"24 November 2020" Archive

Incorporation of Non Profit Company: Formation of Companies with Charitable Objects

INTRODUCTION To provide an option to the person or association of person with a legal entity to carry charitable objects the government of India came-up with the section 25 in the Companies Act, 1956 and subsequently replaced by the Section 8 of the Companies Act, 2013. Section 8 discusses the incorporation of the company with […]...

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Posted Under: Company Law |

Section 194BB – TDS on Winning from Horse Races

1) Who is responsible to deduct tax u/s 194BB? Any person, who is responsible for paying to any person any income by way of winnings from any horse race an amount exceeding ₹10,000 (₹5,000 upto 31.5.2016) shall deduct income-tax at the rates in force. Any person here means a book maker or a person to […]...

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Posted Under: Company Law |

Reversal of ITC after legal availment under GST

In the forth coming article we will discuss the issue that the right to avail the input tax credit is to be seen as on the date of the credit availment and not otherwise .The main intent of the this article is that whether ITC can be called upon to pay back by revenue officers […]...

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SEBI relaxes requirement of Testing of software related to Trading

Circular No. SEBI/HO/MRD1/DSAP/CIR/P/2020/234 (24/11/2020)

It has been decided that requirement of mandatory mock trading sessions to facilitate testing of new software or existing software that has undergone any change of functionality shall be optional if a Stock Exchange provides suitable simulated test environment to test new software or existing software that has undergone any change of func...

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No TP adjustment for Overdue Receivables which already been considered in working capital adjustment

Bertelsmann Marketing Services India Pvt. Ltd. Vs DCIT (ITAT Delhi)

The issue under consideration is whether overdue receivables from AEs is considered as an international transaction? ITAT direct the learned transfer pricing officer to delete the addition on account of interest on overdue receivable from associated enterprise. Accordingly ground of the appeal is allowed....

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Section 194 – TDS on payment of dividend

1) Who is responsible to deduct tax u/s 194? The principal officer of an Indian company or a company which has made the prescribed arrangements for the declaration and payment of any dividend (including dividends on preference shares) to a shareholder, who is resident in India, is required to deduct tax at source.  2) What […]...

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Posted Under: Company Law |

Explanations of Recent GST Notification No. 81 to 88/2020-Central Tax

New Notifications in GST (Notification No. 81/2020 to Notification No. 88/2020-Central Taxes) TABLE OF CONTENTS: Notification No. Content 81/2020 Regarding Amendment in Sec. 39 82/2020 Regarding New Rules 83/2020 Due Dates of GSTR -1 84/2020 Options for GSTR – 1 85/2020 Procedure for GSTR – 3B 86/2020 Regarding an earlier notifica...

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Posted Under: Company Law |

Section 194A TDS on Interest (other than Interest on Securities)

1) Who is responsible for tax deduction (payer)? The person (other than an individual or a Hindu Undivided Family) who is responsible for paying to a resident any income by way of interests other than ‘interest on securities’ is required to deduct tax thereon at the rates in force. An individual or a HUF is […]...

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Posted Under: Company Law |

HC refuses to Prematurely pronounce in case related to Transfer Pricing

Hyundai Motor India Ltd. Vs Secretary, Income Tax Department (Madras High Court)

The issue under consideration is whether the writ petition filed against the order of DRP rather than first go for appeal before tribunal is justified in law?...

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FAQ on refund of Excess /Incorrect ROC Fees paid

The user is required to make various payments to avail MCA21 services. A number of instances have been observed where the users make multiple payments or incorrect payment or excess payment while using these services. In order to allow the stakeholders to claim refund of such payments, refund process has been introduced by MCA. To claim r...

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Posted Under: Company Law |

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