GST SERIES – PART 30 1. The individual shall obtain GST registration within 30 days of becoming liable to obtain registration. On grant of registration, a taxable person is required to file his first return. 2. The effective date of Registration: Rule 10(2) The registration shall be effective from the date on which the person […]
a) Whether the assignee is liable to pay tax on surrender value of Keyman Insurance Policy at the time of assignment or not ? If answer is affirmative then what is the TDS liability on the Company ? b) Whether assignee is liable to pay tax on maturity proceeds of Keyman Insurance Policy or not […]
Applicability of deeming provisions of Section 56(2)(x) of Income Tax Act to buyer of undertaking under Slump Sale under section 50B of Income Tax Act, 1961 There were lots of controversies about taxation of such a sale of business as a going concern due to period of holding of the assets etc. To resolve the […]
In the light of the various judicial decisions of the higher authorities as mentioned below, it is observed that Top of Form Income received by widow of deceased person who died while in Government service) as Monthly Financial Assistance from Government is not chargeable to tax whether it is received on monthly basis or lumps […]
Relief Measures Introduced in Insolvency Resolution Process in Country Due to Outbreak of Covid-19 Pandemic Message The outbreak of COVID-19 pandemic and the subsequent restrictions due to lockdowns have severely affected the wellbeing of economies across the world. It has completely jeopardized everyone’s life and the normal operation of business. Governments in various countries are […]
> Earlier, there were many IAS and guidance notes (IFRIC) dealing with revenue recognition but this IFRS brought all IAS & guidance notes at one place to deal with revenue recognition including customer loyalty point which was earlier dealt by IFRIC. Before new IFRS – 15 After IFRS -15 IAS 18 Revenue from Sale of […]
In general, compliance means conforming to a rule, such as a specification, policy, standard or law. Regulatory compliance describes the goal that organizations aspire to achieve in their efforts to ensure that they are aware of and take steps to comply with relevant laws, policies, and regulations.
Those making foreign remittances need to pay attention to their tax collected at source (TCS) liability from next month as a key tax provision kicks in from 1st October 2020. As per the Finance Act 2020, funds sent abroad under the RBI’s liberalised remittance scheme is subject to a 5% TCS subject to certain riders. […]
Extension for a period of 3 months for holding of Annual General Meeting (AGM) for the financial year ended March 31, 2020. As per Section 96 (1) of the Companies Act, 2013 every company other than a One Person Company shall in each year hold an Annual General Meeting, and a gap between the 2 […]
As per the existing circular of SEBI on assets allocations under the category of Multi-Cap Funds category, the fund manager was free to choose the asset allocation as per his wisdom, the fund managers of Multi-Cap Funds were running these schemes more or less akin to the large-cap funds.
