Article explains What is Switching, Benefits of Switching, Tax effect of Switching If the units are held as stock-in-trade and Tax effect of Switching If the units are held as investments. Hi, almost all of us are aware of investing in Mutual Funds and their respective Tax effects. However, some areas still remain Grey for […]
Companies (Share Capital and Debentures Amendment Rules, 2020 MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, 5th June, 2020 G.S.R. 372(E).– In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies […]
The issue under consideration is whether the leasehold rights is considered as intangible assets and hence eligible for depreciation under section 32(1)(ii)? ITAT hold that the lease hold rights are not eligible for depreciation u/s.32(1)(ii) of the Act considering it as intangible rights and, accordingly, dismiss the ground of appeal of the assessee.
NPS withdrawals including partial withdrawal are allowed as defined under NPS exit regulations. NPS Subscribers who intend to withdraw are required to submit the duly filled-up withdrawal forms along with the Supporting documents to the associated Nodal officers/ Points of Presence (POP) for processing their request.
he claim of the contractor company for reimbursement of the amount of sales tax levied on the taxable turnover of the works contracts executed by it, i.e., with reference to the expression ‘completed item of work’ in the said Clause 45.2 and with reference to the stipulations contained in Clauses 13.3 of ITB and 45.1 of GCC, were wholly untenable and appellant and its contracting offices were under obligation to honour the claim so made by the contractor company.
In recent times, the most complex question which has been pondered upon is in relation to the implications of Benami Law and Income Tax Act on the issues of share capital, loans, gift, gold/ jewellery, cash, immovable property or any investment/expenditure.
Since none of the comparables had been excluded on the ground of high turnover alone, the test of functional similarity applied by the Tribunal was in consonance with the legal position and moreover, assessee could not be denied a chance to challenge the inclusion of a comparable merely for the reason that the selected comparable cleared the filters.
Central Government has released the GST Compensation of Rs.36,400 crore to the States/UTs with Legislature for the period from December, 2019 to February, 2020 today.
The issue under consideration is whether AO is correct in issuing notice u/s 143(2) in the name of erstwhile partnership firm which was a non-existent entity at that point of time?
Ministry of MSME gears up to implement the New Norms of classification of MSMEs As stated earlier, the upper ceiling for classification of MSMEs now has been raised New definition and criterion notified; will come into effect from 1st July, 2020. As part of new definition, Exports will not be counted in turnover for any enterprises whether micro, small or medium.
