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Archive: 12 June 2021

Posts in 12 June 2021

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7092 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Practical approach to new TDS section 194Q & existing section 206C(1H) for TCS

June 12, 2021 2544 Views 0 comment Print

Practical approach to new TDS section 194Q introduced in budget 2021 which will be effective from 01.07.2021 and its effect in application of existing section(amended) TCS u/s 206C (1H) of Income Tax which is required to be collected on sales of goods above 50 lakh. With the introduction of new section 194Q in the Budget […]

Provident Funds: Types and its Benefits

June 12, 2021 72966 Views 2 comments Print

Long-term savings is a big commitment, but they need to be done to increase benefits and future emergencies. The Provident Fund (PF) is a pension fund that helps people regularly save a portion of their salary to provide enough money for a good and healthy lifestyle after retirement. This program is provided by the Employment […]

Request for personal hearing to be considered before passing Faceless Assessment Order

June 12, 2021 6003 Views 1 comment Print

Usage of word ‘may’ under Section 144B(7)(vii) of the Income Tax Act, 1961 (IT Act) could not absolve the Revenue (the Respondent) from the obligation cast upon it to consider the request made for grant of personal hearing. Therefore, the assessment order passed by the Respondent without giving an opportunity of personal hearing to the assessee shall be set aside.

GST, Income Tax, DGFT, FEMA, Customs Updates dated 12.06.2021

June 12, 2021 2235 Views 0 comment Print

The continuing economic impact of the pandemic, governments, globally, are looking to mobilize revenues and debating on the best way for immediate collection. Should it be taxes directly collected from individual taxpayers such as increased personal income, wealth and property tax; or increased taxes on luxury goods consumption; or taxes collected via the digital economy. […]

What is DIR-3 KYC & Steps for filing form

June 12, 2021 20511 Views 2 comments Print

What is DIR-3 KYC? DIR-3 KYC is a new form launched by the MCA. This form will be used to update the KYC of all directors. As per the provisions of Rule 12A of the Companies (Appointment and Qualification of Directors) Rules, 2014, every individual who is allotted DIN as of 31st March of a […]

How Does Thin Capitalization Affect Taxation? 

June 12, 2021 6084 Views 0 comment Print

Organization for Economic Cooperation and Development (OECD) and the (G20) countries have launched an initiative known as base erosion and profit shifting (BEPS), which consists mostly of tax avoidance methods. These techniques primarily aim to fill in and make accommodations for tax policy loopholes, which aid in leveraging such gaps in tax regulations to deceptively shift earnings to low or no-tax nations. A business is often funded (or capitalized) through a combination of debt and equity.

44th GST Council Meeting highlights – Held on 12.06.2021

June 12, 2021 20394 Views 11 comments Print

The 44th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman via video conferencing today i.e. 12th day of June, 2021, Saturday, via video conferencing in New Delhi. Union minister of state (MoS) for finance Anurag Thakur and finance ministers of states and Union territories (UTs)  attended the […]

Recommendations of 44th GST Council Meeting- Change in GST Rates

June 12, 2021 18864 Views 1 comment Print

The 44th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The Council in its meeting has decided to reduce the GST rates on the specified items being used in Covid-19 relief and management till 30th September, 2021.

Managing the Taxable Income of Corporates

June 12, 2021 1845 Views 0 comment Print

Direct Tax levied on the income of a corporate can be a considerable amount of money that has to be paid by the assessee to the government every year. But if the business is conducted keeping in mind various exemptions and deductions available for corporates under the Income Tax Act, 1961, the tax liability of […]

Amendments In Insolvency & Bankruptcy Code, 2016: Short of Homerun

June 12, 2021 4779 Views 0 comment Print

INTRODUCTION As a consequence of the COVID-19 outbreak, World Economy is bleeding and strives to regain the triumph it once had. The Indian Economy is no exception and, like others, has been hit back and forth. Everyone is expecting a survival kit due to a stall of commercial operations for the past few months. The […]

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