Companies (Significant Beneficial Owner) Amendment Rules, 2019- an Overview: MCA through notification dated 8th Feb, 2019, notified: Form: BEN-1, BEN-2, BEN-3, BEN-4 PURPOSE: Main purpose of Form – BEN 2 is to identify the real owner of the Company. DEFINED: 1. Control means control as defined in clause (27) of section 2 of the Act; […]
Q1. Whether fresh tangible material is required for reopening the case u/s 148 even when the case is earlier processed u/s 143(1) simply and reopening is done within four years of the end of the assessment year? Ans. There are more than two views. One set of view from Bombay, Gujarat high court is that […]
Nidhi Company means a Company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and saving amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit. The provisions of the Companies Act, 2013 places various restrictions on acceptance of deposits by Companies […]
Many times after filing of TDS return, Assessee received intimation from TDS CPC for short payment of TDS or in other case, when we try to put conso file request on TRACES, system is showing us the pop up message for short payment of TDS. In such case, many of us got confused as how […]
The Section 2(13) of the Income Tax Act, 1961, contains an inclusive definition of the term business. There are differences between the meaning of words business & profession in various English dictionaries. Also as per the terminology of income-tax difference has been made in the above words yet no demarcating line has been drawn in respect of these.
CA Sudeep Chhallani Introduction Due to high-sky increase in land prices and avoiding outright purchase of land by making heavy investment today real estate developers often enter into the Joint Development Agreement (JDA) with the land owners wherein the real estate developers are entrusted with the task of developing land. Similarly the land owners also […]
A registered person under GST may seek cancellation of the registration for numerous reasons including the closure of business or the turnover falling below the threshold limits. Now on the date of such cancellation, the concerned person may have goods in stocks as well as even capital goods.
Taxation of cross border e-commerce transactions has been a challenge for the whole world, including India due to location of the supplier, absence of physical presence, characterizing the nature of transaction (goods or service), administrative challenges in tracking and collecting taxes and taxing jurisdiction.
Effect of Notification 49/2020-Central Tax dated 24th June, 2020– Central Government appoints 30th June, 2020 as the date on which the amendment in Section 2(114), Section 109(6), Section 168(2) and Section 172(1) of of CGST Act, 2017 i.e. Section 118, 125,129 and 130 of the Finance Act, 2020 shall come into force. These amendments were […]
The process of preparing and filing of annual return in GSTR 9 for FY 2018-19 under GST has started and there have been a number of doubts arising as to how to reconcile the output tax liability under various tables pertaining to the FY 2018-19, because the GSTR 3B filed for 2018-19 contains rectifications for […]
