KYC, Re-KYC (KYC review), CKYC, misconceptions around KYC and Dormant/Inoperative Account (A/c): Harassment of Customers by Banks and Financial Institutions (FIs), etc Note for Readers:-The write-up is a bit lengthy but I am sure it will serve as one source of reference to millions of customers of the Financial System. Readers not keen on reading […]
The deferment of application of old provisions of section 148 was done by the CBDT, Ministry of Finance by way of conditional legislation in the peculiar circumstances which arose during the pandemic and lock down. Hence, there being no full delegation of powers in the scenario, the Central Government cannot be said to have encroached upon turf of Parliament.
In order to provide big relief, to the senior citizens aged 75 or above from IT filing, Ministry has introduced Section 194P in the Income-Tax Act, 1961 via the Finance Act 2021. New Section 194P is applicable from 1st day of April 2021. They can give a simple declaration to his/her bank to get exemption […]
Analysing the ‘Place of Supply Provisions’ for classifying a transaction as ‘Export of Service’ under GST regime Facts of the Case: ABC Pvt. Ltd. registered in state of Maharashtra imported goods from a UK based company (not having Permanent Establishment in India). Also, some services are to be provided by the UK based company along […]
The use of online rummy games, especially amongst youngsters, has erroneously increased over the time. Many queries have been received by us, by both the sects of people i.e., by the people who are playing such games and from the people who are running such mobile applications or web pages as well. Accordingly, in this […]
Government of India is implementing digitization at a rapid pace in the field of Direct Taxes. In the process a new Income Tax Portal was launched on 6th of June, 2021 with an intention to improve the functioning of income tax portal and to facilitate and ease the filing of Income Tax Returns and various […]
In this article, we shall discuss the important points to consider while filing the Income Tax Return for Non resident Indians (‘NRI’). Following points shall be discussed in the article: I. CRITERIA FOR FILING INCOME TAX RETURN II. INCOME CHARGEABLE TO TAX IN INDIA FOR NRI III. TREATMENT OF EXEMPT INCOME FOR SLAB CALCULATION IV. […]
The Insolvency and Bankruptcy Code (IBC) has invited a lot of discussion in the past few years. However, 2020 has been a more challenging year with the COVID-19 virus pandemic followed by complete lockdown, isolation, and numerous companies facing the wrath of the pandemic and resulting financial challenges. Since the Code is still in its […]
It is stated that proviso to sub-section (1) of Section 50 CGST Act, 2017 was amended to substitute retrospectively with effect from the 1’st July, 2017, vide section 112 of Finance Act, 2021, so as to charge interest on net cash liability with effect from the 1stJuly, 2017. Such amendment to Section 50 through Finance Act, 2021 has been notified to come into effect from 1st July, 2017. Interest shall be computed on the net tax liability to be debited from Electronic Cash Ledger after Input Tax Credit (ITC)is utilised.
Beneish Model is a statistical model created by Professor Messod D. It is a model that studies the trend of the organization through various ratios. This model is based on eight financial ratios.
