The Finance Act, 2021 introduced a new set of reassessment proceedings from 1st April 2021.After such substitution, the Old provisions relating to Reassessment, do not survive. The Central Board of Direct Taxes (C.B.D.T) by way of various notifications had extended the time limit of issuing the notice U/s 148 of the Act up to 30th […]
The Income-tax Act, 1961 provides for special provisions to tax the income from specified assets in the hands of Non-resident Indians. These provisions are optional to such assessees i.e., they can either pay tax at the rates prescribed under this chapter or at the normal rates applicable to them. This option can be changed every […]
TCS ON SALE OF GOODS UNDER SECTION-206C(1H): The Finance Act,2020 had inserted a new section 206C(1H) with effect from 1st October 2020.It applies to any seller who receives any consideration for sale of any goods of the value exceeding rupees fifty lakhs in any previous year. The seller shall collect from the buyer, a sum […]
Section 2(62) of the Companies Act, 2013 defines an OPC as a company which has only person as a member. The very concept of an OPC is that it shall have only one member. Only an individual can form an OPC. The minimum and maximum number of member in an OPC is one. The minimum […]
Impugned goods have all the characteristics and ingredients of Papad. Traditionally Papad were made manually in round shape however, due to advancement in technology, Papad does not limit to same age old traditional round shaped Papad but can be in any desired shape and size. Thus, Impugned goods are classifiable under HSN 19059040.
Under GST scenario supply of labour services is also an important issue. Prior to GST certain Supply of Labour Services were taxable under the Service Act, After introduction of the Goods and Services Tax Act,2017, most of the Supply of Labour Services are taxable. So, we have to know how to handle Supply of Labour Services […]
Sri Nanjundaiah Vs Union of India (Karnataka High Court) Sri Nanjundaiah (Petitioner), the founder of Kanva Souhardha Co-operative Credit Limited (Society) has filed the Bail Application in Special Criminal Case No.846/2020 registered by the Directorate of Enforcement (Respondent) for the offence punishable under Section 4 of the Prevention of Money Laundering Act, 2002 (PML Act). […]
Four level of approvals are required before issuance of notice from specified authority . 1. Before conducting enquiry u/s 148A(a) 2. Before issuing notice under section 148A(b) 3. Before passing order under section 148A(d) 4. Before issuing notice under section 148 [proviso to section 148] In case where procedure under section 148A is not applicable […]
Intricacies around obtaining GST registration, issuance of revised tax invoices and availing of input tax credit for the period prior to date of registration Below is a brief discussion around obtaining GST registration, issuance of revised tax invoices and availing of input tax credit for the period prior to date of registration: Brief background: GST […]
A branch office setup is most suitable for person resident outside India who wants to extent their head office business in India also or need a temporary business setup in India. Most foreign companies use this mode to explore Indian market without having any long-term commitment. Eligibility for opening a Branch office A person resident […]
