"08 July 2022" Archive

Negative balance in cash ledgers of composition taxpayers nullified

Press Release No. 546 08/07/2022

The government has now decided that the negative balance in the cash ledgers of such taxpayers should be nullified. Accordingly, the negative balance has been nullified....

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Removal of Directors under provisions of Companies Act 2013

Board of Directors or shareholders can also have power to remove the director of a Company under section 169 of the Companies Act, 2013....

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Corporate Insolvency Process initiated against Trident Sugars LTD

NSL Krishnaveni Sugars Ltd Vs Trident Sugars Limited (NCLT Hyderabad)

Corporate Insolvency Resolution Process (CIRP) was initiated against Trident Sugars Ltd. and had appointed Mr. Medi Yadaiah as the Interim Resolution Professional (IRP) as the Corporate Debtor had neither paid the balance amount nor raised any dispute in respect of the quantity or the amount at any point of time....

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Income Tax Dept searches mining group in Odisha

Income Tax Department carried out search and seizure operations on a group engaged in the business of mining, processing and trading of black stones....

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Summary of SCN in Form DRC-01 is not a substitute of SCN U/s. 74(1)

Juhi Industries Pvt. Ltd. Vs State of Jharkhand (Jharkhand High Court)

As per Rule 142(1)(a) of the JGST Rules, the summary of show cause notice has to be issued electronically to keep track of the proceeding initiated against the registered persona whereas a show cause notice need not necessarily be issued electronically....

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Income under Section 2(24) of Income Tax Act, 1961

Income is the money an individual receives in compensation for their work, services, or investments. For businesses, Income means revenue that a business generates by selling its goods and services. Revenue is the money earned by a company from selling goods or services throughout its operations. The definition and explanation of income i...

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What is Goods and Services Tax Network (GSTN)

GST was introduced in 2017, and its complexities raised unrest among all the taxpayers. The goal of GST is “One nation, One tax,” which is not an easy feat to achieve. The sea of challenges is encountered because of the complexities in implementing a new tax system. One of the significant complexity is compliances; it [&hellip...

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What is Tax, Financial, & Retirement Planning

Financial Planning and Tax planning are considered to be the same tax, but these concepts are not similar. Both financial planning and tax planning are interconnected. Whereas, Retirement planning is a long term goal which is to be achieved after retirement. It simply means that after retirement there should be some type of income source ...

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Disallowance u/s 40(a)(i) justified if assessee failed to deduct TDS

Penta Media Graphics Ltd Vs DCIT/ACIT (ITAT Chennai)

Penta Media Graphics Ltd Vs DCIT/ACIT (ITAT Chennai) Disallowance u/s 40(a)(i) justified if assessee failed to deduct TDS on payment for software development consultancy charges to foreign companies. Conclusion: Since assessee had not deducted TDS under section 195 on payment for software development consultancy charges was made to foreig...

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SS-2 – Secretarial Standard On General Meetings

Applicability This Standard is applicable to all types of General Meetings (AGM/EGM) of all companies incorporated under the Act except One Person Company (OPC) and a company licensed under Section 8 of the Companies Act, 2013. SS2 mutatis and mutandis Applicable to the following :- 1. Meetings of debenture-holders 2. Meetings of Creditor...

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