The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing today (5th October 2020). The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the […]
The new dispute is whether notional interest on the security deposit paid by the tenant, should be taken into consideration for the purposes of arriving at the total value from rental, or not.
Section 90 of Companies Act, 2013- ‘Register of Significant Beneficial Owners in a Company’ Read with ‘The Companies (Significant Beneficial Owners) Rules, 2018‘ and ‘The Companies (Significant Beneficial Owners) Amendment Rules, 2019‘ The Section and Amendments therein Hello all, we all know Section 90 of the Companies Act 2013, which was related to the investigation […]
CESTAT Delhi held that, the assessee could not be held to be liable for discharging service tax liability of the Demerged Undertakings as it the service recipient and not service provider therefore, the confirmation of demand by the Commissioner is bad in law.
The Hon’ble AAAR, Maharashtra in Re: M/s Las Palmas Co-operative Housing Society [Order No. MAH/AAAR/RS-SK/24/2020-21 dated July 20, 2020] held that the input tax credit (ITC) in respect of GST paid on lift installation charges paid to lift contractor shall not be available in terms of Section 16(2)(b) read with Section 17(5)(c) and 17(5)(d) of […]
Section 2(37) ‘credit note’ means a document issued by a registered person under sub-section (1) of section 34. Section 2(38) ‘debit note’ means a document issued by a registered person under sub-section (3) of section 34. Definition of Credit Note as per CGST Act– Section 34(1) Where a tax invoice has been issued for supply […]
Dear Friends , as we are aware that any profits arising from transfer of a Capital Assets effected in the previous year, shall be chargeable to income tax under the head ‘Capital Gain,’ and shall be deemed to be the income of the previous year in which the transfer took place unless such capital gain […]
The Companies (Amendment) Bill, 2020 was Introduced in Lok Sabha On 17th March 2020 and it was passed by Lok Sabha on 19th September 2020. Bill gets passed by Rajya Sabha on 22nd September 2020 and Assented by Honourable President on 28th September 2020 and bill gets notified as Companies Amendment Act, 2020. Article Compares […]
Chandani Nawalkha There are close to 32 items of income/payments on which tax is deductible at source (TDS) and 11 items on which tax has to be Tax collected at source (TCS). However this position has now been changed after introduction of new sub section (1H) in Section 206C of the Income Tax Act vide […]
In this article, an attempt is made as to how to comply with provisions related to TCS of section 206C1G(a) of Income Tax Act 1961 in respect of remittance under LRS.
