Section 115BAA was introduced by the Government of India through the Taxation (Amendment) Ordinance 2019 on the 20th of September 2019 with the objective of proffering reduced rates of taxes to domestic companies.
(A) Eligibility for the Quarterly Return Monthly Payment Scheme:- Following Persons are eligible for the Scheme. 1) A registered person who is required to furnish a return in FORM GSTR-3B. AND 2) Who has an aggregate turnover of up to 5 crore rupees in the preceding financial year. However in case the aggregate turnover exceeds […]
In this article we discuss about the GST impact on Sale of Capital Goods (i.e. Business Assets). First we discussed about the Definition of Capital Goods. Capital Goods:- As per the Section 2(19) “capital goods” means goods, the value of which is capitalised in the books of account of the person claiming the input tax […]
Understand the deduction provisions of Section 35E of the Income Tax Act for expenditure on prospecting or extraction/production of certain minerals.
Availment of Input Tax Credit (ITC) and Utilisation thereof under GST Law There are two different concepts under GST that are ‘Availment of ITC’ through credited in Electronic Credit Ledger (ECL) and ‘Utilisation thereof’ to pay output tax liability’ as per Section 49 of the Central Goods and Service Tax Act, 2017 (CGST Act, 2017). […]
Tax Implications of Majesco Ltd.’s Dividend Declaration on 15th December 2020 Easy dividend income seemed like a no brainer on 15th December 2020 when the board of Majesco Ltd. declared an interim dividend of Rs. 974 per share, i.e., dividend higher than its prevailing market price of Rs. 972. As retail investors hopped on the […]
No additional fees shall be levied upto 15.02.2021 for the filing of e-forms AOC-4, AOC-4 (CFS), AOC-4 XBRL and AOC-4 Non-XBRL in respect of the financial year ended on 31.03.2020. No additional fees will be levied for filing annual financial statements for the financial year ended as on 31st March 2020 upto 15th February 2021. […]
Explore Anjli Foundations’ eligibility for 80IB(10) deduction as ITAT Chennai reviews the case. Legal analysis, key points, and ITAT judgment insights provided.
Babulal Vs ITO (ITAT Bangalore) In cases of purchase and sale of land as laid down by the Hon’ble Supreme Court in the case of Raja J.Rameshwar Rao (supra), a decision on which the learned DR placed reliance, the intention at the time of purchase will be a relevant factor. When a person acquires land […]
DCIT Vs Azalea Infrastructure Pvt. Ltd (ITAT Delhi) The facts clearly shows that on October 20, 2010, India Bulls Power Ltd pursuant to the provisions of Section 192A of the Companies Act, 1956 made a preferential allotment of 42 crore as fully convertible warrants to 4 different companies which are the entities promoted by the […]
