"10 September 2021" Archive - Page 3

Emergence of Bitcoin In India

CHAPTER 1 – INTRODUCTION  1.1 AIM & SCOPE The aim is to understand the control of Cryptocurrencies in Indian market and what the legal status is as well as in future what it will holds. This study also focuses on the pros and cons of Bitcoin and how does Bitcoin actually works. 1.2 STATEMENT OF […]...

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Posted Under: Finance |

Sale of Electric Vehicles without Battery: GST Rate Conundrum

In the absence of any clear-cut clarification from the Govt., some dealers and manufacturers are taking a safe measure by charging 28% GST. If the dealers and manufacturers opt for 5% GST on the electric vehicles sold without battery, then the litigation may arise in future. Thus, there is a dire need from the Govt. to clear the dust rega...

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No section 206C(1H) TCS on transfer of goods by Air India to holding company

Notification No. 108/2021-Income Tax [S.O. 3681(E)] 10/09/2021

Central Government hereby specifies that, Air India Limited (PAN: AACCN6194P) shall not be considered as ‘seller’ for the purposes of sub-section (1H) of section 206C of the said Act in relation to transfer of goods by it to Air India Assets Holding Limited (PAN: AAQCA4703M) under a plan approved by the Central Government. MINISTRY OF...

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No Section 194Q TDS on transfer of goods by Air India to holding company

Notification No. 107/2021-Income Tax [S.O. 3680(E)] 10/09/2021

Central Government hereby specifies that no TDS shall be deducted under section 194Q in case of transfer of goods by Air India Limited  to Air India Assets Holding Limited under a plan approved by the Central Government. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 107/2021-Income...

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No Section 194IA TDS on payment by Air India limited to holding company for property

Notification No. 106/2021-Income Tax [S.O. 3679(E)] 10/09/2021

Central Government hereby specifies that no TDS shall be deducted under section 194-IA of Income Tax Act  on any payment made to the Air India Limited  for transfer of immovable property to Air India Assets Holding Limited under a plan approved by the Central Government. Notification No. 106/2021-Income Tax | Dated: 10th September, 2021...

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CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment

Notification No. 105/2021-Income Tax [G.S.R. 623(E)] / (Release ID: 1753960) 10/09/2021

Finance Act, 2021 has amended section 72A of the Income-tax Act, 1961 (the Act) to inter alia provide that in case of an amalgamation of a public sector company (PSU) which ceases to be a PSU (erstwhile public sector company), as part of strategic disinvestment, with one or more company or companies, then, subject to the conditions laid t...

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Transfer from Air India limited to holding company will not be treated as transfer: CBDT

Notification No. 104/2021-Income Tax [S.O. 3678(E)] 10/09/2021

Transfer of capital asset under plan approved by Central Government from Air India Limited being transferor public sector company, to Air India Assets Holding Limited being transferee public sector company will not be regarded as transfer as per clause (viiaf) of the section 47 of the Income-tax Act, 1961. Notification No. 104/2021-Income...

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Section 10(46) exemption to ‘District Mineral Foundation Trust’

Notification No. 103/2021-Income Tax [S.O. 3659(E)] 10/09/2021

Vide Notification No. 103/2021-Income Tax | Dated: 10th September, 2021 CBDT notifies Tax Exemption to ‘District Mineral Foundation Trust’ . MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 103/2021-Income Tax | Dated: 10th September, 2021 S.O. 3659(E).—In exercise of the powers ...

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ITC not available to Co-op Housing Society on works contract service by contractor for repairs, renovations & rehabilitation works

In re Mahavir Nagar Shiv Srushti Co-operative Housing Society Limited (GST AAR Maharashtra)

In re Mahavir Nagar Shiv Srushti Co-operative Housing Society Limited (GST AAR Maharashtra) Where the contractor has provided works contract service for repairs, renovations & rehabilitation, ITC can’t be availed by Housing Society In M/s Mahavir Nagar Shiv Srushti Co-operative Housing Society Ltd. [GST-ARA-19/2021-22/B-94 dated Nov...

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Guiding note for freshers with no commerce background intending to start Income tax practice

A guiding note for freshers who intends to start Income tax practice with no commerce background I had been a science student with no commerce back ground. But I am in Income tax practice for the last 32 years. A brief background is as under. I completed my BSc. with mathematics from Nehru College, Faridabad, […]...

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Posted Under: Finance |

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