"02 July 2021" Archive

CBDT issues guidelines on partnership firm taxation | Section 45(4)

Circular No. 14 of 2021-Income Tax 02/07/2021

It is noticed that the amount taxed under sub-section (4) of section 45 of the Act is required to be attributed to the remaining capital assets of the specified entity, so that when such capital assets get transferred in the future, the amount attributed to such capital assets gets reduced from the full value of the consideration and to t...

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GST – Must be on Track

GST was implemented with two major objectives – To remove the cascading effect and have seamless flow of credit in indirect taxes. In Pre-GST era, indirect taxes were suffering from tax on tax and weak chain of credit. To overcome all these hurdles and bring the indirect taxes into true spirits – GST was introduced […]...

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Posted Under: Income Tax |

Cross Charge under GST at the Crossroads

Cross charge, a term coined by the GST professional fraternity, is levied on the transaction between the Distinct persons as defined u/s 25(4) of the CGST Act, 2017. The relevant provisions that give force to this levy are Section-7,  Section 25(4), Section 15 read with rule 28 and entry no. 2 of Schedule I to […]...

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Posted Under: Income Tax |

Guideline under Section 194Q of the Income Tax Act 1961

CIRCULAR NO 13 OF 2021 30/06/2021

Guideline under Section 194Q of the Income Tax Act 1961 194Q which takes effect from 1st July 2021. It applies to the Buyer who is responsible for paying any sum to any resident seller for the purchase of any goods of the vale or aggregate of value exceeding fifty Lakh rupees in any previous year. […]...

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Posted Under: Income Tax |

Decoding Virtual Meetings Under Companies Act, 2013

In this present scenario of countries being connected globally, corporates are also getting globalised increasingly. When corporates start working on a global scale, they get connected with people across countries. Nowadays, it is quite normal for companies to have their directors and stakeholders residing in far-flung areas. It is not ea...

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Posted Under: Income Tax |

DSC Registration in new Income Tax portal

New Income Tax portal was launched on 07th June 2021, now we are required to register Digital Signature Certificate (DSC) in new portal even though it was registered earlier. Pre- requirements for DSC registration :  1. Assessee must be having the registered user of the e-filing portal with valid username and password. 2. Downloaded and ...

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Posted Under: Income Tax |

ITR for assessment year 2021-22- Who can use & which ITR

Forms of income tax return prescribed under Income tax law What is ITR ? ITR stands for Income Tax Return. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry […]...

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Posted Under: Income Tax |

FSSAI appoints 124 persons as Food Analysts

F. No. 12015/05/2021-QA 02/07/2021

Food Safety and Standards Authority of India hereby (FSSAI) appoints 124 persons as Food Analysts, for the purpose of performing functions under the said Act and Rules/ Regulations made thereunder with all India Jurisdiction...

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A Brief Outline on Independent Director Registration

INDEPENDENT DIRECTOR REGISTRATION Statutory Provision As per Rule 6 of Companies [Appointment and Qualification of Directors] Rules 2014, Every independent director shall within 13 months form the date of commencement of the Companies [Appointment and Qualification of Directors] fifth amendment Rules 2019 ie. 1st December 2019 or a person...

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Posted Under: Income Tax |

Why is Trademark important?

A registered trademark is a symbol, logo, word, slogan, or company name. It protects your status and stops other businesses from trespassing on your intellectual assets.Trademark registration online is an easy process. Use of Trademark in India? Trademark protection in India demands that owners use it regularly, increasing promotion and a...

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Posted Under: Income Tax |

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