"04 June 2023" Archive

Marginal Relief u/s 87A for New Tax Regime u/s 115BAC(1A)

Presently, rebate is allowed u/s 87A of Rs. 12,500/- in old regime of Income Tax, if any resident individual whose total income during the previous year does not exceed Rs. 5,00,000. Rebate is available only to the extent of Rs.12,500, and if total income exceeds Rs. 5,00,000 no rebate will be available....

Posted Under: Income Tax |

GST on Merchant Export

Merchant Export is an activity of a trader (i.e. Merchant Exporter) who purchases the goods from the registered supplier and exports them outside of India. A Merchant Exporter does not have a manufacturing unit so he buys goods from a manufacturer/trader and then ships them to foreign customers....

Posted Under: Income Tax |

Loan to Directors as per Companies Act 2013

Section 185 of the Companies Act 2013 Specifically provides about the Provisions related to Loan to directors by the company. In this article we will understand about the provisions with their clear examples....

Posted Under: Income Tax |

Eligible & Ineligible Persons For Filing CIRP Application Under IBC, 2016

Eligible And Ineligible Persons For Filing Corporate Insolvency Resolution Process (CIRP) Application Under Insolvency And Bankruptcy Code, 2016 (IBC 2016) 1.APPLICABILITY OF PART OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016 FOR CORPORATE INSOLVENCY RESOLUTION Part 2 of the code shall apply to Insolvency and Liquidity matters of Corporate...

Posted Under: Income Tax |

The Journey of CSR

CSR or Corporate Social Responsibility is a well-known concept and a globally recognized practice today. Though the term was coined first in 1953, it has gained momentum in the last one or two decades. India is leading the way if we analyze the current scenario. While CSR is a voluntary activity or is fragmented across […]...

Posted Under: Income Tax |

TDS on Sale and Purchase of Immoveable Property by Non-Residents (NRIs)

Section 194IA, introduced in the Union Budget 2013-14, mandates a Tax Deducted at Source (TDS) of 1% on all transactions involving immovable properties valued at Rs. 50 Lakhs or above. To facilitate this, the PAN card number and details of both the buyer and seller are required....

Posted Under: Income Tax |

Tax Planning under Specified Investment in Section 80C

Section 80C of the Indian Income Tax Act is a provision that allows individuals to claim deductions on specified investments and expenses. It is one of the most popular tax-saving options available to individuals in India. Section 80C provides taxpayers with the opportunity to reduce their taxable income by investing in eligible instrumen...

Posted Under: Income Tax |

Section 56(2)(viib) not applicable to transaction between holding & wholly owned subsidiary

BLP Vayu (Project-1) Pvt. Ltd Vs PCIT (ITAT Delhi)

BLP Vayu (Project-1) Pvt. Ltd Vs PCIT (ITAT Delhi) The assessee company issued 513978 shares @ Rs 1284.10 per share to its 100% Holding Company in tune with the valuation report following DCF method towards calculation of fair market value of shares as per Rule 11UA(2)(b) of the Income Tax Rules for which share application […]...

CCI Lacks Jurisdiction Over ICAI’s CPE Activities: Delhi HC

ICAI Vs Competition Commission of India (Delhi High Court)

Delhi High Court held that CCI does not have jurisdiction over Continuing Professional Education (CPE) activities of ICAI...

Have you filed Equalization Levy annual return yet?

Find out everything you need to know about Equalization Levy, including the specified services and e-commerce supplies subject to the levy. Learn about the due dates for payment and the repercussions for non-compliance. Discover the process for filing the annual return in Form 1, penalties for late filing, and the possibility of revising ...

Posted Under: Income Tax |

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September 2023