1. Issue of show cause notice for giving sufficient and meaningful opportunity of hearing , is the essential precondition for every adjudication proceeding . In fact show cause notice is statutory requirement which should be complied with to satisfy principle of natural justice. It is foundation of matter of levy of tax , interest and […]
When DGFT chose TCS to revamp the website/platform, I was very happy that at least for once, this combination will make the life of the exporters better. However, my happiness was shattered just by the purposeless complications in the design of the website/platform whereas the earlier DGFT website was very plain & simple. I had […]
Section 10 (Composition levy) of CGST ACT states – Notwithstanding anything to the contrary contained in this Act but subject to the provisions of sub-sections (3) and (4) of section 9, a registered person, whose aggregate turnover in the preceding financial year did not exceed fifty lakh rupees (one crore and fifty lakh rupees w.e.f […]
Uncover the mystery of dumb documents in Income Tax Search and Seizure actions. Learn about their significance and tax implications.
The Hon’ble Delhi High Court in Proex Fashion Private Limited v. Government of India & Ors. [W.P.(C) 11245/2020 & CM APPL. 35053/2020, decided on January 6, 2021] quashed the order passed for attaching the bank account of the assessee pursuant to proceedings initiated under Section 71 of the Central Goods and Services Tax Act, 2017 […]
Introduction: Budget 2021 proposes to introduce new Section 194Q.It would be effective from 01.07.2021. Who is required to deduct TDS u/s 194Q: Any person being a buyer who is responsible for paying any sum to any resident seller for purchase of any goods of the value of aggregate of value exceeding Rs 50 lakh in […]
There are few significant issues, challenges and hardships as regards Union Budget 2021-22 various proposals in the spheres of Income tax law and GST law as listed in two separate tables as below, which we would like to bring to the fore for the attention of your good selves along with recommendations.
Conditions for Relaxations in Return Filing for Senior Citizens 1. He is of 75 years or more during the year. 2. He is Resident in India. 3. He has only pension income and can derive bank interest from same bank in which pension is received. Therefore if he receives bank interest from any other bank then he cannot enjoy this relaxation.
Intangible asset means an asset that is not in physical nature but have monetary value. Eg – Patents, Copyrights, Brand name, Tradenames, Goodwill and Software. As per Para21 of INDAS 38 Intangible Assets, Notified by MCA: An intangible asset should be recognized only when following conditions are satisfied i.e. a. future economic benefits will be […]
The companies which are listing on Stock Exchanges have to comply to SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. It was enacted to provide the establishment of a Board to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and matters connected therewith. SEBI […]
