"29 March 2022" Archive - Page 3

Indian Antarctic Bill, 2022 introduced in Lok Sabha

Bill No. 95 of 2022 29/03/2022

THE INDIAN ANTARCTIC BILL, 2022 A BILL to provide for the national measures for protecting the Antarctic environment and dependent and associated ecosystems and to give effect to the Antarctic Treaty, the Convention on the Conservation of Antarctic Marine Living Resources and to the Protocol on Environmental Protection to the Antarctic Tr...

Ayushman Bharat Yojana

The National Health Protection Scheme, namely Ayushman Bharat Yojana, was launched by the Prime Minister of India Shri Narendra Modi, on 23rd September 2018. ‘Ayushman Bharat Yojana’ was launched on the recommendation of National Health Policy 2017 basically to achieve the vision of Universal Health Coverage. Initially, launched under...

Posted Under: Corporate Law |

No provision in law for lapsing of ITC available on cut-off-date of 30.06.2017

Avatar Petro Chemicals Private Limited Vs Goods and Service Tax Council (Madras High Court)

Avatar Petro Chemicals Private Limited Vs Goods and Service Tax Council (Madras High Court) There is no provision under the provisions of the respective GST enactments for lapsing of the input tax credit and the credit availed on capital goods under the respective enactments. These credits are indefeasible. They were meant for being used ...

Depreciation on windmills allowable despite negligibly small production of electricity

CIT-LTU Vs Lakshmi General Finance Ltd (Merged with Sundaram Finance Limited) (Madras High Court)

CIT-LTU Vs Lakshmi General Finance Ltd (Merged with Sundaram Finance Limited) (Madras High Court) Whether on the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in holding that the assessee was entitled to claim depreciation on the windmills even though the wind mills had not generated any electricity duri...

Ressessment Invalid if no failure on the part of assessee to disclose fully & truly all material facts

P. Divagar Vs ITO (ITAT Chennai)

P. Divagar Vs ITO (ITAT Chennai) n the present case, the only issue for consideration is whether the reopening of assessment under section 147 of the Act is valid or not. For the sake of convenience, the reasons recorded and communicated to the assessee are reproduced as under: “The assessee filed his return of income […]...

Decoupling ICAI

When the demonetization of Rs 500 & Rs 1000 was announced by Prime Minister Sri Modiji of India on a nationally televised address, even I was watching the same in Abu Dhabi at my residence (Presently in India) and I couldn’t believe that these 2 denominations of notes are no more legal tender, so what […]...

Posted Under: Corporate Law |

Salary Outsourcing Services

Salary Outsourcing services is very popular nowadays adopting by the MSMEs, startups, mid-level, upper midlevel companies and organizations to minimize the HR and payroll cost and to take a full benefits and advantage of the salary outsourcing services without involving or engaging their core line executives. Commonly salary outsourcing s...

Posted Under: Corporate Law |

GST Rating in Kerala: Tax Payer Card- Logic Document

Tax Payer Card- Logic Document Evaluation Areas and Factors: The rating is applied only on Tax Payers having annual turnover above 1.5 Cr under Regular Tax Payer Category. Period of Data Used for calculation: The data used for calculation is from July 2017 till 01.10.2021 (which will be updated on quarterly basis). 1. Timely Filing [&hell...

Posted Under: Corporate Law |

Section 194I TDS cannot be deducted in Absence of Payment of Rent

CIT Vs Western Electricity Supply Company of Odisha Limited (WESCO) (Orissa High Court)

In absence of there being any payment of rent or even deemed rent by the Respondents to OPTCL there was no obligation under Section 194-I of the IT Act to deduct TDS from the wheeling charges paid to OPTCL....

Budget 2022 proposals – Legislator vs Judiciary

 It has been an age-old practice of Indian legislators to amend the tax laws which have the effect of overturning the decisions of the courts of the land. The most perplexing one was the amendment brought about by the Finance Act 2012 which overturned the landmark Supreme Court ruling in favour of UK-based Vodafone Plc. […]...

Posted Under: Corporate Law |

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September 2023