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"04 December 2021" Archive

Obtaining Factory License in Chhattisgarh: Applicability, Benefits, Procedure & Penalty

As per the Factories Act, 1948, every factory owner must register their premises with the local authorities before commencing their business. Factory License acts as a document of approval given by authorities to carry out manufacturing activities. This is done to ensure the safety of the workers, and to affirm that factory owners are giv...

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Posted Under: Corporate Law |

Digital Gold Wallets : A Gold Revolution

Indians are amongst the second-largest buyers of physical gold in the world. In the last few years, the boom in the digital revolution expanded to the gold market too, and it introduced a new form of investment - digital gold. Digital gold as a concept is quite new in India....

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Posted Under: Corporate Law |

GST Laws Encourages Voluntary Compliances in Demands & Recovery

Like in any other tax collection system, in GST regime also there may be situations where: – no tax was paid -taxes were short paid  -there was non-levy or short levy – there fund granted was erroneous – the availment / utilization of input tax credit was wrong -there was fraudulent evasion of tax In […]...

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Posted Under: Corporate Law |

Global Role of CA in whole Gamut of Succession and transfer of asset including professional executor of will

The article gives insight about will document and execution of the same. The author believes that the chartered accountant in the capacity of an executor can better assist with the process of working through the planning of the estate along with administration from an accounting and taxation perspective once the estate commences....

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Posted Under: Corporate Law |

Improved GST Collections Amid Economic Recovery

The growth in manufacturing sector activities in last few months and rise in GST collections in October – November 2021 hint at continuing economic recovery in Q3 of  the current fiscal. Economic revival is indicated in term of Purchasing Managers Index (PMI), merchandise exports, GST collection, improvement in hiring etc. The increase...

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Posted Under: Corporate Law |

Annual Information Statement – Interest from deposit

Annual Information Statement (i.e., AIS) and Taxpayer Information Summary (i.e., TIS) are the two new facilities made available by the Income Tax department to the taxpayers. In the present article, we will understand the Information category ‘Interest from deposit’ under the Annual Information Statement. Different sources of informat...

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Posted Under: Corporate Law |

HC explains on what grounds invocation of a bank guarantee can be restrained

KSE Electricals Pvt. Ltd. Vs Project Director, Bangladesh Rural Electrification Board And Anr (Calcutta High Court)

KSE Electricals Pvt. Ltd. Vs Project Director, Bangladesh Rural Electrification Board And Anr (Calcutta High Court) In contemporary business, trade and commercial transactions, both domestic and international, significant complexities are involved; for instance spatial distance between counterparties who engage in such commercial transact...

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Can Tenancy Rights Be Bequeathed Under A Will?

Many residential and commercial properties in Maharashtra have been acquired on tenancy basis. A question that naturally arises is what happens to such tenancy rights after the original tenant’s death....

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Posted Under: Corporate Law |

Burning issues in GST Input Tax Credit (ITC)

Respected, Speaker Mr. CA Bimal Jain Sir has deliberated on topic “Burning issues in GST ITC” in Webinar conducted by “Tax Experts’ Pan India and Tax Kerala (Malayalam Business Magazine)” on 23.11.2021. Based on the issues discussed on topic I have prepared a detailed Note as given below. I have taken consent of Mr. Bimal [&...

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Posted Under: Corporate Law |

Income Tax Department conducts search operations in Madhya Pradesh

The Income Tax Department initiated search and seizure operations on two major business groups of Indore on 25.11.2021. The first group is engaged in the business of mining, media and providing cable TV services and the second group is running a coaching academy. The search action has covered more than 70 premises in Madhya Pradesh and...

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Posted Under: Corporate Law |

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