In a measure aimed to grant relief, Central Govt announces income-tax exemption to the amount received by a taxpayer for medical treatment for Covid-19, from employer or from any other person & on Ex-gratia amounts recd from employer or from other persons, on death due to Covid. Income Tax Exemption for Expenditure on covid treatment […]
Relaxations to the FBOs due to Covid-19 Pandemic Regulatory Compliance Division of Food Safety and Standards Authority of India (FSSAI) vide circular No. 15(6)2020/FLRS/RCD/FSSAI dated 23.06.2021 has decided to facilitate the FBOs and ensure ease of doing business by providing following extension in relaxations provided earlier vide FSSAI circular dated 2004.2021 due to spike in […]
Ministry of Corporate Affairs (‘MCA’) has, vide its recent Notification No. GSR 409(E) dated June 15, 2021, notified the amendment in Companies (Meetings of Board and its Powers) Rules, 2014. By the said amendment,Rule 4 has been permanently deleted. Please note that Section 173 of Companies Act, 2013 (‘CA, 2013’) allows to hold Board Meeting […]
Payment through adjustment of the books of accounts is a prevalent commercial practice which also finds support in Ind AS 32 which establishes the principles for offsetting financial assets and financial liabilities.
“Section 194C(1) :Scope of any work , explanation as income tax on income comprised therein , and total value of the work contract,TDS on reimbursement part explained by the Hon’ble SC in Associated Cement Company Ltd vs Commissioner Of Income-Tax … on 23 March, 1993 ‘194C(1). Any person responsible for paying any sum to any […]
On 1st July 2021, our beloved and most controversial Goods and Service tax Act will be celebrating its 4th Birthday! The 3 Major Motive for introducing GST was One nation One Tax, Ease of compliances and Seamless Flow of credit to eliminate the cascading effect of the Taxes. But if we analyze, we can question that whether […]
Time management is the key to professional success. Students all over the world learn this with time. The best students are not mandatorily those who are ‘smarter’, but those who use their time efficiently. If you plan days and weeks, time can be your friend, not your enemy. And while time management may seem like […]
INTER STATE- 1. If product is exempt than not required Eway Bill 2. If Taxable Product- Value above Rs. 50,000/- and Distance Exceed >= 50KM – Part A & Part B both of Eway Bill Required 3. If Taxable Product- Value above Rs. 50,000/- and Distance < 50KM – Part A only of Eway Bill […]
What is an FDM ? Before diving into GST applicability on FDM, let us understand what is Foreign Diplomatic Mission. Basically FDM is a group of people from an organisation of a country located in other countries. (i.e. embassies, UN Agencies, UN offices, consulates, etc.) FDMs are under the jurisdiction of the country in which […]
CBDT introduced a new section in the Income Tax Act, w.e.f.1st September 2019, to bring in transactions of cash withdrawals under the tax net. According to Section 194N, all the Banks to which Banking Regulation Act applies, a Co-operative Society and a post office shall be responsible to deduct TDS, if any person withdraws cash […]
