Refund of Tax wrongly collected and paid under Section 77 of CGST and Section 19 of the IGST Goods and Services Tax [GST] is a destination-based consumption tax and the GST rates of tax on supplies of goods or services or both are the same throughout the country. This principle of destination-based consumption tax is […]
Under GST law, to levy the GST on any of the activity, the activity should falls under the definition of the ‘supply’ which defined under the Section 7 of the Central Goods and Services Tax Act, 2017 (‘CGST Act, 2017’) which inter-alia includes all the forms of the supply of goods or services or both […]
Mukesh Sohanraj Vardhan Vs. ITO (Mumbai ITAT) The ITAT Mumbai has put to rest an important controversy in the case of Mukesh Sohanraj Vardhan vs Income Tax Officer Mumbai decided on 28 August 2020 by holding that the extra consideration received on cancellation of Booking of Flats constitutes a ‘Capital Receipt’ and cannot be taxed as […]
According to Section 2 (25) of the Companies Act, 2013 –company secretary in practice means a secretary who is deemed to be in practice under sub section (2) of the section 2 of the Company Secretaries Act, 1980. HOW TO OBTAIN CERTIFICATE OF PRACTICE A member has to apply for certificate of Practice in FORM […]
Appointment of Independent Director & a Women Independent Director: 1. Requirement to appoint Independent Director under the provisions of the Companies Act, 2013 read with Companies (Appointment and Qualification of Directors) Rules, 2014: ♦ Sec 149(1) – When is a Company required to appoint Independent Director on Board? Every listed Company – at least 1/3rd […]
whether assessee is considered as monthly tenant or deemed owner of the premises u/s.27(iiib) read with Section 269UA(f)(i) of the Act and accordingly whether rental income is taxable u/s.22 as ‘income from house property’ or not?
whether depreciation is mandatory to be granted while determining the Appellant’s entitlement to the deduction under Section 80IB of the Act, even though the Appellant had not claimed such depreciation?
In pursuance of Board’s Circular 40/2020 – Customs dated 04.09.2020, the roll-out of Faceless Assessment at an All India level in all ports of import and for all imported goods has to be enabled by 31.10.2020. The detailed roll-out plan in phases covering different Customs Zones and Chapters of the Customs Tariff Act, 1975, including the existing Phases I and II, has been given in Annexure I of the aforesaid Circular.
Simplified GST Series – Important Definations –IGST ACT 2017 Hello readers, I have completed articles on CGST ACT 2017 … Now starting IGST ACT 2017 today – Today I will discuss some important definations that we all should be familiar with — Section 2 (5)- Export of goods with its grammatical variations and cognate expressions, […]
Foreign Tax Credit under Employee Stock Option Scheme (ESOS) ITR filing due date are coming closer and we all must have now initiated our tax filings as well. But here we must need not forget one important aspect, applicable if you are getting benefit of stock options as a part of your CTC in your […]
