The power to borrow monies is an inherent power with corporate entities for the purposes of company. This power is to be exercised in terms of provisions of Companies Act, 1956/2013 and Memorandum and Articles of Association of the company. However, in case of companies registered under section 25 of the Companies Act, 1956 or […]
The GST Council met after a gap of seven months on 28th May, 2021 with five states being represented by new leaders (CM, DY CM or FMs). This 43rd meeting was held in the backdrop of worries on compensation cess, shortfall in e-way bills in second wave of COVID, likely contraction in tax revenue and […]
The purpose of the article is to decode the complexities of The Self-Contained Code i.e. The Income Tax Act,1961. It Covers: – 1.The Major components of The Income Tax law in India 2. Types of Definition under the Income Tax Act, 1961. 3. Meaning of Section, Subsection, Clause, Proviso & Explanation and differentiating between them. 4. Legal Maxims vis-a-vis Income Tax Provisions.
Understanding the difference between Section 194Q and Section 206C(1H) of the Income Tax Act, 1961. Learn about the tax implications for sellers and buyers in this informative blog post.
Running a company smoothly is a difficult task! Handling finances and meeting various statutory compliances is no exception. Post – incorporation, a company must comply with various mandatory compliances under different laws. In case of non-compliance, strict penalties, interest, fines, and fees are imposed. As a quick reference, I have broadly listed major legal compliances […]
Charges under CGST is covered under Section 9 (1) & 9 (2) of CGST Act, 2017 while Charges under IGST Falls under Section 5 (1) & 5 (2) of IGST Act, 2017. CGST IGST Levy and collection under section > A taxable person shall pay CGST on any intra-state supply of goods/services or […]
Modi Industries Limited vs CIT (Supreme Court) Having regard to the scheme of the Act and use of the phrase `regular assessment’ in various sections of the Act – we are of the view that in Section 214, `regular assessment’ has been used in no other sense than the first order of assessment passed under […]
A. Composition tax payers 1.Annual return in form GSTR-4 for FY 20-21 may be filed upto July 31,2021 2.From GSTR-4 (annual return) of FY 2021-22 onwards, maximum late fees will be Rs 500(CGST+SGST) in case of NIL returns and Rs 2000(CGST+SGST) in case of other returns. 3.It may be noted that late fee per day […]
Highlights of 43rd GST Council Meeting held on 28th May 2021 1. The land owner promoters could utilize credit of GST charged to them by developer promoters in respect of such apartments that are subsequently sold by the land promoter and on which GST is paid. The developer promoter shall be allowed to pay GST […]
NGOs in India can function in the form of constitutions like, trust, society or a Not for Profit company etc.,. For the purpose of claiming exemption under section 11 & 12 of the Income Tax Act, 1961 (the Act) it is mandatory for all the NGOs to register themselves under section 12 A of the Act.
