"05 April 2021" Archive

Analysis of Amendments To The Finance Act 2021

01/01/1970

INCOME TAX ♦ Income Tax Rates There is no change in the Rates of Income Tax for the AY 2022-23. . ♦ TDS and TCS Rates- No Further COVID Relief TDS and TCS Rates had been reduced by 25% during FY 2020-21 due to COVID-19. However, with effect from 1st April 2021, original TDS and […]...

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Posted Under: Income Tax | ,

Vodafone Case Analysis

01/01/1970

Vodafone’s journey in India has been a significant case in retrospective amendment made to tax laws. The decision made by the Supreme Court in this case and subsequently the decision made by PCA in Cairn UK case following Vodafone case amounts to a huge loss to the government as the reserve of the government depends upon the collection ...

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Posted Under: Income Tax |

Immunity provisions under section 270AA with possible posers

01/01/1970

Finance Act, 2016 inserts, with effect from 1-4-2017, a new section 270AA in the Act empowering an Assessing Officer to grant immunity from imposition of penalty under section 270A of the Act as well as initiation of prosecution proceedings under section 276C and section 276CC of the Act on certain terms and conditions. Se...

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Posted Under: Income Tax |

Income inequality, Taxation policy vis-a-vis Goods and Services Tax

01/01/1970

At the very outset, the author of this write up wants to put a disclaimer that this article has nothing to do with the procedural or legal loopholes or shortcomings of the Indian GST, perceived or real, if any. It is not going to deal with the issues whether GST returns could be easier and […]...

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Posted Under: Income Tax |

Important Judgments related to IBC, 2016 – Oct to Dec 2020

01/01/1970

Supreme Court Kridhan Infrastructure Pvt. Ltd. Vs. Venkatesan Sankaranarayan & Ors. [CA No. 3299/2020] As resolution plan was not implemented, the Adjudicating Authority (AA) ordered liquidation of the CD. On appeal, the NCLAT allowed the RA to make certain deposits within certain time. On failure to deposit the amounts, the NCLAT uph...

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Posted Under: Income Tax |

Comments on Companies (CSR Policy) Amendment Rules, 2021

01/01/1970

COMMENTS ON COMPANIES (CORPORATE SOCIAL RESPONSIBILITY POLICY) AMENDMENT RULES, 2021 Effecting date of Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 came into effect on 22 January 2021. Therefore, these amended rules are applicable for the ...

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Posted Under: Income Tax |

How to Perform Public Inspection of a Private Company in an M&A Transaction?

01/01/1970

Introduction Court annexed Mergers & Acquisitions (M&A) in India are governed by sections 230- 234 of the Companies Act, 2013. While sections 230-232 deal with a domestic merger, section 233 provides a mechanism for a fast track merger and section 234 deals with cross-border mergers which requires RBI approval in accordance with R...

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Posted Under: Income Tax |

Violation of principles of natural justice in case goods confiscated without providing an opportunity to importer to call the grounds for valuation

SYSKA LED Lights Pvt. Ltd. Vs Union of India (Bombay High Court)01/01/1970

SYSKA LED Lights Pvt. Ltd. Vs Union of India (Bombay High Court) Conclusion: Since the respective authority had confiscated the imported goods without providing an opportunity to importer to call upon the proper officer to disclose the grounds for valuation , therefore, the impugned order in original was clearly unsustainable in law being...

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Mere non-issuance of duplicate share certificates on misplacement did not indicate malice of Company

Avion Builders Pvt. Ltd. Vs State of West Bengal (Calcutta High Court)01/01/1970

The criminal complaint case of cheating instituted against a company and its Directors over non-issuance of duplicate share certificates to the complainant was quashed as mere non-issuance of duplicate share certificates on misplacement by an alleged shareholder did not indicate malice on part of the company from the inception of the tran...

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Taxation of Listed Shares

01/01/1970

The taxation of capital gain on the shares transactions has gone through a bunch of changes in the last few years, so it is very critical for a professional as well as for assessee to understand the concept of taxation of capital gain on listed shares. Transactions in stock market can be Intra Day Transactions […]...

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Posted Under: Income Tax |

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