No law is perfect, thus giving a wider probability of ambiguity among various stakeholders. Moreover, the business environment being dynamic in nature requires to be at par with the current scenario in order to achieve its ultimate goal and also each situation would not necessarily be same as that of the situation quoted under the law or based upon which a prior judgement has already been pronounced.
Madras High Court held that provision of food and drink to be taken-away in parcels by restaurant tantamount to the sale of food and drink and thus, shall not attract service tax under the Finance Act.
Allowability of ITC to the Landowner before completion certificate through Notification No 2/2021 & 3/2021 of Central Tax (Rate) As per recommendations of GST council in the 43rd meeting held on 28th May 2021 in relation to allowability of credit of taxes paid by developer to the landowner notified through notification 2/2021 & 3/2021 Central […]
Article explains Provision of GST after death of Proprietor, Who is liable for Applying GST Registration Cancellation, How to Add Legal Heir, Status of Balance Lying in the Electronic Credit Ledger and Process of Transfer of ITC. Provision after Death of Proprietor 1. Add Legal Heir 2. Apply for Cancellation 3. File Final Return GSTR […]
Till the introduction of Form 10BD under the Income-tax Rules, there was no mechanism to validate or counter-check the deductions for donations claimed by the assessee under Section 80G and other sections.
A detailed analysis of Section 194Q and a comparative study with Section 206C(1H) of the Income Tax Act, 1961 The Finance Act 2021, has widened the scope of the TDS Chapter in the Income Tax Act, 1961 by introducing a new section namely 194Q dealing with TDS on Purchase of Goods w.e.f. 1st July 2021. […]
Applicable Provisions: Section 153 of Companies Act, 2013 r/w Rule 9 & 10 of Companies (Appointment and Qualification of Directors) Rules, 2014. What Provisions say? Section 152 (4) mandates that every person proposed to be appointed as a director by the company in general meeting or otherwise, shall furnish his Director Identification Number or such […]
Important Terms in E-Filing of Forms on MCA Portal: 1. Pre-Fill: Pre-fill is functionality in an e-form that is used for filling automatically, the requisite data from the system without repeatedly entering the same. For example, by entering the CIN of the company, the name and registered office address of the company shall automatically be […]
For quick and easy movement of goods across India without any hindrances, the concept of check-posts that existed in the earlier regime was abolished in GST. However, within a year of GST introduction, the concept of the E-way bill was introduced which is a document to be carried by the person in charge of conveyance, […]
Method for computation of Perquisite Value as referred in section 17(2)(viia) of Income Tax Act, 1961 (the Act) in respect of annual accretion to the balance of recognised provident Fund (RPF), Approved Superannuation Fund and National Pension scheme (NPS). Finance Act 2020 had amended the provisions of section 17(2) of the Act and substituted sub-clauses […]
