Residential status for income tax refers to the status of an individual or an entity based on their presence or stay in India during a financial year. It determines the extent to which their income will be taxed in India.
It is impossible to overestimate the significance of international labour norms and law in the modern, globalised world. With the expansion of global trade and business, it is more important than ever to guarantee that employees are safeguarded and treated fairly across international borders.
ITR filing for A.Y. 2023-24 is now live in offline mode. Learn the step-by-step process to file your income tax return, avoid penalties, and ensure compliance with tax laws. Download the correct ITR form, fill in details accurately, calculate tax liability, pay tax if applicable, and submit the form to the Income Tax Department. Stay informed and file your ITR hassle-free for a smooth financial year.
This article is related to the validity of the Puducherry Goods and Services Tax Act, 2017 and The Delhi Goods and Services Tax Act, 2017. Views expressed in this article are my personal views and do not constitute or furnish any kind of legal advice. Views expressed hereunder are meant only for academic discussion.
Explore provisions under the Income Tax Act related to PAN surrender or cancellation, covering scenarios like duplicate PAN, death, business discontinuation, and dissolution of firms. Understand the absence of a specific procedure for surrendering or canceling PAN, implications under Section 272B, and questions regarding the responsibility for canceling PAN after business discontinuation or firm dissolution.
Artificial Intelligence (AI) has made huge strides in the past decade or two with the advent of Deep Learning and Reinforced Learning, powered by Artificial Neural Networks. Given the tremendous capabilities shown by AI systems today, it appears to be that autonomous AI systems have now pivoted from being a topic of the distant future to one of relevance in the near future.
Non-Appointment of CS – Penalty reduced on closely held private company and further imposing maximum penalty by the Registrar of Companies on the company, its Managing Director and other directors is harsh, burdensome on the Company.
As a consequence, any loss incurred by way of an expenditure by an assessee for any purpose which is an offence or which is prohibited by law is not deductible in terms of Explanation 1 to Section 37 of the Act.
Company is having a Managing Director and imposing penalty on non-executive director for Non-Appointment of CS should not have been made.
Non-Appointment of CS – MCA reduces penalty as all shareholders of Company are family members, no public interest is involved.
