"25 March 2021" Archive

CBDT Defers GST & GAAR reporting till 31.03.2022

Circular No. 05/2021-Income Tax 25/03/2021

The Central Board of Direct Taxes (CBDT) deferred the Tax Audit Clause 30C and 44  till 31st Mar 2022 due to COVID-19. F.No. 370142/9/2018-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes TPL Division New Delhi **** Circular No. 05/2021, Dated 25th March, 2021 Order under section 119 of [&he...

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Cancellation of Invoice Reference Number (IRN) under GST

Slowly and steadily, the Government is making e-invoicing mandatory for wide numbers of suppliers. Currently, an e-invoice is mandatory for the registered person having an aggregate turnover of more than INR 100 Crores in a Financial Year. However, from 1st April 2021, e-invoice is going to be mandatory for all registered person having an...

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Posted Under: Income Tax |

TDS not deductible on Reimbursement without any Profit Element

BYK Asia Pacific Pte. Limited Vs ACIT (ITAT Pune)

BYK Asia Pacific Pte. Limited Vs ACIT (ITAT Pune) On going through the documents/material as discussed above, it is evident that Seminar expenses, Training expenses, Printing expenses and Staff welfare expenses are amounts paid by the Indian BO to the Singapore HO, which satisfy the twin conditions of `reimbursement’ as discussed supra,...

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Barbeque-Nation Hospitality Limited –IPO Review

Background of the Company: The Company was originally incorporated as Sanchi Hotels Private Limited on October 13, 2006 at Indore, Madhya Pradesh, India as a private limited company under the Companies Act, 1956. Subsequently, the name of the Company was changed to Barbeque-Nation Hospitality Private Limited and a fresh certificate of inc...

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Posted Under: Income Tax |

ITAT allows Tata Trust to Surrender 12A Registration wef 20.03.2015

Navajbai Ratan Tata Trust Vs PCIT (ITAT Mumbai)

Navajbai Ratan Tata Trust Vs PCIT (ITAT Mumbai) Mumbai ITAT UNIQUE ORDER  on one  tata trust case where assessee opted out of benefit of sec 12AA to apparently save itself from onerous tax exposure with sec 12AA on its head so in these circumstances it is held that 42. The question then arises as to […]...

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Financial Year End Checklist – Income Tax & GST

Since we have the financial year as April to March in India, March end is always known to be a bustling for the tax professionals and businesses. What is it exactly that brings so much of hassle for all of us? This article lists down the activities that are to be complied with before 31st […]...

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Posted Under: Income Tax |

GST Taxpayer? – 8 Important things to do before  the new Financial Year begins

A GST taxpayer is required to keep the following in mind at the beginning of the FY 2021-22. 1. The functionality to opt for composition scheme has been made available for FY 2021-22 in the dashboard of taxpayers at GST Common Portal. The eligible taxpayers, who wish to avail the composition scheme from FY 2021-22 […]...

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Posted Under: Income Tax | ,

FAQs on Company Formation in India

1. What are the types of Companies that can be registered in India? –One Person Company (OPC) -Private Limited Company -Subsidiary of a Foreign Company -Public Limited Company -Limited Liability Partnership (LLP) -Non-Profit Organizations (Sec. 8 Companies) -Nidhi Company 2. Can a Foreign National incorporate a Company in India? A F...

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Posted Under: Income Tax |

Challenge to ‘search action’ at business premises dismissed by High Court citing presence of ‘reason to believe’

The Hon’ble Delhi High Court in RCI Industries and Technologies Ltd. v. Commissioner DGST Delhi & Ors. [W.P.(C) 121/2021 decided on January 7, 2021] dismissed the writ application filed to impugn the search action at the business premises on the ground that there are ‘reasons to believe’ to inspect and search the business premis...

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Posted Under: Income Tax |

Secretarial audit: A proactive Governance Measure

It is a fact that in the rapidly changing business world, every company, while pursuing its activities has to comply with numerous rules and regulations under Companies Act, SEBI, FEMA, and multiple other Laws.  Thus, under section 204 of the companies act, 13, the mechanism of secretarial audit has been included to examine the complianc...

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Posted Under: Income Tax |

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