Back-to-back contracts are not current phenomena but an old trend which was also in the picture and a matter of discussion from VAT & Service Tax Era where there was huge debate and subsequently resulted in various litigation before Entry No. 29 (h) of Mega Exemption Notification No. 25/2012 dated 20.06.2012 provided exemption to sub-contractor […]
CBIC through Removal of Difficulty Order No. 01/2020-Central Tax dated 25.06.2020 seeks to extend the time limit for filing an application for revocation of cancellation of registration for specified taxpayers. However, GSTN hasn’t started the process on the common portal. Recently, GST Update on the common portal that says 1. In case your application for […]
Interest to be considered in Aggregate Turnover or not? I think this could be a question of many and many of us might have taken a simple stand GST is not applicable on Interest received on Fixed Deposits, Interest on PPF, or Interest on Savings Banks therefore let’s not consider it while calculating aggregate turnover […]
This article aims to highlight the meaning of ‘Cost of new residential house’ in the context of deduction under section 54 of Income Tax Act. To resolve the controversy of claiming deduction under section 54/54F of the Act, ‘cost of new residential property includes cost of land’.
What Is a Merger? The term ‘merger’ is not defined under the Companies Act, 1956, and under Income Tax Act, 1961. However, the Companies Act, 2013 without strictly defining the term explains the concept. A ‘merger’ is a combination of two or more entities into one; the desired effect being not just the accumulation of […]
. Conjoint reading of Section 2(6) and 2(13), which defines export of service and intermediary service respectively, then the person who is intermediary cannot be considered as exporter of services because he is only a broker who arranges and facilitate the supply of goods or services or both.
The issue under consideration is whether the addition made by AO u/s 14A with respect of Interest free funds is justified in law?
Preference of debt over equity as a measure to finance businesses: Debt and equity are the instruments through which a company is generally financed or capitalized. The manner in which a company is capitalized has a major impact on the amount of taxable profit as the tax laws of countries generally provide for a deduction […]
Salient Features on Deduction us 80M with other ancillary aspects of the Income Tax Act, 1961 Amidst high expectations the Finance Bill, 2020 was presented by Hon’ble Finance Minister before The House of Parliament on 1st February 2020. The Finance Bill, 2020 proposes 104 amendments including Re-Taxation of Dividend Income in the hands of Recipient […]
76 % of Indians are financially illiterate as per a Standard & Poor Survey done across the world. Traditional methods of imparting financial education have proved ineffective and costly. Indeed, the problem is so large that only technology can help in addressing it. AskCred is an AI based chatbot that helps customers to answer their […]
