The article is written with an objective of developing an understanding as to who is a ‘promoter’ with respect to a company. While complying with the annual compliance formalities, every company is mandated to file an Annual Return under Section 92 of the Companies Act, 2013 (‘the Act’). The Annual Return demands the details of […]
Normal Audit u/s 35(5) As per section 35(5) of CGST Act 2017, every registered person whose turnover during a financial year exceeds the prescribed limit (2 cr.) shall get his accounts audited by a chartered accountant or cost accountant and shall submit a copy of audited annual accounts, the reconciliation statement under sub section (2) […]
Ministry of Micro,Small & Medium Enterprises PRESS NOTE Ministry of MSME alerts the public at large about unauthorized and ill-intentioned activities of MSME Export Promotion Council Ministry takes strong note of mischievous activities of this organization projecting itself as part of the MSME Ministry Ministry denies its role or authorization in issuing of appointment letters […]
GST Revenue for September, 2020 In the month of September 2020, gross GST revenue was Rs. 95,480 crore, comprising CGST Rs. 17,741 crore, SGST Rs. 23,131 crore, IGST Rs. 47,484 crore (including Rs. 22,442 crore collected on import of goods) and Cess of Rs. 7,124 crore (including Rs. 788 crore collected on import of goods). […]
The Income Tax Department carried out searches on 19.10.2020 in the cases of two Government contractors having premises in Purnea, Katihar and Saharasa and a silk trader in Bhagalpur in Bihar. The searches were based on intelligence gathered, which indicated that large scale unaccounted cash was being generated and used for various purposes.
Article explains Documents/Information needed to Form an Indian Company under Companies Act, 2013 and same includes Documents required from client’s end, Document required In case of Body Corporate/Company acting as Subscriber cum shareholders in Indian Company and Documents that require to be drafted and filed as per Laws in India towards Company Registration. Documents required […]
The provisions of section 25(8) of the Central Goods and Services Tax Act, 2017 empowers the proper officer to Suo-moto register the person who is liable to obtain GST registration, however, fails to obtain the same. Order granting such Suo-moto registration is issued by the proper officer in Form GST REG-12. The procedure for Suo-moto […]
Income received on providing bandwidth services outside India was not taxable as ‘Royalty’ under India-Singapore Double Taxation Avoidance Agreement (DTAA) as mere receipt of service using equipment under the control, possession and operation of service provider would only be considered as transaction of a service and not to ‘use or right to use’ an equipment, and would not attract ‘Royalty’ under the Act or the Tax Treaty.
Self assessment – The assessee is required to make a self assessment and pay the tax on the basis of the returns furnished. Any tax paid by the assessee under self assessment is deemed to have been paid towards regular assessment. Regular assessment – On the basis of thereturn of income chargeable to tax furnished by the assessee an intimation shall be sent to the assessee informing him about the tax or interest payable or refundable to him.
In view of the Proviso to s. 147, merely having a reason to believe that income had escaped assessment is not sufficient to reopen assessments but it must be specifically alleged by the AO in the recorded reasons that the escapement was on account of the failure of the assessee to make a full and true disclosure of material facts. In the absence of such allegation, the reopening is without jurisdiction;
