Simplified GST Series- Refunds- Section 54/CGST ACT 2017 Refund under GST in simplified manner –Part -1 Section 54 – Refund of tax (1) Any person claiming refund of any tax and interest, if any, paid on such tax or any other amount paid by him, may make an application before the expiry of two years […]
Justification of provisions relating to tax audit in certain cases As per Section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceeds one crore rupees in any previous year. In case of a person carrying on profession, […]
A number of new provisions have been introduced in the Income Tax Act from time to time to put restrictions on cash transactions as well as to incentivise the non-cash transactions. Cash transactions have always played a major role in the Indian Economy and consistently were responsible for generation and accumulation of Black Money. The […]
Export from Indian Scheme There shall be following two schemes for Export respectively: 1. For Export of Merchandise – Merchandise Exports from India Scheme (MEIS). 2. For Export of Services – Service Exports from India Scheme (SEIS). Nature of Reward Duty Credit Scrips shall be granted as reward Scrips can be freely transferable Scrips can […]
As per section 71 (Debentures) read with rule 18 of the Companies (Share Capital and Debentures) Rules 2014 provides the condition for issue of debentures. A debenture is a legal document that represents a secure means by which a creditor can lend money to the debtor. As per section 2 (30) of the Companies Act, […]
Form 26AS -Annual Information Statement- Section 285BB of Income Tax Act 1961 The Government of India has introduced new section 285BB vide Finance Act, 2020 replacing existing section 203AA of the Income Tax Act, 1961 which mandates the prescribed income-tax authority or the person authorized by such authority to upload in the registered account of […]
Article explain Provision of Section 29(1) & Section 29(IA), Issue of securities by Unlisted public company in demat form, Demat of all existing securities of Promoters and KMPs by Unlisted public Company, Action to be taken by Holder of securities of unlisted company, Obtaining of ISIN by Unlisted Public Company, Obligations of the Unlisted Public […]
The very intent of the section 14A of the income tax Act is that no expenditure shall be allowed as deduction, in computing the Total income of the Assessee, if such expenditure is incurred to earn an income, which is exempt under Income tax act. That is to say that no deduction shall be allowed in respect of the expenditure incurred in relation to the income which does not form part of the Total Income of the Act.
E-form Active (INC-22A) and Companies Fresh Start Scheme, 2020 (‘CFSS-2020’) On November 2, 2018, the Government of India has announced various new amendments to the Companies Act, 2013 (‘Principal Act’). These amendments were a continuation of a number of steps the Government of India has taken in the past couple of years, to strengthen the […]
All about Financial Year of a Company/Body Corporate Under Companies Act, 2013 Article explains Definition of Financial Year as provided in Section 2(41) of the Companies Act, 2013. It further explains how to make Application for change of Financial Year to Regional Director in Form RD-1 for approval under section 2(41) along with prescribed fees. […]
