1. INTRODUCTION The term TDS refers to tax deducted at source. The concept of TDS was introduced with an aim to collect tax from source itself. It fulfills dual purpose of Govt. i.e. advance receipt of tax and requirement to regulate person making certain payments or receiving any sum. Govt. is using TDS as its […]
P.P.F. Account is a LONG TERM SAVING INSTRUMENT provided by the CENTRAL GOVERNMENT, came into force from 1 July 1968. This investment gives us ASSURED RETURNS & PROVIDE OLD AGE INCOME SECURITY TO EVERY ONE. By investing in P.P.F Account we can see the POWER OF COMPOUNDING in the long run. This account is under […]
Tax shall be collected by seller of an overseas tour programme package @ 5% if buyer has furnished his PAN, otherwise tax shall be collected @ 10% in accordance with section 206CC.
1. INTRODUCTION The population of India is 125 crores and only 1.46 crores people pay tax in India i.e. around 1.15% people pay tax. Looking to lower number of people paying taxes Govt. is making way to widen tax base by collecting tax from source itself. It means seller shall collect certain percentage of tax […]
The Department of Expenditure, Ministry of Finance, has today granted permission to 20 States to raise an additional amount of Rs.68,825 crore through open market borrowings.
Vrajesh Hirjee Vs Skyline Construction Co. (RNA Exotica) (Maharashtra RERA) The respondents have mentioned various reasons in their reply which caused delay in completing the project. Even if it is taken for granted that they are the genuine reasons which are beyond the control of the respondents, the respondents cannot claim the extension of more […]
The decision of Arbitral Tribunal is termed as ‘Arbitral Award’ under the Arbitration and Conciliation Act, 1996 ( Arbitration Act). Pursuant to Section 28(2) of the Arbitration Act, the Arbitral Tribunal shall decide ex aequo et bono [in justice and in good faith] or as amicable compositeur only if the parties expressly authorised it to […]
Scribetech India Healthcare Pvt Ltd. Vs Commissioner of Central Tax (CESTAT Bangalore) The Bangalore CESTAT ordered for the interest for a delayed refund on the expiry of period of three months from the date of receipt of application, following the decission Supreme Court in the case of Ranbaxy Laboratories Ltd. Section 56 of the CGST […]
Technimont Pvt. Ltd. Vs State of Punjab (Punjab High Court) On perusal of terms and conditions of contract, documents submitted by petitioner including Form ‘C’ and judgments cited, we are of the opinion that petitioner has prime facie case on merits. The respondent issued Form ‘C’ for all the years in question and in case […]
Know Person Resident Outside India (PROI) and Non-Resident Indian (NRI) under FEMA Pursuant to the amendments to Foreign Exchange Management Act, 1999 (‘FEMA’) through Finance Act, 2015, recently, the Ministry of Finance notified the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (“the Nondebt Instruments Rules”) vide Notification No. 3732(E) dated 17th October, 2019 and Foreign […]
