In re Anil Kumar Agrawaal (GST AAR Karnataka); Advance Ruling No. KAR ADRG 30/2020; 04/05/2020 Salary received as Director from a Private Limited Company The applicant is in receipt of certain amount termed as salary as Director of a private limited company. Two possibilities may arise with regard to the instant issue of amount received […]
Gaurav Maheshwari Vs State of Rajasthan (Rajasthan High Court) High Court has decided to grant the bail to the petitioner who is allegedly guilty of creating bogus firms/companies solely for the purpose of fraudulently creating and issuing GST invoices without any sale/purchase and actual movement of goods. Further, the prevailing circumstances of complete lock-down amidst […]
ACCA (the Association of Chartered Certified Accountants) is introducing new flexibility for ACCA students around the world to enable them to take their exams at home or in another location in circumstances where centre-based exam sittings are disrupted. This development will ensure the robust and secure way of using the latest technology to enable remote […]
MHA issues Standard Operating Protocol (SOP) to facilitate Movement of Persons by Train Union Ministry of Home Affairs (MHA) has issued Standard Operating Protocol (SOP) to facilitate movement of persons by train. Movement of passengers to & fro and entry at the railway station would be permitted only on confirmed e-ticket. There would be compulsory […]
A recent judgment of the Supreme Court in the case of PILCOM v. CIT is likely to create significant confusion if not examined from proper perspective. On a first blush it seeks to unsettle a settled law, viz. a person is not liable to deduct tax at source in relation to payment made to a non resident which is, in the hands of the payee, not chargeable to tax
CBIC has decided to further extend the facility of accepting undertaking in lieu of bond for the period till 30.05.2020. Consequently, the date for submission of proper bond in lieu of which the undertaking is being temporarily accepted is extended till 15.06.2020.
SECTION 50C – SPECIAL PROVISION FOR FULL VALUE OF CONSIDERATION IN CERTAIN CASES Applicability of Section 50C As per Sec 50C, where the consideration received or accruing as a result of the transfer of land and/or building is less than the value adopted or assessed or assessable by an authority of the state govt. for […]
In business there are circumstances where a person might have incurred a liability but later on he need not have to pay it for one or other reason. The Income Tax Act brings to tax such liabilities which are no more payable.
As we all aware that Finance Act, 2013 has introduced Section 194IA. The main reason behind it is to curb black money which is routed through real estate sector. Today I am discussing this section in detail. Extract of Section 194IA: “Payment on transfer of certain immovable property other than agricultural land. 194-IA. (1) Any person, […]
Explore the role and functioning of the Income Tax Settlement Commission in resolving complex tax cases and reducing litigation.
