"11 August 2020" Archive

Income Tax Department searched premises of Chinese entities

Release ID: 1645219 (11/08/2020)

Based on the credible information that few Chinese individuals and their Indian associates were involved in money laundering and hawala transactions through series of shell entities, a search action was mounted at various premises of these Chinese entities, their close confederates and couple of bank employees....

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Section 8 Company Incorporation Process through Spice+

ALL about Sec 8 Company Incorporation Process Walk-through and Do’s and Don’ts- Section 8 Company Incorporation Process through Spice+ In India, the organizations which have an objective of promoting the fields of arts, commerce, science, research, education, sports, charity, social welfare, religion, environment protection, o...

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Posted Under: Income Tax |

Employee Stock Option Plan – A complete concept

Meaning of ESOP It is a system by which a company allows its employees to purchase shares of the company. In certain cases, a foreign holding company provides the employees of an Indian subsidiary with such an option. Under this scheme, employees are granted options, which allows the employee to buy the stock at a […]...

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Posted Under: Income Tax |

Refund of input services under inverted duty structure – VKC Footsteps

The case of VKC Footsteps – Refund of input services under inverted duty structure The historic judgement of Honorable Gujarat High Court in the case of VKC Footsteps India Pvt Ltd with respect to refund of input services, which otherwise was restricted by the rule. In this case the petitioner is engaged in the business […]...

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Posted Under: Income Tax |

What is residential status under Foreign Exchange Management Act, 1999

Determining the residential status is the starting point to understand the: – The extent to which a person is regulated for cross border transactions; –The extent of the Income-tax liability. Two laws were residential status is most relevant are Income-tax Act, 1961 (ITA) and Foreign Exchange and Management Act, 1999 (FEMA). We often ...

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Posted Under: Income Tax |

Deduction under Section 80C

Deductions under section 80C to 80U are allowed from gross total income to compute total income however deduction is allowed only from normal income. Deductions are not allowed from- ♣ Long term capital gains, Section 112 ♣ Casual income, Section 58(4) ♣ Short term capital gains on sale of short term equity shares or short […...

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Posted Under: Income Tax |

SEBI (IFSC) Guidelines, 2015 Amendments

1.  Eligibility criteria and shareholding limit for Clearing Corporation : 1. Any Clearing corporation or 2.  any Indian recognized stock exchange or 3. Any clearing corporation of  a foreign jurisdiction Shall form a subsidiary which provide the service of clearing corporation in IFSC wherein at least 51% of paid up share cap...

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Posted Under: Income Tax |

Relaxed Time to file forms for creation or modification of charges

Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 General Circular No. 23/2020 The scheme shall come into effect from the date of issue of this Circular i.e. 17-06-2020 As per the provisions of the companies Act the Charge holder required to File Form […]...

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Posted Under: Income Tax |

All about debentures and issue process

As per section 2(30) of Companies Act, 2013, Debentures includes Debentures Stocks, Bonds or any other instrument of a company evidencing a debt, whether constituting a charge on the assets of the Company or not provided that (a) The instrument referred to in chapter III-D of RBI act. 1934; and (b) Such other instrument as […]...

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Posted Under: Income Tax |

Delhi HC order allowing GSTR-3B rectification challenged before SC

Delhi HC’s order of allowing rectification of GSTR-3B in case of Bharti Airtel challenged before SC GST, since its inception, has always served the taxpayers with some hard to digest legal provisions. With too many procedural requirements and technological glitches, common taxpayers have always find it difficult to correct their mistake...

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Posted Under: Income Tax |

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