The Hon’ble AAAR, Karnataka in Re: M/s Page Industries Limited [Order No. KAR/AAAR/05/2021, dated April 16, 2021] held that the promotional products/materials & marketing items which are distributed to their distributors/franchisee free of cost (FOC) by the assessee in promoting their brand & marketing their products can be considered as ‘inputs’ as defined in Section 2(59) of […]
Article explains provisions of Section 194Q TDS on purchase of goods (w.e.f. 1st July, 2021) and Section 206C(1H) TCS on Sale of goods (w.e.f 1 October, 2020). Article further explain the meaning of Deductor/Collector, Threshold Limit, Deductee/ Collectee, Time of Deduction/Collection, Rate of Tax Deduction/Collection, Non Applicability, From which date the threshold limit of Rs. […]
All about Composite Supply and Mixed Supply under GST: As per Sec. 2(30) of CGST Act of 2017, ‘Composite Supply’ is a kind of supply made by a taxable person to a recipient that includes two or more taxable supplies of goods or services or both, or their combination, that are naturally bundled and supplied […]
Before we start with related party transactions, we have to understand that as per Company law powers of the Company are exercise either by the Board of Directors or by Shareholders. The relationship between the Board of Directors and Shareholders is like a federation. Some powers are exclusively reserved for the Board of Directors and […]
CBDT issued Income Tax circular No. 09/2021 dated 20.05.2021, in exercise of its power under section 119 of the Income-tax Act, 1961 w.r.t. Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic and spike in Covid-19 cases: Extended Income Tax Due Date Chart after Considering circular […]
Risha Lodha D/O Bhagwat Singh Lodha Vs Institute Of Chartered Accountants of India (Rajasthan High Court); S.B. Civil Writ Petition No. 6261/2021; Dated: 13/05/2021 BRIEF SUMMARY OF THE CASE The petitioner was a student aged 21 years who cleared her CA Foundation Examination in the year 2018, and became eligible to appear in CA Intermediate […]
As per Section 2(56) of Companies Act of 2013, Memorandum means an original memorandum of association that a company has registered or it can be an altered one as per the rules laid down u/ provisions of Companies Act of 2013, Whereas As per Section 2(5) of Companies Act of 2013, Articles refers to an […]
As we all know share capital is the main source of finance of a company. Such capital is raised by issuing shares. Those who hold the shares of the company are called the shareholders and are owners of the company. The company may need an additional amount of money for a long period.
The Complications In GST System Still Troubling Traders, The Role of GST Software Will Be Crucial The government has implemented the GST system to simplify and improve the existing indirect tax system i.e. sales tax, service tax, etc. Since the implementation of the GST system was startedacross the country on July 1, 2017, many amendments […]
Relaxations in GST Compliance during second wave of Covid 19 (Notifications No. 08 to 14/2021 all dated 1st May 2021;Notification No. 01/2021 – Integrated Tax dated 1st May 2021) Rate of interest for late payment ♦ Notification No. 08/2021- Central Tax dated 1st May, 2021 Rate of interest for late payment of taxes with returns […]
