The Companies Act 2013 introduced provisions related to fulfillment of Corporate Social Responsibility by certain companies (net worth Rs. 500 crores or more; or Turnover Rs. 1000 crores or more; or Net Profit of Rs. 5 crores or more) by making certain eligible expenditures/ payments. Once companies cross the threshold limit for CSR, they are required to spend at least 2% of their average net profits of 3 preceding years in eligible CSR activities.
Reserve Bank of India vides its communication dated 18th August 2020 has placed in its web site a draft framework for the grant of recognition to an industry association as a Self-Regulatory Organization (SRO) for Payment System Operators (PSOs). The SRO shall cover operators in all segments of payment systems and will be expected to […]
At its etymological core, ‘e-commerce’ means the process of buying and selling products and services through the use of the internet. The Organisation for Economic Cooperation and Development (OECD) very cogently defines an e-commerce transaction as the sale or purchase of goods or services, conducted over computer networks by methods specifically designed for the purpose […]
Motherson Sumi Infotech & Designs Ltd. Vs DCIT (ITAT Delhi) We find that the next issue raised is against the transfer pricing adjustment made on account of interest due on receivables outstanding. The said issue stands covered in favour of the assessee by the decision of the Tribunal in M/s. Global Logic India Ltd. for […]
The issue under consideration is whether the provision for warranty is allowable as deduction when the assessee has not made provision on a scientific basis?
With monsoon touching almost all parts of the nation, it is bringing the much-needed relief from the summer heat. Monsoon is not only relief from the hot drenching summers but has its share of problems. One such issue that is common across all urban jungles is waterlogging. Clogging of waste and dirt that does not […]
Disallowance of assessee’s claim for deduction under section 54F on the ground of assessee holding one more residential property in joint name along with his wife, could not be sustained as although in purchase deed, name of assessee was also there along with name of wife and purchase consideration of second residential property was paid by her out of joint/her individual bank account however, assessee’s wife was having sufficient own funds in that joint bank account received as her share in sale proceeds of shares.
OFFICE OF THE COMMISSIONER OF CUSTOMS (NS-V), GR.VI, JAWAHARLAL NEHRU CUSTOM HOUSE, NHAVA SHEVA, TALUKA URAN, DIST. RAIGAD, MAHARASHTRA-400 707. F. No. S/26-M isc-214/2020-21/Gr VI/JNCH Date: 25.08.2020 PUBLIC NOTICE No. 104-2020-JNCH DIN :20200878NX00008N0346 Subject: ICES Advisory 10/2020 (Project Imports) – Option to debit duty through Duty Scrip for Project Imports Bills of Entry –reg. Attention […]
1. Relevant Provision Schedule 1 to Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations. 2. When these provisions attract? In case if investee company receiving FDI for issue of shares 3. Timelines Within 180 days of receipt of foreign investment and requires filling of FCGPR with RBI regarding […]
Mindtree Ltd Vs. ACIT (Karnataka High Court) Thus, the Commissioner of Income Tax (Appeals) has recorded a categorical finding that assessee is engaged in the development of computer software, which is exported outside India. The aforesaid finding has not been set aside by the Tribunal. Therefore, in view of Explanation 2(iii) to Section 10B of […]
