Board of Directors are the most essential Personnel of a company who are entrusted with the fiduciary duty to carry on objectives of the company in the manner profitable to its stakeholders. The Companies Act allows the Board to exercise all such powers, and to do all such acts and things, as the company is […]
Equalisation Levy under Income Tax Act of 1961 The continuous growth and expansion of Information and Technology sector has directly led to a rapid increase in procurement of digital goods and/ services, and the same is now availed in almost each and every home, and now more and more companies are involving themselves into the […]
Withdraw the Refund Application (RFD-01W), or amendment in rules relating to Revocation of Cancellation of Registration and E- way bill I hope you and your loved ones are healthy and safe in this covid-19 Pandemic situation. CBIC issued notification no. 15/2021 dated 18/05/2021 through this notification CBIC has amended some rules and inserted some new […]
The term ‘subsidiary’ or ‘subsidiary company’ as defined under the Companies Act, 2013[1] (‘Act’) refer to a company in which a holding company controls the composition of the Board of directors or may exercise at least 51% of the total voting power either on its own or together with one or more of its subsidiaries. […]
54EC bonds, or capital gain bonds, are the best way to save long-term capital gain tax. 54EC bonds are specifically meant for investors earning capital gain and would like tax exemption on these gains. The tax deduction is available under section 54EC of the Income Tax Act. 54EC does not allow any tax exemption on […]
An appeal dated 30.03.2020 was made to MDs/CEOs of top 1000 companies to contribute generously to “Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund” (PM CARES Fund). In the appeal, it was mentioned that such contribution may, inter-alia, include the unspent CSR amount, if any, and any amount over and above the minimum […]
INTRODUCTION Today, advertisement has taken over all aspects of one’s life. From biscuits in beauty products, from hospitals to health drinks, companies are investing heavily money in the marketing of their products. Ads play a very important role in the public as it sells products and educates consumers about its use. It’s not just a […]
Reopening U/S 147 Not Valid If Certain Safeguards Not Followed By Revenue As Provided In section 147,148 And 151 of Income Tax Act, 1961 The important safeguards provided in sections 147,148 and 151 has not to be treated lightly by the concerned Assessing Officer and CIT as held in Chuggamal Rajpal Vs. S.P.Challia & others […]
Finance Act-2021-Amendments in Business or Profession related Sections of Income Tax Act, 1961 i.e. Section 32(1)-Depreciation of buildings, machinery, plant or furniture, Section 43CA-Special Provisions For Full Value Of Consideration For Transfer of Assets Other Than Capital Assets In Certain Cases, Section 44AB- Tax Audit and Section 44ADA- Presumptive Tax Scheme for Professionals. S. No […]
In a recent notification released by the Ministry of Home Affairs, FCRA Wing, the Government has extended the deadline to open the FCRA account with the SBI- New Delhi Main Branch from March 31st, 2021 to June 30th, 2021. This has come in light of various multiple petitions filed by the NGOs in courts stating […]
