"19 June 2021" Archive

Govt refutes media reports of alleged black money held by Indians in Switzerland

Media reports allude to the fact that the figures reported are official figures reported by banks to Swiss National Bank (SNB) and do not indicate the quantum of much debated alleged black money held by Indians in Switzerland. Further, these statistics do not include the money that Indians, NRIs or others might have in Swiss banks in the ...

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Posted Under: Income Tax |

Responsibilities and Duties of Company Secretary

The Company Secretary (CS) is an important part of the management and administration of the Company. Being a legal representative of a company, CS carries out and manages various regulatory functions, such as company incorporation, preparation and audit of adequate business reports; filing annual returns; dealing with amended laws regul...

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Posted Under: Income Tax |

Clarification on applicability of GST on certain goods & services

The GST Council in 43rd meeting held on 28th May, 2021 at New Delhi had recommended some clarifications to be issued on GST Rate of certain goods and services. Now, CBIC has issued circulars on 17th June, 2021. The summary of the said important circulars are given below – Circular issuing clarifications on GST rate […]...

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Posted Under: Income Tax |

Post RERA – Changes/transformation in real estate business & practices

The Real Estate (Regulation & Development) Act 2016 was enacted fully w.e.f., 1st May 2017 and presently it is effective and has been implemented in most of the States and Union Territories. Jammu & Kashmir is the latest state / UT to notify Rules in August 2020 and announced that it will appoint the RERA […]...

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Posted Under: Income Tax |

GST on Milling Services supplied to State Government for PDS Supply-Exempt

Analysis of GST on Milling Services supplied to State Government for PDS Supply under Circular No. 153/09/2021-GST which exempts the supply of composite supply by way of custom milling to Government for PDS supply, if the value of goods in such supply is less than 25% of the consideration. The article aims to simply the […]...

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Posted Under: Income Tax |

Applicability of Section 194Q & 206AB under Income Tax Act

Section 194Q: TDS on purchase of goods: -Applicable to the Buyer whose Turnover/Gross Receipts in the preceeding Financial year exceeds 10Cr. and aggregate amount of purchases from such particular buyer exceeds Rs.50L. -TDS is required to be deducted @1% on the amount exceeding Rs.50L (The threshold limit of Rs.50L is to be reckoned from ...

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Posted Under: Income Tax |

GST Refund in case of Inverted Duty Structure

Hello everyone. Today we would like to throw some light on GST refund in case of Inverted Tax Structure. In case you have some queries with respect to the same do mail us to enable us to provide you with clarification on the same. Introduction: Where the credit has accumulated on account of rate of […]...

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Posted Under: Income Tax |

How to check linking of PAN with Aadhaar for your clients

How to check linking of PAN with Aadhaar for your clients (even in cases where Aadhaar is not available) As per upcoming section 139AA of Income Tax Act, in case where a person who has been allotted PAN as on 1st July 2017 and who is also eligible to obtain Aadhaar number has to link […]...

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Posted Under: Income Tax |

Issue of shares to outsiders through Right Issue

Relevant Provisions -Section 62(1) (a) of the Companies Act, 2013 -Rule 12 and Rule 13 of the Companies (Share Capital and Debentures) Rules, 2014 Right Issue -Offering shares to existing members in proportion to their existing share holding. -It is an easy and simple way to raise funds by Company. Pre-emptive rights: Rights given to [&he...

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Posted Under: Income Tax |

One Person Company Formation and Provisions

One Person Company [Section 2(62)] – “One Person Company” means a company which has only one person as a member. Section 3 of Companies Act, 2013 and Rules 1-7 of Companies (Incorporation) Rules, 2014 dealing formation of this type of company. Formation of One Person Company – One Person Company is also an another form [&h...

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Posted Under: Income Tax |

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