Immunity from Penalty, Prosecution & Interest under Income Tax, 1961

Introduction Chapter XXII (Section 275 to 280) deals with offences and prosecutions under the Income Tax Act, 1961. Section 234 A, 234 B and 234 C deals with levy of interest. Further, there are certain provisions which determine penalties for  taxpayers in certain cases such as default in payment of tax, failure to disclose income, [&he...

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How to Transfer Ownership of Trademark in India

Trademark Ownership Transfer Over time and with continuous development in almost every industry around the world, trademarks have become one of the fastest and most exclusive Intellectual Property (IPRs) rights in India. A trademark, which identifies and distinguishes business products or services from others, benefits not only products b...

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Independent Directors – Online Proficiency Self-Assessment Test

Independent Directors – Online Proficiency Self-Assessment Test Introduction Independent Directors play an important role of a watchdog. They ensure that the cases of corporate misgovernance do not occur. Independent Directors or Non-Executive Directors join the board of directors in different capacities. They come from different ba...

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Section 44AA: Maintenance of Books of Accounts

1. If the Sales from your Business/Profession is more than Rs. 25 Lakhs or Income from Business/Profession is more than Rs. 2.5 Lakhs in any of 3 preceding years, then Books of Accounts will be compulsory maintained 2. Following Professions are also mandatorily required to maintain Books of Accounts if their Income more than Rs. […...

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Assessments Under GST | Section 61 | Scrutiny of returns

Overview-Section 61 Scrutiny of Returns Scrutiny of Returns √ As per section-61 , proper officer may scrutinize the return and related particulars furnished by the registered person to verify the correctness of the return and √  Inform him of the discrepancies noticed, if any, in such manner as may be prescribed and √  Seek his e...

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IT refund not received? Know provision of Withholding of IT Refund

Overview: Finance Act, 2017 inserted the section 241A to enable the AO to withhold the refund arise after processing of the Income Tax Return. The provision has been analyzed as under. Provision of Income Tax Act Withholding of refund in certain cases. 241A. For every assessment year commencing on or after the 1st day of April, […...

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Happy International Women’s Day-7 Steps which can Assist to be More Financially Independent

Happy International Women’s Day – 7 Steps Which Can Assist To Be More Financially Freedom Happy Women’s Day to all wonderful women who are supporting their families by taking care of one part of the life, simultaneously to those women as well who are participating in both aspects of the life and with the support […]...

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ESOP Guide For Start-Ups

INTRODUCTION ♣ ESOPs in India and globally have been used by businesses to encourage employees to buy shares and own a part of the company while aligning their performance and hard work to the same. ♣ ESOP has gained enough popularity after young start-ups struggle to attract suitable human capital. ♣ Start-ups start losing the [&he...

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Received Foreign Funding? Comply with FC-GPR filing in 30 days

♦ Introduction: We are witnessing massive amount of foreign funds coming into India especially through investments into Start-ups. The government is also encouraging foreign investment through different incentives like liberalising FDI limit in various sectors. However, due to lack of awareness, often start-ups fail to comply with FEMA ...

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Tax on Interest on Employee Contribution to PF over Rs 2.5 Lacs

Taxability of Interest on Employee Contribution to PF over Rs 2.5 Lacs in a Financial Year (New Provision Proposed in Union Budget to be effective from 1st April 2021) Background of Provident Fund Employee Provident Fund is the fund the purpose of which is to provide the employee social security for him and his family with the […...

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March 2021