Introduction: Overseas Direct Investments (ODI) in the Indian Context means, any capital outflows / investments made by Indian residents in a foreign country but does not include portfolio investment. As more companies involve themselves with foreign investments, the importance of the Foreign Exchange Management Act (FEMA) regulations an...

As per the amended section 194C, through Finance Act (2) of 2009, No deduction shall be made from any payments made to a contractor during the course of business of plying, hiring or leasing goods carriages, on furnishing of his PAN to the deductor. This new subsection 6 of 194-C makes such transport contractor to compulsorily provide PAN...

1. Section 285BA:- Section 285BA has been substituted by the Finance Act, 2004 w.e.f. 1-4-2005. It is applicable in respect of transactions registered or recorded during any financial year commencing on or after 1-4-2004. Sub-section (1) of section 285BA requires certain specified persons to furnish Annual Information Return (AIR) in resp...

The permanent account number (PAN) card, issued by the income tax authorities, is now widely used in financial transactions and is the single most convenient proof for identity. So, it may be useful to keep the PAN card updated to reflect your current details. The tax information network (TIN), operated by the National Securities Deposito...

Form GST REG-01 is an application form for obtaining Goods and Services Tax (GST) registration. The present article tries to simplify the understanding of Form GST REG-01. Applicability and non-applicability of Form GST REG-01 As per rule 8(1) of the Central Goods and Services Tax Rules, 2017, every person willing to obtain GST registrati...

ITO Vs Ajay Raj (ITAT Delhi) The issue under consideration is whether the notice u/s 143(2) served on wrong address is sustainable in law? ITAT states that, the notice u/s 143(2) of the Act was issued to the address at “85, Kumharon Wali Gali, Village Khampur, Delhi” which was not served on the assessee whereas […]...

The issue under consideration is whether the AO's order for rejecting the application for issuance of a certificate for lower deduction or nil deduction u/s 197 is justified in law?...

ITAT states that, in the present case, it is an admitted position that the AO made the addition by invoking the provisions of Section 40A(2)(b) of the Act which are applicable to the expenses considered to be excessive or unreasonable having regard to the fair market value of the goods/services or facilities for which the payment is made....

The Finance Bill, 2020 has proposed a new sub-section (1H) under Section 206C requiring every seller whose total turnover in the business carried on exceed Rs.10 crore in the preceding financial year to collect tax at source at the rate of 0.1% of the sale consideration exceeding Rs.50 lakhs in respect of sale of any […]...

Even after 3 years of introduction of GST Act, people registered under GST are making many errors while filing their GST returns. It is very important to file GST returns with the most accuracy to avoid litigation from the department. A wrong filing in GST return can impose a huge amount of penalty and interest […]...