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Archive: 28 August 2020

Posts in 28 August 2020

Section 44AE: Special Provisions for Computing Profits & Gains of Business of Plying, Hiring or Leasing Goods Carriage

August 28, 2020 5466 Views 1 comment Print

Section 44AE: Special Provisions for Computing Profits & Gains of Business of Plying, Hiring or Leasing Goods Carriage Applicable to whom ? An assessee, who owns not more than 10 goods carriages at any time during the P.Y. and who is engaged in the business of plying, hiring or leasing such goods carriages. (The provisions […]

Digital Continuance of business

August 28, 2020 1200 Views 0 comment Print

We are currently under a pandemic situation where the whole process of our working has changed. We are not aware of how long this kind of situation will prevail or when it would be back to normal. Now we are having e- classes in place of physical classes, e-conference instead of physical meeting we have […]

Format of Advance Intimation of Board Meeting

August 28, 2020 1371 Views 0 comment Print

Name of the Company Address of the registered office Email ID: ——————–, CIN: ———————–, Website: ————————- ADVANCE INTIMATION OF BOARD MEETING Notice is hereby given pursuant to Regulation 47(1) (a) SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, that a meeting of the Board of Directors of the Company is scheduled to be held on […]

Assistance Scheme for Indirect Tax Department officials/staff for death/permanent disability or injuries sustained in performance of duties

August 28, 2020 477 Views 0 comment Print

REVISED CONSOLIDATED GUIDELINES FOR GRANT OF EX-GRATIA FINANCIAL ASSISTANCE TO DEPARTMENTAL OFFICIALS/STAFF FROM THE CUSTOMS AND CENTRAL EXCISE WELFARE FUND IN CASE OF DEATH/PERMANENT DISABILITY OR INJURIES SUSTAINED IN PERFORMANCE OF DUTIES A) Death attributable to performance of enforcement functions under the Customs/GST/NDPS Act or any other Act of the Government of India/State(s), including anti-smuggling, […]

Tough days ahead for importers claiming preferential benefit under FTAs – CAROTAR, 2020

August 28, 2020 7482 Views 0 comment Print

‘Rules of Origin’ are principles, basis which the source country of a product is established, based on which tariff concessions or applicable duties are determined.The motive is to curb the imports by an abuse of Free Trade Agreement (FTA) route, taking advantage of lower tariffs by presentation of documents purporting that goods came from a country with which India has a trade agreement.

Income Tax Compliance / Information at A Glance

August 28, 2020 35199 Views 10 comments Print

I have covered only relevant compliances/information useful for Small Manufacturer, Traders only through this article which includes TDS Rate, TDS Return, TDS Certificate and TDS payment due dates, Advance Tax due dates, Income Tax Return Due Dates, Penalty for Late Return Filing, Important Income Tax Deductions, Presumptive Taxation Scheme, Tax Audit and Maintenance of Books.

AAR in case of M/s Pratham Agro vet Industries – GST Tariff on Rice Bran

August 28, 2020 5904 Views 0 comment Print

AAR in case of M/s Pratham Agro vet Industries – GST Tariff on Rice Bran Question on which advanced ruling had been sought: What is the GST Tariff on Rice Bran obtained by processing Rice husk of Poha and Mamra with different kind sludge/wax oil What is Rice Bran: Rice Bran is a product obtained […]

Impetus to start-ups – a tax and regulatory perspective

August 28, 2020 3462 Views 0 comment Print

In todays environment, start-ups are crucial as they focus on innovation, lead to employment generation and promote research and development. As per recent study conducted by IBM and Oxford, 90% of India’s start-ups fail within the first five years despite Indias entrepreneurial strengths.

Selective capital reduction – Applicability of section 50CA & section 56(2)(x) of Income-tax Act, 1961

August 28, 2020 30891 Views 1 comment Print

Capital reduction refers to corporate reorganisation activity in which the existing share capital is extinguished. Companies consider utilising this route for various business reasons, such as returning excess capital to shareholders, distributing assets to shareholders, loss of original share capital due to accumulated business losses, etc. The process of capital reduction might affect all shareholders […]

Section 50CA: Implications of double taxation

August 28, 2020 61242 Views 1 comment Print

Section 50CA provides for adoption of the value to be determined as per the Rules, (for convenience sake referred to by me as FMV ) as the consideration for transfer of shares of a company which are not being quoted, where the actual consideration is lower than that. The difference shall be subjected to tax in the hands of the transferor.

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