Learn about the rules for Indian residents acquiring property outside India under FEMA regulations and the tax implications under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
Insolvency and Bankruptcy Code, 2016[1] (IBC) aimed to encourage and effectively channelise recovery of debt for financial creditors and operational creditors. However, restrictions and market perceptions create hindrances in providing relief to the non-convertible debenture holders and bondholders when it comes to the debt instruments. This article will discuss the corporate bond market in India […]
Yashoda Shivappa Nagangoudar Vs ITO (Bombay High Court) Mr. Walve submitted that as per explanation 3 to Section 147 of the Act, the Assessing Officer may assess or re-assess the income in respect of any issue which has escaped assessment even if such issue comes to his notice subsequently in the course of proceedings under […]
Understanding the Cashless Economy under Income Tax Act, 1961. Learn about the provisions and implications of going cashless for business transactions.
Definition under the Companies Act 2013 Company : means a company incorporated under this Act or under any previous company law; Company Limited by Shares : means a company having the liability of its members limited by the memorandum to the amount, if any, unpaid on the shares respectively held by them; Company Limited by […]
Western Corrosion Controller Vs C.C.E. & S.T. (CESTAT Ahmedabad) CBEC clarified vide letter DOF No. 334/1/2008- TRU dated 29.02.2008 that if VAT is paid under the category of Works Contract then the service should be classified as works contract services. In the instant case while the appellant has submitted the challans under which VAT has […]
Introduction Any large retail trader (goods) falling within the turnover range of Rs. 50-500 crore (or more) would have to comply with the following: ♦ Real time E-invoice instead of tax invoice (B2B, SEZ) ♦ Real time E-invoice – credit note/debit note (B2B, SEZ) ♦ Tax invoice (B2C) ♦ Bill of Supply (B2C & B2B) […]
Tax Information Exchange Agreements (TIEA) are agreements developed by the Organization for Economic Co-operation and Development (OECD). The purpose of the TIEAs was mainly to reduce the harmful tax practices. They also seek to facilitate international cooperation with the help of exchange of information surrounding tax matters such as details about tax evaders who hide money in offshore places/tax havens which fall under banking secrecy jurisdictions such as countries like Cayman Islands, and Argentina etc. British Virgin Islands, Bermuda, Bahamas, Cayman Islands, and Argentina etc.
The income of a non-resident Indian (NRI) earned in India is taxable. Whether a person will be classified as NRI or not will depend on the number of days he or she has stayed in India and the quantum of income earned. Tax on an individual’s income depends on the source of such income and […]
Nirma Ltd Vs C.C.-Jamnagar(prev) (CESTAT Ahmedabad) CESTAT carefully considered the submissions made by both the sides and perused the records. The issue involved in the present case is that whether the amount for which the refund claim was sought for by the appellant is deposit or duty and accordingly, whether the refund is governed by […]
