"11 April 2021" Archive - Page 4

Post Company Incorporation Compliances

The first thing that strike our mind on incorporation of a Company is: ‘What are the compliances which are necessary to be done post incorporation?’ The major compliances to be done by the Company immediately post its incorporation are as follows: – 1. Convene the First Board Meeting within 30 days of its Incorporation a...

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Posted Under: Company Law |

No TDS default if Bank not deducts TDS of customer who furnishes Form 15G/15H even if their Interest Income exceeds taxable limit

Allahabad Bank Vs ITO (ITAT Delhi)

Asessee-bank had not deducted TDS under section 194A  in  respect  of  customers  who had provided Form No. 15G and 15H as the prime responsibility relating to TDS deduction u/s 201 was of the recipient assessee to pay the tax directly once they filed From No. 15G/15H and any tax liability would be held as pending in recipient assess...

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GST e-invoice: How to ensure that invoices printed out of ERP systems are not printed without IRN ?

GST e-invoice: How to ensure that the invoices printed out of the ERP systems are not printed without IRN? Government has mandated e-invoice for businesses with turnover of more than INR 50 crores w.e.f 1st April 2021. In case e-invoice is not issued by the seller as required by the law provisions, the invoice would […]...

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Posted Under: Company Law |

Analysis of Judgment – J.S. & M.F. Builders Vs. A.K. Chauhan

This writ petition was filed under Article 226 of the Constitution of India, 1950 seeking quashing of the four notices issued to the petitioner under Section 148 of the Income Tax Act, 1961 for reassessment of the income of the petitioner for the four assessment years 1992-93, 1993-94, 1994-95, 1995-96....

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Posted Under: Company Law |

Benefits & Provisions for MSMEs under Income-Tax Act, 1961

A. Concessional rate of tax @25% for certain companion: In case of domestic company, where total turnover or the gross receipt in FY 2017-18 does not exceed Rs. 400 crore, rate of tax applicable for AY 2020-21 shall be 25% of the total Income. For AY 2021-22, concessional rate of 25% will apply, if gross […]...

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Posted Under: Company Law |

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