Income tax act does not specifically define the term gift. The term gift under the act means something that is received without consideration of for inadequate consideration. Section 56 of Income tax Act talks about taxation of gifts. This article will analyse gifts received from different person on different occasion and its tax implication. 1. […]
Learn about the procedure and consequences of raids conducted under the Income Tax Act, 1961 in India.
The Government is always concerned about the country’s exports and therefore, they are pretty keen to pamper the exporter by incentivizing and providing certain privileges to them. On the other hand, it is the utmost duty of the government’s department to curb down the fraudster who pretend to be the exporter and defrauding the revenue […]
Representations and Warranties Insurance and Covid-19 Considerations– A M&A Perspective The Covid-19 has fueled the transaction market, with bold investments in spite of challenges put forth by the global pandemic. Indian deal activity remarkably prospered in certain aspects as India has seen increase of more than 1700 USD million in the year 2020. Also, the […]
Every registered person under GST must maintain all records at his principal place of business as prescribed under Section 35 of the Central Goods and Service Tax Act, 2017 read with Rule 56 of the Central Goods and Service Tax Rule, 2017.
Tax Planning may be described as legal way of reducing of tax liability in a year by investing in different schemes as prescribed by income tax Act. It may also include entering or exiting investment schemes so as to save maximum tax possible within the legal framework. Need For Tax Planning Tax payments are compulsory […]
A Company May, remove a director except the director appointed by NCLT u/s 242, before the expiry of the period of his office after passing ordinary resolution Provided that independent director re-appointed for second term u/s 149 shall be removed by company only by passing special resolution after giving him reasonable opportunity of being heard […]
Income Tax Department is happy to inform the launch of its new e-filing portal www.incometax.gov.in from Today 7th June 2021. 1. key changes in ITR Forms for A.Y 2021-22 in the simplified form regarding changes in ITR-1- ITR-1 cannot be filed in case tax has been deducted u/s 194N. 2. Now what is Section 194N-TDS […]
Finance Act 2020 had introduced Sec 206C (1H) – which compelled the seller of goods to collect TCS on sale to eligible buyers subject to certain conditions. Amidst a lot of hue and cry the CBDT had finally implemented the same with effect from 1st Oct 2020.
Introduction The companies always plan and carry the financial transactions in many ways and accordingly availed the deposits, loans and advances from directors, Shareholders or various public Financial Instituitons. MCA has introduced the E-form DPT-3 with an intention to report the complete details of Exempted Deposits i.e, Loans or advances taken by the company from […]
