According to Section 2(37) of companies Act, 2013, Employees stock option schemes is an option given to the directors, employees or officers of the company or its holding and subsidiary company, the right to purchase or benefits or subscribe for the shares of the company at the pre determined price for a future dates. Therefore […]
Understanding retrospective taxation in India: a comprehensive guide to the concept, its objective, and its impact on foreign corporations.
KHASRA – Khasra means annual village register showing the possession of the land as a cultivator. A khasra is normally a field book containing a list of the tenants in occupation of Agriculture land and it is not one of the registers which are included in the record of rights which carries with it a […]
ITC─Conditions for availment S.16(2) stipulates 4 conditions for taking ITC as under; (a) Possession of tax invoice or debit note; (b) Receipt of goods or services; (c) Payment of tax in cash or through utilization of admissible ITC; (d) Filing of Return u/s 39. This clause starts with non obstante words, viz., “Notwithstanding anything contained […]
Input Tax credit is the heart and soul of GST, the reason for the existence of GST. Determining the admissibility of Input Tax Credit under GST has been a toiling task since beginning and is becoming more and more difficult due to the complexities and genuine bottlenecks/ gaps in the provisions and prescriptions under the […]
Section 16 of the CGST Act, 2017 spells out the eligibility and conditions for availing the input tax credit. The Section 20 of IGST Act, 2017 provides for the applicability of various provisions of CGST Act, 2017 to the IGST Act, 2017 mutatis mutandis and by virtue of said section the provisions related to Input […]
The Income-tax Act specifically exempts the rewards given by the Central Government and State Governments to the medal winners at Olympics Games, Asian Games, and Commonwealth Games u/s 10(17A) of the Act
The GST has impacted the industry as well as the nonprofit entity. The GST is not totally exempt on these entities but there are few special exemption provided to these entities as discussed. The rest all activities are chargeable to GST if they are not covered in other exemption entry or are not considered as […]
The above words will equally apply to the Tax Advocates, GST Practitioners and other Tax Professionals, as no doubt they will have toiled into the night to draft the writ petitions, replies to show cause notices, grounds of appeals etc.
Applicability of GST on Sale of developed Plots (where developer is owner of Land) Before completion Certificate In general practice many developers treating it as sale of Land by taking an assumption that basic facilities provided such as Roads, drainage system, Electrical work, etc along with land as an ancillary services and sale of land […]
