"12 April 2021" Archive - Page 2

Harmonizing the Interests of Individuals & Tax Officials by Circumscribing the Use of the Power of Search & Seizure

In common parlance, the term search means the act of seeking or looking out for something. While the term seizure means taking away the possession of some goods. The term raid is usually used for denoting the act of searching under the income tax view-point....

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Posted Under: Income Tax |

Important Statutory due dates for Company annual filing for FY 2020-21

A compilation of all the ROC (Company) Filing Due dates for Financial Year 2020-21 (AY 2021-22) As soon as the new financial year starts, it is important for a company be it a Private Limited Company or a Public Limited Company to be aware of all the compliance related due dates falling in the year. […]...

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Posted Under: Income Tax |

ROC Compliance Calendar 2021-22

ROC filing Due Dates falling in the year 2021-22 All the business structures registered in India i.e. Private Limited Company, Public Limited Company, One Person Company, Limited Liability Partnership etc need to file certain forms every year with the Registrar of Companies. All the Companies and LLPs registered in India are required to c...

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Posted Under: Income Tax |

OPC Annual Filing– Important Statutory due dates for FY 2020-21

One Person Company is a company that has only one person as its member. Being just one member company, the OPC has lesser compliance requirement compared to Private Limited Company or Limited Liability Partnership. However, It is important to look in to the Important Statutory due dates for OPC Annual Filing due dates falling in […...

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Posted Under: Income Tax |

Important Statutory due dates for LLP Annual Filing FY 2020-21

A compilation of all the ROC (LLP) Filing Due dates for Financial Year 2020-21 (AY 2021-22) A Limited Liability Partnership is a business structure that requires a minimum number of two members and there is no limit on the maximum number of members. The liability of the members of the Limited Liability Partnership is limited. […]...

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Posted Under: Income Tax |

HC allows Interim release of goods as petitioner already paid Tax & Penalty

Mahakali Transport Vs State of Punjab (Punjab High Court)

Mahakali Transport Vs State of Punjab (Punjab High Court) The resolution is not clear as to how the interim release of the goods can be given as at the time of filing of the appeal, the petitioner has deposited the entire 100% of the tax, 100% of the penalty and 10% of the fine amount […]...

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Private Placement by Private Companies & Unlisted Public Companies

Private Placement by Private Companies and Unlisted Public Companies Before understanding the Private Placement, we have to understand the different methods and applicable laws according to which the Companies can issue Securities. On the basis of Section 23 of the Companies Act, 2013, we can divide companies into two parts on the basis o...

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Posted Under: Income Tax |

Direct & Indirect Tax Updates March 2021

DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ The Lok Sabha on 23rd March 2021 passed the Finance Bill, 2021 to give effect to the financial proposals of the Central Government for the financial year 2021-2022. (The Finance ACT, 2021 NO. 13 OF 2021 dated 28th March, 2021) ♦ CBDT revises Form No. 12...

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Posted Under: Income Tax |

What new this time in GST “Gudi padawa?

This time in GST new things are in Tax Invoice. With effect from the 1st April 2021, All GST taxpayers will have to furnish HSN (Harmonized System of Nomenclature Code), or Service Accounting Code (SAC) in their Tax Invoices. Further if turnover in PYs is more than 50 Cr then E-invoicing is mandatory....

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Posted Under: Income Tax |

Section 6 related to Resident in India including Concept of Deemed Resident

Determination of the residential status under Income Tax Act plays a vital role in to determine whether a person comes under the tax net or not. Section 6 of the Income Tax Act, 1961 deals about the concept of resident for Income tax purposes. Finance Act 2020 dated 23.03.2020 amends Section 6 of the Income Tax Act. This article will thro...

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Posted Under: Income Tax |

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