When we talk about a company, Board of directors of company are important persons who are responsible for operating a business operation of company. However, there some situations when the Management of company decides to remove a director due to any negligence, breach of privacy or any other condition. Term which a director was supposed […]
Continuum Wind Energe (India) Pvt. Ltd. Vs DCIT (Madras High Court) Conclusion: Amount paid towards the premium for hedging foreign exchange fluctuations was capital loss as exchange difference was required to be capitalized because liability had been incurred by assessee for the purpose of acquiring fixed asset namely plant and machinery. Held: Assessee had file […]
The concept of deposits was first introduced in 1974 through the Companies (Amendment) Act 1974, the said amendment was brought to curb the practices, that once the deposits were accepted by a company, the concerned company was not in the position to repay the same at the time of maturity. Section 2 (31) of Companies […]
1st October, 2020 was a crucial date for businesses to implement a major reform in the field of e-invoicing across the country. In recent times the Union of India is going through various structural reforms in the field of taxation and compliances like E-waybill in GST, Faceless Assessment scheme in Income Tax, Inter departmental data […]
Dear Friends/Taxpayers Recently, CBIC extended the date of filing of GSTR 9 from 30.09.2020 to 31.10.2020. Last date is approaching very fastly and still every taxpayer is facing number of challenges at the time of filing the GSTR 9 like; a) How to report the transactions or supply pertaining to FY 2017-18 in GSTR 9 […]
The battle with COVID-19 is not only to save the country and its people but also to ensure that the banking channels are working round the clock to cater to the needs of the public as well as financial market. Needless to say, that banking system is the backbone of any country and its failure […]
GOOD NEWS FOR ASSESSEE WHO HAD OR PLANNING TO PURCHASE ELECTRIC VEHICLE ON LOAN To encourage the purchase of ‘electric vehicle’, Govt of India had come with new incentive plan .In the union budget 2019, the government has announced an incentive for purchase electric vehicle. In the budget speech, the finance minister has stated that […]
The decision holding that the payments made for purchase of software was in the nature of royalty came to be pronounced on 15.10.2011. Accordingly, assessee could not be treated as an assessee in default for not deducting TDS under section 195 in respect of payments made for purchase of licensed software prior to 15.10.2011.
Rajesh Kiran D Vs. Joint Commissioner Of State Tax (Gujarat High Court) The matter, as on date, is at the stage of Form GST MOV-10. Thus, the writ applicant has been called upon to show-cause as to why the goods and the vehicle should not be confiscated under Section 130 of the Act. The writ […]
1. The concept of Matching forms the backbone of ITC (Input Tax Credit) under the GST regime. According to this concept, ITC of the recipient for inward supply to be accepted only if the corresponding outward supply of supplier is matched. 2. Section 42 of the CGST Act prescribed the procedure for matching the outwards […]
