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Archive: 02 December 2021

Posts in 02 December 2021

TDS on purchase of Goods- Section 194Q

December 2, 2021 936753 Views 28 comments Print

Understanding TDS on purchase of Goods- Section 194Q: A comprehensive guide to the new tax provision under the Income Tax Act of 1961.

No special audit if CIT grants approval mechanically to extend limitation period

December 2, 2021 1338 Views 0 comment Print

Since AO had taken recourse to the provisions of section 142(2A) only with a view to extend the period of limitation by virtue of clause (iv) of Explanation 1 to section 153(9) for completion of assessment, without the conditions being satisfied in section 142(2A), therefore, the assessment framed by AO under section 143(3) was barred by limitation and invalid.

What PMC Bank depositors/creditors will get if proposed amalgamation Scheme gets notified?

December 2, 2021 1968 Views 0 comment Print

What will be in store for Punjab Maharashtra Coop Bank depositors, creditors if the proposed Scheme of amalgamation gets notified? Preamble and Background After a big fraud that was reported, in September 2019, inspections conducted by RBI showed complete erosion of capital and substantial deposit erosion of the bank. The RBI issued ‘All-Inclusive Directions’ to […]

Kerala High Court Admits Challenge Against Faceless Assessment Procedure

December 2, 2021 4563 Views 0 comment Print

The Kerala High Court, today admitted a batch of Writ Petitions challenging the constitutional validity of the Faceless Assessment Procedure under Section 144B of the Income Tax Act. The Court had also stayed all further proceedings pursuant to the assessments made against the assessee in the particular cases. The assessee challenged the constitutional validity of […]

GST on EPC contract for construction of customised additional infrastructure facilities at Mangla upgradation project

December 2, 2021 3180 Views 0 comment Print

GST on EPC contract ARA, Rajasthan has pronounced judgment on 13.9.2021, in the case of L&T Hydrocarbon Engineering Ltd. (2021) 36 J.K.Jain’s GST & VR 358, that; ‘Composite Supply─EPC contract of Mangla upgradation project Stage-2-project qualifies as Composite Supply under “work contract” and attract GST @18% (CGST+SGST) under S.No.3-Heading 9954(ii) of the notfn  No.11/2017-CT(R) dated […]

Repealing of Farm Laws- A Dangerous Precedent

December 2, 2021 858 Views 0 comment Print

The three pragmatic farm laws passed by the government with the best of hope, belief and conviction that it will usher in a better life and improve the income of the farmers have been torpedoed by section of the farmers belonging to Punjab, Haryana and Eastern U.P through their uncalled for agitation causing human lives […]

Annual Information Statement – Salary

December 2, 2021 3369 Views 0 comment Print

Vide notification dated 28th May 2020, CBDT amended Form 26AS. The amended Form 26AS is an ‘Annual Information Statement’. It will brief up the complete profile of the taxpayer for a particular Financial Year. The present article explains the AIS information category – salary. AIS information category – Salary- Information under the ‘Salary’ category will […]

TCS under Income Tax– Everything you need to know

December 2, 2021 150126 Views 3 comments Print

The current article clears up all the basic concepts of TCS (Tax Collection at Source) like provisions of TCS; rate of TCS; payment of TCS; filing of TCS return; issuance of TCS certificate; exemptions; interest and late fees and FAQs. What is TCS? Basics of TCS- Section 206C of the Income Tax Act deals with […]

Voluntary Liquidation under Insolvency & Bankruptcy Code (IBC) 2016

December 2, 2021 23805 Views 3 comments Print

VOLUNTARY LIQUIDATION OF CORPORATE PERSONS Voluntary Liquidation: voluntary liquidation refers to dissolution of a solvent corporate debtor with the approval of shareholders of the Company. It is a liquidation process with minimum intervention of court. Reasons for voluntary liquidation: When a corporate entity is incorporated for a particular purpose and such purpose has been accomplished, […]

Role of Independent Director In Strengthening Corporate Governance Norms In India

December 2, 2021 4455 Views 0 comment Print

Since the emergence of big corporate scandals in India, there has been much debate on Corporate Governance and also the role of the company director including the independent director. India being a preferred investment destination will have to strengthen the governance norms, so to achieve the highest investment ever.

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