1. Section 379(2) Application to act in Foreign Company Where not less than 50% of the paid up share capital, whether equity or preference shares of a Foreign Company is held by- a. one or more citizen of India, or b. one or more companies or bodies corporate incorporated in India, c. one or more […]
Let us pay attention to the very basics. The Parliament mandates promotion of exports through DGFT as policymaker & Customs administration is put in place to conduct International trade in accordance with the law. Particularly, in case of exports (which is necessary evil for a developing country to subsidize & conduct exports), there is no […]
Taxability of Gifts {Section 56(2)(x) of Income Tax Act, 1961} To prevent the practice of receiving sum of money or the property without consideration or for inadequate consideration, section 56(2)(x) brings to tax any sum of money or the value of any property received by any person without consideration or the value of any property […]
Human Capital is a pivotal pillar for the prosperity of a company. With the growing economy and increase in opportunities, it has become essential for the companies to come out with beneficial remuneration schemes to retain their senior employees as well as attract superior talents. The Employee benefit schemes have become leading channels for rewarding […]
Input Tax Credit Input Tax Credit or ITC is a credit that can be used to pay off tax liability of registered taxpayer. It is a tax paid by the person registered under the GST Act when he purchase goods or avail any services from a registered taxable person. It help the registered taxpayer to […]
Private limited Company can be incorporated through Form SPICe+ which has been introduced by MCA recently. The form offer 10 consolidated services in just single web form:
A Public Limited Company has been defined under Section 2(71) of the Companies law. Public Limited Company offers shares to the general public and has limited liability. A Company which is a subsidiary of a public company shall be deemed to be a public company for the purpose of this Act even where such subsidiary […]
Interest will be levied on the cash component on delayed GST Payment from September 1, 2020, the Central Board of Indirect Taxes and Customs (CBIC) said giving relief to industry. The GST Council, in its 39th meeting held on 14.03.2020, has made the recommendation that Interest for delay in payment of GST to be charged […]
The issue under consideration is whether deduction u/s 54F can be denied for the reason that assessee had later on let out new property for commercial purpose to run restaurant?
MCA notifies Companies (Acceptance of Deposits) Amendment Rules, 2020 vide Notification No. G.S.R. 548 (E) dated 07th September 2020 and amended rule 2, in sub-rule (1), in clause (c), in sub-clause (xvii) of Companies (Acceptance of Deposits) Rules, 2014. Extract of Revised Rule 2(1)(c)(xvii) is as follows:- (c) ‘Deposit’ includes any receipt of money by […]
