Multiple rates of GST have now become a point of the bone of contention between hand sanitizer manufacturers and the government. Earlier this month, the Bureau of Central Intelligence had cautioned alerted the GST authorities regarding such alcohol-based sanitizers manufacturers who we’re giving 12% GST on such products by making wrong classifications categorizing them erroneously as“medicaments “(under tariff heading 3004) […]
In its notification on July 13, the Income Tax Department has allowed one-time relaxation to the taxpayers for such one- time relaxation for the taxpayers under the verification of tax-returns that are pending due to non-filling of the Form ITR-V. The relaxations have been given those pending due to the non-filling of the form of ITR-V Form and […]
Giving a huge relief in the series, the CBDT has notified extension in the validity of the forms namely 15G & 15H of the F.Y. 2019-20 to June 30 to avoid payment of TDS which was earlier required to be paid in the first week of April every year. Accordingly, now the forms 15G/Form 15H shall be possible to […]
No GST to be levied on payment of the Membership/Admission Fee for entry in the Club The recent ruling in the Maharashtra AAAR has successfully set aside the earlier provisions of the state AAR ruling that had termed membership fee as a supply of service liable to GST. The state appellate body had issued a similar order in […]
Redemption of Mutual Fund Unit vs. Switching in Mutual Funds? In the first week of July, the capital market regulator of India SEBI has provided a clarification finally ending speculations over whether any stamp duty shall be payable on the redemption of mutual funds. It asserted that no stamp duty shall be eligible on the redemption of mutual fund […]
‘A woman living in the society like a wife, also has the right to live with dignity along with the right of getting the means of subsistence from her husband or the man she is living with under section 125 of Crpc Act 1973. Such cases should be interpreted taking note of the changing legislative provisions to embrace the changing reality of the man-woman relationship in society.
On 26th June, the Central Board of Direct Taxes (CBDT) has made certain changes in Income Tax Rules vide Notification No. 38/2020-Income Tax related to Perquisites & Allowances to Taxpayer opting Lower Tax Rate Option- Section 115BAC. Now, as per the new income tax regime 2020-21, the employees will be eligible to claim the exemption in taxes […]
Marriage is regarded as a ‘social institution’ in the society in which the husband –to- promise to take care of the social and economic needs of his wife-to-be. The law in India also recognizes the obligation of the husband to maintain his family including his wife. But, what if he dies? Who will take care […]
It could be observed from all the actions taken by the Government that it is ensuring that while the country is struggling with the pandemic, the businesses go on smoothly. Previously, the regulator, SEBI had allowed postponement in the time-limit for the submissions required to be done by all the REITs and Invits. However, announcing by way of circular on […]
The Central Board of Indirect Taxes and Customs (CBIC) announced a conditional waiver of the late fee had been provided for taxpayers as a relief to businesses amid the pandemic on June 27, 2020. Earlier, the CBIC had announced a waiver of late fee as a result of the key decisions taken by the GST Council on June 12, […]
