Ministry of Corporate Affairs has set up an expert panel that proposed a new policy for businesses which will require them to provide how their product or services are sustainable and responsible to the society and if they pose any risk to the environment in addition to being compliant with the law.
On 18th August 2020, the Central Board of Direct Taxes has issued a list of guidelines that prescribe conditions for the pension funds in India to take the benefit of income tax exemptions vide Notification No. 67/2020-Income Tax/[G.S.R. 508(E)] dated-17/08/2020. The announcement comes after a July notification related to Draft Proposed Pension Fund Rules 2020 that intends […]
General Errors noticed in Reporting in Form 3CD -Section-44AB of Income Tax Act 1961 (TAX AUDIT U/S-44AB of Income Tax Act 1961) ♦ Legislation for A/Y 2020-21 U/s-44AB -Business:-Sales etc > Rs.1 Cr/5 Cr. -Profession:-Gross Receipt etc > Rs.50 Lacs -Business:- U/s-44AE/BB/BBB, Income<Deemed Profit -Profession:- U/s-44ADA, Income<50% Plus TI >Basic Exemption Limit -Business:- U/s-44AD, Income<8%/6% […]
For a successful business, it is critical to choose the right point-of-sale (POS) system. POS solutions allow you to accept and process a wide variety of payment methods quickly and securely. Additionally, they can help you with other facets of your business, including inventory, invoicing, and reporting. With several POS options available in the market, […]
We all are locked in difficult and uncertain times of pandemic of Covid-19. Even after 5 months of various stages of lockdown we are yet not in a position to say anything with certainty about how long spread of this pandemic will last and how long the impact of it will last on economy and […]
Meaning of Remuneration The ordinary meaning of ‘Remuneration‘ is an amount of money that is paid to somebody for the work they have done; reward; compensation. As per Section 2(78) of the companies Act, 2013 ‘Remuneration’ defined as any money or its equivalent given or passed to any person for services rendered by him and […]
List of recent changes in Direct Tax To increase liquidity in the hands of an Individual and Corporates and battle Corona Virus and reduce financial distress, the Government announced various relief measures in last one year from an Income tax perspective. Following are measures which would benefit Indian taxpayers. 1. Introduction of Section 115BAA (reduction […]
Interpretation of Section 6 of the Hindu Succession Act, 1956. Article explains the latest judgment of the Hon’ble Supreme Court of India, delivered on 11-8-2020, in the case of ‘Vineeta Sharma Vs. Rakesh Sharma’, on the interpretation of Section 6 of the Hindu Succession Act, as amended by the Amendment Act of 2005. Introduction On […]
Tax on Income Distributed By Way of Buy-Back of Shares By Unlisted Companies- Anti Abuse Provision Dear Friends, payment of taxes is the duty of every citizen of this country. The Governments utilises taxes paid by us into different types of economic and socio works. Non payment or avoidance of taxes shall be punishable monetarily […]
The Bombay High Court has in its order dated 12th June, 2020 in the case of Ventura Textiles Ltd (ITA No.958/2017) has given a fresh perspective to the controversy of validity of penalty notice under section 271(1)(c). In the past the courts have held that if the show cause notice proposing penalty under section 271(1)(c) do not clearly specify whether its for furnishing inaccurate particulars or for concealment then such show cause notice and consequential proceedings are bad in law.
