"18 July 2021" Archive

GST शास्त्र- GST Implication on vouchers, coupons, gift cards etc

As a part of promotional activities, the trend of issuing prepaid vouchers, coupons or gift cards has reached new heights. Though these terms are interchangeably used in the common parlance, GST implications on the same are different. In this article, author has analysed different kinds of transactions and GST implications on vouchers, co...

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Weekly GST, Income Tax, Custom Duty & DGFT Updates dt. 17.07.2021

In this Volume of GST & Corporate Tax Tabloid dated 17.07.2021, I bring to you highlights of recent updates and important judgments of last week in the field of indirect taxation and direct taxation to keep you abreast of all the latest happenings. 1. GST Updates CBIC proactively put in place a COVID Response Plan (CRP) for speedy...

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Registration Process for Vintage Motor Vehicles formalized

Minister of Road Transport and Highways Shri Nitin Gadkari has said with an aim to preserve and promote the heritage of vintage vehicles, the registration process of Vintage Motor Vehicles has been formalized....

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Conversion of Existing Company into A Section 8 Company

Any existing limited Company, i.e., private or public Company, whatsoever registered under this Act or under any previous company law can apply for conversion into Section 8 Companies subject to the following conditions: • The Memorandum and Articles of Association of the existing Company has in its objects the promotion of commerce, ar...

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Sum paid in the course of Land Business & Forfeited by land owners allowable as Business expense

Zebina Real Estate Pvt. Ltd. Vs ACIT (ITAT Delhi)

Zebina Real Estate Pvt. Ltd. Vs ACIT (ITAT Delhi) We find that it is undisputed that assessee was engaged in the purchase and sale of land through brokers. In one such dealing Sh. Jagdish Nain had paid a sum of Rs. 10 lacs to the land owners on behalf of the assessee. The said deal […]...

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HC upheld levy of interest under GST on belated cash remittance

F1 Auto Components P ltd. Vs The State Tax officer (Madras High Court)

The provisions of Section 42 can only be invoked in a situation where the mismatch is on account of the error in the database of the revenue or a mistake that has been occasioned at the end of the revenue. In a case where the claim of ITC by an assessee is erroneous, as in this case, then the question of Section 42 does not arise at all, ...

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All About FCRA Registration and Renewal

Eligibility Criteria to take FCRA Registration:-The association should be registered under an existing statute like the Societies Registration Act, 1860 or the Indian Trusts Act, 1882 or Section 8 of Companies Act, 2013...

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Incorporation of Producer Company

The formation and regulation of Producer Company is governed under the provisions of Sections 581A to 581ZL of Companies Act, 1956, read with Companies Act, 2013, i.e., powers of the same are given under Section 465 and the rules made there under. A producer company is a Company that is incorporated under the provisions of […]...

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Income Tax Appellate Hierarchy

Appellate Hierarchy:- 1. Appeal to CIT (A) An appeal to the Commissioner (Appeal) against any order which is appealable is to be presented within 30 days from the date specified. However the commissioner (Appeal) may admit an appeal even after the expiry of the said period of 30 days, if he is satisfied that the […]...

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Acceptance of Deposit – Section 73 to 76

Acceptance of Deposit Section 73 to 76 of the Companies Act 2013 read with Companies (Acceptance of Deposit) Rules, 2014:- As companies Act 2013, “Deposit” includes any receipt of money by way of deposit or loan or in any other form, by a company, but does not include such categories of amount as may be […]...

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July 2021