"20 May 2021" Archive

Income Tax Return, Tax Audit due date & Other dates extended

Circular No. 9 of 2021 - Income Tax 20/05/2021

The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st July 2021 under sub-section (1) of section 139 of the Act, is extended to 30th September 2021; 10) The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30th September 2021, is ext...

No Service tax on Food Served as ‘Take Away’ or ‘Parcels’

Anjappar Chettinad A/C Restaurant Vs Joint Commissioner (Madras High Court)

Anjappar Chettinad A/C Restaurant Vs Joint Commissioner (Madras High Court) 1. In the case of take-away or food parcels, the aforesaid attributes are conspicuous by their absence. In most restaurants, there is a separate counter for collection of the take-away food parcels. Orders are received either over telephone, by e-mail, online book...

Why ITC not available on promotional products distributed FOC for sales promotion?

The Hon’ble AAAR, Karnataka in Re: M/s Page Industries Limited [Order No. KAR/AAAR/05/2021, dated April 16, 2021] held that the promotional products/materials & marketing items which are distributed to their distributors/franchisee free of cost (FOC) by the assessee in promoting their brand & marketing their products can be co...

Posted Under: Income Tax |

Comparative study of Section 194Q and Section 206C(1H)

Article explains provisions of Section 194Q TDS on purchase of goods (w.e.f. 1st July, 2021) and Section 206C(1H) TCS on Sale of goods (w.e.f  1 October, 2020). Article further explain the meaning of Deductor/Collector, Threshold Limit, Deductee/ Collectee, Time of  Deduction/Collection, Rate of Tax Deduction/Collection, Non Applicabili...

Posted Under: Income Tax |

Composite and Mixed Supply under GST

All about Composite Supply and Mixed Supply under GST: As per Sec. 2(30) of CGST Act of 2017, ‘Composite Supply’ is a kind of supply made by a taxable person to a recipient that includes two or more taxable supplies of goods or services or both, or their combination, that are naturally bundled and supplied […]...

Posted Under: Income Tax |

Related Party Transactions in Context with Power of Board

Before we start with related party transactions, we have to understand that as per Company law powers of the Company are exercise either by the Board of Directors or by Shareholders. The relationship between the Board of Directors and Shareholders is like a federation. Some powers are exclusively reserved for the Board of Directors and [&...

Posted Under: Income Tax |

Blatant violation of Indian laws on trading & e-commerce by Flipkart: CAIT

Confederation of All India Traders has written a letter to Shri Piyush Goyal and alleged Blatant violation of Indian laws on trading and e-commerce by Walmart owned Flipkart by creating a facade to control inventory through its 30 preferential sellers and also demanded Strict Action under the law. Full Text if the letter is as […]...

Posted Under: Income Tax |

Extended Income Tax Due Date Chart

CBDT issued Income Tax circular No. 09/2021 dated 20.05.2021, in exercise of its power under section 119 of the Income-tax Act, 1961 w.r.t. Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic and spike in Covid-19 cases: Extended Income Tax Due Date Chart after Considering circular...

Posted Under: Income Tax |

HC slams ICAI for withholding student’s results

Risha Lodha D/O Bhagwat Singh Lodha Vs Institute Of Chartered Accountants of India (Rajasthan High Court); S.B. Civil Writ Petition No. 6261/2021; Dated: 13/05/2021 BRIEF SUMMARY OF THE CASE The petitioner was a student aged 21 years who cleared her CA Foundation Examination in the year 2018, and became eligible to appear in CA Intermedia...

Posted Under: Income Tax |

Memorandum of Association vs. Articles of Association – A quick recap

As per Section 2(56) of Companies Act of 2013, Memorandum means an original memorandum of association that a company has registered or it can be an altered one as per the rules laid down u/ provisions of Companies Act of 2013, Whereas As per Section 2(5) of Companies Act of 2013, Articles refers to an […]...

Posted Under: Income Tax |

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September 2023