Corporate Law : The demand and acceptance is mandatory ingredients of section 7 of aforesaid act which cannot be overlooked at the time of lodging...
Corporate Law : Union Government promulgated Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 on December 28, 2019. The Ordinance is eff...
Goods and Services Tax : When a services falls under the definition of intermediary, the provision of place of supply becomes different. Thus classificatio...
Income Tax : ‘Reason to believe’ is a mysterious term. Nobody knows what is reason to believe, or how to judicially determine the i...
Fema / RBI : Prospective companies and investors looking to enter India must carefully consider their options for investment and available aven...
The demand and acceptance is mandatory ingredients of section 7 of aforesaid act which cannot be overlooked at the time of lodging cases. Section 7 of the PC Act, 1988 reads as under:
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 […]
When a services falls under the definition of intermediary, the provision of place of supply becomes different. Thus classification of a service under intermediary or otherwise affects various provisions like inter-state/intra-state supply or export or import of service. Therefore, it is necessary to under the provision of intermediary under GST. Intermediary Under Goods and Services […]
‘Reason to believe’ is a mysterious term. Nobody knows what is reason to believe, or how to judicially determine the issue. As a matter of practice, it is generally not disclosed by the revenue. This article is an effort to understand the provisions related to “reason to believe” and legal lacuna therein. Examination of this […]
Prospective companies and investors looking to enter India must carefully consider their options for investment and available avenues for establishing a business presence in India. Foreign Investor or Foreign companies can open a liaison office in India for promoting and facilitating the parent company business activities and which can act as best, a communication channel […]
Under Section 92A of the Income Tax Act, two enterprises are treated as Associated Enterprises only when one of the enterprises participates in “management, control or capital” of the other enterprise. Section 92A(1) of the Income-tax Act specifies that and “Associated Enterprise” in relation to another enterprise, means an enterprise which participates, directly or indirectly, […]
Tax runs the society and the legislature always outreach to make the levy and collections of the tax in a broader base i.e. include as many persons as possible in the taxable net. The government always encourage small tax payers to come voluntarily within the taxable net and try to make the procedure simplified for them.
The administration of tax is run through a mechanism there by maintaining a fine balance between the revenue collection and cash follow available to the business. In every tax statute there has to be a provision of refund for any amount which was not levy and collected properly or for the amount which by the process of law is required to be refunded.
In order to carry business activities we need cash. It is required to purchase raw material, to pay for transportation, to pay for the numerous activities which are essential to run the business. Similarly, many a times the cash is received for the goods sold or services rendered
High Court of Gujarat ruled that service tax paid on the commission of the commission agent is not an input service and as such credit of tax paid cannot be availed. The judgment was received by the revenue with much gusto. The demands for credit reversal were raised PAN India on the basis of this judgment and conveniently contrary judgment on the subject were ignored or overlooked.
