Amendments to Section 6 (Residential Status) by Finance Act, 2020 are basically divided in three parts: 1.Curtailment of benefit of Explanation 1, in clause (b) to certain Indian Citizen and PIOs (person of Indian origin) (182 Days to 120 Days) with more than 15 Lacs Indian Income, 2. Deemed Residency for Indian Citizen with more […]
As per Section 441 of the Companies Act, 2013, not all the Offences can be compounded. Only the following offences can be compounding under section 441(1) of the Act by certain authorities
ANALYSIS OF CLARIFICATION IN RESPECT OF LEVY OF GST ON DIRECTOR’S REMUNERATION PAID BY COMPANIES ♣ Ministry of Finance had vide Circular No: 140/10/2020 – GST, dated 10th June, 2020 clarified and cleared all ambiguities in respect of levy of GST on Director’s remuneration. ♣ Various doubts have been raised as to – whether the […]
Article explains Provisions of Section 194I related to TDS on Sale of Property with value exceeding or equal to Rs. 50 Lakhs. It explains When your are liable to deduct TDS on Sale of Property, When to deposit the TDS to Government after deduction, How to make payment of TDS to Government, Details required for […]
Section 12 – Time of supply of goods- We have discussed in previous articles Taxable event – Supply and also levy and collection section 9 but now ‘Time of supply ‘means when GST to be charged ?? (1) The liability to pay tax on goods shall arise at the time of supply, as determined in […]
Reserve Bank of India (RBI) publication dated June 11, 2020 on the basis of recommendations issued by Dr Ganguly Group Report, regarding role of Company Secretary (CS) in the Board of a Company which comes under Corporate Governance in Banks situated in India. Reserve Bank of India today released on its website a Discussion Paper on […]
The Constitutional (One-Hundred and First) Amendment Act, 2016 which was enacted on September 16, 2016 made crucial changes to the Constitution of India, 1950 and lead to introduction of Goods and Service Tax regime in India. The most striking feature of the Constitutional Amendment was to grant concurrent taxing powers to both the Centre and […]
GST has been enforced in India w.e.f. 1-7-2017. Whenever a new law replaces the existing law, it provides for (i) repeal of the earlier law; (ii) savings of the rights and liabilities and (iii) migration from the earlier law to the new law. In conformity with this practice, the CGST Act provides for repeal and […]
Difference between Professional & technical services in the preview of section 194J of Income tax act, 1961 Section 194J of Income tax act, 1961 speaks about the applicability of TDS provisions on Professional and Technical services. Before understanding the difference between both these services, below is key highlights of this section 194J. Applicability – This section is […]
Decoding – CBIC Circular No: 140/10/2020 – GST dt. 10.06.2020 – Clarification in respect of levy of GST on Director’s remuneration Point of Doubt: – Whether the remuneration paid by companies to their directors 1. falls under the ambit of entry in Schedule III of the Central Goods and Services Tax Act, 2017 (hereinafter referred […]
