Quick view on the New income tax provisions applicable from 01st Oct 2020. As all aware of the Amendment made in the section 206C in the budget 2020 by inserting subsections. 1. insertion of subsection – 206(1G) 2. insertion of subsection – 206(1H) insertion of subsection – 206(1G) Section read as follows (I) after sub-section […]
Frequently Asked Questions (FAQs) on Indian Stamp Act, 1899 Amendments and Rules made thereunder Q.1 Why amendments in the Indian Stamp Act, 1899 have been made? Answer: The amendments have been carried out with respect to securities market transactions. The present system of collection of stamp duty on securities market transactions has led to multiple […]
Taxpayers who have already registered under the GST Act can apply for cancellation of GST registration any time if they think they should close their business or in case any situation arises. Once the registration is cancelled it is no longer required to pay tax or collect tax from ordinary people. WHAT WILL HAPPENED ONCE […]
Employee Stock Option Plan (ESOP) or Equity incentive plan is the scheme through which the companies provide ownership rights to its employees. ESOP is governed through Section 62(1) (b) of the Companies Act, 2013 (CA, 2013) and SEBI (ESOS and ESPS) Guidelines, 1999 as amended.
Cases where Income of a Previous Year will be assessed in the Previous Year itself under Income Tax Act, 1961. General Rule:- Income of a previous year is assessed in the assessment year following the previous year. Exception to this rule:- Cases where income of a previous year is assessed in the previous year itself:- […]
Refund of Tax wrongly collected and paid under Section 77 of CGST and Section 19 of the IGST Goods and Services Tax [GST] is a destination-based consumption tax and the GST rates of tax on supplies of goods or services or both are the same throughout the country. This principle of destination-based consumption tax is […]
Under GST law, to levy the GST on any of the activity, the activity should falls under the definition of the ‘supply’ which defined under the Section 7 of the Central Goods and Services Tax Act, 2017 (‘CGST Act, 2017’) which inter-alia includes all the forms of the supply of goods or services or both […]
Mukesh Sohanraj Vardhan Vs. ITO (Mumbai ITAT) The ITAT Mumbai has put to rest an important controversy in the case of Mukesh Sohanraj Vardhan vs Income Tax Officer Mumbai decided on 28 August 2020 by holding that the extra consideration received on cancellation of Booking of Flats constitutes a ‘Capital Receipt’ and cannot be taxed as […]
According to Section 2 (25) of the Companies Act, 2013 –company secretary in practice means a secretary who is deemed to be in practice under sub section (2) of the section 2 of the Company Secretaries Act, 1980. HOW TO OBTAIN CERTIFICATE OF PRACTICE A member has to apply for certificate of Practice in FORM […]
Appointment of Independent Director & a Women Independent Director: 1. Requirement to appoint Independent Director under the provisions of the Companies Act, 2013 read with Companies (Appointment and Qualification of Directors) Rules, 2014: ♦ Sec 149(1) – When is a Company required to appoint Independent Director on Board? Every listed Company – at least 1/3rd […]
