Make in India is an initiative which was launched on September 25, 2014, to facilitate investment, foster innovation, building best in class infrastructure, and making India a hub for manufacturing, design, and innovation. The development of a robust manufacturing sector continues to be a key priority of the Indian Government.
Supreme Court has held that issue of a legally valid notice u/s. 143(2) is mandatory for usurping jurisdiction to frame scrutiny assessment u/s. 143(3) of the Act and in the absence of a valid notice u/s 143(2) the scrutiny assessment u/s 143(3) cannot be framed and omission to issue notice u/s 143(2) of the Act is not a curable defect.
ACIT Vs Simplex Infrastructures Ltd. (ITAT Kolkata) In the instant case, as will be evident from the perusal of the agreements, as enclosed in the Paper book and relevant portions of which are discussed as above, all the agreements under consideration are not for a specific work, they are for development of facility as a […]
Evershine Customs (C & F) Pvt. Ltd. Vs Commissioner of Customs a) The penalty under section 112 on the Customs Broker is set aside because even if the allegation that the CB has not fulfilled his obligations under CBLR 2013 is proven, no penalty can be imposed on this ground under section 112 of the […]
CKYCR, in its communication no. CKYC/2020/1 1 dated January 04, 2021 has specified that since CKYCR is fully operational for individual clients, it has been decided to extend CKYCR to Legal Entities (LE) as well. Accordingly, RIs shall upload the KYC records of LE accounts opened on or after April 01, 2021 on to CKYCR in terms of Rule 9 (1A) of the Prevention of Money Laundering (Maintenance of Records) Rules, 2005.
The One Person Company (commonly known as OPC) is the type of entity which is owned by a single person. It allows a sole person to own and also manage the entire business operations. The OPC as a business structure is introduced in India through Companies Act, 2013 to administer the proprietorship businesses and promote […]
Goods and services tax is a tax which is levied on supply of goods or services, or both. Due to federal nature of India, a supply of goods, or services, or both may be any supply of goods, or services, or both which takes place- (i) inside a State; or (ii) inside a Union Territory; […]
An NRI can have the interest in the following assets in India, which he receives by Gift or by inheritance- i. Money or Liquid funds ii. Immovable properties iii. Jewellery, painting, art piece or other valuable goods iv. Shares in companies registered in India v. Interest in Limited Liability Partnerships (LLPs) Any such receipt through […]
. TCS: Tax collected at source: The online portal like Flipkart, Amazon, Snapdeal, Myntra etc. would collect GST at 1% of taxable value of goods / services sold through them, where the payment is also collected by them on behalf of the sellers. TCS will not be expenses for seller but an asset which can be set-off against their GST tax liability, if any, or otherwise can be claimed as refund.
Understanding the taxability of expatriate salary in India. Learn about the rules and regulations regarding tax deductions for foreign employees.
