"24 July 2021" Archive

I-T Dept searches PAN-India in a prominent group having diversified businesses

Income Tax Department carried out a search operation under section 132 of the Income - tax Act, 1961 on 22.07.2021 on a prominent business group, which is involved in businesses in various sectors, including Media, Power, Textiles and Real Estate, with a group turnover of more than Rs. 6,000 crore per annum....

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Posted Under: Income Tax |

161st Income Tax Day: A journey towards Nation Building

The 161st anniversary of Income Tax Day was observed by Central Board of Direct Taxes (CBDT) and all its field offices across India here today. As part of the observance, the field formations held a range of activities....

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Posted Under: Income Tax |

New energy in startups space in 2021- Piyush Goyal

There is a new energy in our startups space. In just first 6 months of 2021, India has been to see 15 more unicorns . This was said by Shri Piyush Goyal while addressing the Plenary Session of CII- Horasis India Meeting 2021 on India’s Emerging Industry & Trade Architecture...

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Posted Under: Income Tax |

Corporate Social Responsibility- Provisions and Practical Issues

CORPORATE SOCIAL RESPONSIBILITY Corporate Social Responsibility (CSR) is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders. CSR is generally understood as being the way through which a company achieves a balance of economic, environmenta...

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Posted Under: Income Tax |

Labour Laws: Old V/s New

INTRODUCTION In this catastrophe of pandemic COVID-19, we’ve got seen the fast of labour in the workplace is currently speedily transiting into work from home. The staff has to be compelled to leave the workplace house and currently functioning from their own homes or distant areas. The question within the mind of many of the [&hell...

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Posted Under: Income Tax |

List of reconciliations for GST compliances

One word which stand synonym to GST from compliance perspective is RECONCILIATION! Most of the Consultant’s time or the taxation team of any organization is spent in preparing and undertaking several reconciliations under GST. Because of the same, the demand and market for tax technology solutions have thrived and prospered. Several con...

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Posted Under: Income Tax |

Income Tax Benefits available on Home loan

Taking a home loan can help you save tax as per the provisions of the Income Tax Act, 1961. Take a look at the tax benefits available under the act. The repayment of Home Loan comprises of 2 components: 1. Repayment of Principal and 2. Repayment of Interest As the repayment comprises of two different […]...

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Posted Under: Income Tax |

Format of Search Report based on Search at MCA website

SEARCH REPORT OF XYZ (INDIA) PRIVATE LIMITED. SEARCH REPORT XYZ (INDIA) PRIVATE LIMITED (CIN: 0000) We have carried out the search, on….. vide SRN……….. of the documents of ‘XYZ (INDIA) PRIVATE LIMITED‘ as available on the official website of the Ministry of Corporate Affairs i.e. www.mca.gov.in. We her...

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Posted Under: Income Tax |

No need to file PAS-4 and PAS-5 with ROC

Section 42 of the Companies Act, 2013 (‘CA 2013’) relating to private placement norms for issue of securities, was substituted by the Companies (Amendment) Act, 2017 w.e.f. 07.08.2018. Simultaneously, Companies (Prospectus and Allotment of Securities) Rules, 2014 was amended by the Companies (Prospectus and Allotment of Securities) Se...

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Posted Under: Income Tax |

Bank Guarantee issuing Bank shall not on claim period once customer has asked claim period

Your support by reducing Performance Bank Guarantees to 3% from 10% is appreciable but all banks are keeping claim period of every bank guarantee as 12 months though customers generally asked for 30 days to maximum 90 days. The banks change the same 12 months claim period beside the validity period of performance bank guarantee....

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Posted Under: Income Tax |

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