Generally Online Gaming/Gambling laws in India prohibit betting or wagering and any act which is intended to aid or facilitate the same. As per FEMA, 1999 Gambling is prohibited under schedule-I. Gambling here means selection of winners through lottery or luck by chance, where luck by chance arise it means gambling occurs. Gambling is prohibited […]
Before dwelling into the valuation perspective of intangibles, let us understand its meaning first. In simple terms, an ‘intangible asset’ is something that cannot be touched or seen, for example patents, copyrights, brands and franchises etc. Moreover, other invisible assets like services of key and competent managerial persons, skilled and trained work force and technological competence of an enterprise can also be classified under the intangible assets of an entity. In this article our discussion will be confined to franchises and brand licence agreements.
Appointment of a director in case the number of directors fall below the statutory limit As per Section 149(1): Every company shall have a Board of Directors consisting of individuals as directors and shall have a minimum number of: 1. three directors in the case of a public company, two directors in the case of […]
Here is the summarized Statewise list of Intra state E-way bill. Table Provides Name of the State, Intra-State E-Way Bill Threshold limit (In Rs.) and Date or Official Press release etc vide which Intra-State E-Way Bill Threshold limit is made applicable. State wise Intra-State E-Way Bill Threshold limit (In Rs.) S.No State Threshold limit (In […]
Software Companies: – Software Companies are companies that deal with the maintenance, development and/or publication of software that are either cloud based or maintenance/license (on premise) based. Microsoft, Cisco etc. There are two types of software company: – 1. Service or Consulting Based Software Company, i.e., TCS, Wipro 2. Product or Development Based Software Company […]
CIT could not brand the action of AO to accept the claim of assessee in respect of LTCG as a case of no enquiry on the part of AO to term it as an erroneous order and which finding could have facilitated him to usurp/interfere by exercising his revisional jurisdiction u/s. 263. Further, CIT himself ought to have conducted enquiry to bring out the fallacy as to show how the enquiry conducted by the AO was erroneous. Thus, revision was not justified as the impugned order was nothing but cut & paste exercise without application of mind.
Additions made on the basis of statement of assessee u/s 132(4) in the hands of assessee ignoring the fact that the seized material belongs to company was not justified as the same were not attributable to the Managing Director for undisclosed and unaccounted income of the Company.
The Western Maharashtra Tax Practitioners’ Association has written a letter to FM and expected Urgent Relaxation in GST Compliance due to Outbreak of Covid19 again in whole country.They requested that Due Dates For March 2021 Of All GST Returns be extended, OTP Based GST Return Filing And Other Compliance, Should Be Allowed For All Kinds […]
First question must come to your mind that is why there is PAN. As you know almost under every taxation law person is identified with a unique number or code allotted under particular taxation law to identify the person and in the same manner under Income-tax law person is identified with PAN which is income […]
Under GST law, generally supplier (seller of goods or services or both) collects tax from recipient (buyer/ customer of goods or service or both) and pay to the Government (net of ITC) (but ultimately GST is borne by end customer or consumer that is why it is called indirect tax) this mechanism is known as […]
