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Archive: 07 September 2020

Posts in 07 September 2020

Income Tax raid- What to do?

September 7, 2020 18153 Views 3 comments Print

Our Income Tax law allows all persons to self-assess their income and pay taxes. However, to protect the revenue base, unearth concealed income and to act as a deterrent, tax authorities have been vested with powers to conduct surveys and searches (commonly referred to as ‘raids’). These raids are made the basis of information available by the department’s investigation wing and after obtaining requisite internal approvals.

Companies registered in Maharashtra to Register under Profession Tax

September 7, 2020 3261 Views 0 comment Print

Maharashtra State Tax on Professions, Trades, Callings and Employments (Amendment) Act, 2020 as effective from 22nd July 2020 amends Section 5 and 6 of PT Act. A company, which has been incorporated under the provisions of the Companies Act, 2013, after the date of commencement of the Maharashtra State Tax on Professions, Trades, Callings and […]

No penalty for not maintaining books – Calculation of Turnover from Derivative Transaction – Debatable issue – Reasonable cause

September 7, 2020 1998 Views 0 comment Print

Vijay Kumar Jain Vs ITO (ITAT Jaipur) At the outset, we note that this Tribunal has taken a consistent view that the turnover in respect of derivative transactions has to be computed by taking the total sum of positive and negative outcome of the transactions instead of the total amount of transaction. Accordingly, when the […]

Comments on Discussion Paper on Corporate Liquidation Process under IBC 2016

September 7, 2020 1680 Views 1 comment Print

The Insolvency and Bankruptcy Board of India as per discussion paper dated 26th August, 2020 asked for comments on 2 issues being (i) determining the corpus of liquidation estate and (ii) the entitlement of stakeholders so that new regulations is brought. Further new concept of NRRA has been brought in this discussion paper which means […]

Mutual Exchange Procedure remedy, Kenya – France DTA

September 7, 2020 810 Views 0 comment Print

The mutual exchange procedure was invoked in the Kenya France DTA in the case analysed below. This is an interesting remedy that taxpayers in Kenya should adopted regularly. This is especially taxpayers making payment to a country which Kholds a Doubel Tax Agreement with Kenya. Kenya has 15 effective Double Tax Agreements. This includes Kenya […]

Form DIR-8 Intimation by Director of Disqualification & Directorship

September 7, 2020 196191 Views 1 comment Print

Format of FORM DIR-8 which is for Intimation by Director of disqualification or non-disqualification  and also intimation of companies in which he was director in last three years Pursuant to Section 164(2) and rule 14(1) of Companies (Appointment and Qualification of Directors) Rules, 2014  FORM DIR.8 Intimation by Director [Pursuant to Section 164(2) and rule […]

Form No. MGT-4 Declaration by registered owner of shares not holding beneficial interest

September 7, 2020 12318 Views 0 comment Print

Form No. MGT-4 Declaration by the registered owner of shares who does not hold the beneficial interest in such shares  [Pursuant to section 89(1) of the Companies Act, 2013 and rule 9(1) of the Companies (Management and Administration) Rules, 2014] To (The Company) Adders ————————– 1. Particulars of the Registered owner of shares: (i) Name […]

HC Allows Issuance of ‘C’ Forms against purchase of High Speed Diesel from Suppliers in Other States

September 7, 2020 3429 Views 0 comment Print

Difficulty in obtaining ‘C’ forms under the provisions of the Central Sales Tax Act, 1956 in order to avail concessional benefit of tax for purchase of High Speed Diesel from suppliers in other states.

Are Residential Real Estate prices in Pune undervalued? Shall one buy a property now or wait?

September 7, 2020 4491 Views 1 comment Print

Are Residential Real Estate prices in Pune undervalued? Shall one buy a property now or wait? We have often heard someone saying that XYZ person bought a real estate property worth Rs.10 Lacs and has now become worth Rs.1 Crore over 20 years resulting in returns of approx. 12% p.a. However, since last 5 to […]

ITC restriction against diagnostic or investigative services

September 7, 2020 4977 Views 0 comment Print

In re Siddalingappa Palalochana Rakshit (Bangalore Medical System) (GST AAR Karnataka) In the instant case the applicant established a medical diagnostic laboratory to carry out diagnostic or investigative services of diseases. Thus the applicant qualifies to be a clinical establishment. It is clear, from the foregoing, that the services provided by the applicant are covered […]

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