"10 August 2021" Archive

GST on Ecommerce industry

Article explains Place of Supply and Type of GST charged under GST under different scenarios, which includes includes Buyer, Seller & E-commerce in same state, Buyer,Seller & E-Commerce in different states, E-Commerce& Buyer in same state & supplier in other state, E-Commerce & Supplier in same state & Buyer in oth...

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Can a business owner deduct medical expenses while computing business Income for Income tax

Can a business owner deduct medical expenses while computing business Income for Income tax In recent times medical expenditure has become a major element of cost for every person. Most of the people prefer to have medical insurance to cover medical expenses. However medical insurance does not cover all types of illness (depend upon type ...

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Assessment Based On Change of Opinion Is Void Ab Initio

SJM International Ltd. Vs DCIT (ITAT Delhi)

SJM International Ltd. Vs DCIT (ITAT Delhi) The conclusion of the Assessing Officer at the end of the reasons recorded as noted above is contradictory. In the first two lines, the Assessing Officer has recorded the finding that the sum of Rs.2,35,00,000/- has escaped assessment but in the last two lines, he has recorded that […]...

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Cryptocurrencies & GST

Over the past few years, digitization and technology have taken over everything by a swarm. No one and nothing are spared by this wave. Whether young or aged, whether buying articles or ordering food, everything is now overtaken and governed by technology. Payments systems specifically have taken a huge turn, especially after demonetizati...

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Registration of Startups under DPIIT

In this article, we shall discuss the registration applicable on Startups & its eligibility criteria. Further, we shall also discuss the details & documents required for Startup registration under Department for Promotion of Industry & Internal trade (‘DPIIT’). BRIEF ON DPIIT STARTUP INDIA RECOGNITION  The Government of I...

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Differential Voting Rights of Company Under Companies Act 2013

Applicable Provisions: Section 43(2) of the Companies Act, 2013 along with Rule 4 of Companies (Share Capital and Debentures) Rules, 2014. As per section 43(2) of the Companies Act, 2013: Company can issue shares with differential right as to dividend, voting or otherwise. The differential rights are in respect of voting power and dividen...

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All about Form 15CA-Part-D-What? When? How?

Any foreign remittance made by any person (whether resident or non-resident) is hit by the provision of Sec. 195 of the Act. Sec. 195 casts withholding tax obligation on the payer to deduct tax at appropriate rate and deposit into Govt account before making payment to non-resident, if such payment is income liable to tax […]...

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72% of financial transactions of PSBs done through digital channels

Nearly 72% of financial transactions of Public Sector Banks (PSBs) are now done through digital channels, with customers active on digital channels having doubled from 3.4 crore in FY 2019-20 to 7.6 crore in FY2020-21. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Rajy...

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Measures taken to curb food inflation

The Government is taking effective measures to curb inflation especially food inflation keeping in view of the condition of the people suffering from coronavirus pandemic situation in the country. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today....

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CCI approves acquisition of Bikaji Foods International Limited

The Competition Commission of India (CCI) approves acquisition by Lighthouse India Fund III, Limited (Fund III) and Lighthouse India III Employee Trust (Lighthouse Employee Trust) (collectively referred to as Acquirers) of Bikaji Foods International Limited (Target) under Section 31(1) of the Competition Act, 2002, yesterday....

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September 2022