Shankar Lal Kumawat Vs ITO (ITAT Jaipur) Section 271F penalty valid for not filing Return if Total Income before section 54 exemption exceeds maximum amount not chargeable to income-tax Section 139(1)(b) provides that every person, being a person other than a company or a firm, if his total income or the total income of any […]
The residential status of a person must be derived with reference to each previous year. He is Resident if any of the following 2 conditions are satisfied: a. He has been in India for a total period of 182 days or more during the previous year. b. He has been in India for a total […]
Can we claim the Input Tax Credit (ITC) on expenditure related to Corporate Social Responsibility (CSR) Activities? Background:- Provisions under Section 16of the Central Goods and Services Tax (CGST) Act, 2017 relating to “Eligibility and Conditions for taking Input Tax Credit (ITC)”, are as under: (1) Every registered person shall, subject to such conditions and restrictions as […]
As per Sec 17(5) (d) – Input Tax Credit is not allowed to be claimed for the GST paid on goods and services used for the purpose of Construction of Building. But would GST Credit be allowed if the building so constructed is given on Rent? This matter reached the Orissa High Court in a […]
GST on cross border Transactions such as- Export |Ex-Bond |High seas sale |merchant trade| bill to ship to As Economy and trade have grown to a great extent, there are many types of cross border dealings & transactions that we come across. In this article I have tried to compile a few examples of cross […]
♦ Introduction to foreign investment in India and ITS regulations India has sought to liberalise its economy and has continuously opened up most of its industrial and business sectors to foreign investment since 1991 Foreign investment in India is principally governed by the Foreign Exchange Management Act 1999 (FEMA) and the regulations framed thereunder, which […]
Pre-pack insolvency means a pre-planning between the creditor and the purchaser prior to the insolvency proceedings wherein they negotiate on the terms of sale of assets and other requirements before applying to the courts/ tribunals for insolvency proceeding.
As per MCA Circular dated September 10, 2018 they amend the Companies (Prospectus and Allotment of Securities) Rules, 2014 by inserting Section 9A: Issue of securities in dematerialised form by unlisted public companies and same shall be effective from October 02, 2018. Applicability: This Rule is applicable on all unlisted public companies as well as […]
Provisions of Director Identification Number (DIN) under Companies Act, 2013 1. Mandatory to have DIN for Directors Every person who proposed to be appointed as a Director in any Company shall mandatorily have DIN 2. Application for allotment of DIN Section- 153 and rule 9 of Companies (Appointment and qualification of Directors) Rules, 2014 He […]
The issue under consideration is whether the Ao is correct in levying penalty u/s 271C for failure to deduct tax at source u/s 194C on payment of external development work charges (EDC)?
