Last year, Government implemented TCS provision u/s 206C(1H) for `Seller of Goods’ on Receipts/advance from/for Sales of Goods, exceeding Rs. 50 Lakhs as consideration, during a financial year. “Seller” means a person whose total sales, gross receipts or turnover from the business carried on by him exceeded ten crore rupees during the financial year immediately preceding the financial […]
Related party Transactions (RPT) in the Companies Act, 2013 is a subject of great importance. This gains further importance in the case of Listed Companies, wherein the Regulation 23 of SEBI (LODR) further lays down the compliance requirement for RPTs. While preparing the Audit Report under CARO, 2016 and verifying the disclosures in the Financial […]
Tax Collection At Source (TCS) Under Newly Introduced Section 206C(1H) of The Income Tax Act, 1961 Wef 01/10/2020 1. BASIC FEATURES: a) Section is applicable only in case of seller whose total sales, gross receipt or turnover from the business carried on by him exceeds Rs. 10 crores during the financial year immediately preceding financial […]
Article explains Major Changes In Income Tax Law for Assessment Year (AY) 2020-21/ Financial Year (FY) 2019-20 and AY 2021-22/FY 2020-21 which includes changes in Tax Rates, TDS Rates, Depreciation Rates, Widening of Scope of Form 26AS, Changes in the provisions related to NRIs, Tax Treatment of Dividends Changed, Fresh Registration of Trust and Educational […]
This piece of economic analysis is being written on 2nd May, 2020 when the lockdown has been further extended upto 17th May, 2020, locking majority of the population of India. The streets are empty, trains and flights are not running, schools, offices and factories are shut. India is trying to fight a global pandemic, which […]
Interest paid on the borrowing made for acquiring Capital Asset (House Property) is part of the cost of acquisition and therefore eligible for indexation and deduction from the Sale Consideration for computation of capital gains.
Employee Stock Option Plan (ESOP) is the option provided to employees to purchase the shares of the company at a future date at a pre-determined price. ESOPs give the employee a right to purchase the share, but not an obligation, to buy a certain amount of shares in the company at a predetermined price for […]
Applicant has pleaded that the authority to levy and collect IGST on import of goods from outside India vests under the Customs Act only hence on deemed value of ocean freight the levy of RCM is without jurisdiction under GST Law
Understanding GST implications on watch with jewellery or jewellery with watch. Learn about the recent case rulings and jurisprudence developments in this area.
Hon’ble Bombay High Court Sets Aside The Incentive Plan of CBDT For `Quality Orders’ By Commissioners (A) in the case of The Chamber of Tax Consultants Vs. CBDT. Office of Commissioner (Appeals) is the first stage in the `Judicial Hierarchy’ to grant the justice to the assessee against the wrongdoings of the lower authorities in […]
