After declaration of economic stimulus package ‘ATMANIRBHAR BHARAT PART 1’ ON 13/05/2020 by finance minister which was largely related to MSME, most of persons are curious about MSME units and it has been one of the most searched words in the web world of Indian sub-continent. To enlighten the public at large on various relevant […]
International taxation in a simple language means the study of Taxation beyond the National Level. Though we all are very much aware about our Indian Taxation Laws but as time is demanding something more so, there is a need to study the taxation at another level.
GST Annual Return – It comprises of details regarding the outward and inward supplies made and received during the relevant FY. It is a consolidation of regular returns/ forms (GSTR-1, GSTR-3B) filed on a monthly / quarterly basis. All registered taxpayers (except for Input service distributor [ISD], composition scheme dealer [GSTR-9A applicable], non-resident taxable person, […]
Evolution of advance pricing agreement concept in India The transfer pricing framework in India has been introduced through Finance Act, 2001 which requires determination of Arm Length Price (ALP) for all the international transaction between associated enterprises. Since then, the ALP determination has been the matter of long aged and numerous disputes between department of […]
Background, Ind AS-116 Leases brings significant changes in accounting requirements for lease accounting, mainly for lessees. The new standard replaces the existing standard i.e. Ind AS-17, Leases with effect from accounting periods beginning on or after 1 April 2019. The new standard requires lessees to recognise “Right-of-use assets” and “Lease Liability” in balance sheet and […]
Section 15- Value of Supply – (CGST Rules 27-35 ) Today I will discuss provisions of Section 15 – At what value GST is to be levied??? 15(1)- The value of a supply of goods or services or both shall be the transaction value, which is the price actually paid or payable for the said […]
Kusumlata Sonthalia vs. PCIT (ITAT Kolkata) Preliminary issue of whether the addition could be framed u/s 153A of the Act in respect of a concluded proceeding without the existence of any incriminating materials found in the course of search. The scheme of the Act provides for abatement of pending proceedings as on the date of […]
