The Internal Audit prescribed under Section 138 of Companies Act 2013 has become an apple of discord between the Chartered Accountants and Cost Accountants simply because of defective law governing it. However nobody is addressing the issue for correcting the law to the govt. and CAs are being accused of prevailing over the prerogative to […]
Offences & Penalties- Punishment & Liabilities /Section 132-133- CGST Act 2017 Section 132- Punishment for certain offences- Section 132 talks about cases of tax evasion and penal actions applicable on specific events subject to amount of tax sought to be evaded.This provision provides for prosecution of offenders and the punishment initiated on them. ♠ There […]
As per Income Tax Act, 1961, the definition of income do not specifically define compensation received as income. The question is whether the provisions of the Income Tax Act 1961, and more specifically, whether the compensation awarded by the Motor Accident Claims Tribunal to the victim can be classified as a taxable income under the […]
As per Sec 50 (1) of the CGST Act 2017 Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made there under, but fails to pay the tax or any part thereof to the Government within the period prescribed, shall, for the period for which the tax or any part thereof remains unpaid, pay, on his own, interest at such rate, not exceeding eighteen per cent, as may be notified by the Government, on the recommendation of the Council.
INSOLVENCY FRAMEWORK FOR FINANCIAL SERVICE PROVIDERS (FSPs) In the Indian Insolvency scenario the insolvency and bankruptcy is governed by a uniform law of Insolvency and Bankruptcy Code, 2016 (Code) which came into force in 2016. In the almost 4 years of its inception, the Code has seen a lot of important judgments and orders being […]
Under new tax regime tax has been significantly reduced by forgoing certain exemptions and deductions. The rates of tax, amount of tax and savings under new regime is as follows-
Section 7(1) of CGST Act, 2017 states that the expression ‘Supply’ includes: 1. all forms of supply of goods or services or both such as sale, transfer, barter, exchange, licence, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business; 2. import […]
1. Notification No 63/2020 – Central Tax dated 25th August, 2020 – CBIC has issued Notification No 63/2020 – Central Tax dated 25th August, 2020 bringing into effect the provisions of Sec 100 of the Finance Act, 2019, which is reproduced below – Sec 100. In section 50 of the Central Goods and Services Tax […]
In this article we are going to discuss the judicial view to the provisions of section 241A inserted by Finance Act, 2017. However, prior to that, it would be prudent that due regards be given to the provisions prevailing prior to the Finance Act, 2017. 1. Legislative Background 2. Processing of Return prior to Finance […]
Service tax was first introduced in India in 1994 and was only levied on 3 services. Gradually, this net kept on widening and more and more services were added to the list of taxable services. In 2012, India moved from charging Service tax on specified services i.e. positive list regime to all services except for […]
