"07 April 2022" Archive

Income of A Religious Trust under Income Tax Act

Under Income Tax Act 1961, there are only 3 sections are pertaining to Charitable and Religious Trust, i.e. Sections 11, 12 and 13. As per section 2(15), charitable purpose includes relief of the poor, education, yoga, medical relief, preservation of environment ( including watersheds, forest and wild life ) and preservation of monuments ...

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Posted Under: Income Tax |

Guidelines for Establishment of Digital Banking Units

RBI/2022-23/19 DOR.AUT.REC.12/22.01.001/2022-23 07/04/2022

Digital Banking refers to present and future electronic banking services provided by a licensed bank for the execution of financial, banking and other transactions and/or orders/instruments through electronic devices / equipment over web sites (i.e online banking), mobile phones (i.e mobile banking) or other digital channels as determined...

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GST payable on Collection of electricity & other expenses forming part of consideration for Renting/Leasing of Immovable Property

Collection of electricity & other expenses by the Lessor for consideration are in relation to the composite supply of principal service of ‘renting of immovable property’, & would form part of taxable value in terms of S.15(2)(c), GST Act, 2017....

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Posted Under: Income Tax |

GST under RCM on commission charged on global sales by E-marketplaces websites

Whether commission charged on global sales by E-marketplaces websites is under the purview of RCM Introduction: > Commission and other charges are deducted by global e-marketplace from the export sales made by Indian Seller through their portal. > E-marketplaces generally don’t have permanent establishment in India and hence defin...

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Posted Under: Income Tax |

Brief Summary of LLP (Second Amendment ) Rule 2022

        BRIEF SUMMARY ON LIMITED LIABILITY PARTNERSHIP (SECOND AMENDMENT) RULES , 2022 The Ministry of Corporate Affairs (MCA) vide its Notification dated 04th March, 2022 has notified Limited Liability Partnership (Second Amendment) Rules, 2022 to further amend the existing Limited Liability Partnership Rules, 2009, which shall co...

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Posted Under: Income Tax |

Know Your AO Code for PAN and TAN Application

Here in this Article we will discuss about the Assessing Officer Code (AO Code), which is  a mandatory requirement at the time of applying for Permanent Account Number and TAN.  Article contains a Brief about AO Code,  A.O. Code Selection Criteria for PAN,  A.O. Code Selection Criteria for TAN and How to Find AO Code […]...

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Posted Under: Income Tax |

Understanding of Nidhi Company

As per Rule 3 (da) of Nidhi Rules, 2014, ‘Nidhi’ means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and saving amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit, and which complies with the rules made by […]...

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Posted Under: Income Tax |

Collective Investment Scheme floated by a private trust is illegal: SC

Osians Connoisseurs of Art Pvt. Ltd. Vs SEBI (Supreme Court of India)

Hence a Collective Investment Scheme, must be floated by a Collective Investment Management Company, duly registered with the SEBI and has received certificate from the SEBI (CIS) Regulations for promotion, regulation of Collective Investment Scheme....

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How to Surrender an Import and Export Code?

How to Surrender an Import and Export Code? HOW TO SURRENDER AN IMPORT-EXPORT CODE LICENSE? In a rapidly changing world, the potential for export and import of services and goods has increased. No matter if you’re a partnership or a corporation it is possible of profiting from the sale of your top products abroad. The outbreak ha...

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Posted Under: Income Tax |

Amendment in details of an authorized agency under Appendix 2E of FTP, 2015-2020

Public Notice No. 02/2015-2020-DGFT [F. No. 01/93/180/01/AM-20/PC.II(B)/Part.1/E-23274] 07/04/2022

The name of `Ernakulam Chamber of Commerce’, enlisted under Appendix 2E of FTP, 2015-20, has been amended as ‘Kerala Chamber of Commerce & Industry’ along with the contact details of the Chamber. Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog ...

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