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Archive: 18 May 2021

Posts in 18 May 2021

Registration of Entities for Undertaking CSR Activities/ Funding

May 18, 2021 17163 Views 0 comment Print

In order to have better Corporate Governance and Compliance, one-time registration in a simple E-Form CSR-1 is mandatory applicable to all the Registered Societies, Registered Trusts and Registered Section 8 Companies and other entities who is engaged in CSR (Corporate Social Responsibility) activities/ funding. Through this article, the author purports to analyze the provisions and […]

Procedure for consolidating Company’s Share Capital in brief

May 18, 2021 8550 Views 0 comment Print

Present herewith is the Procedure for Consolidation of Share Capital in a brief and concise manner after having gone through the relevant sections as well as concerned Rules under Companies Act of 2013 attached with allied Rules. 1. The company must firstly need to keep this thing in mind that its articles of association contain […]

Short Notes on Section 56(2)(x) of Income tax act

May 18, 2021 432441 Views 12 comments Print

1. Tax on sum/property received without consideration Section 56(2)(x) provides that following receipts shall be taxed in hands of any person where received from any person or persons on or after 01.04.2017 during any previous year. (a) Any sum of money exceeding Rs. 50000 in aggregate without consideration. (b) Any immovable property received without consideration, […]

Reassessment based on Incorrect/Non-Existing reasons is Illegal & Bad in Law

May 18, 2021 2652 Views 0 comment Print

VSR Enterprises Vs ITO (ITAT Delhi) Assessing Officer in the instant case has recorded incorrect/wrong and non-existing reasons in the reason for reopening of the assessment and has not applied his mind to the information received from REIC, Ward 43(4)(New Delhi). Therefore, the reopening of the assessment is illegal and bad in law and is […]

GST: SOP to implement extended time limit for revocation of cancellation of registration

May 18, 2021 2934 Views 0 comment Print

SOP for implementation of provision of extension of time limit to apply for revocation of cancellation of registration under section 30 of CGST Act, 2017 and rule 23 of CGST Rules, 2017

GST leviable on reimbursed amount, being advance payment by recipient towards cost incurred for provision of software services

May 18, 2021 2289 Views 1 comment Print

GST leviable on reimbursed amount, being advance payment by recipient towards cost incurred for provision of software services The AAAR, Tamilnadu in the matter of M/S. ICU Medical India LLP [Order-in-Appeal No. AAAR/10/2021(AR), dated March 10, 2021] modified the ruling of AAR, Tamilnadu, to the extent that Goods and Services Tax (GST) is leviable on […]

Mere abstract rule, principle or test can not determine character of a transaction

May 18, 2021 1563 Views 0 comment Print

An abstract rule, principle or test can not determine the character of a transaction, depends on facts and circumstances. CIT Vs. R V Gupta , Delhi High Court Also decided the question of distinction between a capital sale and an adventure in the nature of trade was considered by the Supreme Court in G. Venkataswami […]

Marginal Relief under Income Tax Act, 1961

May 18, 2021 6087 Views 0 comment Print

Understand the concept of marginal relief under the Income Tax Act, 1961. Learn how it provides relief on surcharges and reduces the tax burden.

Taxability of Gifts Received From Persons other than Relatives | Section 56(2)(X)

May 18, 2021 1788 Views 0 comment Print

Under Section 56(2)(x) Gifts from persons other than those covered in the definition of relatives are taxable  under the Head Income from other sources. Now a question arises that is it sufficient to offer a Gift from a person other than relatives as Income from Other Sources and pay tax ?  In my humble opinion […]

Gauhati HC stays Penalty imposed by Railways for misclassification of goods

May 18, 2021 951 Views 0 comment Print

Vinayak Logistics and Anr Vs Union of India and 7 Ors (Gauhati High Court) Mr. Saraf, learned Senior counsel submits that such action of demand for misdeclaration that too after delivery of goods is in specific violation of Section 78 and 83 of the Railways Act 1989 and the law is settled by this Hon’ble […]

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