"19 August 2022" Archive

Planning to Start or Invest in LLP (Limited Liability Partnership) ?

THINKING OF OPENING “LLP” IN INDIA? HIGHLIGHTS √ SEPARATE LEGAL ENTITY √ INCOME TAX @31.20% AFTER DEDUCTING PARTNERS REMUNERATION AND INTEREST IF ANY. √ NO TAX TO PARTNERS ON LLP ‘S PROFIT SHARING – 100% EXEMPT √ LIBERAL RULES FOR FOREGIN CITIZENS/NRI/ INDIAN ORIGIN. IF NON-REPATRIABLE BY NRI/OCI, CONSIDER ...

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Posted Under: Company Law |

FTAs with developed world an important agenda of Modi government

Free trade agreements (FTAs) with the developed world an important agenda of Modi government. Textile Industry has a big role in making FTAs a success: Shri Piyush Goyal ...

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Posted Under: Company Law |

Analysis of CBDT notifications to claim exemption on amounts received for COVID-19 treatment

Money received by individuals for Covid-19 treatment or ex-gratia received by family members on death due to Covid-19 would be exempt from income tax....

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Posted Under: Company Law |

Applicability of CARO 2020 & amended Schedule III on Annual Filing of FY 2021-22

Amended Schedule-III & CARO 2020 is applicable on Statutory Companies Auditor’s Report which is to be prepared for Financial Year 2021-22. ...

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Posted Under: Company Law |

Grandfathering clause under India – Mauritius Tax Treaty

Grandfathering clause means an old provision in law continues to apply on certain existing situations corresponding to new provisions which has been introduced to apply to all the future situations....

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Posted Under: Company Law |

TDS not deductible as patent/ copyright not used against royalty paid

Oil and Natural Gas Corporation Limited Vs ITO (ITAT Ahmedabad)

Held that TDS not deductible when neither any patent or copyright was used by the assessee against which the royalty was paid nor there was any technical know-how made available to the assessee....

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Addition u/s 68 unsustainable as documents supporting genuineness of share capital submitted

SVM Builders Pvt. Ltd. Vs DCIT (ITAT Indore)

Held that addition u/s 68 unsustainable as all the necessary documentary evidences in support of genuineness of share capital submitted by the assessee....

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Depreciation u/s. 32 available on non-compete fees

Abbott Healthcare Private Limited Vs ACIT (ITAT Mumbai)

Held that non-compete fees, being an intangible asset, paid in accordance with the terms of the agreement is eligible for depreciation u/s 32...

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Addition u/s 68 sustainable on failure to establish genuineness and creditworthiness of lender

Softtouch Cosmetic (Mktg) P. Ltd. Vs ITO (ITAT Ahmedabad)

Held that since the receiver has failed to establish the creditworthiness of the lender and genuineness of the transaction, addition u/s. 68 as unexplained cash credit sustainable....

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External Commercial borrowing  (ECB) for Start-ups- An easy funding facility

It Government of India has recognized Start- ups and introduced a flagship initiative – Start up India. Under this, the Start-ups are encouraged by giving many facilities and incentives and innovation and entrepreneurship in India is promoted. In India, Startups have occupied a important position in the economy and they are continuously...

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Posted Under: Company Law |

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