Articles

NITI Aayog: Discussion on Digital banks

Not an unusual development for a nation with Unified Payments Interface (UPI) which witnessed extraordinary adoption and recorded over 4.2 billion transactions worth over ₹ 7.7 trillion in just October 2021, NITI Aayog now has produced a discussion paper (paper) for my/your and others’ observations/comments on ‘A Proposal for Di...

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Posted Under: Income Tax |

Section 8 Micro Finance Company

BRIEF NOTE ON SECTION 8 MICRO FINANCE COMPANIES Section 8 Microfinance companies as the name suggests, are financial institutions that provide finances to low-income groups, These companies are introduced to ease the credit system for small businesses as they don’t get a loan from banks due to their complex process. Therefore, it is com...

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Posted Under: Income Tax |

Test of residency for Individuals for taxation

Test of Residency for Individuals Basic Condition for a person to be Resident Under Section 6(1) of the Income-tax Act, an individual is said to be resident in India in any previous year if he: (a) is in India in the previous year for a period or periods amounting in all to one hundred and […]...

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Posted Under: Income Tax |

Traces – Use and Importance

Traces (TDS Reconciliation Analysis and Correction Enabling System) is an online facility provided by the Income Tax Department at www.tdscpc.gov.in. The main objective of this facility is:- 1. Payers and Deductors both are able to view taxes paid online. 2. Tax Deductor are able to view all deposit challan to government. 3. Tax Deductor ...

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Posted Under: Income Tax |

Practical difficulties faced by taxpayers & professionals in GST

Article explains Practical difficulties faced by taxpayers and professionals in GST which includes Restriction on claiming ITC u/s 16 (4), GSTN portal doesn’t allows filing of application for restoration in Form GST REG 21 even after payment of Tax, No Separate column in GSTR 3B for previous year adjustments, Manual submission of certif...

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Posted Under: Income Tax |

When an Order Could be Said to be ‘Non-Application of Mind’

For a hearing to be fair, whole-hearted attention, alertness ad active application of the mind of the decision maker is indispensable. Constant attention to Pleadings, Arguments, Evidence and material documents is difficult to give, but that is what is expected of a person dispensing justice....

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Posted Under: Income Tax |

Withdrawal of application for cancellation of GST registration allowed

As per the recent updates on the GST website, the registered person is now given the facility to withdraw the registration cancellation application filed in Form GST REG-16. The main condition imposed for the withdrawal is that the proper officer should not have initiated any action against the cancellation application filed by the taxpay...

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Posted Under: Income Tax |

Detailed compliance checklist for a Company w.r.t. IEPF

Detailed compliance checklist for a Company w.r.t. Investor Education and Protection Fund (IEPF) BACKGROUND Investor Education and Protection Fund (IEPF) is a Fund established by the Central Government to pool all the unpaid / unclaimed amounts belonging to the Investors and remaining unpaid / unclaimed for 7 (seven) years. The Fund has b...

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Posted Under: Income Tax |

Informative note on section 13 of SARFAESI Act, 2002

Note on Section 13 of SARFAESI Act, 2002 ENFORCEMENT OF SECURITY INTEREST 1. any security interest created in favour of any secured creditor may be enforced, without the intervention of the court or tribunal, by such creditor.  2. When SARFAESI trigger: A. borrower, who is under a liability to a secured creditor B. under a […]...

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Posted Under: Income Tax |

Bright Opportunities In 2022 For CS In India

Some concerned people become company secretaries in their careers and have the right to seek information about them. In a good way, the company secretary should have the ability to communicate with people from various other departments in the organization to ensure that company practices are only legal and financially pleasing at the same...

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Posted Under: Income Tax |

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