"13 May 2021" Archive

ESIC extends date for filing of ESI contribution for April, 2021

ESIC extends date for filing of ESI contribution for the month of April, 2021 The country is dealing with a very challenging situation due to second wave of COVID-19 Pandemic. Many establishments are temporarily closed and workers are unable to work. In line with the relief measures being extended by Government to business entities and [&...

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Posted Under: Corporate Law |

Incisive analysis of new condition for entitlement of ITC

1. Introduction 1.1 Dawn of GST started with a proposed system of undertaking transaction-level matching in the form of GSTR 1, 2 & 3 to check the claim of input tax credits (ITC). Further, the provisions in the law were also drafted keeping the proposed system in mind. However, due to the reasons best known […]...

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Gap between two doses of Covishield Vaccine extended to 12-16 weeks

The COVID Working Group chaired by Dr N K Arora has recommended extension of the gap between the first and second doses of COVISHIELD vaccine to 12-16 weeks. The present gap between the two doses of COVISHIELD vaccine is 6-8 weeks....

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Posted Under: Corporate Law |

Appellate Authority can modify assessment order on additional ground not raised earlier

As per law and reason an Appellate Authority can modify the assessment order on an additional ground not raised earlier No rigid principles or any hard and fast rules can be laid down for entertainment of additional ground first time before Appellate Commissioner.While permitting the assessee to raise an additional ground, the appellate c...

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Posted Under: Corporate Law |

AMP Expenses not qualifies as ‘international transaction’ under Section 92B

Pepsico India Holdings Pvt. Ltd. Vs ACIT (ITAT Delhi)

Addition made on account of AMP expenses qualified as an ‘international transaction' under the terms of section 92B(1) read with section 92F(v) was not justified as AMP Expenses did not qualify as an 'international transaction' for the purposes of section 92B firstly, there was no international transaction in the form of any agreement o...

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No refund of excise duty paid under protest after expiry of limitation period under Section 11B

M.G.M. International Exports Ltd Vs Assistant Commissioner of Service Tax (Madras High Court)

Refund of excise duty paid under  protest if any borne by assessee had to be made only within a period of limitation prescribed under Section 11B of the Central Excise Act, 1944 notwithstanding the fact that assessee became aware of the wrong payment of tax only after the Central Board of Excise and Customs issued clarification bearing r...

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Date of Sale for of Claiming Exemption under Section 54

DATE WHICH IS RELEVENT FOR THE PURPOSE OF CLAIMING EXEMPTION UNDER SECTION 54 OF INCOME TAX ACT 1961 For claiming Exemption under section 54 of Income Tax Act 1961 following conditions are required to be fulfilled: 1. The assessee has sold a residential house property. 2. He has purchased another house property before one year […]...

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Posted Under: Corporate Law |

Difference between Shareholder & Director under Companies Act, 2013

Shareholders are known as the real owners of the company that own equity shares issued by a particular company, whereas Directors on the other hand are the individuals who are elected to actually act as the representatives of such shareholders by establishing and implementing policies and decisions and act in the best interests of such [&...

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Posted Under: Corporate Law |

Income Heads – Some Issues – Income from other sources

Even after discussion at length of heads there are some issues which holds worth for discussion, some of them are being discussed here. Income from other sources :- Is Section 56 is place of specific chargeability or in certain circumstances income specified under 56 can be charged under other heads of income. Gifts are made […]...

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Posted Under: Corporate Law |

Key takeaways in transfer of Goodwill or share of profit in case of death of a CA

Key takeaways in transfer of Goodwill or share of profit in case of death of a Chartered Accountant In the wave of corona, the whole of CA fraternity is shocked by sudden demise of members of the institute in this CORONA Pandemic. The fraternity has lost many members during this year. Local fraternity tried to […]...

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Posted Under: Corporate Law |

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