under: Income Tax |

Process for LLP (Limited Liability Partnership) Incorporation

What is LLP? LLP is defined under LLP Act -2008 (Limited Liability Partnership Act-2008) which means partnership formed and registered under this Act and is a legal entity separate from that of its partners. In simple words when two or more persons associated for carrying on a lawful business with a view to profit incorporate […]...

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Posted Under: Income Tax |

Section 186- Loan & Investment by Companies

SECTION 186 + Rule 11, 12 and 13 of Companies (Meeting of Boards and its Powers) Rules, 2014 LOAN AND INVESTMENT BY COMPANY 1. Objective:- > To protect the interest of shareholders > To prevent company from unnecessary exploitation of funds of shareholders > To maintain feasible debt equity ratio > To ensure sufficient liquidi...

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Posted Under: Income Tax |

Registration of a Partnership Firm in Tamil Nadu-Step By Step Procedure

Documents required for Registration of a Partnership Firm: ♠ Partnership Deed ♠ Attested photocopies of Address Proof & Id proofs of all Partners ♠ Rental agreement if rented premises ♠ NOC for own premises ♠ Authorisation letter given by partners to authorise a professional ♠ Original Signed Copy of Form-1 (After online r...

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Posted Under: Income Tax |

Non Resident Investing in a Indian Company – FCGPR Compliance

Non Resident Investing in a Indian Company-Compliance under FCGPR – Whether he can use his NRO Account? Present Case: A private limited is incorporated in India. Mr. X who is in US and US citizen has an NRO account in India. He wants to transfer his money from his NRO account to the company for […]...

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Posted Under: Income Tax |

Freedom of expression on internet: Discussion on legal angles in India & USA

It is a sheer coincidence that a few individuals from India were charged for contempt of court for their expression on judiciary in social media while Twitter exercised its right to hid the views of a politician in connection with racial riots all over U.S.A. a scene not seen for a very long time. Yes, […]...

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Posted Under: Income Tax |