Articles

GST Law & Article 286 of the Constitution

a) Insertion of new article 246A which makes enabling provisions for the Union and States with respect to the GST legislation. It further specifies that Parliament has exclusive power to make laws with respect to GST on inter-State supplies....

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Posted Under: Income Tax |

Conversion of Public Company into Private Company: Practice & Procedure

Companies Act, 2013 (Act) provides for conversion of companies from one form to another. One such important conversion is conversion of public company to private company....

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Posted Under: Income Tax |

Objective of Section 89 & 90 | Beneficial Interest | Companies Act 2013

OBJECTIVE OF SECTION 89 & 90 OF COMPANIES ACT, 2013 IN RESPECT OF ‘BENEFICIAL INTEREST’ Although both the provisions are based on two concepts ‘beneficial interests’ & ‘beneficial owner’. Both these terms are to be understood in respect of both the Sections and although both sections are based o...

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Posted Under: Income Tax |

Who is Significant Beneficial Owner Illustration And FAQ on BEN-2

Calendar of the Events : MCA on 15th February 2018, came out with draft of Companies (Beneficial Interest and Significant Beneficial Interest) Rules 2018. On June 14, 2018, MCA issued the Companies (Beneficial Interest and Significant Beneficial Interest) Rules 2018 and enforced section 90 of the Amendment Act. On Feb 8, 2019, MCA has not...

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Posted Under: Income Tax |

Section 193 – TDS on Interest on Securities

The term ‘interest on securities’ is defined under section 2 (28B) of the Income Tax Act, 1961 which means interest on securities of the Central or a State Government and interest on debentures / other securities issued by or on behalf of a local authority / a company / a co-operative society established by the […]...

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Posted Under: Income Tax |

Demerger: Alignment of tax neutrality with Ind-AS requirements

Currently, the provisions of section 2(19AA) of the Income-tax Act, 1961 (Act) define demerger in relation to companies, as a means of transfer undertaken pursuant to a Scheme of Arrangement under sections 230 to 232 of the Companies Act, 2013...

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Posted Under: Income Tax |

No Execution of RERA Order is No Relief To Home buyer

Till now RERA has been set up in many states of the country. Maharashtra RERA (MahaRERA) leading amonst all, has disposed of the largest number of complaints and issued orders against the developers / builders for non-compliance of the law. MP-RERA, HARYANA RERA (HARERA) and the authority in other states is also leaving no stones [&hellip...

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Posted Under: Income Tax |

What is Sabka Vishwas (Legacy Dispute Resolution) Scheme?

A very unique and substantial relief scheme named as SABKA VISHWAS LEGACY DISPUTE RESOLUTION SCHEME has been proposed. The focus of the government will be to reduce the pending litigations of 28 plus pre-GST laws, the government has proposed a Dispute Settlement Scheme for speedy settlement of pending litigations and to remove the funds b...

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Posted Under: Income Tax |

Resolution Plan under IBC, 2016

Resolution Plan A resolution plan is a proposal that aims to provide a resolution to the problem of the corporate debtor’s insolvency and its consequent inability to pay off debts. It needs to be approved by the committee of creditors (“COC”), and comply with mandatory requirements prescribed in IBC. Section 5(26) of IBC, 2016 -“R...

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Posted Under: Income Tax |

Import of service against Export of service under GST

Where an exporter of services located in India is supplying certain services to a recipient located outside India, either wholly or partly through any other supplier of services located outside India, the following two supplies are taking place:- 1. Supply of services from the exporter of services located in India to the recipient of serv...

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Posted Under: Income Tax |

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