Ministry of Environment, Forests and Climate Change has come out with Uniform Framework for Extended Producers Responsibility on 26th June 2020 and is open for public comment upto 31st July 2020. India generates approximately 25,000 to 30,000 tonnes of plastic waste every day. Approximately 10,556 tonnes of this waste remains uncollected and thus reaches landfills […]
INTRODUCTION A trademark, one of the most important Intellectual property incorporates any word, name, image, or any mix, used , or expected to be used, in business to recognize the products of one producer or dealer from merchandise fabricated or sold by others and to show the wellspring of the products. It is an imprint […]
Section 12A/12AA of The Income Tax Act, 1961 deals with registration of Charitable Trust/Institutions. In order to get the Trust/institution registered under Section 12A/12AA, the application should be submitted to Commissioner of Income Tax.
In the previous article [MSME Legal backdrops Series – Part I], we have gained knowledge about what is MSME, difference between terms MSE and SSI, legal background of MSME, MSMED Act, 2006, purpose of MSMED Act etc. In this article, we will discuss about some of the important provisions of MSMED Act, 2006 along with […]
Central Government provided conditional waiver of late fees on filing of Form GSTR-3B by the dates specified in Notification No 52/2020 dated 24.06.2020 & in Notification No 57/2020 dated 30.06.2020, beyond which the Late fees shall be charged from the Original Date of Return till the date of actual filing of Form GSTR-3B. Category of […]
In this article, we will discuss the situations in which GST Registration will be suo moto cancelled by GST Officer and how these defaulting dealers can take benefits of this one time scheme for revocation of their cancelled GST.
The waiver of late fee has become a hot topic on social media now. Twitter is flooded with tweets to waive of the late fee on late filing of GSTR 3B from the inception of law. Recently, GST Council has released a press note stating that the “Issue of GST late fee for the past […]
Every legislature which contain the provisions for collection of taxes, duty or other amount also contains the provisions for interest on late payment or non-payment of such amount. Just like other legislatures, GST act also contains the provision for levy of interest on delay or non-payment of GST. However, quantum of interest to be levied […]
As per the Income Tax Act, tax must be deducted at source by the buyer of a property from payments made to a seller who is resident in India. TDS must be deducted on sale of all types of property, except where the property sold is an agricultural land. TDS is applicable when receipts are of more than Rs 50 lakh.
Many times it happens that a person contributes capital in a partnership firm in the form of land or building in order to become a partner. It has been noted that the tax consequence in such cases is not clear since two sections comes into play in such kind of transactions-Section 45(3) and Section 50C of the Income Tax Act, 1961. The aforesaid issue has been discussed below in detail.
