Assessee is engaged in the business of life insurance. AO completed the assessment treating the surplus under shareholders account as income from business and taxed at normal rates.
Main issue involved in the matter was that Employees contribution to VPF was deposited after due dates under explanation to section 36(1)(va) but before the end of relevant previous year is allowable deduction or not.
Commissioner issued a show cause notice under section 263 and ultimately passed impugned order; by that time the alleged domestic transaction of purchase from related party was not required to be considered as a specified domestic transaction under section 92BA of the Act. It has been omitted, and therefore, no proceedings under section 263 should have been undertaken by the ld. Commissioner.
In general, ‘tender’ means a process to invite bids (i.e. offers or proposals) for a definite work. Likewise, ‘Government tender’ is also a process through which government invite submissions/ bids for a specific project or work to be carried out in a definite time. The government offers vide number of tenders in the form of […]
In simple terms, buy-back of shares means the situation when the company repurchases its own shares. A company may opt to buy-back the shares under any other the following situations – – When the quoted price on the stock exchange for the company’s share does not represent the true value of the shares; or – […]
In the present article, we would understand the applicability of GST on subscription income/maintenance charges collected by the Residential Welfare Association. However, before moving further into the taxability, first of all, let us understand what this Residential Welfare Association is? Residential Welfare Association (from now on referred to as RWA) is an association of persons […]
NEW CHANGES IN E-WAY BILL SYSTEM Recently, the e-way bill system has been empowered with various fruitful changes. The e-way bill system now would be empowered to auto calculate the route distance based on the PIN code; knowing the distance between two PIN codes; blocking of generation of multiple e-way bills based on the single […]
Ministry of Corporate Affairs on 29th March, 2019 introduced the Companies (Incorporation) Third Amendment Rules, 2019 and amended Companies (Incorporation) Rules, 2014 had been amended. New rule 38A has been inserted in the Companies (Incorporation) Rules, 2014. As per the newly inserted rule 38A, the application for incorporation of a company under rule 38 (SPICe) […]