"27 March 2021" Archive - Page 2

Short note on SFT | CBDT Notification dated 12/03/2021 with penalty provisions

Short note on SFT – Statement of Financial Transactions considering Recent CBDT Notification No. 16/2021, dated 12-03-2021 with penalty provisions SFT provides a reporting mechanism wherein specified entities are required to provide information about material financial transactions to the Income-tax Department. While Presenting Unio...

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Posted Under: Income Tax |

Leave Encashment And Burning Issues With 10(10aa)(Ii)

Labour Laws in India mandates for paid leave every year to employees. Employees who can not utilise the paid leave, Employers allow employee to carry forward unutilised paid leaves to further years and to encash at the time of retirement or resignation etc. The encashment of such unutilised paid leave are known as Leave Encashment. [&hell...

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Posted Under: Income Tax |

Striking Off A Company In India

Article explains Conditions for Voluntary Striking Off of Company, Important Points for Striking Off of Companies In India, Restrictions on Filing for Application of Striking Off and Mandatory Documents to be Filed with Application of Striking Off under Companies Act 2013 read with Companies (Removal of Name of Companies from the Register...

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Posted Under: Income Tax |

Maharashtra Issues New Lock down Guidelines- Imposes Night Curfew

Order No: DMU/2020/CR. 92/DisM-1 27/03/2021

GOVERNMENT OF MAHARASHTRA Department of Revenue and Forest, Disaster Management, Relief and Rehabilitation, Mantralaya, Mumbai- 400 032 No: DMU/2020/CR. 92/DisM-1, Dated: 27th March, 2021 ORDER Directions for Containment and Management of Covid 19 Epidemic Disaster. Reference: 1) The Epidemic Diseases Act, 1897. 2) The Disaster Management...

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Addition not justified for lower income declaration by Investors in their Tax return

ACIT Vs Supreme Placement Services (P) Ltd. (ITAT Delhi)

Addition on account of unexplained share capital/premium was not justified as AO merely doubted the financial capacity of the Investors because they had reported low income in their return of income. This could not be the sole basis to doubt the explanation of assessee. It might be suspicion of the AO only without bringing any evidence on...

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EC & SHEC already refunded cannot be revoked later co-laterally by Authorities: HC

Topcem India Vs Union of India And 3 Ors (Gauhati High Court)

Topcem India Vs Union Of India And 3 Ors (Gauhati High Court) Conclusion: Education Cess and Secondary and Higher Education Cess which have already been refunded in terms of earlier decision in‘M/S SRD Nutrients Private Limited’,  could not be revoked co-laterally by a Quasi Judicial Authority of the Department without taking...

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Companies Act 2013 (Section wise fines & penalties)

Companies Act 2013 (Section wise fines & penalties) SL No. Section Matters Fines/penalties 1 Section 4(5) Reservation of Name – After reservation of name , if information given is not correct then: if the company has not been incorporated, the reserved name shall be cancelled and the person making application under sub-section (...

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Posted Under: Income Tax |

PPT on Incorporation of Company through Spice+

PPT explains about Incorporation of Company through Spice+  under Companies Act, 2013. Incorporation is the legal process used to register or form a corporate entity or company. A corporation is the resulting legal entity that separates the firm’s assets and income from its owners and investors. In India the Incorporation (or reg...

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Posted Under: Income Tax |

Writs – A Constitutional Remedy – How can be used under tax laws?

Normally Income Tax Act 1961 guides each and every dealing with Income Tax Department. Constitution is the source of whole legal and administrative framework in India. All the pillars of Indian system it be Legal System, Legislative Assembly or the administration – find their existence, working mechanism and defined boundaries in co...

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Posted Under: Income Tax |

Liberalised Remittance Scheme (LRS)

Liberalised Remittance Scheme (LRS) is a measure to facilitate Resident Individuals (including minors) to remit funds outside India up to USD 250,000 or its equivalent in any freely convertible foreign currency per financial year (April-March) for any permissible capital or current account transaction or a combination of both. The scheme ...

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Posted Under: Income Tax |

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