"13 December 2020" Archive

Valuation Procedure: Approaches And Methods

In the previous article, we discussed regarding various provisions of Companies Act, 2013, where valuation is required, profession of registered valuers in India and brief of Valuation Standards issued by ICAI. In this article, we are going to discuss regarding procedure to be adopted or followed while performing a valuation assignment. F...

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Posted Under: Corporate Law |

Section 44AD Computing profits & gains of business on presumptive basis

A. Meaning of terms used in section 44AD(1) To understand the provisions of sec 44AD(1) of the Act, we must study the meaning of following terms: 1. Eligible assessee: 1) Resident Individual 2) Resident Hindu Undivided Family 3) Resident Partnership Firm (not a Limited LiabilityPartnership Firm as defined under LLP Act, 2008) Note: While ...

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Posted Under: Corporate Law |

Income Tax Tax Implications on Sale & Purchase of Property

Tax Implications on Sale & Purchase of Property Section 48 read with Section 50C read with Section 56(2)(x) read with Section 194IA of Income Tax Act, 1961 read with Income Tax Rules, 1962 Tax Implications on the Seller of Property: Section 48- Computation of Capital Gain Full Value of Consideration (Refer Section 50C Below) XXXX [&he...

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Posted Under: Corporate Law |

Related Party Transactions – Section 40A(2) of Income Tax Act,1961

Introduction Section 40A(2) of Income Tax Act, 1961 deals with payments to relatives and associated persons. It provides that where the assessee incurs any expenditure in respect of which payment is to be made to a specified person and the Assessing Officer is of the opinion that such expenditure is excessive or unreasonable having regard...

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Posted Under: Corporate Law |

ITC Refund Claim by SEZ (Special Economic Zone) Unit

1. Hon’ble Gujarat High Court in case of Britannia Industries Ltd allowed SEZ (Special Economic Zone) to claim a refund of ITC (Input Tax Credit) received from ISD ( Input Service Distributor) Unit 1.1. It is held that assessee, situated in Special Economic Zone (SEZ), could claim a refund concerning credit of IGST distributed by [&...

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Posted Under: Corporate Law |

Presumption/Admissibility of Document & Evidence Under GST

Section 144 of CGST Act, 2017 read with Section 145 of CGST Act, 2017 governs the provisions for Presumption as to documents in certain cases & Admissibility of micro films, facsimile copies of documents and computer printouts as documents and as evidence. Following aspects are dealt in the form of questions and their answers. 1. [&he...

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Posted Under: Corporate Law |

GSTN provides facility for communication between Taxpayers

GSTN has released a facility for communication between GST Taxpayers. The Facility can be viewed on www.gst.gov.in at following path after login- Dashboard ⇒ Services ⇒ User Services  ⇒ Communication Between Taxpayers. In this facility Taxpayer can raise Queries related to Debit Note, Credit Note and Sales Invoice. Taxpayer can rai...

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Posted Under: Corporate Law |

How to use Java based ITR software utility without MS Excel 2010 or later

Note on how to use Java based software utility available for download, where taxpayer does not have MS Excel versions 2010 or later Income Tax department, in its endeavor to cater to different needs of Tax payers to file Income Tax Returns/Statutory Forms, has provided both Online and Offline utilities (Java and Excel Utilities) to [&hell...

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Posted Under: Corporate Law |

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