Introduction Through the Finance Bill of 2020, the already voluminous Income Tax Act was laden with another a new provision.This time the addition was triggered due to some events or practices under the GST Law. Section 271AAD was inserted for imposing penalty for false entry or for omission of any entryin books of accounts, which […]
The definition of capital goods has undergone a substantial change in the revised GST Law. The definition of capital goods under revised GST Law is given under section 2(19) which states that capital goods means goods, the value of which is capitalised in the books of accounts of the person claiming the credit and which are […]
Notified Categories of services on which GST will be payable under Reverse Charge Mechanism (RCM)- Updated list till 31/03/2020
After the GST regime is implemented and thereafter e-way bill has been made mandatory, there are many cases wherein vehicles carrying the goods are detained at behest of any sort of discrepancies in documents carried along with the goods. In this write-up we have tried to compile the necessary sections and rules wherein the law […]
Every seller, whose total sales, gross receipts or turnover from the business carried on by him exceed ₹ 10 Crores during the FY 2019-20 & onwards, who receives any amount as consideration for sale of any goods (excluding exports) of the value or aggregate of such value exceeding ₹ 50 Lakhs in any previous year shall at the time of receipt of such amount collect a sum equal to 0.1% of the sale consideration exceeding ₹ 50 Lakhs as Tax Collected at Source (TCS) from the buyer.
The Querist has sought opinion with respect to the liability of the employers to remunerate its employees in light of situations like the present spread of pandemic namely COVID-19, owing to which the Central Government has declared a lockdown of 21 days starting from 25.03.2020, which eventually has lead to cessation of work or adversely affected the output of the industry/companies.
COVID 19 Pandemics – What still can be done to provide Reliefs to the Dealers We are all aware of the fact that COVID – 19 has not only posed a serious threat on the physical wellbeing of millions of people across the globe including India but has badly shaken the global economy, as well. […]
The Ministry of Corporate Affairs (MCA) vide its general circular no. 14/2020 dated April 8, 2020 has issued a clarification for passing special and ordinary resolutions by companies under the Companies Act, 2013 (Act) and rules made thereunder on account of threat posed by COVID-19. MCA vide this clarification allows the companies to take all the […]
Article discusses Taxability under GST on various promotional instruments like gift vouchers, coupons, cards etc. as to what are the nature of the same and what will be the tax implications on the same.
RAJASTHAN AAR RULING IN THE MATTER OF CLAY CRAFT INDIA PVT LIMITED – REGARDING TAXABILITY OF REMUNERATION PAID TO DIRECTORS UNDER REVERSE CHARGE MECHANISM – REF NO. RAJ/AAR/2019-20/33 dated 20.2.2020 Till now the interpretation done by all was that if the Director is an employee of the Company and being paid remuneration, then the services […]
