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Archive: 16 April 2022

Posts in 16 April 2022

Aadhaar Offline verification and role of OVSEs under Authentication Eco-system: FAQs

April 16, 2022 6615 Views 0 comment Print

Aadhaar: FAQs on Offline verification process of Aadhaar and role of Offline verification seeking entities (OVSEs) Q.1 What is offline verification Ans. Offline verification is the use of Aadhaar for identity verification and KYC locally, without sending data to and receiving response from UIDAI online.  In offline verification resident directly submits the Aadhaar number and associated […]

Modes of Recovery Under Sections 222 & 226 of Income-Tax Act, 1961

April 16, 2022 38712 Views 0 comment Print

Introduction: Generally, after completion of the Income tax assessment, the tax department issues a notice under Section 156 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) to enforce and collect the tax demand. The assessee has to pay the tax amount within 30 days from the date of service of the notice […]

GST on NGO, Charitable & Religious Trust

April 16, 2022 19398 Views 2 comments Print

A. GST Implication: Notification No.12/2017-Central Tax (Rate) dated 28th June 2017 exempts services provided by entity registered under Section 12AA of the Income-tax Act, 1961 by way of charitable activities from whole of GST, vide entry No. 1 of the notification. The charitable trust or NGO must be registered under Section 12AA of the Income […]

Why LEI number is required to Companies ?

April 16, 2022 35445 Views 1 comment Print

Introduction about LEI: Legal Entity Identifier India Limited is a registered company having CIN U74900MH2015PLC268921 and is a Wholly Owned Subsidiary of The Clearing Corporation of India Ltd. LEI acts as a Local Operating Unit (LOU) for issuing globally compatible Legal Entity Identifiers in India “LEIL has been recognized by the Reserve Bank of India as an […]

DOSSIER of Clubs, Associations under GST

April 16, 2022 8808 Views 0 comment Print

Clubs and associations will have to levy Goods and Services Tax (GST) on fees collected from members retrospectively from July 1, 2017. The CBIC vide Notification No. 39/2021–Central Tax dated December 21, 2021 notified the amendments of the Finance Act, 2021 w.e.f. January 01, 2022 to be effective from July 01, 2017 retrospectively. Section 2(17) […]

Some Important Judgements on Income Tax, GST, & IBC & Other Corporate Laws

April 16, 2022 3756 Views 0 comment Print

CASE-1 Applicant’s Name: Khera Trading Company Citation: Advance Ruling No. HAR/HAAAR/2018-19/06 The Haryana Appellate Authority of Advance Ruling (AAAR) bench held that 18% Goods and Service Tax (GST) is payable on pizza topping as pizza topping is not pizza. BRIEF FACTS: 1. The appellant is in the business of distributing various dairy and non-dairy products […]

Reliance and Net meds acquisition case analysis

April 16, 2022 4752 Views 0 comment Print

Reliance Industries’ retail arm, Reliance Retail, has acquired the majority of share of the netmeds which represent the 60%of the total of the equity shares in market for the heavy price of 620 crore. [1]An acquisition take place when the business entity purchases the stock of the target company which is more than 50% making […]

Waive mandatory requirement of GST No. for trade on ecommerce: CAIT

April 16, 2022 4455 Views 0 comment Print

As per existing GST laws, any person who supplies goods through an e-commerce operator, is required to compulsorily register under GST, irrespective of the turnover of such persons. Accordingly, even where the turnover does not cross any threshold limit, such business would be required to register under GST and undertake all subsequent periodic compliances under GST.

Tax Revenues in India Mark a Record High in a Post-Pandemic Economy

April 16, 2022 3750 Views 0 comment Print

Tax Revenues in India Mark a Record High in a Post-Pandemic Economy FY 2021-22 revenue Rs. 27 Lakh Crore; up 34% over Previous Year Slew of Measures such as Ease of Filing ITR, Faceless e-Assessment, new AIS & GST reforms Boosting Compliance & Fueling Tax Collection As a remarkable testimony to the rapid recovery of […]

Beware from Taxman while taking an unsecured loan

April 16, 2022 9222 Views 1 comment Print

Cash Credit is any sum found credited in the books of the taxpayer either by cash or bank deposit, for which he offers no explanation about the nature and source of funds or the tax authorities are not satisfied by the explanation offered by the taxpayer.

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April 2022