Applicable Provision: Section 161(1) of Companies Act of 2013r/w Rules of Companies (Appointment and Qualification of Directors) Rules of 2014. As per Section 161(1), ‘Articles of a company may confer on its Board of Director such power to appoint Additional Director. A person who has failed to be appointed through general meeting shall not be […]
1. Keeping the policy repo rate unchanged at 4 per cent 2. The MPC also decided unanimously to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target […]
The provisions for 194 Q are for purchase of Goods whereas Section 206C(1H) are for receipts of payments. Both sections increase the Compliance Burden of an Entity in already over crowded calendar. Basic Finance Bill has mandated TCS provisions under section 206C(1H) for `Seller of Goods’ on Receipts and or advance on account of and from Sales of […]
Section 28 of Income Tax Act, 1961 – Profits and gains of business or profession. The following income shall be chargeable to income-tax under the head “Profits and gains of business or profession” 1. Income of Business or Profession carried on by the assessee. 2. Compensation received by any person in following cases: a. In […]
You may have come across the above message when you log in to the existing income tax portal. The Income Tax Department announced to make changes in the current portal to make return filing easy, faster, and most importantly, user-friendly. The existing portal had its limitations. With this announcement, the Department is coming up with […]
In partial modification to the Office Memorandum of even no. 9221 to 9225 dated 22.11.2019 with respect to the constitution of Group of Ministers (GoM) on movement of Gold and Precious Stones, its membership is now reconstituted as follows:
Orders of assessments were a quasi-judicial order passed after hearing of assessee, followed by issuance of demand notices as per the provision of JVAT Act itself and assessee had statutory remedies against the orders of assessments whose limitation commence from the date of receipt of the demand notices and not from the date of the assessment orders
