"02 May 2021" Archive - Page 2

New LLP: Formation of Limited Liability Partnership

Why LLP is Advantageous? Forming and maintaining LLP has always been a preferred option for small Enterpreneurs due to its structure, compliance and operational advantages. Salient features of LLP • LLP can be formed with minimum of 2 partners. • LLP shall have at least two designated partners who are individuals. • LLP is a [&helli...

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Posted Under: Corporate Law |

Assessment of Amalgamating Company

Understanding the provisions: Let us take a look at the provisions of Income Tax Act 1961(here referred as ‘the Act’). As per section 2(1B) of the Act, one company can amalgamate or merge with another company wherein all the assets and liabilities of an amalgamating company are transferred to the amalgamated company which is the [&hel...

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Posted Under: Corporate Law |

Tax Planning while setting up of a business with reference to Nature of business

Tax Planning while setting up of a business with reference to Nature of business related with A.Y 2021-2022 and A.Y 2022-2023 – An analysis of Six important Deductions as per Income Tax Act I hereby want to summarize details regarding tax Planning while setting up of a business with reference to Nature of business related […]...

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Posted Under: Corporate Law |

SLP on penalty for borrowing above Rs. 20000 dismissed by SC

Vasan Healthcare Pvt. Ltd. & Anr. Vs. Additional Commissioner Of Income Tax (Supreme Court)

SLP on penalty for borrowing above Rs. 20000 dismissed by Supreme Court in the case of Vasan Healthcare Pvt. Ltd. & Anr. Vs. Additional Commissioner Of Income Tax where unaccounted money of the financer routed by the director through accounts of Assessee. Introduction Supreme Court in Vasan Healthcare (P.) Ltd. [2021] 125 taxmann.com ...

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Summary of GST notifications issued by CBIC on 01st May 2021

08/2021; 09/2021; 10/2021; 11/2021; 12/2021; 13/2021 of GST 01/05/2021

Amidst the second wave of covid-19 pandemic throughout the country and complete/partial lockdown already in force in most parts of the country, CBIC comes out with another set of midnight notifications to provide relief to the taxpayers for various GST compliance/returns. The relief comes in the form of waiving late fees for certain Certa...

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Posted Under: Corporate Law |

TDS provisions under GST

TDS PROVISIONS UNDER GST TDS under GST Law shall be deducted as per the provisions of section of  51 under CGST Act,2017, section 21 of the UTGST Act,2017 and section 20 of the IGST Act,2017. Section 51 of CGST Act,2017 Notwithstanding anything to the contrary contained under this act, the government may mandate – A […]...

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Posted Under: Corporate Law |

10 things to note about extension of due dates under GST

Gist of extension notifications No. 8/2021-Central Tax to 14/2021-Central Tax issued by CBIC on 01.05.2021 by which Relaxation has been provided in respect of Various GST Returns and GST Compliance. 1. Applicable rates of interest (08/2021 – Central Tax): Particulars Months Rate of interest Turnover > 5 crores in Last FY (Monthly...

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Posted Under: Corporate Law |

2 New Schemes from SIDBI to Support healthcare MSMEs

1. The Small Industries Development Bank of India (SIDBI), has launched two loan products for MSMEs in the healthcare industry to help them with the required financial support in the fight against the COVID-19 pandemic. 2. The schemes are devised under the guidance from Government of India which facilitates funding for production and serv...

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Posted Under: Corporate Law |

LEI: Legal Entity Identifier Code and its necessities

Legal entity identifier (LEI) code is a unique identification code which is being issued to the entities which trade in financial markets. These Financial Markets may be stocks, bonds, futures, forex, etc. The transactions or the deals conducted in the markets by one entity will have connected to another entity by an LEI code. LEI codes a...

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Posted Under: Corporate Law |

TDS not deductible on Salary of seconded employee if deducted by Holding Company

Hexagon- MIDCO India Private Ltd. Vs CIT Appeals (ITAT Mumbai)

Hexagon- MIDCO India Private Ltd. Vs CIT Appeals (ITAT Mumbai) Learned Sr. DR fairly agreed that in case the holding company MIDCO Limited has deducted the TDS on salary paid to these employees no further requirement of TDS on principle but assessee has to produce evidence before the Assessing Officer. Hence, on Principle, we are [&hellip...

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