You would have heard many GST fake invoice fraud news in recent time, in spite of many checks and balances introduced in GST laws such as GSTR-2A, Rule 36(4), e-invoicing, e-way bill etc. In a release, the CBIC said that it has so far registered about 12,000 cases of ITC fraud and arrested 365 people, […]
Understand the legal aspects of seizure and assessment of undisclosed jewellery in income tax search cases.
MCA has changed the applicability date of CARO, 2020 to the financial years commencing on or after the 1st April, 2021. So, CARO 2020 will be applicable from Financial Year 2021-22.
Financial assistance received in lieu of services to be provided by Indian subsidiary company to holding company in Germany is a supply of service The Hon’ble AAR Maharashtra in M/s. Prettl Automotive India Private Limited [Order No. GST-ARA-20/2019-20/B-59 dated December 15, 2020] held that financial assistance to be received by the Indian subsidiary is a […]
This article does not cover as to needs of investing and requirement for the same. It mainly covers pros and cons of various modes of investment. Investing provides various benefits as follows: ♦ Achieving financial goals & obtaining financial freedom ♦ Wealth Creation ♦ Tax Saving ♦ Conquer Inflation ♦ Family & Personal life inflation […]
In case of newly incorporated company, situation may occur when subscribers to the Memorandum of Association (‘MOA’) fails to pay subscription money as agreed by them in MOA. Earlier there was no time limit prescribed in the Companies Act, 2013 (the Principal Act) for depositing the subscription money by the subscribers to the Company. The […]
Gift is the transfer of certain existing moveable or immoveable property made voluntarily and without consideration, by one person, called the donor, to another, called the donee, and accepted by or on behalf of the donee.
Equalisation Levy was introduced in India in 2016, with the intention of taxing the digital transactions i.e. the income accruing to foreign e-commerce companies from India.
Benefit of Filing Income Tax Return for an individual and HUF, and for whose income is below exemption limit are as follows: 1. Proof of Income/Proof of net worth: The best authentic document in support of claim of income level is the Income tax return of the person. 2. Eligibility in Loan application: Income tax […]
Payment in foreign exchange by an authorised dealer shall be: ♦ Either by debit to Asian Clearing union dollar account in India; or ♦ Payment in freely convertible currency as specified in regulation 5 of Foreign Exchange Management (Manner of Receipt and Payment) Regulation, 2016 Import Payments through International Cards: Payments for import can be […]
