The present-day Covid19 environment has hit small businesses very badly. The Small entrepreneurs /Service Providers who have been completely shut down without any work for many days is trying to recover out of the precarious situation but the stringent and strict rules of Bankers and other Regulatory Authorities are not allowing him any breathing space. […]
Understanding the importance of interpreting tax statutes. Learn how the object and scheme of the Act can affect the interpretation of its provisions.
Author: Anadi Varma 1. The ‘scam’ So a new scam beckons us. That of allegedly executing fraudulent trades in illiquid stock options by committing irregularities in the equity derivative segment. 2. Operation Falcon Popular belief is that the scam unearthed after the investigation wing of the I-T Department launched ‘Operation Falcon’ in July 2019, and […]
Demand undertaking from your supplier of goods or services for filing of GSTR-1/IFF within due date under GST Act, 2017 As per Notification No. 49/2019 issued dated 9th October, 2019, Input Tax credit can be claimed in the month in which suppliers has filed the respective GSTR-1/IFF return and if duly reflected in GSTR 2A/B […]
Investing in a house property is common for Indians. Many NRIs living abroad own house properties in India. Since it is difficult to manage a house property from another country, an NRI may contemplate selling such Indian house property. In such cases besides finding a buyer, it is also important to understand the tax implications […]
Understand the implications of Section 234F for late filing of income tax return and the applicable late fees.
We know that COVID-19 is one of the major pandemic which has affected each and every person in the world. It has also created a big hole in the pockets of people on account of medical treatment for those affected by COVID. In this article we will discuss about how to claim refund of TDS […]
Brief background: As per GST law, every person is required to get registered under this law if his activity falls within the ambit as provided under chapter VI ‘Registration’ of the CGST Act, 2017. Now, if such registered person is now no longer required to be registered under GST law, same may (optional/voluntarily) apply for […]
In this article, the author has tried to analyze the applicability of Estoppel Rule, with the penalty on agreed additions by the assessee. Now, at the outset, practically it is not uncommon for an assessee to agree to additions, if he were to be spared from penalty consequent on such admission.
Section 135(1) of the Companies Act,2013 mandates that 1. Every Company, its holding Company, its subsidiary Company 2. Foreign Company having branch office or project office in India having net worth of INR 500 Crore or more, turnover of INR 1000 Crore or more, or a net profit of INR 5 crore or more during […]
