R R Carwell Pvt. Ltd. Vs DCIT (ITAT Delhi) Disallowance of bogus purchases reduced to 2% when existence of some parties proved and payments were routed through bank Facts- The assessee is engaged in the application/job-work of Auto Additives and Car care Products across various two-wheelers and four-wheelers authorized service centers. It filed its ROI […]
Commissioner of Central Excise And Customs Vs Reliance Infrastructure Ltd. (CESTAT Hyderabad) Facts- The assessee imported various equipment from Reliance Infra Projects and Zhejiang and cleared them by filing 36 Bills of Entry (BOE) with the Customs at Kakinada. BOE filed in the Customs EDI system are either marked to an officer for assessment or […]
Concessional Rates of Income Tax @ 22% for Companies in India Applicable from AY 2020-21 – FY 2019-20 ♦ Income tax @22% in place of 25% or 30% under the Section 115-BAA 1. Income Tax @ 22% is applicable on the Companies (i) All Indian companies are permitted to avail concessional rate of income tax […]
‘The services provided/to be provided in the ‘Theme Park & Museum’ by the applicant are classifiable under HSN Code 9996-item No. (vi) of col. No. 3 of entry No. 34 of the notfn No.11/2017-CT(R) dated 28.6.2017 under “Recreational, Cultural and sporting services other than (i), (ii), (ia). (ii) (iia), (iv) and (v) above” and is liable to GST @18%.’
The major objective of this act was to concentrate on the innocent people who are traveling on the road and can get affected by the drivers. The drivers of this motor vehicle were not held accountable for until this act. Thus, under the motor vehicle act, there was a provision for compensation for these helpless people on the road.
GST Revenue Collection For January, 2022 Rs 1,38,394 crore Gross GST Revenue collected for January 2022 The gross GST revenue collected in the month of January 2022 till 3:00 PM on 31.01.2022 is Rs 1,38,394 crore of which CGST is Rs 24,674 crore, SGST is Rs 32,016 crore, IGST is Rs 72,030 crore (including Rs […]
The objective of this consultation paper on Disclosures for ‘Basis of Issue Price’ section in offer document under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 is to seek comments from the public on Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations), regarding provisions relating to disclosures for ‘Basis of Issue Price’ section in offer document.
Companies Auditor’s Report Order 2020 brings more enhanced reporting disclosures which will provide more accurate insights to the business with completeness and accuracy providing the stakeholders knowledge about operational and financial position of the company. Such enhanced disclosures will provide foreshadow about corporate failures before the actual collapse Onus of comprehensive disclosure lies on both […]
The Court has held that even though there might be no reciprocity between India and another country under Section 14 of the Notaries Act, 1952, the notarial acts of the Notaries in the foreign country could be given legal recognition by the courts and authorities in India.
The common perception among general public tells that Agriculture Income is totally exempt from taxation. Through this article we will analyse into this perception and the provision of taxation on agriculture income What is the meaning of Agriculture Income? As per section 2(1A) of the Income Tax Act, Agriculture income means: 1) Income from sale […]
