Waived off loan means a situation wherein the lender voluntarily relieves a borrower of the obligation or liability to repay loan. This means that there is a surplus of cash/money in the hands of borrower and thus, a receipt in the hands of the borrower/assessee. Now the question is whether such waived off loan shall […]
Taxability on transfer of Capital Assets/Stock-in-trade from specified entity to specified person The Finance Act 2021, has inserted Section 9B, Section 48(iii) and substituted section 45(4) of the Income Tax Act. The deeming provisions shall be applicable from Assessment Year 2021-22. For the purpose of this article, the term specified person and specified entity is […]
GST Law came into effect from 1st July, 2017 and over the period of around 3 years it has undergone some major changes to simplify the interpretation and working of the Law. As the Law is new, changes are made to avoid difficulty in its enforcement and have a seamless tax system and flow of […]
Article discusses Changes in GST Law, Changes in Income Tax Law, Certain benefits have been granted to specified sectors, Changes in Custom Law and Introduction of Agricultural Infrastructure and Development Cess vide Budget-2021 [Finance Bill, 2021]. Following changes has been made in Tax Laws vide Budget-2021 [Finance Bill, 2021]. Changes in GST Law: Vide Finance […]
Seamless Input Tax Credit is basic foundation of GST laws. However, Section 16(2)(c) of the CGST Act makes provision that ITC can be taken only when GST has actually been paid by the supplier. This article is an attempt to examine the provision and understanding the ambit of the provision. Purpose of Credit under GST: […]
Before entering into the question of online betting or gambling, let us examine whether ‘gambling or betting’ per se is legal or illegal in India. There are no central laws against gambling or betting in India. The Public Gambling Act, 1867 does not prohibit gambling or betting, it merely prohibits and prescribes punishment Act to […]
What is a Business Connection under Income Tax Act- [An analysis of Volkswagen Decision of ITAT] Recently Hon’ble ITAT decided a matter in case of Volkswagen Finance Pvt Ltd vs. ITO [ITA No. 2195/Mum/2017; Assessment year: 2015-16]. The Hon’ble Tribunal decided on the meaning of “business connection” within the meaning of Section 9(i) of the […]
Union Government promulgated Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 on December 28, 2019. The Ordinance is effective at once. The Ordinance proposes to make amendments in the various provisions Insolvency and Bankruptcy Code, 2016; notably in Sections 5(12), 5(15), 7, 11, 14, 16(1), 21(2), 23(1), 29A, 227, 239, 240 in the Insolvency and Bankruptcy […]
Though E-way bill system is a good step towards checking tax evasion, it has also resulted in gross harassment of honest assessees. The goods under transportation are stopped, detained even for minor discrepancy in the documents. Further, to release the goods, maximum tax/penalty is imposed indiscriminately. It has resulted in great hardship to the trade […]
During the month of November 2019, two important judgments were pronounced by judicial authorities, pronouncing the principles behind condoning the delay in filing appeals before the courts by applying section 5 of the Limitation Act, 1963. In case of Senior Bhosale Estate (HUF) Appellant(s) Versus Assistant Commissioner of Income Tax Respondent (s), The Hon’ble Supreme […]
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