"16 August 2021" Archive

Late fees under section 234H for non-linking of PAN with Aadhaar

Provisions of section 234H of the Income Tax Act are recently inserted vide the Finance Act, 2021. Accordingly, section 234H is made effective from 1st April 2021. It deals with the late fees payable on account of failure to intimate the Aadhaar number to the Income Tax Department (i.e., link the PAN with Aadhaar). The […]...

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Posted Under: Income Tax |

De-notification of ICDs/CFSs/Air Freight Stations

Circular No. 20/2021-Customs 16/08/2021

De-notification of Inland Container Depots/Container Freight Stations/Air Freight Stations Providing relief to custodians of Inland Container Depots (ICDs) and Container Freight Stations (CFSs) across the country, the CBIC today streamlined the procedure of closure of these facilities in maximum of four months only. No timeline was specif...

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GST: Sections not enacted: (Part:1/3)

Since the Goods and Service Tax Acts have been introduced in the country, there have been many amendments in GST Acts itself through Annual Finance Acts.  In this write up, we have compiled the various sections of CGST and IGST Acts, amended through different Finance Acts and have been passed in Parliament but have not […]...

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Posted Under: Income Tax |

Request to extend timelines for holding AGM due to COVID-19

Considering the current crisis, ICSI requested Ministry of Corporate Affairs to grant an extension of time to the companies for holding AGM for the year ended 31st March, 2021 till 31st December, 2021 so as to provide relief to all the companies and stakeholders....

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Posted Under: Income Tax |

Taxation of Segregated Portfolio Scheme

Taxation of Segregated Portfolio Scheme-Section 49(2AG) read with Section 2(42A)(hh) of Income Tax Act, 1961 Introduction In recent years we have witnessed series of downgrades and collapse of major financial institutions and companies such as ILFS & DHFL which led to liquidity squeeze in debt instruments issued by these institutions ...

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Posted Under: Income Tax |

Hedge Funds in India

I don’t think that hedge funds are bad per se. I think they’re just one more financial tool. And in that sense, they’re useful. ~ Barack Obama First of all we should ask what is a hedge fund ? A Hedge fund is a private investment partnership and funds pool that uses varied and complex […]...

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Posted Under: Income Tax |

Incorporation of Private Company under Companies Act, 2013

Private Company Section 2(68) of the act states that a private company is means a company which, Restricts the right to transfer shares. Limit the number of members to two hundred, However the maximum number excludes former employees who are also members, and current employees holding shares. Provided that, Joint holders of shares shall ...

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Posted Under: Income Tax |

Why startups should chose LLP over partnership

A lot of Startups are emerging in India. So, it is important for them to know which form and structure of entity is the best for them. If you want to enjoy both the features of a partnership firm and a company, you should think of Limited Liability Partnership (LLP). LLP for Startups in India […]...

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Posted Under: Income Tax |

Section 148 Reassessment order passed in case of non-existent entity is void

Case Name: Teleperformance Global Services Private Limited vs ACIT (Bombay High Court) Written Petition No 950 of 2020 Date of judgment/order: 09.04.2021 Related Assessment Year – 2012-13 Court: Bombay High Court The Hon’ble Bombay High Court has in case of writ petition filed by Teleperformance Global Services Private has held that a...

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Posted Under: Income Tax |

Writ Petition Against section 148 Notices In Bombay High Court

Mansi Ankit Bhalaria Vs Union of India And Ors. (Bombay High Court)

Mansi Ankit Bhalaria Vs Union of India And Ors. (Bombay High Court) A  NUMBER OF WRITS FILED IN BOMBAY HIGH COURT AGAINST NOTICES UNDER SECTION 148 AND VIRES OF TAXATION AND OTHER LAWS ACT 2020 ALSO CHALLENGED, STAY GRANTED According to petitioners, the extension of time limit granted under The Taxation and Other Laws (Relaxation [&helli...

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