Section 12 is applicable when both the location of supplier of service and location recipient of service is in India. Section 13 will be applicable when either of the location of supplier of service or location of recipient of service is outside India. So, in the given situation section 13 is applicable as the location of recipient is outside India.
Late Fees U/s 234 F As per section 234F if any assessee who is liable to file return u/s 139 fails to file return on or before the due date specified u/s 139(1) is liable to pay late fees u/s 234F. Analysis of section 234F: Liable Assessee : Any assessee who is liable to file […]
‘Send me your inputs so that we can see a Budget which is a Budget like never before, in a way. 100 years of India wouldn’t have seen a Budget being made post-pandemic like this‘ the Hon’ble Finance Minister Nirmala Sitharaman said while addressing the CII Partnership Summit 2020. She also said that to revive […]
Importer Exporter Code (IEC), is 10-digit code, however, after implementation of GST it is the PAN of the entity, with a lifetime validity issued by the Director General of Foreign Trade (DGFT) to the importer/exporter in terms of Para 2.12 of Foreign Trade Policy(FTP 2015-20) read with Para 2.08 of Handbook of Procedure.
[Ref: In Notification No. G.S.R. 794(E) dated 24.12.2020] Recently, the Ministry of Corporate Affairs (MCA) has amended eForm SH-7 (Notice to Registrar of any alteration of share capital) vide Notification No. G.S.R. 794(E) dated 24.12.2020. In exercise of the powers conferred by sub-sections (1) and (2) of Section 469 of the Companies Act, 2013 (“Act, 2013”) , […]
Introduction: In this article we are going to discuss the tax implications in case of a deceased Assessee (intestate or without a will). According to Section 159 of the Income Tax Act, 1961 “When a person dies, his legal representative shall be liable to pay any sum which the deceased would have been liable to […]
The law relating to criminal procedure applicable to all criminal proceedings in India is contained in the Code of Criminal Procedure, 1972 (Code). The Code is an Act to consolidate and amend the law relating to Criminal Procedure. The ‘Cognizable and Non-cognizable Offences’ have been categorised under the Code as cognizable and non-cognizable offence. It […]
You’ve likely heard that investing is an excellent way to grow your wealth, get out of debt and even build your savings. The problem, however, is determining which type of investing route you take. For many, trading is a style of investment that is quite intriguing. Rather than simply buying a stock and holding it […]
Opening, holding and maintaining of foreign currency account regulated in terms of Section 9 of Foreign Exchange Regulation Act (FEMA) read with Foreign Exchange Management (Foreign Currency account by a Person Resident in India) Regulation, 2015. Resident are permitted to maintain foreign currency account in or outside India as per the provisions contained (Foreign Currency […]
The foreign investors and non-residents are expecting from the FM to make certain announcements which would act the key driving factors for keep the market bullish and the momentum rising upwards. Few of such expectation are discussed below:
