Government supplies under GST Supplies made by Government to a business entity are generally covered in GST under the Reverse charge mechanism (RCM) basis. However, there is a twist to the tale wherein certain supplies are liable to GST under Forward charge mechanism (FCM) as well. In this article, I would like to clarify Entry […]
As per the Companies Act, 2013 and related rules and provisions, it is mandatory for every company to appoint an auditor from incorporation to their going out of business. Auditor is eligible person, who audits the financial part and working of company. Hence, every company needs to appoint auditor. Notably there are many times, when […]
Recently, an interesting question arose before the Delhi ITAT in the case of M/s. Anant Raj Limited v. DCIT1. Where the assessee has offered an income under the head capital gain in past years, can he change the head of income in subsequent years for the related transaction? The ITAT has held in affirmative stating […]
E-BOOK: KNOW WHEN TO SAY NO TO CASH TRANSACTIONS Article explain Restrictions on Cash Expenditure (Capital & Revenue), Incentives to encourage cashless business transactions, Restrictions on Cash Loans, Deposits & Advances, Restrictions on Cash Transactions in Real Estate, Restrictions on Income Tax Deductions, Restrictions on Cash Transactions of Rs. 2 Lacs or more, Mandating Acceptance […]
The country is under Lockdown form 25th of March 2020 and till the first Unlock the department is working at the backend continuously so that the trade and industry does not suffer much. The due dates for the lockdown are extended and also refunds were disbursed to the taxpayers it will provide them some legroom to […]
RBI has put in its web site for public comments a discussion paper titled ‘Governance in commercial banks in India’. The objective of the discussion paper is to align the current regulatory framework with global best practices while being mindful of the context of domestic financial system. Accordingly, some of the major highlights of the […]
Bar on Subsequent Application to Income Tax Settlement Commission: Conflict between Legislative Intention and Judicial View The scheme of Settlement of cases under the Income Tax Act’1961 is governed by Sections 245A to 245M contained in ‘Chapter XIX-A: Settlement of Cases’. In the common parlance, it is believed that the settlement of cases is a […]
Rajasthan bench of Advance Authority Ruling held in the case of Clay Crafts India Pvt. Ltd. that GST shall be applicable on payments made to Director of a Company in any form of Salary, Professional or technical services or by whatever name called. However this ruling is contradictory to the Karnataka bench where the authority […]
Revised TDS rates w.e.f. 14th May 2020 and its impact with Practical case study. Whether Split of Invoice is required or not for May month. To give more liquidity in the hands of assesses, union minister of finance and corporate Smt. Nirmala Sitaraman has announced 25% reduction in TDS/TCS rates on 13th May 2020. Below […]
Now ITC can be availed which was earlier blocked on Health-Insurance and hiring of motor vehicle for transportation of employees from 15th April 2020 Due to COVID-19 epidemic in the country, Government has made certain services obligatory for employer to provide to its employees. In this article, such categories of supplies have been identified and […]
