2 Archive - 23 October 2020

"23 October 2020" Archive - Page 2

How to Calculate TDS on Salary

TDS: Tax Deducted at Source was established for collecting tax from the income sources according to the Indian Income Tax Act of 1961. TDS is helpful in minimizing tax evasion by taxing the income at the time than at an after date. The deductor who is responsible for making payment of income to the deductee […]...

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Posted Under: Income Tax |

IDFC First Bank offering 7% interest on Saving Bank Account- Inherent Risks an investor should consider

Today, we all are living in a time when interest rates on all deposits are running at a lifetime low or nearby lifetime, an investor who has limited time, lack of financial knowledge always wishes to invest in small deposit schemes of banks/governments looking to earn safe and secure interest income on such deposits/ advances […]...

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Posted Under: Income Tax |

Setting up foreign Company In India !!!- A complete Guide

INCORPORATION OF COMPANY BY FOREIGN NATIONALS? Incorporation of Company by Foreign Nationals/Non Resident Indian/Overseas Citizen Of India (OCI) is a cumbersome process and subject to Regulatory approvals. The laws which here are of concern are: 1. Companies Act, 2013 2. Foreign Exchange Management Act, 1999. FEMA PERSPECTIVE Starting poi...

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Posted Under: Income Tax |

Import of Services and treatment under GST Law

Article discusses about The Import of services and treatment under GST. Effective from 01.07.2017 many services are included under Tax Net in India. The Goods and Services Tax Act, 2017 is introduced all over India (Except Jammu and Kashmir up to 7.7.2017). In Jammu and Kashmir GST Act is been applicable from 8.7.2017. Let us […]...

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Posted Under: Income Tax |

Fast Track Insolvency Procedure

Insolvency and Bankruptcy code 2016 was introduced with the vision to ease the restructuring and insolvency resolutions of corporate person partnership firms & other specified persons. The provisions for Fast Track Insolvency Procedure are laid under Part-II, Chapter-4 of the code. The ambit of the said provision covers Small companie...

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Posted Under: Income Tax |

FAQs on Companies Fresh Start Scheme 2020 (CFSS 2020)

What is Companies Fresh Start Scheme 2020 is all about? whom it will benefit? whom it will not? What would be the effect of these schemes? There would be numerous questions that might be bothering you....

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Posted Under: Income Tax |

Deemed Duty Drawback under GST

1. Deemed Exports Under Section 147 of CGST Act, 2017, it refers to those transactions in which the goods supplied do not leave the country and the payment for such supplies is received either in Indian rupees or in free foreign exchange. 2. Essential conditions of Deemed Exports i. It is applicable only for the […]...

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Posted Under: Income Tax |

Extend due date of Tax Audit, ITR Filing & Relevant compliances

Request for extension of time for submission of tax audit reports  U/S 44AB of the Income Tax Act,1961 for the A.Y.2020-21 and for extension of time for submission of income tax returns u/s 139(1) for A.Y.2020-21 and other consequential Income Tax compliances....

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Posted Under: Income Tax |

Extend due date of ITC Claim & GSTR 9, GSTR 9A, GSTR 9C

Direct Taxes Professionals’ Association requested Hon’ble Finance Minister to allow filing of GSTR 9, 9A and 9C for the F.Y. 2018-19 at least till 31st December 2020 and to waive the late fees and penalty till then, extend time limit to claim credit on the invoices pertaining to FY 2019-20 as envisaged in Section 16(4) […]...

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Posted Under: Income Tax |

Mitsui India Pvt. Ltd (MIPL) is not a DAPE of Mitsui & Co. Japan

ACIT Vs Mitsui & Co. Ltd. (ITAT Delhi)

ACIT Vs Mitsui & Co. Ltd. (ITAT Delhi) The AO asked the assessee to explain why Mitsui India Pvt. Ltd (MIPL) should not be treated Dependant Agent Permanent Establishment (DAPE) in India and also why the assessment should not be completed as per the preceding assessment year since the facts remain the same. Rejecting the […]...

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