After experiencing the worst global financial crisis of 2008 and passing 12 year anniversaries of the crisis, there has been a good opportunity to reflect and learn what had actually happened and can it happen again.
India’s first gas exchange — the Indian Gas Exchange (IGX) — was launched on Monday, September 28, 2020. The exchange is expected to facilitate transparent price discovery in natural gas, and enable the growth of the share of natural gas in India’s energy basket. The IGX is a digital trading platform that will allow buyers […]
Ever since the India’s biggest corporate fraud and governance failure in 2009 at the Satyam Computer Services India Limited, an awareness around ‘corporate governance’ has phenomenally increased leading to enactment of the Companies Act, 2013 on 30th August 2013.
TDS on Payment of certain sums by e-commerce operator to e-commerce participant {Section 194-O of Income Tax Act, 1961} Section 194-O of Income Tax Act, 1961 is introduced w.e.f. 01-10-2020. According to that, where sale of goods or provision of services of an e-commerce participant is facilitated by an e-commerce operator through its digital or […]
1. Is the recipient eligible to claim a refund? Whether the refund of the unutilized ITC in the e-credit ledger be claimed? In the case of M/s Britannia Industries Limited Vs Union of India (Gujarat High Court) the assessee is an SEZ unit being an exporter has procured the goods and services with payment of […]
The Income-tax Rules, 1962 ( the Rules) only provides that an appeal to the Commissioner (Appeals) shall be made in Form No. 35 and that the form of verification shall be signed and verified by the person who is authorised to sign the return of income under section 140 of the Income-tax Act, 1961 (the Act) (Rule 45) . However, Income-tax (Appellate Tribunal ) Rules, 1963 ( the Tribunal Rules) specifies as to the contents of the memorandum of appeal. Rule 8 mandates that every memorandum of appeal shall be written in English and shall set forth, concisely and under distinct heads the grounds of appeal without any argument or narrative and such grounds shall be numbered consecutively. Rule 47 of the Rules prescribes Form No. 36 for an appeal to the Income-tax Appellate Tribunal (the Tribunal) and Form No.
How can I update a salary record? You can update salary details viz; Name and PAN of employee, salary amount, deductions etc. Steps for updating salary record are as under: Identify the salary detail record by its sequence number as per regular statement or Value in the field ‘Gross total Income’ as per regular statement. Update the salary details as required Along with updated values, Gross Total Income as per regular statement should also be provided in the correction statement.
TDS is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making/crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government account. It is similar to “pay as you earn” scheme also known as Withholding Tax in many other countries, one of the countries is USA. The concept of TDS envisages the principle of “pay as you earn”. It facilitates sharing of responsibility of tax collection between the deductor and the tax administration. It ensures regular inflow of cash resources to the Government. It acts as a powerful instrument to prevent tax evasion as well as expands the tax net.
In India custom clearance is a complex and time taking procedure that every export face in his export business. Physical control is still the basis of custom clearance in India where each consignment is manually examined in order to impose various types of export duties. High import tariffs and multiplicity of exemptions and export promotion […]
Recently, a plea has been filed in the Supreme Court for pursuing the Right against Exploitation guaranteed under the Constitution of India and seeking the protection and safeguard of law for the transgender community by Advocate Reepak Kansal in his personal capacity and further recommending an Anti-discrimination bill for the Third Gender Community.
