"15 September 2021" Archive

GST Departmental Audit – Selection Parameters, Documents & Proactive Steps

GST Departmental Audit – Parameters For Selection, Documents That Can Be Asked For And Proactive Steps To Be Undertaken GST has been one of the biggest tax reforms of our country. July 2021 marked four years of GST Implementation and though it has stabilized to a large extent, the taxpayers are still grappling with some […]...

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Section 44AB: Tax Audit under Income Tax

Audit of accounts of certain persons carrying on business or profession. 44AB. Every person – (a) carrying on business shall, > if his total sales, turnover or gross receipts, > as the case may be, > in business exceed or exceeds > one crore rupees in any previous year Following proviso is inserted after clause […]...

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Composite & Mixed Supply-Analysis of Rulings by AAR & AAAR in Rajasthan

In Kalani Infrastructure Pvt. Ltd., Kota (Raj) (2021) 35 J.K.Jain’s GST & VR 151, Hostel Accommodation Service with Food etc. was held to be the “Mixed Supply” by the Hon’ble Appellate Advance Rulings authority. Whereas in the case of Symmetric Infrastructure Pvt. Ltd., Kota, (Raj) (2021) 36 J.K.Jain’s GST & VR 226, the ...

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Analysis of Gauhati HC judgement related to refund under inverted tax structure

BMG Informatics Pvt. Ltd. v. Union of India and Others

Analysis of the Gauhati High Court judgement holding that refund under inverted tax structure is allowed even if input and output supplies are the same Introduction The Gauhati High Court in the case of BMG Informatics Pvt. Ltd. v. Union of India and Others (Judgement dated 02.09.2021 in Case No. WP(C)/3878/2021) has held that refund und...

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Judicial Precedents on important aspects of Income Tax Act, 1961

Ashwani Kumar v. Income-tax Officer (Punjab & Haryana High Court) Section involved – Section 222 of Income Tax Act, 1961 read with Rules 57 and 58 Decision – In favour of Revenue Facts of the case – Two shops of assessee were attached for recovery of tax payable by assessee. The shops were auctioned to […]...

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Justice Under RERA

INTRODUCTION: The object of enactment of every legislation is concentrated at “JUSTICE” and the same can be achieved by providing a set of remedies that may be effectuated the person aggrieved under it. The Real Estate (Regulation and Development) Act, 2016 (hereinafter referred to as “Act”) in commencment since 1st May 2017, is o...

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Reconciliation of Share Capital Audit Report (Half-yearly) – An Overview

To further strengthen the Corporate Governance and in the light of digitalisation, Rule 9A of the Companies (Prospectus and Allotment of Securities) Rules, 2014 was brought into force over the Companies (Prospectus and Allotment of Securities) Third Amendment Rules, 2018 through MCA Notification dtd. 10th September, 2018 which made compul...

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Formation of LLP In Dubai, UAE

FORMATION OF LLP IN DUBAI, UAE A. Eligibility Criteria:- 1. Partners: Minimum 2 and Maximum 50. 2. Foreign Contribution: Cannot exceed 49%. (in other words, you are required to have 51% stake of residents of Dubai) 3. Profit & Loss Distribution: Allowable as per Mutual Agreement of the Partners. 4. Management: Can be vested in [&helli...

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Mentoring Agri- Entrepreneurs

Do you know India possess the largest arable area in the world followed by United States, Russia, China, and Brazil. Responsible for providing livelihood to over 58% of the population and 44% workforce to the country, the sector has remained dominant for the longest time.  With the sector’s immense contribution it is often considered ...

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Formation of Private Company In UK

A. Private Company Set – Up in UK:- The Company proposed to be incorporated is required to be registered with “Companies House” (here, in India, we call it as “Registrar of Companies” in usual terms.). The Company in legal terms is separate from the people who run it, has separate finances from your personal ones […]...

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September 2021