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.
Deposits, its implication, exemption & penal Provision Under Companies Act, 2013 Deposits refer to accepting of loans and advances by a company from its member or from public subject to certain terms and condition which are required to be fulfilled as per the Companies Act, 2013. Deposit Excludes: – 1. Any amount received from Central […]
The 43rd GST council meeting provided relief for small tax payers by way of ease in compliances under GST as well as relief in taxability of COVID 19 related goods. As per the 43rd GST Council Meeting, following relaxations and reliefs were provided: IGST exemption for specified goods like oxygen concentrators, oxygen storage, transportation equipment […]
1. RELATING TO REAL ESTATE – Notification No. 02/2021 – Central Tax (Rate) & Notification No. 03/2021 – Central Tax (Rate) In the 43rd Meeting of The GST Council, it was recommended to allow credit to landowners in joint development agreements even before the completion certificate is received. Notifications No. 02/2021 – Central Tax (Rate) […]
Nothing in the CCR prohibits an assessee from following Rule 6(2) of the CCR in respect of the inputs and input services where it is feasible to maintain separate records and follow Rule 6(3A) of the CCR in case of such inputs or input services where it is not feasible to do so.
Applicable Provision: Section 161(1) of Companies Act of 2013r/w Rules of Companies (Appointment and Qualification of Directors) Rules of 2014. As per Section 161(1), ‘Articles of a company may confer on its Board of Director such power to appoint Additional Director. A person who has failed to be appointed through general meeting shall not be […]
The provisions for 194 Q are for purchase of Goods whereas Section 206C(1H) are for receipts of payments. Both sections increase the Compliance Burden of an Entity in already over crowded calendar. Basic Finance Bill has mandated TCS provisions under section 206C(1H) for `Seller of Goods’ on Receipts and or advance on account of and from Sales of […]
Section 28 of Income Tax Act, 1961 – Profits and gains of business or profession. The following income shall be chargeable to income-tax under the head “Profits and gains of business or profession” 1. Income of Business or Profession carried on by the assessee. 2. Compensation received by any person in following cases: a. In […]
You may have come across the above message when you log in to the existing income tax portal. The Income Tax Department announced to make changes in the current portal to make return filing easy, faster, and most importantly, user-friendly. The existing portal had its limitations. With this announcement, the Department is coming up with […]
Section 136 of CGST Act carved out certain circumstances under which statements given could be made relevant for the purpose of proving in any prosecution of an offence under the Act and but otherwise. The circumstances listed out are: The person who has given statement is i) dead/ not found/ incapable/ kept out etc. ii) has been examined in a court and court is opinion that such statement should be admitted.
